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Company registration number: 01145449







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


BRYAN W. NASH & SONS LIMITED






































img1b9a.png                        

 


BRYAN W. NASH & SONS LIMITED
 


 
COMPANY INFORMATION


Directors
C. J. Nash 
M. F. Nash 




Registered number
01145449



Registered office
Whatmore House
136 South Street

Dorking

Surrey

RH4 2EU




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


BRYAN W. NASH & SONS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Notes to the financial statements
11 - 25


 


BRYAN W. NASH & SONS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present the strategic report for the year ended 31 May 2024.

Business review
 
The company’s principal strategic focus remains the supply of high-quality ingredients to the global food industry, whilst maintaining its traditional core values of excellent service, integrity and mutual respect for all its’ stakeholders.
The year was marked by declining grain and beverage prices, which put pressure on margins and volumes. However, our strong, long-standing relationships with trusted suppliers and customers have helped the business effectively navigate these challenges.
The business has continued to address these market challenges with ongoing investment, implementing a new IT system during the financial year.

Principal risks and uncertainties
 
Key areas of business risk include supply chain management and service delivery, product quality and compliance to BRC standards, working capital management and currency exposure risk.  
Management is focused on nurturing strong relationships with current customers and suppliers, while also developing new customers and markets to prevent fragmentation of traditional supply chains and foster growth.
Continual investment in both existing and new resources across all business functions has ensured that service levels remain high as the company continues to grow. 
The business retains a prudent and measured approach to working capital management and currency hedging to mitigate any potential risks.

Financial key performance indicators
 
Turnover of £53,724,579 for the year represented a 3% increase over the prior year and profit after tax was £2,324,092 for 2024 versus £2,156,607 for 2023. Net current assets amounted to  £10,007,361 in year ended 31 May 2024 compared to £10,760,967 in year ended 31 May 2023.

Future Developments
 
The Directors are optimistic about the future of the business and are committed to investing in people, systems, and processes to enhance customer service levels and uphold corporate compliance in an increasingly complex market environment.

Page 1

 


BRYAN W. NASH & SONS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Section 172 Companies Act 2006
 
In performing their duties, the directors of Bryan W Nash & Sons Ltd are required to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders, and in doing so have regard (amongst other matters) to:
The desirability of the company maintaining a reputation for high standards of business conduct.
The need to foster the company's business relationships with suppliers, customers, and others.
The likely consequences of any decision in the long term.
The interests of the company's employees.
The impact of the company's operations on the community and the environment.
The directors must also consider the company's responsibilities to promote the success of the company while having regard to the need to act fairly between members of the company.

Streamlined Energy and Carbon Reporting (SECR)
 
Bryan W Nash & Sons Ltd is a low energy user.


This report was approved by the board and signed on its behalf.



M. F. Nash
Director

Date: 27 November 2024

Page 2

 


BRYAN W. NASH & SONS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The Directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principal activity during the year continued to be that of commodity trading.

Results and dividends

The profit for the year, after taxation, amounted to £2,324,092 (2023 -£2,156,607).

The directors have declared a dividend of £3,037,974 (2023: £1,012,650) in the year.

Directors

The Directors who served during the year were:

C. J. Nash 
M. F. Nash 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3

 


BRYAN W. NASH & SONS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M. F. Nash
Director
Date: 27 November 2024
Whatmore House
136 South Street
Dorking
Surrey
RH4 2EU

Page 4

 


BRYAN W. NASH & SONS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYAN W. NASH & SONS LIMITED

Opinion


We have audited the financial statements of Bryan W. Nash & Sons Limited (the 'company') for the year ended 31 May 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 


BRYAN W. NASH & SONS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYAN W. NASH & SONS LIMITED (CONTINUED)

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


BRYAN W. NASH & SONS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYAN W. NASH & SONS LIMITED (CONTINUED)

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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: 
- The Companies Act 2006;
- Financial Reporting Standard 102;
- UK Employment Legislation;
- General Data Protection Regulations;
- British Retail Consortium Global Standards;
- UK Tax Legislation; and
- UK Health and Safety legislation.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated out inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the company engagement team and component auditors/engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount;
Timing of revenue recognition; and
The use of management override of controls to manipulate results, or to cause the company to enter into transactions not in it's best interests.
 


Page 7

 


BRYAN W. NASH & SONS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRYAN W. NASH & SONS LIMITED (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' 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 2006Our 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 Auditors' 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.





Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

27 November 2024
Page 8

 


BRYAN W. NASH & SONS LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
53,724,579
52,125,849

Cost of sales
  
(46,872,965)
(44,247,389)

Gross profit
  
6,851,614
7,878,460

Administrative expenses
  
(4,725,131)
(3,152,734)

Exceptional administrative expenses
 14 
-
(2,700,000)

Other operating income
 5 
471,115
362,000

(Losses)/gain from changes in fair value of forward contracts
  
(406,964)
(409,771)

Operating profit
 6 
2,190,634
1,977,955

Income from fixed assets investments
 10 
516,750
668,000

Amounts written on/(off) investments
  
110,430
(13,250)

Interest receivable and similar income
 11 
153,578
20,846

Profit before tax
  
2,971,392
2,653,551

Tax on profit
 12 
(647,300)
(496,944)

Profit after tax
  
2,324,092
2,156,607

  

  

Retained earnings at the beginning of the year
  
10,773,961
9,630,004

  
10,773,961
9,630,004

Profit for the year
  
2,324,092
2,156,607

Dividends declared and paid
 13 
(3,037,974)
(1,012,650)

Retained earnings at the end of the year
  
10,060,079
10,773,961
The notes on pages 11 to 25 form part of these financial statements.

Page 9

 


BRYAN W. NASH & SONS LIMITED
REGISTERED NUMBER:01145449



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
251,456
168,479

Tangible assets
 16 
33,085
27,932

Investments
 17 
1,600
1,600

  
286,141
198,011

Current assets
  

Stocks
 18 
1,794,538
1,866,194

Debtors
 19 
7,022,634
8,966,428

Current asset investments
 20 
859,326
748,896

Cash at bank and in hand
  
7,078,717
5,733,306

  
16,755,215
17,314,824

Creditors: amounts falling due within one year
 21 
(6,747,854)
(6,553,857)

Net current assets
  
 
 
10,007,361
 
 
10,760,967

Total assets less current liabilities
  
10,293,502
10,958,978

Provisions for liabilities
  

Deferred tax
 22 
(123,423)
(75,017)

  
 
 
(123,423)
 
 
(75,017)

Net assets
  
10,170,079
10,883,961


Capital and reserves
  

Called up share capital 
 23 
101,265
101,265

Share premium account
 24 
8,735
8,735

Profit and loss account
 24 
10,060,079
10,773,961

  
10,170,079
10,883,961


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M. F. Nash
Director

Date: 27 November 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 10

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Bryan W. Nash Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the Company Information page, which is also its principal place of business. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Whatmore Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'.

 
2.5

Revenue

Revenue is derived from the sale of wheat and other wholesale products. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is recognised on contractual agreements based on the International Commercial Terms and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 12

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software assets represent the capitalised costs incurred by the Company in implementing its finance system. Computer software is amortised over a period of 3 years as this is the directors' best estimate of the period for which the software will be utilised before a replacement or upgrade is required.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical 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.

Page 13

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
per annum straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment and held within fixed assets.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in unlisted company shares are held within current assets.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 14

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except
for those financial assets classified as at fair value through profit or loss, which are initially measured at fair
value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes
a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial
liability is measured at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Determining the fair value of FX contracts is an area of significant judgement. The directors review the FX contracts and make a judgement based on the valuation provided by the bank of the profit/loss on each contract at the year end.
Determining the provision for slow moving or obsolete stock is an area of significant judgement. The directors review the slow moving stock items and make a judgement on a case by case basis, they consider no stock provision is required for the year ending 31 May 2024.  

Page 15

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
53,724,579
52,125,849

53,724,579
52,125,849


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
39,539,714
34,600,792

Rest of Europe
13,127,313
10,993,062

Rest of the world
1,057,552
6,531,995

53,724,579
52,125,849



5.


Other operating income

2024
2023
£
£

Service charge
471,115
362,000

471,115
362,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
406,964
23,443

Gains/losses from changes in fair value of forward contracts
(241,444)
(409,771)

Depreciation of tangible fixed assets
14,959
12,463

Amortisation of intangible assets
54,150
-

Page 16

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
17,500
16,500


8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
878,369
729,265

Social security costs
101,843
80,682

Cost of defined contribution scheme
86,458
80,766

1,066,670
890,713


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
12
10



Sales
4
3

16
13


9.


Directors' remuneration

2024
2022
£
£

Directors' emoluments
11,450
11,449

Company contributions to defined contribution pension schemes
39,996
39,996

51,446
51,445


Page 17

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Income from investments

2024
2023
£
£





Dividends received from unlisted investments
516,750
668,000

516,750
668,000



11.


Interest receivable

2024
2023
£
£


Other interest receivable
153,578
20,846

153,578
20,846


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
568,663
443,585

Adjustments in respect of previous periods
30,231
13,151


598,894
456,736


Total current tax
598,894
456,736

Deferred tax


Origination and reversal of timing differences
48,406
40,208

Total deferred tax
48,406
40,208


Tax on profit
647,300
496,944
Page 18

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,971,392
2,653,551


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -20%)
742,848
530,783

Effects of:


Fixed asset differences
-
(8,779)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,728
90,017

Chargeable gains/(losses)
27,608
(2,648)

Income not taxable for tax purposes
(27,608)
-

Adjustments to tax charge in respect of prior periods
30,912
13,151

Exempt ABGH distributions
(129,188)
(133,618)

Remeasurement of deferred tax for changes in tax rates
-
8,038

Total tax charge for the year
647,300
496,944


13.


Dividends

2024
2023
£
£


Dividends
3,037,974
1,012,650

3,037,974
1,012,650


14.


Exceptional items

2024
2023
£
£


Exceptional expenses
-
2,700,000

-
2,700,000

The exceptional item relates to a one off management charge.

Page 19

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Intangible assets




Computer software

£



Cost


At 1 June 2023
168,479


Additions
137,127



At 31 May 2024

305,606



Amortisation


Charge for the year on owned assets
54,150



At 31 May 2024

54,150



Net book value



At 31 May 2024
251,456



At 31 May 2023
168,479



Page 20

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 June 2023
65,850


Additions
20,112



At 31 May 2024

85,962



Depreciation


At 1 June 2023
37,918


Charge for the year on owned assets
14,959



At 31 May 2024

52,877



Net book value



At 31 May 2024
33,085



At 31 May 2023
27,932


17.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 June 2023
1,500
100
1,600



At 31 May 2024
1,500
100
1,600




Page 21

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

Nash Beverage Ingredients Limited
Ordinary
75%

Bryan W. Nash & Sons Limited owns 75% of the shareholding, 1500 Ordinary Share of £1 nominal value each, of Nash Beverage Ingredients Limited. 
Bryan W. Nash & Sons Limited has fully guaranteed all liabilities of Nash Beverage Ingredients Limited. Therefore Nash Beverage Ingredients Limited are exempt from audit obligations in accordance with section 479A of the Companies Act.
The registered address of Nash Beverage Ingredients Limited is the same of the Company and can be found on the company information page. 


18.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,794,538
1,866,194

1,794,538
1,866,194



19.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
29,825

-
29,825

Due within one year

Trade debtors
6,289,565
8,287,193

Amounts owed by group undertakings
651,832
-

Other debtors
31,222
286,339

Prepayments and accrued income
50,015
363,071

7,022,634
8,966,428


Page 22

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Current asset investments

2024
2023
£
£

Unlisted investments
859,326
748,896

859,326
748,896


2024
2023
£
£



Unlisted investments

Opening fair value
748,896
762,146

(Loss)/Gain on remeasurement to fair value
110,430
(13,250)

Market value
859,326
748,896



21.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,484,296
4,805,453

Amounts owed to group undertakings
642,498
665,046

Corporation tax
427,561
328,666

Other taxation and social security
574,301
21,748

Other creditors
42,907
4,310

Accruals and deferred income
334,847
276,148

Financial instruments
241,444
452,486

6,747,854
6,553,857


Page 23

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

22.


Deferred taxation




2024


£






At beginning of year
(75,017)


Charged to profit or loss
(48,406)



At end of year
(123,423)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(71,135)
(49,103)

Short term timing differences
1,812
579

Capital gains
(54,100)
(26,493)

(123,423)
(75,017)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100,000 (2023 -100,000) Ordinary shares of £1.00 each
100,000
100,000
1,265 (2023 - 1,265) B Ordinary shares of £1.00 each
1,265
1,265

101,265

101,265



24.


Reserves

Share capital

The share capital account represents the par value of the shares allotted in the company. 

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs. 

Profit and loss account

The profit and loss account contains the balance of retained earnings to carry forward. It is fully distributable and shown as part of shareholders' reserves on the balance sheet.

Page 24

 


BRYAN W. NASH & SONS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

25.


Pension commitments

The company operates a defined contributions pension scheme. Contributions totaling £4,933 (2023 - £4,310) were payable to the fund at the reporting date and are included in creditors.


26.


Commitments under operating leases

At 31 May 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,912
40,443

Later than 1 year and not later than 5 years
9,142
31,054

31,054
71,497


27.


Related party transactions

During the year there were transactions with Nash Beverage Ingredients Limited, which the Company own 75% of the shareholding. Total business development services costs amounted to £1,949,528 (2023: £2,017,422) whilst management and other recharges amounted to £894,177 (2023: £726,982) At the year end the Company owed Nash Beverage Ingredients Limited £642,498 (2023: £646,878) which is included within amounts owed to group undertakings. 
Nash Beverage Ingredients Limited owed the Company £31,220 (2023: £60,430) for a loan to a Director. 


28.


Parent company and ultimate controlling party

The company's parent is Whatmore Holdings Limited. Whatmore Holdings Limited prepares consolidated accounts which are available from Companies House, Crownway, Cardiff, CF14 3UZ.
The ultimate controlling party is M F Nash by virtue of his shareholding in Whatmore Holdings Limited.
The largest group in which the results of the Company are consolidated in is that headed by the ultimate parent
company, Whatmore Holdings Limited, a company registered in England and Wales. Consolidated accounts for
Whatmore Holdings Limited can be obtained from Companies House.

 
Page 25