Browns Commercial Holdings Limited
Annual report and Financial Statements
For the year ended 30 April 2024
Browns Commercial Holdings Limited
Company information
Directors
Mr D A J Brown
Mr D A Brown
Secretary
Mr C Robinson
Company number
03698592
Registered office
Distribution House
Chemical Lane East
Stoke on Trent
Staffordshire
ST6 4FB
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Browns Commercial Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
Browns Commercial Holdings Limited
Strategic report
For the year ended 30 April 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

The Group continued to increase activity during the year with turnover increasing by 9.34% to £22,179,538. However Gross margin reduced to 20.70%.

 

The development of the new premises was completed in quarter one of 2023 and the group has seen its first full year of trading at Distribution House. The site has provided the necessary facilities for the group to embark on its planned growth objectives.

 

Profits before tax for the year decreased to £558k from £1.034M in the prior year, mainly due to increased costs for operating the new site, plus increased interest costs on new hire purchase finance and bank loan facilities. The directors however remain positive about future performance of the group, albeit with some concerns surrounding the UK economy at the present time.

 

There was substantial investment in vehicles as manufacturers started to catch up on back orders, this totalled over £2m in the year. This investment will add to its operational efficiency going forward.

 

Staffing levels have increased during the year, including appointments at senior management level in the business. However, concerns remain over the availability of HGV drivers and rates of pay.

Principal risks and uncertainties

There are several principal risks and uncertainties which face the group:

- Staffing

The group continues to look at ways to improve driver retention, with increased focus being on pay rates, welfare, benefits and training being constantly reviewed.

- Government policy

There are a number of areas of uncertainty surrounding the policy on both business and personal taxation rates and the effects of inflation and interest rates on the economy as a whole. Inflationary pressures as a result of supply chains and rising fuel and energy costs due to the Russian invasion of Ukraine are still a concern to all businesses. With inflation in the UK only reducing to the Bank of England target levels in first quarter of 2024, leaving a high costs base, government support in these areas will be needed to allow businesses to remain competitive in a challenging world economy.

- Interest rates

Interest rates remain high after years of record lows, putting further pressure on businesses and restricting investment. The group is continuing to monitor the situation and will decide on an appropriate course for any future investment.

 

 

Browns Commercial Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 2 -
Key performance indicators

The group monitors a number of performance indicators of which the most significant are:

 

- Gross Margin -this provides a measure of the overall profitability of the company.

 

FY 2023-24        FY 2022-23         FY 2021-22    

20.70%         21.53%         20.72%    

 

Gross margin has decreased during the year due mainly to increased depreciation relating Fleet increases in the period.

 

Gross margin is calculated as (Sales-Direct costs)/Sales x 100

 

 

- Direct Labour costs as a % of turnover - provides a measure of the overall use of labour resource

 

FY 2023-24        FY 2022-23        FY 2021-22    

18.88%         19.47%          20.46%    

 

This indicator is used to monitor the level of direct labour utilised to achieve the turnover. It identifies where inefficiency may be present in the operation of the fleet and warehousing operations in achieving the turnover. If the percentage is high, it indicates that too many man hours have been utilised which may also lead to an indication of vehicles not being utilised effectively.

 

Direct labour is one of the major costs of the business and as such needs to be strictly monitored in order to give early warning of potential inefficiencies.

 

This is calculated as (Direct wages + Agency costs)/Sales x 100.

 

Future Developments

Activity levels for the group's services remain good and the new development will allow the group to expand its' levels of service within both the distribution and warehousing markets. The directors continue to develop the business based on its core strengths and actively seek new profitable growth opportunities in an increasingly competitive market. They currently expect a reasonable increase in the level of turnover during the current financial year.

The directors continue to look for ways to improve efficiency and profitability within the operations of the business and with continued investment in modern vehicles, technology and training, are confident that the group will continue to trade profitably, and that the financial stability of the group will be maintained.

Financial Instrument Risk

The group is exposed to the risk that financial instruments held by the group impinge on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:

Credit risk - the business has a broad range of customers, mainly private companies. The risk that the group will suffer from significant levels of bad debts is managed by the diversified customer portfolio and the enhanced credit control procedures implemented by the group.

Cash flow risk - the group is able to meet short and medium-term obligations by having immediate access to cash reserves. In addition, as stated above, cash collection procedures ensures funds are available to meet operational needs.

Liquidity risk - the group is funded out of retained profits of the business and hire purchase finance. This is further supported by the business generating healthy cash reserves from operating activities.

Browns Commercial Holdings Limited
Strategic report (continued)
For the year ended 30 April 2024
- 3 -

On behalf of the board

Mr D A J Brown
Director
12 November 2024
Browns Commercial Holdings Limited
Directors' report
For the year ended 30 April 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be that of haulage, storage and distribution.

 

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £305,000 (2023 - £295,000). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D A J Brown
Mr D A Brown
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Browns Commercial Holdings Limited
Directors' report (continued)
For the year ended 30 April 2024
- 5 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D A J Brown
Director
12 November 2024
Browns Commercial Holdings Limited
Independent auditor's report
To the members of Browns Commercial Holdings Limited
- 6 -
Opinion

We have audited the financial statements of Browns Commercial Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the financial statements:

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 sufficient 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

Browns Commercial Holdings Limited
Independent auditor's report (continued)
To the members of Browns Commercial Holdings Limited
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

Browns Commercial Holdings Limited
Independent auditor's report (continued)
To the members of Browns Commercial Holdings Limited
- 8 -

We assessed the susceptibility of the group'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:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that 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 procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Nicola Johnson (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
13 November 2024
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Browns Commercial Holdings Limited
Group income statement
For the year ended 30 April 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
22,179,538
20,285,650
Cost of sales
(17,588,651)
(15,918,326)
Gross profit
4,590,887
4,367,324
Administrative expenses
(3,486,202)
(3,048,357)
Other operating income
718
480
Operating profit
4
1,105,403
1,319,447
Interest receivable and similar income
8
12,679
390
Interest payable and similar expenses
9
(559,608)
(285,104)
Profit before taxation
558,474
1,034,733
Tax on profit
10
(143,020)
(93,283)
Profit for the financial year
25
415,454
941,450
Profit for the financial year is all attributable to the owners of the parent company.
Browns Commercial Holdings Limited
Group statement of comprehensive income
For the year ended 30 April 2024
- 10 -
2024
2023
£
£
Profit for the year
415,454
941,450
Other comprehensive income
-
-
Total comprehensive income for the year
415,454
941,450
Total comprehensive income for the year is all attributable to the owners of the parent company.
Browns Commercial Holdings Limited
Group statement of financial position
As at 30 April 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
13,710,152
13,314,845
Investments
14
23,000
23,000
13,733,152
13,337,845
Current assets
Stocks
16
38,263
26,671
Debtors
17
3,476,962
2,750,968
Cash at bank and in hand
1,533,122
1,036,153
5,048,347
3,813,792
Creditors: amounts falling due within one year
18
(4,879,946)
(3,990,177)
Net current assets/(liabilities)
168,401
(176,385)
Total assets less current liabilities
13,901,553
13,161,460
Creditors: amounts falling due after more than one year
19
(6,861,748)
(6,523,998)
Provisions for liabilities
Deferred tax liability
22
1,017,179
725,290
(1,017,179)
(725,290)
Net assets
6,022,626
5,912,172
Capital and reserves
Called up share capital
24
3,001,000
3,001,000
Profit and loss reserves
25
3,021,626
2,911,172
Total equity
6,022,626
5,912,172

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
12 November 2024
Mr D A J Brown
Director
Company registration number 03698592 (England and Wales)
Browns Commercial Holdings Limited
Company statement of financial position
As at 30 April 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
3,001,000
3,001,000
Current assets
Debtors
17
2,738,988
2,138,696
Cash at bank and in hand
53
80
2,739,041
2,138,776
Creditors: amounts falling due within one year
18
-
(59,525)
Net current assets
2,739,041
2,079,251
Net assets
5,740,041
5,080,251
Capital and reserves
Called up share capital
24
3,001,000
3,001,000
Profit and loss reserves
25
2,739,041
2,079,251
Total equity
5,740,041
5,080,251

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £964,790 (2023 - £694,804 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
12 November 2024
Mr D A J Brown
Director
Company registration number 03698592 (England and Wales)
Browns Commercial Holdings Limited
Group statement of changes in equity
For the year ended 30 April 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
3,001,000
2,264,722
5,265,722
Year ended 30 April 2023:
Profit and total comprehensive income
-
941,450
941,450
Dividends
11
-
(295,000)
(295,000)
Balance at 30 April 2023
3,001,000
2,911,172
5,912,172
Year ended 30 April 2024:
Profit and total comprehensive income
-
415,454
415,454
Dividends
11
-
(305,000)
(305,000)
Balance at 30 April 2024
3,001,000
3,021,626
6,022,626
Browns Commercial Holdings Limited
Company statement of changes in equity
For the year ended 30 April 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
3,001,000
1,679,447
4,680,447
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
694,804
694,804
Dividends
11
-
(295,000)
(295,000)
Balance at 30 April 2023
3,001,000
2,079,251
5,080,251
Year ended 30 April 2024:
Profit and total comprehensive income
-
964,790
964,790
Dividends
11
-
(305,000)
(305,000)
Balance at 30 April 2024
3,001,000
2,739,041
5,740,041
Browns Commercial Holdings Limited
Group statement of cash flows
For the year ended 30 April 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,876,644
2,791,906
Income taxes refunded/(paid)
23,900
(109,167)
Net cash inflow from operating activities
2,900,544
2,682,739
Investing activities
Purchase of tangible fixed assets
(137,148)
(4,434,665)
Proceeds from disposal of tangible fixed assets
165,871
177,848
Interest received
11,899
390
Dividends received
780
-
0
Net cash generated from/(used in) investing activities
41,402
(4,256,427)
Financing activities
Proceeds from new bank loans
-
4,500,000
Repayment of bank loans
(184,333)
(1,201,526)
Payment of finance leases obligations
(1,396,036)
(844,073)
Interest paid
(559,608)
(285,104)
Dividends paid to equity shareholders
(305,000)
(295,000)
Net cash (used in)/generated from financing activities
(2,444,977)
1,874,297
Net increase in cash and cash equivalents
496,969
300,609
Cash and cash equivalents at beginning of year
1,036,153
735,544
Cash and cash equivalents at end of year
1,533,122
1,036,153
Browns Commercial Holdings Limited
Notes to the group financial statements
For the year ended 30 April 2024
- 16 -
1
Accounting policies
Company information

Browns Commercial Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Distribution House, Chemical Lane East, Stoke on Trent, Staffordshire, ST6 4FB.

 

The group consists of Browns Commercial Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Browns Commercial Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Dividend income

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost
Plant and equipment
20% and 10% reducing balance and 20% straight line
Motor vehicles - cars, vans, fleet and trailers
20% straight line and 15% and 25% reducing balance
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 18 -

Tangible fixed assets under the cost model are stated at historical cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The group has adopted a policy of revaluing freehold land and buildings and it is stated at its revalued amount less any subsequent depreciation and accumulated impairment losses. The difference between the depreciation based on the revalued amount charged in the profit and loss account and the asset's original cost is transferred from revaluation reserve to retained earnings.

 

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

 

Freehold land and buildings owned and occupied by group companies are classified as property, plant and equipment and accounted for as such.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stock relates to fuel and consumables held for the maintenance and running of the vehicle fleet.

 

Stocks are valued at the lower of cost adjusted, when applicable, for any loss of "service potential" and replacement cost.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

In the directors' opinion there are no critical judgements and estimates which impact the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of freehold land and buildings

Freehold land and buildings are measured using the revaluation model and as such this requires significant estimation. The valuation of freehold land and buildings has been based on a formal valuation completed by property experts at the year end.

Depreciation rates and estimated economic useful life of tangible fixed assets

Management review the useful economic lives of depreciable assets at each reporting date so as to allocate the cost of assets, less the residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Distribution services
22,179,538
20,285,650
2024
2023
£
£
Other revenue
Interest income
11,899
390
Dividends received
780
-
Other operating income
718
480
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Research and development costs
18,951
-
Depreciation of owned tangible fixed assets
348,345
185,989
Depreciation of tangible fixed assets held under finance leases
1,012,072
592,520
Loss on disposal of tangible fixed assets
28,447
13,815
Operating lease charges
115,891
243,626
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,000
4,390
Audit of the financial statements of the company's subsidiaries
21,700
20,500
23,700
24,890
For other services
All other non-audit services
8,300
9,275
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2024
2023
Number
Number
Office and management
44
40
Distribution and Warehouse
91
87
Directors
2
2
Total
137
129
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
2024
2023
£
£
Wages and salaries
4,747,905
4,404,579
Social security costs
491,261
468,509
Pension costs
137,665
143,458
5,376,831
5,016,546
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
31,875
22,047
Company pension contributions to defined contribution schemes
43,000
43,000
74,875
65,047

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,899
390
Other income from investments
Dividends received
780
-
0
Total income
12,679
390
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
342,460
216,177
Interest on finance leases and hire purchase contracts
217,148
68,927
Total finance costs
559,608
285,104
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 25 -
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(148,869)
(45,547)
Deferred tax
Origination and reversal of timing differences
291,889
138,830
Total tax charge
143,020
93,283

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
558,474
1,034,733
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
139,619
196,599
Tax effect of expenses that are not deductible in determining taxable profit
2,002
8,921
Tax effect of income not taxable in determining taxable profit
(195)
-
0
Tax effect of utilisation of tax losses not previously recognised
(49)
-
0
Adjustments in respect of prior years
(148,869)
(45,547)
Depreciation on assets not qualifying for tax allowances
-
0
5,418
Deferred tax adjustments in respect of prior years
144,798
-
0
Enhanced capital allowances
-
0
(133,577)
Change in taxation rate
-
0
33,326
Losses carried forward
-
0
28,143
Underprovision of deferred tax
5,714
-
Taxation charge
143,020
93,283
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
305,000
295,000
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 26 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
2,022,526
Amortisation and impairment
At 1 May 2023 and 30 April 2024
2,022,526
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
13
Tangible fixed assets
Group
Freehold property
Plant and equipment
Motor vehicles - cars, vans, fleet and trailers
Total
£
£
£
£
Cost or valuation
At 1 May 2023
8,555,174
1,421,315
6,550,913
16,527,402
Additions
-
0
53,489
2,089,157
2,142,646
Disposals
-
0
(88,557)
(445,501)
(534,058)
Revaluation
(355,174)
-
0
-
0
(355,174)
At 30 April 2024
8,200,000
1,386,247
8,194,569
17,780,816
Depreciation and impairment
At 1 May 2023
31,009
278,511
2,903,037
3,212,557
Depreciation charged in the year
131,561
156,252
1,072,604
1,360,417
Eliminated in respect of disposals
-
0
(58,942)
(280,798)
(339,740)
Revaluation
(162,570)
-
0
-
0
(162,570)
At 30 April 2024
-
0
375,821
3,694,843
4,070,664
Carrying amount
At 30 April 2024
8,200,000
1,010,426
4,499,726
13,710,152
At 30 April 2023
8,524,165
1,142,804
3,647,876
13,314,845
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
13
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
638,986
711,664
-
0
-
0
Motor vehicles - cars, vans, fleet and trailers
3,936,425
3,172,379
-
0
-
0
4,575,411
3,884,043
-
-

The value of land not depreciated totalled £1,977,106 (2023 - £1,977,106).

Freehold property with a carrying amount of £8,200,000 (2023 - £8,524,165) was revalued at 30 April 2024 by Harris Lamb, independent valuers not connected with the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Freehold property is carried at valuation. If freehold property assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
8,555,174
8,555,174
Accumulated depreciation
(162,570)
(31,009)
Carrying value
8,392,604
8,524,165
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,001,000
3,001,000
Unlisted investments
23,000
23,000
-
0
-
0
23,000
23,000
3,001,000
3,001,000
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2023 and 30 April 2024
23,000
Carrying amount
At 30 April 2024
23,000
At 30 April 2023
23,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
3,001,000
Carrying amount
At 30 April 2024
3,001,000
At 30 April 2023
3,001,000
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Browns Distribution Services Limited
Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB
Ordinary £1
100.00
Ravensdale Property Services Limited
Distribution House, Chemical Lane East, Stoke-On-Trent, ST6 4FB
Ordinary £1
100.00

All subsidiaries are included in the consolidated accounts.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Fuel and consumables
38,263
26,671
-
0
-
0
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 29 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,036,854
2,592,547
-
0
-
0
Corporation tax recoverable
124,969
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
2,738,988
2,138,696
Other debtors
75
47,308
-
0
-
0
Prepayments and accrued income
315,064
111,113
-
0
-
0
3,476,962
2,750,968
2,738,988
2,138,696
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
215,160
202,256
-
0
-
0
Obligations under finance leases
21
1,080,224
1,005,749
-
0
-
0
Trade creditors
2,358,017
1,922,921
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
59,525
Other taxation and social security
573,449
307,035
-
-
Other creditors
22,372
18,483
-
0
-
0
Accruals and deferred income
630,724
533,733
-
0
-
0
4,879,946
3,990,177
-
0
59,525
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
4,081,255
4,278,492
-
0
-
0
Obligations under finance leases
21
2,780,493
2,245,506
-
0
-
0
6,861,748
6,523,998
-
-
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,110,145
3,400,546
-
-
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 30 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
4,296,415
4,480,748
-
0
-
0
Payable within one year
215,160
202,256
-
0
-
0
Payable after one year
4,081,255
4,278,492
-
0
-
0

Bank loans are secured by the following:

 

A first legal change over the freehold land and buildings at Chemical Lane, Stoke-on-Trent, ST6 4PB.

 

An omnibus guarantee and set off agreement dated 29th March 2018 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.

 

An unlimited all monies guarantee dated 25th April 2022 together with such other security as the bank may from time to time hold in respect of debts and liabilities of any guarantor to the bank.

 

An unlimited debenture dated 1st August 2016.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,080,224
1,005,749
-
0
-
0
In two to five years
2,780,493
2,245,506
-
0
-
0
3,860,717
3,251,255
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 - 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Hire purchase liabilities are secured on the assets to which they relate.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 31 -
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,629,388
1,106,460
Tax losses
(612,209)
(381,170)
1,017,179
725,290
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
725,290
-
Charge to profit or loss
291,889
-
Liability at 30 April 2024
1,017,179
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,665
143,458

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the year-end contributions totalling £5,455 (2023 - £1,781) were payable to the fund are included in creditors.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
3,001,000
3,001,000
3,001,000
3,001,000

All ordinary shares shall carry full voting right, full rights to dividends, and , full capital rights in the event of a distribution or winding up of the company.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 32 -
25
Profit and loss reserves

Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date.

 

This profit and loss reserves include losses on the revaluation of freehold property totalling £192,604 (2023 - £nil).

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
86,015
98,151
-
-
Between two and five years
261,392
206,406
-
-
In over five years
77,569
115,028
-
-
424,976
419,585
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
1,770,463
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
205,756
74,472
Other information
Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
28
Related party transactions
(Continued)
- 33 -

During the year, the company paid a total of £33,193 (2023: £38,654) to close family members of directors.

 

During the year, the company acquired services from a company with common directorship to the value of £39,990 (2023: £38,085). The balance owed to the company at the year end was £2,036 (2023: £7,182).

 

During the year, dividends of £305,000 (2023: £295,000) were paid to directors.

29
Events after the reporting date

Since the year end, fixed assets totalling £494,442 have been acquired.

 

The group has entered into £425,085 of finance leases in order to purchase these assets.

30
Controlling party

The ultimate controlling party is Mr D Brown by virtue of his majority shareholding.

31
Directors' transactions

Amounts owed to directors at the year end totalled £4,459 (2023 - £8,941). During the year, advances to directors of £4,521 (2023 - £1,961) were made.

 

These were fully repaid in the year.

Browns Commercial Holdings Limited
Notes to the group financial statements (continued)
For the year ended 30 April 2024
- 34 -
32
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
415,454
941,450
Adjustments for:
Taxation charged
143,020
93,283
Finance costs
559,608
285,104
Investment income
(12,679)
(390)
Loss on disposal of tangible fixed assets
28,447
13,815
Revaluation loss on freehold property
192,604
-
0
Depreciation and impairment of tangible fixed assets
1,360,417
778,509
Movements in working capital:
(Increase)/decrease in stocks
(11,592)
34,276
(Increase)/decrease in debtors
(601,025)
549,774
Increase in creditors
802,390
96,085
Cash generated from operations
2,876,644
2,791,906

Major non-cash transaction

In the current year the group entered into hire purchases and finance lease agreements to the value of £2,005,498 (2023 - £2,145,365).

33
Analysis of changes in net debt - group
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
1,036,153
496,969
-
1,533,122
Borrowings excluding overdrafts
(4,480,748)
184,333
-
(4,296,415)
Obligations under finance leases
(3,251,255)
1,396,036
(2,005,498)
(3,860,717)
(6,695,850)
2,077,338
(2,005,498)
(6,624,010)
2024-04-302023-05-01falseCCH SoftwareCCH Accounts Production 2024.200Mr D A J BrownMr D A BrownMr C 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