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Registered number: 00544246










C. BUTT LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
C. BUTT LIMITED
 
 
COMPANY INFORMATION


Directors
G W Butt 
J I Butt 
R W Butt 
B J Butt 
D J Butt 




Registered number
00544246



Registered office
Sheaf Close Barn Way
Lodge Farm Industrial Estate

Harlestone Road

Northampton

NN5 7UL




Independent auditors
MHA

Century House

The Lakes

Northampton

NN4 7HD




Bankers
National Westminster Bank PLC
41 The Drapery

Northampton

NN1 2EY





 
C. BUTT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Notes to the Financial Statements
 
11 - 24

 
C. BUTT LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
C. Butt Limited presents its strategic report for the financial year ended 30th April 2024. This report provides an overview of the company's performance, strategic changes, and future plans, reflecting our adaptability and resilience in a dynamic logistics industry.

Our People
 
At the heart of C. Butt Limited’s operations 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.

Business Overview
 
C. Butt Limited is a third-party logistics provider 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     £ 3.6M    £ 5.6M
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
C. Butt Limited 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.



 
Page 1

 
C. BUTT LIMITED
 

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 accreditations
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

Future Outlook
 
Looking forward, C. Butt Limited 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.
• Sustaining our environmental efforts to align with industry trends and customer expectations.

Principal Risks and Uncertainties

The principal risks facing the company 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.



................................................
G W Butt
Director

Date: 7 January 2025
Page 2

 
C. BUTT 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.

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 judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's 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.

Results and dividends

The profit for the year, after taxation, amounted to £211,456 (2023 - £420,239).

The directors have declared dividends of £2,255,339 during the year ended 30 April 2024 (2023 - £236,425)

Directors

The directors who served during the year were:

G W Butt 
J I Butt 
R W Butt 
B J Butt 
D J Butt 

Matters covered in the Strategic Report

The company has chosen in accordance with Companies Act 2006 s. 414C(11) to set out in the company'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 details regarding future developments. 

Page 3

 
C. BUTT LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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.

Auditors

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.
 





................................................
G W Butt
Director

Date: 7 January 2025
Page 4

 
C. BUTT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. BUTT LIMITED
 

Opinion


We have audited the financial statements of C. Butt Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 30 April 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.


Page 5

 
C. BUTT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. BUTT LIMITED (CONTINUED)


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.


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

 
C. BUTT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. BUTT 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:

• 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 minutes of meetings of those charged with governance;
• 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.
Page 7

 
C. BUTT LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. BUTT LIMITED (CONTINUED)


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.





Adam Young ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
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).
14 January 2025
Page 8

 
C. BUTT LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,491,415
18,031,378

Cost of sales
  
(14,182,078)
(13,737,373)

Gross profit
  
4,309,337
4,294,005

Administrative expenses
  
(3,857,600)
(3,788,123)

Operating profit
 5 
451,737
505,882

Interest receivable and similar income
 8 
91,853
21,159

Interest payable and similar expenses
 9 
(4,253)
(7,000)

Profit before tax
  
539,337
520,041

Tax on profit
 10 
(327,881)
(99,802)

Profit after tax
  
211,456
420,239

  

  

Retained earnings at the beginning of the year
  
5,622,851
5,439,037

Profit for the year
  
211,456
420,239

Dividends declared and paid
 11 
(2,255,339)
(236,425)

Retained earnings at the end of the year
  
3,578,968
5,622,851
The notes on pages 11 to 24 form part of these financial statements.
Page 9

 
C. BUTT LIMITED
REGISTERED NUMBER: 00544246

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
741,707
1,169,805

  
741,707
1,169,805

Current assets
  

Stocks
 13 
202,783
136,407

Debtors
 14 
4,144,938
4,549,144

Cash at bank and in hand
 15 
4,423,444
3,873,410

  
8,771,165
8,558,961

Creditors: amounts falling due within one year
 16 
(5,072,307)
(3,174,550)

Net current assets
  
 
 
3,698,858
 
 
5,384,411

Total assets less current liabilities
  
4,440,565
6,554,216

Creditors: amounts falling due after more than one year
 17 
(841,597)
(911,365)

  

Net assets
  
3,598,968
5,642,851


Capital and reserves
  

Called up share capital 
 20 
20,000
20,000

Profit and loss account
  
3,578,968
5,622,851

  
3,598,968
5,642,851


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




................................................
G W Butt
Director

Date: 7 January 2025

The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

C. Butt Limited is a private company limited by shares incorporated in England and Wales, registered number 00544246. The registered office is Sheaf Close Barn Way, Lodge Farm Industrial Estate, Harlestone Road, Northampton, NN5 7UL.

  
1.1

Reporting period

The entity'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. The comparatives presented are comparable, as the accounts for the year ended 30 April 2024 are for a 52 week period (Year ended 30 April 2023 - 52 weeks).

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 judgement 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 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of C Butt Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

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.

Page 11

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

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 measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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 balance sheet 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.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

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 balance sheet 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 balance sheet 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 balance sheet date.

 
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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 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 following bases:.

Depreciation is provided on the following basis:

Leasehold property improvements
-
over the expected lease term
Plant and machinery
-
between 10% and 33.3% straight line
Motor vehicles
-
between 25% and 33.3% straight line

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

Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each balance sheet 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Financial instruments

The Company 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 Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 15

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.18

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.

Page 16

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from the other sources. The estimates and underlying 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 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.  


4.


Turnover

The turnover is attributable to the principal activity of the Company which was haulage, warehousing and distribution. 

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
18,500
17,500

Depreciation of owned tangible fixed assets
540,443
618,300

Depreciation of tangible fixed assets held under finance leases
88,917
88,917

Profit on disposal of tangible fixed assets
(2,400)
(22,552)

Operating lease charges
1,405,587
1,469,534

Page 17

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
4,770,516
4,411,538

Social security costs
464,517
497,073

Pension costs
252,147
214,031

5,487,180
5,122,642


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


        2024
        2023
            No.
            No.







Warehousing
73
71



Transport
43
42



Head office
18
17

134
130


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
304,786
316,924

Company contributions to defined contribution pension schemes
51,821
45,059

356,607
361,983


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £124,583 (2023 - £125,900).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,200 (2023 - £7,480).

Page 18

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Interest receivable

2024
2023
£
£


Interest on bank deposits
91,853
21,159


9.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
4,253
7,000


10.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
(3,313)


Total current tax
-
(3,313)

Deferred tax


Origination and reversal of timing differences
327,881
103,115

Total deferred tax
327,881
103,115


Tax on profit
327,881
99,802
Page 19

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.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 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
539,337
520,041


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
134,834
98,808

Effects of:


Expenses not deductible for tax purposes
9,057
14,819

Utilisation of tax losses
(222,434)
(192,463)

Deferred taxation
327,881
103,115

Adjustments in respect of previous periods
-
(3,313)

Short-term timing difference leading to an increase (decrease) in taxation
78,543
78,836

Total tax charge for the year
327,881
99,802


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
2,255,339
236,425

Page 20

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Leasehold property improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
889,280
1,432,727
2,203,711
4,525,718


Additions
5,005
27,088
169,169
201,262


Disposals
-
(24,483)
-
(24,483)



At 30 April 2024

894,285
1,435,332
2,372,880
4,702,497



Depreciation


At 1 May 2023
604,217
1,155,848
1,595,848
3,355,913


Charge for the year on owned assets
106,488
179,789
343,083
629,360


Disposals
-
(24,483)
-
(24,483)



At 30 April 2024

710,705
1,311,154
1,938,931
3,960,790



Net book value



At 30 April 2024
183,580
124,178
433,949
741,707



At 30 April 2023
285,063
276,879
607,863
1,169,805

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
185,444
274,361


13.


Stocks

2024
2023
£
£

Finished goods
202,783
136,407


Page 21

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Debtors


2024
2023
£
£

Due after more than one year

Deferred tax asset
-
256,881

-
256,881

Due within one year

Trade debtors
3,499,462
3,169,279

Amounts owed by group undertakings
-
474,268

Other debtors
7,980
-

Prepayments and accrued income
637,496
577,716

Deferred tax asset
-
71,000

4,144,938
4,549,144



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,423,444
3,873,410


£149,700 of the cash balance is being held as security in relation to the lease of one of the Company's warehouses detailed in the commitments under operating leases note.


16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,696,795
1,466,619

Amounts owed to group undertakings
1,329,147
-

Other taxation and social security
499,474
423,268

Obligations under finance leases
69,768
102,840

Other creditors
434,869
196,471

Accruals and deferred income
1,042,254
985,352

5,072,307
3,174,550


Page 22

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases
41,595
111,363

Other creditors
800,002
800,002

841,597
911,365



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
71,733
107,093

Between 1-5 years
41,934
113,667

113,667
220,760

Finance leases are secured on the assets to which they relate.


19.


Deferred taxation




2024
2023


£

£






At beginning of year
327,881
430,996


Charged to profit or loss
(327,881)
(103,115)



At end of year
-
327,881

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(53,466)
(186,716)

Tax losses
51,293
512,512

Other short term differences
2,173
2,085

-
327,881

Page 23

 
C. BUTT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares of £1.00 each
20,000
20,000



21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  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.


22.


Commitments under operating leases

At 30 April 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
1,195,144
1,120,882

Later than 1 year and not later than 5 years
1,872,132
185,394

3,067,276
1,306,276

One of the operating leases above is secured by way of a fixed charge over the cash of the Company.


23.Financial commitments, guarantees and contingent liabilities

The Company has provided composite guarantees to the group's bankers. At 30 April 2024 the net group   liability to the bank was £nil (2023 - £nil).
There are no present indications that the company will be called upon to honour the guarantees.


24.


Related party transactions

As a wholly owned subsidiary of C Butt Holdings Limited, the Company is exempt from the requirements of section 33 of FRS 102 to disclose transactions with other members of the wholly owned
group.


25.


Controlling party

The ultimate parent company undertaking at 30 April 2024 was C Butt Holdings Limited, incorporated in England. Group accounts incorporating C. Butt Limited are filed at Companies House.
 
Page 24