Company registration number 07318566 (England and Wales)
GREEN & BROWN LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
GREEN & BROWN LTD
COMPANY INFORMATION
Directors
D Green
J Brown
N Blakey
A Thomson
J Toase
Company number
07318566
Registered office
2 Colne Bridge Road
Huddersfield
HD5 0RH
Auditor
Buckle Barton Limited
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
GREEN & BROWN LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
GREEN & BROWN LTD
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 directors consider the results for the year to be a good performance in a tough market and reflect the continued demand for the company’s products and the investment in the new manufacturing facility, which secured capacity now and for the future. The company continues to investigate every way to improve the profitable turnover.

The company’s objectives are to proactively look at expanding its product portfolio and new product development to ensure we meet customer expectation on quality, reliability, delivery, and price.

The directors are looking to increase market share through proactive marketing and improving cost efficiency through improvements in customer service, inventory management and reducing overheads. The company has invested in a solar panel system and more automated machinery to improve service levels, quality and cost to customers.

Based on the year’s results the directors continue to adopt the going concern basis in preparing the annual report and accounts.

 

 

Principal risks and uncertainties

There is a risk that a further slowdown in the economy will affect margins however this is managed by close control on pricing and being flexible in the use of new technology and the utilisation of existing assets.

 

Supply chain risk through third-party suppliers has been challenging with price increases and delays with the sourcing & supply of product which are being closely monitored and managed.

 

All financial risk is managed and mitigated by monitoring cash flow closely and responding to changes in interest and currency rates and only low levels of credit are offered to customers.

 

The company maintains a close relationship with its inter-company customer and has some reliance on third party suppliers so maintains and develops close long-term relationships.

 

Key Performance Indicators

The company’s key performance indicators are as follows:

                    2024            2023                    

Turnover (£m)                21.8m            20.6m

Gross profit                16.7%            16.4%

Profit/loss before tax (£k)             776k             543k

Return on Capital Employed         9.9%         8.0%

 

On behalf of the board

A Thomson
Director
19 December 2024
GREEN & BROWN LTD
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 that of wholesale of interior goods.

 

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. 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:

D Green
J Brown
N Blakey
(Appointed 5 July 2024)
A Thomson
(Appointed 5 July 2024)
J Toase
(Appointed 5 July 2024)
Auditor

Under section 487(2) of the Companies Act 2006, the auditor, Buckle Barton Limited, will be deemed to be reappointed 28 days after these financial statements were sent to members, or 28 days after the latest date prescribed for, filing the accounts with the register, whichever is earlier.

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.

GREEN & BROWN LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Statement of directors' responsibilities

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:

 

 

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.

 

Matters covered in the Strategic Report

Information not shown in the directors' report because it is shown in the strategic report instead under s414c(11).

The strategic report includes a business review, principal risks and uncertainties and financial key performance

indicators.

 

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
A Thomson
Director
19 December 2024
GREEN & BROWN LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GREEN & BROWN LTD
- 4 -
Opinion

We have audited the financial statements of Green & Brown Ltd (the 'company') for the year ended 31 May 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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.

Other information

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:

GREEN & BROWN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GREEN & BROWN LTD
- 5 -
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:

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.

- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and occupational health and employment legislation.

 

- We enquired of the directors for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

 

- We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.

 

- The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas - revenue recognition - related parties and related party transactions.

 

- We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.

 

- We enquired of the directors about actual and potential litigation and claims.

 

- We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.

 

- In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

GREEN & BROWN LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GREEN & BROWN LTD
- 6 -

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.

George Goodman ACA FCCA (Senior Statutory Auditor)
For and on behalf of Buckle Barton Limited
19 December 2024
Chartered Accountants
Statutory Auditor
Sanderson House
Station Road
Horsforth
Leeds
LS18 5NT
GREEN & BROWN LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
21,754,973
20,618,601
Cost of sales
(18,114,612)
(17,239,601)
Gross profit
3,640,361
3,379,000
Administrative expenses
(2,900,984)
(2,835,784)
Operating profit
4
739,377
543,216
Interest receivable and similar income
8
36,810
144
Interest payable and similar expenses
9
(190)
-
0
Profit before taxation
775,997
543,360
Tax on profit
10
(180,579)
(119,678)
Profit for the financial year
595,418
423,682

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GREEN & BROWN LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
£
£
Profit for the year
595,418
423,682
Other comprehensive income
-
-
Total comprehensive income for the year
595,418
423,682
GREEN & BROWN LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
830,613
356,872
Current assets
Stocks
12
2,641,480
3,402,752
Debtors falling due after more than one year
13
4,258,153
3,784,752
Debtors falling due within one year
13
1,080,663
428,222
Cash at bank and in hand
744,227
479,865
8,724,523
8,095,591
Creditors: amounts falling due within one year
14
(2,078,302)
(1,671,047)
Net current assets
6,646,221
6,424,544
Total assets less current liabilities
7,476,834
6,781,416
Provisions for liabilities
(201,000)
(101,000)
Net assets
7,275,834
6,680,416
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
7,274,834
6,679,416
Total equity
7,275,834
6,680,416
The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
A Thomson
Director
Company Registration No. 07318566
GREEN & BROWN LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2022
1,000
6,255,734
6,256,734
Year ended 31 May 2023:
Profit and total comprehensive income
-
423,682
423,682
Balance at 31 May 2023
1,000
6,679,416
6,680,416
Year ended 31 May 2024:
Profit and total comprehensive income
-
595,418
595,418
Balance at 31 May 2024
1,000
7,274,834
7,275,834
GREEN & BROWN LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,047,266
375,176
Interest paid
(190)
-
0
Income taxes paid
(161,108)
(235,683)
Net cash inflow from operating activities
885,968
139,493
Investing activities
Purchase of tangible fixed assets
(658,416)
(363,105)
Proceeds from disposal of tangible fixed assets
-
0
36,640
Interest received
36,810
144
Net cash used in investing activities
(621,606)
(326,321)
Net increase/(decrease) in cash and cash equivalents
264,362
(186,828)
Cash and cash equivalents at beginning of year
479,865
666,693
Cash and cash equivalents at end of year
744,227
479,865
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
1
Accounting policies
Company information

Green & Brown Ltd is a company limited by shares incorporated in the United Kingdom and registered in England and Wales, and is involved in the wholesale of interior goods. The registered office is 2 Colne Bridge Road, Huddersfield, HD5 0RH.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Turnover is the amount derived from ordinary activities and is stated net of trade discounts, other sales taxes, and VAT.

1.4
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:

Improvements to property
10-33.3% on cost
Warehouse equipment
33.3% on cost
Fixtures and fittings
33.3% on cost
Computer equipment
33.3% on cost

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.

GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow-moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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 the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Pension scheme

The pension costs charges in the financial statements represent the contribution payable by the company during the period.

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.

GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Wholesale sales
21,754,973
20,618,601
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,754,973
20,618,601
2024
2023
£
£
Other revenue
Interest income
36,810
144
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
23,242
-
0
Research and development costs
2,963
-
Depreciation of owned tangible fixed assets
184,675
165,575
(Profit)/loss on disposal of tangible fixed assets
-
221,513
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
12,000
12,000
For other services
Taxation compliance services
900
900
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 17 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production staff
137
139
Admin staff
5
5
Sales staff
5
4
Total
147
148

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,226,894
4,412,897
Social security costs
305,175
293,882
Pension costs
90,866
90,940
5,622,935
4,797,719
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
21,989
113,639
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
30,512
11
Other interest income
6,298
133
Total income
36,810
144
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
190
-
0
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 18 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
80,579
106,000
Adjustments in respect of prior periods
-
0
(6,322)
Total current tax
80,579
99,678
Deferred tax
Origination and reversal of timing differences
100,000
20,000
Total tax charge
180,579
119,678

The actual 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
775,997
543,360
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
193,999
108,672
Tax effect of expenses that are not deductible in determining taxable profit
203
-
0
Depreciation on assets not qualifying for tax allowances
300
-
0
Under/(over) provided in prior years
-
0
(8,431)
Deferred tax movements
100,000
20,000
Corporation tax roundings and other movements
(300)
(499)
Depreciation charged on ineligible assets
-
0
399
Capital allowances in advance of depreciation
(113,623)
(463)
Taxation charge for the year
180,579
119,678
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
11
Tangible fixed assets
Improvements to property
Warehouse equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
181,746
1,046,710
39,884
56,743
1,325,083
Additions
326,385
289,804
17,729
24,498
658,416
At 31 May 2024
508,131
1,336,514
57,613
81,241
1,983,499
Depreciation and impairment
At 1 June 2023
75,831
837,715
24,779
29,886
968,211
Depreciation charged in the year
25,544
133,504
9,726
15,901
184,675
At 31 May 2024
101,375
971,219
34,505
45,787
1,152,886
Carrying amount
At 31 May 2024
406,756
365,295
23,108
35,454
830,613
At 31 May 2023
105,915
208,995
15,105
26,857
356,872
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,641,480
3,402,752
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
63,965
32,646
Corporation tax recoverable
64,529
-
0
Other debtors
-
0
7,634
Prepayments and accrued income
952,169
387,942
1,080,663
428,222
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
4,258,153
3,784,752
Total debtors
5,338,816
4,212,974
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,202,203
721,342
Corporation tax
-
0
16,000
Other taxation and social security
397,779
440,003
Other creditors
106,086
99,086
Accruals and deferred income
372,234
394,616
2,078,302
1,671,047
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
201,000
101,000
2024
Movements in the year:
£
Liability at 1 June 2023
101,000
Charge to profit or loss
100,000
Liability at 31 May 2024
201,000
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
90,866
90,940

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.

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 21 -
18
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
509,500
500,000
Between two and five years
2,000,000
2,000,000
2,509,500
2,500,000
19
Events after the reporting date

On 5 July 2024, the entire shareholding of the company was acquired by Vista Bidco24 Limited. From 5 July 2024, the ultimate parent undertaking of the company was Vista Holdco24 Limited.

20
Related party transactions

During the year, a partnership of which D Green is a member, provided services to the company of £120,000 (2023: £120,000).

 

Included within other debtors is an amount of £4,258,153 owed to the company from a company of which D Green is a director.

 

During the year the company paid rent of £500,000 to a company of which D Green is a director.

21
Ultimate controlling party

D Green was the controlling party until 5 July 2024. From this date the ultimate controlling party was Vista Holdco24 Limited.

 

GREEN & BROWN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
595,418
423,682
Adjustments for:
Taxation charged
180,579
119,678
Finance costs
190
-
0
Investment income
(36,810)
(144)
(Gain)/loss on disposal of tangible fixed assets
-
221,513
Depreciation and impairment of tangible fixed assets
184,675
165,575
Movements in working capital:
Decrease in stocks
761,272
674,539
Increase in debtors
(1,061,313)
(1,258,020)
Increase in creditors
423,255
28,353
Cash generated from operations
1,047,266
375,176
23
Analysis of changes in net funds
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
479,865
264,362
744,227
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