Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
COMPANY INFORMATION
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C BUTT HOLDINGS LIMITED
CONTENTS
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C BUTT HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The Group presents its strategic report for the financial year ended 30th April 2024. This report provides an overview of the Group's performance, strategic changes, and future plans, reflecting our adaptibility and resilience in a dynamic logistics industry.
At the heart of the Group are our team of dedicated staff. We continue to prioritise their well-being, professional growth, and engagement. By maintaining a predominantly employed workforce over agency staff, we ensure a consistent and high-quality service that benefits both our customers and the business. Regular training, development opportunities, and clear communication remain central to our strategy.
The Group is a third-party logistics company with expertise in warehousing, transport, and distribution. During the first half of FY 2023/24, our warehousing operations delivered a particularly strong performance, buoyed by efficiencies and high customer demand. However, as the year progressed, we observed a return to pre-COVID levels of activity and expectations, in line with broader industry trends.
Rising costs have presented challenges, especially within our haulage operations, but our open book contracts have continued to perform well, highlighting the value of our strong customer partnerships. These results underscore our focus on maintaining financial stability and adapting to evolving market conditions. Key Performance Year ended Year ended 30 April 2024 30 April 2023 Turnover £ 18.5M £ 18.0M Gross Profit £ 4.3M £ 4.3M Net profit/(loss) before tax £ 0.5M £ 0.5M Net Assets £ 7.8M £ 7.9M Strategic Changes As part of our ongoing strategy to align operations with market demands and reduce exposure to risk, we will be closing our shared-user warehouse in Northampton towards the end of this financial year. This facility will be replaced by a slightly smaller warehouse, also located in Northampton. This move allows us to optimise our operations, maintain service quality, and better control costs, ensuring a more sustainable approach in the current environment. The logistics industry remains fiercely competitive, and we have seen the impact of rising costs and evolving customer expectations. By proactively adjusting our footprint and streamlining operations, we aim to sustain our position as a trusted provider of logistics services. Technology and Sustainability The Group continues to embrace digital transformation, investing in advanced technologies to enhance efficiency and customer experience. Key initiatives include automation, data analytics, cloud-based systems, and enhanced cybersecurity, all of which support our ability to deliver agile and reliable solutions to customers.
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C BUTT HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Our commitment to sustainability remains a core focus. During the financial year, we advanced several green intiatives, including:
I. Expanding the use of HVO fuels II. Progressing towards ISO 140001 accreditation III. Achieving zero waste to landfill IV. Enhancing operational efficiency through automation and IT investments V. Engaging staff in environmental initiatives to foster a company-wide culture of sustainability
Looking forward, the Group is focused on:
• Consolidating and strengthening our warehousing and logistics offerings to maintain their strong contribution. • Addressing challenges in our haulage operations through targeted cost management initiatives. • Renewing key customer contracts and pursuing growth opportunities with new and existing clients. • Leveraging technology to improve operational efficiency and data-driven decision-making. • Sustainability our environmental efforts to align with industry trends and customer expectations.
The principal risks and uncertainties facing the Group include the retention of customer contracts and the impact of cost pressures on our haulage operations. By closely monitoring contract performance and optimising overheads, we are committed to mitigating these risks and ensuring long-term stability.
This strategic report has been approved and signed on behalf of the Board of Directors.
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C BUTT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £162,784 (2023 - £408,470).
The directors who served during the year were:
The Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out 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. It has done so in respect of the review of business, and future developments for the existing business.
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C BUTT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Group since the year end.
The auditor, MHA, will 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.
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C BUTT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C BUTT HOLDINGS LIMITED
We have audited the financial statements of C Butt Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Group Statement of Income and Retained Earnings, the Group and Company Balance Sheets, the Group Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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C BUTT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C BUTT HOLDINGS LIMITED (CONTINUED)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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C BUTT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C BUTT HOLDINGS LIMITED (CONTINUED)
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 Group 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:
• Enquiry of management around actual and potential litigation and claims; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and review of accounting estimates for bias; • Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations.
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.
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C BUTT HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C BUTT HOLDINGS LIMITED (CONTINUED)
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 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.
for and on behalf of
Statutory auditors
Northampton, United Kingdom
Date:
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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C BUTT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
REGISTERED NUMBER: 06598092
CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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C BUTT HOLDINGS LIMITED
REGISTERED NUMBER: 06598092
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 30 form part of these financial statements.
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C BUTT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
C Butt Holdings Limited ("the Company") is a private company limited by shares domiciled and incorporated in England and Wales, registered number 06598092. The registered office is Sheaf Close Barn Way, Lodge Farm Industrial Estate, Harlestone Road, Northampton, NN5 7UL.
The Group's reporting period end is chosen by the Directors' to be the Saturday closest to the 30th of April each year, due to the fact their working week finishes on a Saturday and the records are maintained up to this day each week. Due to this, the comparatives presented are not entirely comparable, the accounts for the period ended 30 April 2024 are for a 52 week period (Year ended 30 April 2023 - 52 weeks).
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (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:
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.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The main judgement subject to estimation uncertainty within this set of financial statements surrounds provision for leasehold dilapidations. In the current year the directors have obtained a professional valuation for the provision which has been reflected in the financial statements.
The turnover is attributable to the one principal activity of the Company which was haulage, warehousing and distribution.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.Taxation (continued)
There are no factors that may affect future tax charges.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
13.Tangible fixed assets (continued)
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Page 28
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Capital redemption reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Group in an independently administered fund. Contributions totalling £9,019 (2023 - £8,341) were payable to the fund at the balance sheet date and are included in creditors.
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C BUTT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
During the year, dividends paid to directors totalled £165,591 (2023 - £153,775).
The directors loan account balance at the year end was £450,000 (2023 - £450,000), with an interest rate of 3.95% and terms of repayments being on or before 24 March 2026. Interest was charged of £17,019 (2023 - £1,481).
As at the 30th April 2024 the directors consider there to be no ultimate controlling party of the entity.
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