Company registration number 05050715 (England and Wales)
BOOTH VENTURES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
BOOTH VENTURES LIMITED
COMPANY INFORMATION
Directors
Mr M S Booth
Mr J P Nicholas
Secretary
Mrs K Booth
Company number
05050715
Registered office
Link 665 Business Centre
Todd Hall Road
Haslingden
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
NatWest Bank Plc
24 Deansgate
Bolton
BOOTH VENTURES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
BOOTH VENTURES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present the strategic report for the year ended 31 May 2024.
Review of the business
The key performance indicators for the company are as follows:
2024
2023
£
£
Turnover
13,074,458
13,061,055
Profit before taxation
696,116
674,984
Gross profit margin
31.06%
19.80%
Net current assets
251,134
55,526
Profit and loss reserves
3,949,898
3,269,018
Debtors days
8
8
The directors consider the results for the year and the year end position to be satisfactory.
Principal risks and uncertainties
Credit risk, liquidity risk and cash flow risk
The business’ principal financial instruments comprise bank balances, trade debtors, trade creditors and HP finance. The main purpose of these instruments is to finance the business’ operations and future growth.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits, reinforced with credit insurance policies. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Key performance indicators
Turnover has increased by 0.1% when compared to the previous financial year, with profit before taxation increasing by 3.13%. The steady growth in FY 24 was expected as the business concentrated on building a solid financial base and setting the foundations for significant growth over the coming years.
Gross profit margin has increased by 11.26 percentage points when compared to the previous financial year. This is indicative of efficient countermeasures put into place by the business to deal with inflationary pressures.
Importantly, an impressive debtor collection term of 8 days was maintained, and this demonstrates effective working capital management.
Our ability to sustainably manage materials effectively, whether soils or aggregates will enable the business to drive forward into new areas and expand our operational projects in the year ahead.
Mr M S Booth
Director
8 January 2025
BOOTH VENTURES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be the operation of sustainable landfill sites, quarries, soil management, recycling, waste management facilities, aggregate sales and site regeneration.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £90,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M S Booth
Mr J P Nicholas
Future developments
The future development of the business is to invest in people/talent infrastructure, IT systems and operational plant and machinery in the coming years in order to support our business growth – specifically our pipeline of new projects.
Auditor
The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
BOOTH VENTURES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Review of the business
The financial position of Booth Ventures was firmly established and thriving in the period 1 June 2023 and 31 May 2024.
Growth was witnessed in the financial year with respect to turnover, gross profit and profit before taxation all increasing compared to the previous financial year.
The business witnessed success in the sustainable management of soils, diversifying into the golf and leisure space and continual progress in the quarry sector.
The company has continued investing heavily in future projects, concentrating on both the quarry and land management space.
Due to the complexity of material management, waste removal and land remediation, the group has also invested heavily in research and development. Our objective is to meet the cutting-edge demand required to deliver innovative solutions to brownfield sites, landfill and end-of-life quarry sites. In the quarrying sector, we challenge traditional methods for mineral extraction and the utility of different material types.
The business has continued to trade successfully under the Booth Group brand which was launched in the previous financial year. This has helped us to strengthen our position in the waste management and remediation sectors. This newly launched brand reinforces our commitment to diversifying our land management services while prioritising the protection of the environment. The company continues to focus on each specialist area, developing sustainable solutions for site development, materials recovery, site restoration and the creation leisure spaces.
FY 25 promises to be a successful year, with further growth anticipated with new sites coming on board. Forecasted cash flow remains strong as the business continues to re-invest in future development projects.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M S Booth
Mr J P Nicholas
Director
Director
8 January 2025
BOOTH VENTURES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BOOTH VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BOOTH VENTURES LIMITED
- 5 -
Opinion
We have audited the financial statements of financial statements of Booth Ventures Limited (the 'company') for the year ended 31 May 2024 which comprise the Profit and Loss Account, the Statement of Changes in Equity, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
BOOTH VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BOOTH VENTURES LIMITED (CONTINUED)
- 6 -
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 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, 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
BOOTH VENTURES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BOOTH VENTURES LIMITED (CONTINUED)
- 7 -
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Paul Burton (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
8 January 2025
BOOTH VENTURES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Turnover
3
13,074,458
13,061,055
Cost of sales
(9,013,453)
(10,474,850)
Gross profit
4,061,005
2,586,205
Administrative expenses
(3,286,629)
(2,409,591)
Other operating income
250
Operating profit
4
774,376
176,864
Interest receivable and similar income
8
5,353
3,176
Interest payable and similar expenses
9
(83,613)
(59,261)
Amounts written off intercompany loans
10
-
554,205
Profit before taxation
696,116
674,984
Taxation
11
74,764
(95,616)
Profit for the financial year
770,880
579,368
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.
BOOTH VENTURES LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,090,082
1,915,440
Tangible assets
14
3,756,934
3,933,479
6,847,016
5,848,919
Current assets
Stocks
15
393,102
299,492
Debtors
16
2,709,053
3,205,504
Cash at bank and in hand
1,029,767
986,321
4,131,922
4,491,317
Creditors: amounts falling due within one year
17
(3,880,788)
(4,435,791)
Net current assets
251,134
55,526
Total assets less current liabilities
7,098,150
5,904,445
Creditors: amounts falling due after more than one year
18
(2,262,026)
(1,979,227)
Provisions for liabilities
Deferred tax liability
20
(885,226)
(655,200)
(885,226)
(655,200)
Net assets
3,950,898
3,270,018
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
3,949,898
3,269,018
Total equity
3,950,898
3,270,018
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 8 January 2025 and are signed on its behalf by:
Mr M S Booth
Mr J P Nicholas
Director
Director
Company registration number 05050715 (England and Wales)
BOOTH VENTURES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
2,804,370
2,805,370
Year ended 31 May 2023:
Profit and total comprehensive income
-
579,368
579,368
Dividends
12
-
(114,720)
(114,720)
Balance at 31 May 2023
1,000
3,269,018
3,270,018
Year ended 31 May 2024:
Profit and total comprehensive income
-
770,880
770,880
Dividends
12
-
(90,000)
(90,000)
Balance at 31 May 2024
1,000
3,949,898
3,950,898
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
1
Accounting policies
Company information
Booth Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is Link 665 Business Centre, Todd Hall Road, Haslingden.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Booth Group Holdings Limited. These consolidated financial statements are available from the registered office: Link 665 Business Centre Todd Hall Road, Haslingden, Rossendale, England.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the provision of professional services is recognised on completion of the services in question.
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill
Site preparation costs represent the costs incurred in bringing quarries and landfill sites to an acceptable operating standard for use within the business.
Site preparation expenditure is amortised over the expected useful lives of the sites in operation by the company.
Site preparation expenditure
Straight line over useful life when in use
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
Nil
Plant and machinery
10% Straight Line
Fixtures, fittings & equipment
20% Straight Line / 33% Straight Line
Motor vehicles
20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.
Cost is calculated using the FIFO method.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
Basic financial assets
Basic financial assets, which include debtors loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Site remedial costs
An accrual is made for the amounts payable by the company for site remediation works once work at the site is complete. The directors use their judgement based on knowledge and experience of other sites that have completed in previous years. Due to the nature of the works, it can be a number of years before the liability becomes payable.
Site preparation expenditure
Site preparation expenditure is capitalised throughout the period that the site is in use. The directors use their judgement based on knowledge and experience of the sites to establish the valuation of additions each year based on staff usage, hire and fuel costs incurred. Due to the nature of the works, costs at various sites can differ significantly. Amortisation is charged in line with the expected life of the site as per the directors judgement.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Waste disposal
5,670,051
5,125,862
Aggregates
1,914,413
3,060,817
Other
5,489,994
4,874,376
13,074,458
13,061,055
2024
2023
£
£
Turnover analysed by geographical market
UK
13,074,458
13,061,055
2024
2023
£
£
Other revenue
Interest income
5,353
3,176
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
134,588
220,457
Depreciation of tangible fixed assets held under finance leases
421,942
333,714
Loss on disposal of tangible fixed assets
3,904
27,418
Amortisation of intangible assets
127,583
218,713
Operating lease charges
59,796
68,996
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
13,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Operatives
60
65
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,081,769
2,334,020
Social security costs
233,995
246,578
Pension costs
49,193
45,813
2,364,957
2,626,411
The directors are considered to be the key management personnel.
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
122,761
146,464
Company pension contributions to defined contribution schemes
5,500
6,000
128,261
152,464
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
7
Directors' remuneration
(Continued)
- 17 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,353
3,176
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
812
Interest on finance leases and hire purchase contracts
83,613
58,449
83,613
59,261
10
Amounts written off intercompany loans
2024
2023
£
£
Amounts written back to current loans
-
554,205
On 20 April 2023, Booth Asset Management Ltd began a restructuring of the group. As a result in the prior financial year intercompany loans of £554,205 have been written off within the financial statements.
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(304,790)
(197,524)
Deferred tax
Origination and reversal of timing differences
230,026
293,140
Total tax (credit)/charge
(74,764)
95,616
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Taxation
(Continued)
- 18 -
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
696,116
674,984
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
174,029
134,997
Tax effect of expenses that are not deductible in determining taxable profit
2,994
(114,615)
Unutilised tax losses carried forward
(179,474)
194,239
Group relief
6,832
Permanent capital allowances in excess of depreciation
232,477
71,687
Under/(over) provided in prior years
(304,790)
(197,524)
Taxation (credit)/charge for the year
(74,764)
95,616
The tax rate above is the average tax rate for the year.
12
Dividends
2024
2023
£
£
Interim paid
90,000
114,720
13
Intangible fixed assets
Site preparation expenditure
£
Cost
At 1 June 2023
3,916,114
Additions
1,302,225
At 31 May 2024
5,218,339
Amortisation and impairment
At 1 June 2023
2,000,674
Amortisation charged for the year
127,583
At 31 May 2024
2,128,257
Carrying amount
At 31 May 2024
3,090,082
At 31 May 2023
1,915,440
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
14
Tangible fixed assets
Land
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
12,000
4,984,835
192,103
158,145
5,347,083
Additions
547,768
19,223
63,967
630,958
Disposals
(422,674)
(21,098)
(443,772)
At 31 May 2024
12,000
5,109,929
211,326
201,014
5,534,269
Depreciation and impairment
At 1 June 2023
1,216,643
109,793
87,168
1,413,604
Depreciation charged in the year
481,373
48,152
27,005
556,530
Eliminated in respect of disposals
(171,701)
(21,098)
(192,799)
At 31 May 2024
1,526,315
157,945
93,075
1,777,335
Carrying amount
At 31 May 2024
12,000
3,583,614
53,381
107,939
3,756,934
At 31 May 2023
12,000
3,768,192
82,310
70,977
3,933,479
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
3,033,925
3,158,961
Motor vehicles
104,182
67,167
3,138,107
3,226,128
Depreciation charge for the year in respect of leased assets
421,942
339,795
15
Stocks
2024
2023
£
£
Raw materials and consumables
393,102
299,492
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
286,961
269,451
Amounts owed by group undertakings
525,742
405,871
Other debtors
1,586,958
2,260,199
Prepayments and accrued income
309,392
269,983
2,709,053
3,205,504
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
817,801
850,950
Trade creditors
1,059,643
1,112,968
Amounts owed to group undertakings
178,362
Taxation and social security
341,404
146,699
Other creditors
892,324
600,444
Accruals and deferred income
591,254
1,724,730
3,880,788
4,435,791
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
1,343,711
1,729,828
Accruals and deferred income
918,315
249,399
2,262,026
1,979,227
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
817,801
850,950
In two to five years
1,343,711
1,729,828
2,161,512
2,580,778
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
885,226
655,200
2024
Movements in the year:
£
Liability at 1 June 2023
655,200
Charge to profit or loss
230,026
Liability at 31 May 2024
885,226
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
49,193
45,813
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
BOOTH VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
23
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
59,796
59,796
Between two and five years
64,779
124,575
124,575
184,371
24
Related party transactions
During the year, Booth Ventures Limited made sales of £11,861,792 (2023: £11,941,018) and incurred expenses of £1,591,917 (2023: £88,883) to a company associated through the directors. At the year end £1,094,507 (2023: £2,041,350) was due from the connected company. This balance is included within other debtors.
During the year, Booth Ventures Limited made sales of £433,287 (2023: £110,419) and incurred expenses of £566,485 (2023: £628,774) to another company associated through the directors. At the year end £892,324 (2023: £596,759) was due to the connected company. This balance is included within other creditors.
At the year end, Booth Ventures Limited was owed £54,031 (2023: £50,633) from another connected company associated through the directors. This balance is included within other debtors.
25
Ultimate controlling party
The company's parent is Booth Group Holdings Limited.
The company is under the ultimate control of Mr M S Booth.
The company is included in the consolidated accounts of Booth Group Holdings Limited.
In the prior year on the 20 April 2023, the company became a wholly owned subsidiary of Booth Group Holdings Limited, where it was previously a wholly owned subsidiary of Booth Asset Management Ltd. The ultimate controlling party of the company did not change as a result of the change in share ownership.
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