REGISTERED NUMBER: 04186604 (England and Wales) |
B G BETTERSPOONS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
REGISTERED NUMBER: 04186604 (England and Wales) |
B G BETTERSPOONS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 20 |
B G BETTERSPOONS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Alun Evans FCA |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
45 High Street |
Haverfordwest |
Pembrokeshire |
SA61 2BP |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 January 2024. |
REVIEW OF BUSINESS |
The Consolidated Statement of Comprehensive Income shows a profit for the financial year of £617,854 (2023 £809,331). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the groups strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to local competition. |
SECTION 172(1) STATEMENT |
A director of a company must act in the way he or she considers in good faith, would most likely promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: |
- the likely consequences of any decision in the long-term |
- the interests of the company's employees. |
- the need to foster the company's business relationships with suppliers, customers and others. |
- the impact of the company's operations on the community and the environment. |
- the desirability of the company maintaining a reputation for high standards of business conduct, and |
- the need to act fairly as between members of the company. |
ON BEHALF OF THE BOARD: |
30 October 2024 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of hospitality and farming. |
DIVIDENDS |
A dividend of £230.76 per ordinary B share was paid on 17 November 2023. The directors recommended that an interim dividend of £356.00 per ordinary B share was paid on 31 January 2024. |
The total distribution of dividends for the year ended 31 January 2024 will be £58,676. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
AUDITORS |
The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B G BETTERSPOONS LIMITED |
Qualified Opinion |
We have audited the financial statements of B G Betterspoons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying consolidated statements, give a true and fair view of the Group as at 31 January 2024 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs). |
Basis for Qualified Opinion |
We were not appointed as auditors of the group until after the 31 January 2023 and thus did not observe the counting of physical inventories at the beginning and the end of the 31 January 2023 year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held on 31 January 2022 and 31 January 2023. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is fulfilment and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B G BETTERSPOONS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B G BETTERSPOONS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
-we identified the laws and regulations applicable to the company through discussions with directors and other management. |
- we focused on specific laws and regulation which we considered may have a direct material effect on the financial statements of the company. |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence: and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance through the audit. |
- we assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
To address the risk of fraud through management bias and override of controls we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
In response to the risk of irregularities and con-compliance with law and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
There are inherent limitations in our audit procedures above. The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedure required to identify non-compliance with laws and regulations to enquiry of the directors and other management inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
B G BETTERSPOONS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
45 High Street |
Haverfordwest |
Pembrokeshire |
SA61 2BP |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 5,534,331 | 5,292,614 |
Cost of sales | (1,552,966 | ) | (1,545,656 | ) |
GROSS PROFIT | 3,981,365 | 3,746,958 |
Administrative expenses | (3,054,546 | ) | (2,768,638 | ) |
926,819 | 978,320 |
Other operating income | 33,289 | 30,951 |
OPERATING PROFIT | 4 | 960,108 | 1,009,271 |
Interest receivable and similar income | 28,694 | 10,038 |
988,802 | 1,019,309 |
Interest payable and similar expenses | 5 | (22,043 | ) | (20,711 | ) |
PROFIT BEFORE TAXATION | 966,759 | 998,598 |
Tax on profit | 6 | (348,905 | ) | (189,267 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 617,861 | 809,373 |
Non-controlling interests | (7 | ) | (42 | ) |
617,854 | 809,331 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
PROFIT FOR THE YEAR | 617,854 | 809,331 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
617,854 |
809,331 |
Total comprehensive income attributable to: |
Owners of the parent | 617,861 | 809,373 |
Non-controlling interests | (7 | ) | (42 | ) |
617,854 | 809,331 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 3,610,663 | 3,311,057 |
Investments | 12 | - | - |
Investment property | 13 | 610,000 | 610,000 |
4,220,663 | 3,921,057 |
CURRENT ASSETS |
Stocks | 14 | 91,517 | 89,194 |
Debtors | 15 | 332,596 | 353,062 |
Cash at bank and in hand | 2,721,323 | 2,451,784 |
3,145,436 | 2,894,040 |
CREDITORS |
Amounts falling due within one year | 16 | 608,332 | 619,021 |
NET CURRENT ASSETS | 2,537,104 | 2,275,019 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,757,767 |
6,196,076 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(276,632 |
) |
(367,853 |
) |
PROVISIONS FOR LIABILITIES | 20 | (163,860 | ) | (70,126 | ) |
NET ASSETS | 6,317,275 | 5,758,097 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED BALANCE SHEET - continued |
31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 21 | 200 | 200 |
Fair value reserve | 22 | 271,376 | 271,376 |
Retained earnings | 22 | 6,043,245 | 5,484,060 |
SHAREHOLDERS' FUNDS | 6,314,821 | 5,755,636 |
NON-CONTROLLING INTERESTS | 23 | 2,454 | 2,461 |
TOTAL EQUITY | 6,317,275 | 5,758,097 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by: |
M S R Blakiston - Director |
R B Goddard - Director |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
COMPANY BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Fair value reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 618,561 | 813,527 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
COMPANY BALANCE SHEET - continued |
31 JANUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Fair |
share | Retained | value |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 February 2022 | 200 | 4,742,427 | 271,376 |
Changes in equity |
Dividends | - | (67,740 | ) | - |
Total comprehensive income | - | 809,373 | - |
Balance at 31 January 2023 | 200 | 5,484,060 | 271,376 |
Changes in equity |
Dividends | - | (58,676 | ) | - |
Total comprehensive income | - | 617,861 | - |
Balance at 31 January 2024 | 200 | 6,043,245 | 271,376 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 1 February 2022 | 5,014,003 | 2,503 | 5,016,506 |
Changes in equity |
Dividends | (67,740 | ) | - | (67,740 | ) |
Total comprehensive income | 809,373 | (42 | ) | 809,331 |
Balance at 31 January 2023 | 5,755,636 | 2,461 | 5,758,097 |
Changes in equity |
Dividends | (58,676 | ) | - | (58,676 | ) |
Total comprehensive income | 617,861 | (7 | ) | 617,854 |
Balance at 31 January 2024 | 6,314,821 | 2,454 | 6,317,275 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Called up | Fair |
share | Retained | value | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2024 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,148,898 | 1,146,400 |
Interest paid | (21,600 | ) | (19,560 | ) |
Interest element of hire purchase payments paid |
(443 |
) |
(1,151 |
) |
Tax paid | (255,171 | ) | (180,432 | ) |
Net cash from operating activities | 871,684 | 945,257 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (445,201 | ) | (178,808 | ) |
Sale of tangible fixed assets | - | 39,464 |
Sale of fixed asset investments | - | 8,914 |
Interest received | 28,694 | 10,038 |
Net cash from investing activities | (416,507 | ) | (120,392 | ) |
Cash flows from financing activities |
Capital repayments in year | (129,677 | ) | (115,833 | ) |
Amount introduced by directors | 6,783 | - |
Amount withdrawn by directors | (4,068 | ) | (1,906 | ) |
Equity dividends paid | (58,676 | ) | (67,740 | ) |
Net cash from financing activities | (185,638 | ) | (185,479 | ) |
Increase in cash and cash equivalents | 269,539 | 639,386 |
Cash and cash equivalents at beginning of year |
2 |
2,451,784 |
1,812,398 |
Cash and cash equivalents at end of year | 2 | 2,721,323 | 2,451,784 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation | 966,759 | 998,598 |
Depreciation charges | 145,595 | 139,835 |
Profit on disposal of fixed assets | - | (18,085 | ) |
Finance costs | 22,043 | 20,711 |
Finance income | (28,694 | ) | (10,038 | ) |
1,105,703 | 1,131,021 |
Increase in stocks | (2,323 | ) | (17,248 | ) |
Decrease/(increase) in trade and other debtors | 20,465 | (17,727 | ) |
Increase in trade and other creditors | 25,053 | 50,354 |
Cash generated from operations | 1,148,898 | 1,146,400 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2024 |
31.1.24 | 1.2.23 |
£ | £ |
Cash and cash equivalents | 2,721,323 | 2,451,784 |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
as restated |
£ | £ |
Cash and cash equivalents | 2,451,784 | 1,812,398 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.23 | Cash flow | At 31.1.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,451,784 | 269,539 | 2,721,323 |
2,451,784 | 269,539 | 2,721,323 |
Debt |
Finance leases | (26,885 | ) | 6,305 | (20,580 | ) |
Debts falling due within 1 year | (114,488 | ) | 38,895 | (75,593 | ) |
Debts falling due after 1 year | (347,274 | ) | 84,478 | (262,796 | ) |
(488,647 | ) | 129,678 | (358,969 | ) |
Total | 1,963,137 | 399,217 | 2,362,354 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
B G Betterspoons Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the parent company and its own subsidiary("the Group") as they form a single entity, intercompany transactions and balances between the group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquirers identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. |
The subsidiary accounts consolidated within these accounts have a year end 30 November 2023. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill. being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of 20 years and also the acquisition of a business in 2015, is being amortised over its estimated useful life of 5 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and Machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment loss. |
A yacht owned by the subsidiary has not been depreciated. This policy has been adopted in its country of operation. |
Agricultural land and improvements are not depreciated. This is because it is considered the agricultural land and improvements have a high residual value. |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Hospitality stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Farm livestock is valued at market value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors have concluded that it is appropriate that the financial statements be prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 2,014,072 | 1,767,359 |
Social security costs | 117,541 | 118,454 |
Other pension costs | 26,411 | 23,752 |
2,158,024 | 1,909,565 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Employees |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 25,152 | 22,558 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 1,960 | 2,388 |
Other operating leases | 92,670 | 89,261 |
Depreciation - owned assets | 145,595 | 156,275 |
Profit on disposal of fixed assets | - | (18,085 | ) |
Auditors' remuneration | 3,500 | 3,500 |
Auditors remuneration for non audit work | 5,397 | 5,140 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank loan interest | 21,578 | 19,560 |
HMRC Interest | 22 | - |
Hire purchase | 443 | 1,151 |
22,043 | 20,711 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 242,751 | 196,109 |
Over /under provision of tax | 12,420 | (15,677 | ) |
Total current tax | 255,171 | 180,432 |
Deferred tax | 93,734 | 8,835 |
Tax on profit | 348,905 | 189,267 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
as restated |
£ | £ |
Profit before tax | 966,759 | 998,598 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
183,684 |
189,734 |
Effects of: |
Expenses not deductible for tax purposes | 95 | 75 |
Depreciation in excess of capital allowances | 10,173 | 5,503 |
Adjustments to tax charge in respect of previous periods | 12,420 | (15,677 | ) |
Other | 170 | 797 |
Movement on deferred tax provision | 93,734 | 8,835 |
Effect of tax rate changes | 48,629 | - |
Total tax charge | 348,905 | 189,267 |
Factors that may affect future tax charges |
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Act 2021 (published on 24 May 2021, with royal assent received on 10 June 2021). This confirmed an increase to the corporation tax rate to 25% with effect from 1 April 2023. Deferred taxes at the Balance Sheet date have been calculated based on the corporation tax rate of 25% that is enacted at the reporting date. |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | DIVIDENDS |
2024 | 2023 |
as restated |
£ | £ |
Ordinary B shares of £1 each |
Interim | 58,676 | 67,740 |
9. | PRIOR YEAR ADJUSTMENT |
The prior period adjustment has arisen as a result of an understatement of investment properties in prior years. The comparative information has been adjusted to reflect this change in policy and is detailed in the prior years adjustments. |
Company | Group |
Retained | Retained |
Earnings | Earnings |
£ | £ |
As previously reported at 01 February 2022 | 4,,653,982 | 4,631,331 |
Reduction of depreciation brought forward | 111,096 | 111,096 |
Increase in valuation | 271,376 | 271,376 |
As restated at 01 February 2022 | 5,036,454 | 5,013,803 |
As previously reported at 31 January 2023 | 5,394,915 | 5,372,964 |
eduction of depreciation brought forward | 111,096 | 111,096 |
Increase in valuation | 271,376 | 271,376 |
As restated at 31 January 2023 | 5,777,387 | 5,755,436 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 305,185 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 | 305,185 |
NET BOOK VALUE |
At 31 January 2024 | - |
At 31 January 2023 | - |
Company |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
AMORTISATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 1,837,005 | 1,565,104 | 115,825 | 253,773 |
Additions | 260,000 | 26,601 | 18,057 | 23,213 |
At 31 January 2024 | 2,097,005 | 1,591,705 | 133,882 | 276,986 |
DEPRECIATION |
At 1 February 2023 | 743,090 | - | 53,820 | 34,250 |
Charge for year | 45,528 | - | 3,202 | 9,724 |
At 31 January 2024 | 788,618 | - | 57,022 | 43,974 |
NET BOOK VALUE |
At 31 January 2024 | 1,308,387 | 1,591,705 | 76,860 | 233,012 |
At 31 January 2023 | 1,093,915 | 1,565,104 | 62,005 | 219,523 |
Fixtures |
Plant and | and | Motor |
Machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 900,304 | 83,980 | 160,557 | 4,916,548 |
Additions | 31,682 | 19,898 | 65,750 | 445,201 |
At 31 January 2024 | 931,986 | 103,878 | 226,307 | 5,361,749 |
DEPRECIATION |
At 1 February 2023 | 652,041 | 38,337 | 83,953 | 1,605,491 |
Charge for year | 41,997 | 9,833 | 35,311 | 145,595 |
At 31 January 2024 | 694,038 | 48,170 | 119,264 | 1,751,086 |
NET BOOK VALUE |
At 31 January 2024 | 237,948 | 55,708 | 107,043 | 3,610,663 |
At 31 January 2023 | 248,263 | 45,643 | 76,604 | 3,311,057 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements |
Freehold | Short | Long | to |
property | leasehold | leasehold | property |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Fixtures |
Plant and | and | Motor |
Machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Subsidiary |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 227,253 |
NET BOOK VALUE |
At 31 January 2024 | 227,253 |
At 31 January 2023 | 227,253 |
The company's investments at the balance sheet date include the following: |
% holding |
Betterspoons & Co LLP (registered in Greece) | 99 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 | 610,000 |
NET BOOK VALUE |
At 31 January 2024 | 610,000 |
At 31 January 2023 | 610,000 |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2024 | 610,000 |
Company |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
13. | INVESTMENT PROPERTY - continued |
Company |
Fair value at 31 January 2024 is represented by: |
£ |
Valuation in 2024 | 610,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
as restated |
£ | £ |
Cost | 338,624 | 338,624 |
Investment property was valued on an open market basis on 20 September 2024 by the directors. . |
14. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Stocks | 91,517 | 89,194 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Trade debtors | 3,551 | 1,669 |
Other debtors | 158 | 166 |
Other debtors | 323,611 | 339,702 | 346,262 | 361,653 |
Prepayments | 5,276 | 11,525 |
332,596 | 353,062 |
Debtors for the year includes £252,994 (2023 £242,732) falling due after one year. |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 75,593 | 114,488 |
Hire purchase contracts (see note 19) | 6,744 | 6,306 |
Trade creditors | 58,985 | 86,545 |
Social security and other taxes | 293,119 | 244,564 |
VAT | 111,437 | 80,859 | 111,437 | 80,859 |
Other creditors | 32,195 | 65,470 |
Grants deferred | 2,064 | 2,429 | 2,064 | 2,429 |
Shareholder Mrs J B Blakiston | 10,220 | 3,100 | 10,220 | 3,100 |
Directors' loan accounts | 17,975 | 15,260 | 17,975 | 15,260 |
608,332 | 619,021 |
HSBC PLC hold 6 legal charges dated 21 November 2018, 29 July 2014, 23 May 2008,19 December 2005, 19 December 2005, and 29 May 2001. |
The loans from directors are interest free, are unsecured and do not have fixed terms for repayment. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans (see note 18) | 262,796 | 347,274 |
Hire purchase contracts (see note 19) | 13,836 | 20,579 |
276,632 | 367,853 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 75,593 | 114,488 | 75,593 | 114,488 |
Amounts falling due between two and five | years: |
Bank loans | 262,796 | 347,274 | 262,796 | 347,274 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 6,744 | 6,306 |
Between one and five years | 13,836 | 20,579 |
20,580 | 26,885 |
Company |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Deferred tax | 163,860 | 70,126 | 163,860 | 70,126 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2023 | 70,126 |
Charge to Income Statement | 93,734 |
Balance at 31 January 2024 | 163,860 |
Company |
Deferred |
tax |
£ |
Balance at 1 February 2023 |
Charge to Income Statement | 93,734 |
Balance at 31 January 2024 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
The provision for deferred tax is made up as follows: |
Group | Company |
Balances: | 2024 | 2023 | 2024 | 2023 |
Accelerated capital allowances | 163,860 | 70,126 | 163,860 | 70,125 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
22. | RESERVES |
Group |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 5,484,060 | 271,376 | 5,755,436 |
Profit for the year | 617,861 | 617,861 |
Dividends | (58,676 | ) | (58,676 | ) |
At 31 January 2024 | 6,043,245 | 271,376 | 6,314,621 |
Company |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2023 | 5,777,387 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 January 2024 | 6,337,272 |
B G BETTERSPOONS LIMITED (REGISTERED NUMBER: 04186604) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
23. | NON-CONTROLLING INTERESTS |
The minority interest balance of £2,454 (2023 £2,461) represents 1% of the accumulated profits and losses in Betterspoons & Co LLP. |
24. | RELATED PARTY DISCLOSURES |
During the year the directors made funds available to the company to assist with the provision of working capital. The loan was interest free, unsecured and repayable on demand. The amount outstanding at the balance sheet date was £17,975 (2023 £15,481) . |
Betterspoons & Co, an LLP registered in Greece, is controlled by BG Betterspoons Limited by virtue of the company holding an excess of 50 % of the equity of the company. |
During the year under review, the company has paid rent of £84,900 to Mr R Goddard and Mr M Blakiston, directors and shareholders of the company, for use of freehold property which is jointly owned by them. |
The company was owed £199,420 by West Coast Inns Ltd, which is a company under control by Mr O Blakiston. Interest is charged on amounts outstanding. |
The company was owed £26,468 by Mr Oliver Blakiston. Interest is charged on amounts outstanding. |
During the year, Ms J Blakiston paid rent of £5,546 to the company for use of freehold properties owned by the company. |