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Registered number: 06598092










C BUTT HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
C BUTT HOLDINGS LIMITED
 
 
COMPANY INFORMATION


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




Company secretary
G W Butt



Registered number
06598092



Registered office
Sheaf Close
Lodge Farm Industrial Estate

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 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Income and Retained Earnings
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Cash Flows
 
12 - 13
Consolidated Analysis of Net Debt
 
14
Notes to the Financial Statements
 
15 - 30


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

Introduction
 
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.

Our People
 
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.

Business Overview
 
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.



 
Page 1

 
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

Future Outlook
 
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.

Principal risks and uncertainties

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.



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

Date: 7 January 2025

Page 2

 
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.

Directors' responsibilities statement

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.
 
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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £162,784 (2023 - £408,470).

Directors

The directors who served during the year were:

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

Matters covered in the Group Strategic Report

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. 

Page 3

 
C BUTT HOLDINGS 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

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

Opinion


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 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 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.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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.


Page 5

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


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 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

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


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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 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.


Page 7

 
C BUTT HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C BUTT HOLDINGS 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 HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,491,415
18,031,377

Cost of sales
  
(14,182,078)
(13,737,372)

Gross profit
  
4,309,337
4,294,005

Administrative expenses
  
(3,940,982)
(3,801,373)

Operating profit
 5 
368,355
492,632

Interest receivable and similar income
 9 
126,563
22,640

Interest payable and similar expenses
 10 
(4,253)
(7,000)

Profit before tax
  
490,665
508,272

Tax on profit
 11 
(327,881)
(99,802)

Profit after tax
  
162,784
408,470

  

  

Retained earnings at the beginning of the year
  
7,833,146
7,661,101

  
7,833,146
7,661,101

Profit for the year attributable to the owners of the parent
  
162,784
408,470

Dividends declared and paid
 12 
(255,339)
(236,425)

Retained earnings at the end of the year
  
7,740,591
7,833,146

The notes on pages 15 to 30 form part of these financial statements.

Page 9

 
C BUTT HOLDINGS LIMITED
REGISTERED NUMBER: 06598092

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,963,020
3,404,368

  
2,963,020
3,404,368

Current assets
  

Stocks
 15 
202,783
136,407

Debtors
 16 
4,746,813
4,676,751

Cash at bank and in hand
 17 
4,437,158
3,873,410

  
9,386,754
8,686,568

Creditors: amounts falling due within one year
 18 
(3,747,586)
(3,326,425)

Net current assets
  
 
 
5,639,168
 
 
5,360,143

Total assets less current liabilities
  
8,602,188
8,764,511

Creditors: amounts falling due after more than one year
 19 
(841,597)
(911,365)

Net assets
  
7,760,591
7,853,146


Capital and reserves
  

Called up share capital 
 22 
18,914
18,914

Capital redemption reserve
 23 
1,086
1,086

Profit and loss account
 23 
7,740,591
7,833,146

  
7,760,591
7,853,146


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 15 to 30 form part of these financial statements.

Page 10

 
C BUTT HOLDINGS LIMITED
REGISTERED NUMBER: 06598092

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,221,313
2,234,563

Investments
 14 
20,000
20,000

  
2,241,313
2,254,563

Current assets
  

Debtors
 16 
1,931,022
601,875

Cash at bank and in hand
 17 
13,714
-

  
1,944,736
601,875

Creditors: amounts falling due within one year
 18 
(4,426)
(626,143)

Net current assets/(liabilities)
  
 
 
1,940,310
 
 
(24,268)

Total assets less current liabilities
  
4,181,623
2,230,295

Net assets
  
4,181,623
2,230,295


Capital and reserves
  

Called up share capital 
 22 
18,914
18,914

Capital redemption reserve
 23 
1,086
1,086

Profit and loss account brought forward
  
2,210,295
2,222,064

Profit for the year
  
2,206,667
224,656

Other changes in the profit and loss account

  

(255,339)
(236,425)

Profit and loss account carried forward
  
4,161,623
2,210,295

  
4,181,623
2,230,295


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 15 to 30 form part of these financial statements.

Page 11

 
C BUTT HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
162,784
408,470

Adjustments for:

Taxation charge
327,881
99,802

Interest paid
4,253
7,000

Interest received
(126,563)
(22,640)

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

Depreciation of tangible assets
642,610
720,467

(Increase)/decrease in stocks
(66,376)
18,859

(Increase) in debtors
(397,943)
(56,820)

Increase/(decrease) in creditors
454,233
(6,949)

Corporation tax received
-
3,313

Net cash generated from operating activities

998,479
1,148,950


Cash flows from investing activities

HP interest paid
(4,253)
(7,000)

Purchase of tangible fixed assets
(201,262)
(263,898)

Sale of tangible fixed assets
2,400
45,447

Interest received
126,563
22,640

Net cash from investing activities

(76,552)
(202,811)
Page 12

 
C BUTT HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
(102,840)
(100,093)

Dividends paid
(255,339)
(236,425)

Net cash used in financing activities
(358,179)
(336,518)

Net increase in cash and cash equivalents
563,748
609,621

Cash and cash equivalents at beginning of year
3,873,410
3,263,789

Cash and cash equivalents at the end of year
4,437,158
3,873,410


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,437,158
3,873,410

4,437,158
3,873,410


The notes on pages 15 to 30 form part of these financial statements.

Page 13

 
C BUTT HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

3,882,938

554,220

4,437,158

Bank overdrafts

(9,528)

9,528

-

Finance leases

(214,203)

102,840

(111,363)


3,659,207
666,588
4,325,795

The notes on pages 15 to 30 form part of these financial statements.

Page 14

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

1.


General information

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.

  
1.1

Reporting period

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

 
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 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:

 
2.2

Basis of consolidation

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.

 
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 15

 
C BUTT HOLDINGS 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 Group 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 Group 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 Group 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

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
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 16

 
C BUTT HOLDINGS 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 17

 
C BUTT HOLDINGS 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 straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
2% straight line on buildings, land is not depreciated
Leasehold 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

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.

 
2.14

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.

 
2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 18

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

 
2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.


 
Page 19

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

2.Accounting policies (continued)


2.18
Financial instruments (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.

 
2.19

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.


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 one 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
£
£

Depreciation of owned tangible fixed assets
553,693
631,550

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 20

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

6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
18,500
17,500


7.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,833,404
4,411,538
62,888
-

Social security costs
471,761
497,073
7,244
-

Pension costs
252,147
214,031
-
-

5,557,312
5,122,642
70,132
-


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

Page 21

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
367,674
344,668

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

419,495
389,727


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


9.


Interest receivable

2024
2023
£
£


Other interest receivable
126,563
22,640


10.


Interest payable and similar expenses

2024
2023
£
£


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


11.


Taxation


2024
2023
£
£

Corporation tax


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


Deferred tax


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


Tax on profit
327,881
99,802
Page 22

 
C BUTT HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.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
490,665
508,272


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
122,666
96,572

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,057
14,819

Tax effect of utilisation of tax losses not previously recognised
(131,723)
(111,391)

Adjustments to tax charge in respect of prior periods
-
(3,313)

Deferred tax asset recognition
327,881
103,115

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.


12.


Dividends

2024
2023
£
£


Dividends paid
255,339
236,425

Page 23

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

13.


Tangible fixed assets

Group






Freehold property
Leasehold property improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
2,274,313
889,280
1,432,727
2,203,711
6,800,031


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


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



At 30 April 2024

2,274,313
894,285
1,435,332
2,372,880
6,976,810



Depreciation


At 1 May 2023
39,750
604,217
1,155,848
1,595,848
3,395,663


Charge for the year on owned assets
13,250
106,488
179,789
343,083
642,610


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



At 30 April 2024

53,000
710,705
1,311,154
1,938,931
4,013,790



Net book value



At 30 April 2024
2,221,313
183,580
124,178
433,949
2,963,020



At 30 April 2023
2,234,563
285,063
276,879
607,863
3,404,368

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

Page 24

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

           13.Tangible fixed assets (continued)


Company






Freehold property

£

Cost or valuation


At 1 May 2023
2,274,313



At 30 April 2024

2,274,313



Depreciation


At 1 May 2023
39,750


Charge for the year on owned assets
13,250



At 30 April 2024

53,000



Net book value



At 30 April 2024
2,221,313



At 30 April 2023
2,234,563

The carrying value of land and buildings includes land of £1,611,854 which is not depreciated. 






Page 25

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

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
20,000



At 30 April 2024
20,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

C. Butt Limited
Sheaf Close Barn Way,  Lodge Farm Industrial Estate, Harlestone Road, Northampton, NN5 7UL
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

C. Butt Limited
3,598,968
211,456


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
202,783
136,407


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 26

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

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
601,875
601,875
601,875
601,875

Deferred tax asset
-
256,881
-
-

601,875
858,756
601,875
601,875

Due within one year

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

Amounts owed by group undertakings
-
-
1,329,147
-

Other debtors
7,980
-
-
-

Prepayments and accrued income
637,496
577,716
-
-

Deferred taxation
-
71,000
-
-

4,746,813
4,676,751
1,931,022
601,875



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
4,437,158
3,873,410
13,714
-



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

Amounts owed to group undertakings
-
-
-
474,268

Other taxation and social security
499,474
423,268
-
-

Obligations under finance lease and hire purchase contracts
69,768
102,840
-
-

Other creditors
437,163
348,346
2,294
151,875

Accruals and deferred income
1,044,386
985,352
2,132
-

3,747,586
3,326,425
4,426
626,143


Page 27

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

19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
41,595
111,363

Other creditors
800,002
800,002

841,597
911,365





20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
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.

Page 28

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

21.


Deferred taxation


Group



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

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

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

Tax losses carried forward
51,293
512,512
-
-

Other short term differences
2,173
2,085
-
-

-
327,881
-
-


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



18,914 (2023 - 18,914) Ordinary shares of £1.00 each
18,914
18,914



23.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares repurchased by the Company. 

Profit and loss account

Profit and loss account consists of all retained profits and losses from current and prior periods.


24.


Pension commitments

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.

Page 29

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

25.


Commitments under operating leases

At 30 April 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
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 Group. 


26.


Related party transactions

The Group is not required to disclose transactions with other members of the Group on the basis that the subsidiaries are wholly owned by the parent of the Group as stated in section 33 of FRS102.


27.


Transactions with directors

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).


28.


Controlling party

As at the 30th April 2024 the directors consider there to be no ultimate controlling party of the entity.

 
Page 30