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COMPANY REGISTRATION NUMBER: 1156457
BROOM HOUSE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
31 March 2024
BROOM HOUSE INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Officers and professional advisers 1
Strategic report 2 to 3
Directors' report 4 to 5
Independent auditor's report to the members 6 to 9
Consolidated profit and loss account 10
Consolidated balance sheet 11
Balance sheet 12
Consolidated statement of changes in equity 13
Company statement of changes in equity 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 to 27
BROOM HOUSE INVESTMENTS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
I J Clay
J A Clay
A J Kendrick
A K R Fazackerley-Brown
Company secretary
R A Clay
Registered office
Unit 1
River Street
Brighouse
West Yorkshire
HD6 1LU
Auditor
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
Bankers
Barclays Bank plc
10 Market Place
Bradford
BD1 1XW
BROOM HOUSE INVESTMENTS LIMITED
STRATEGIC REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report for the financial year ended 31 March 2024.
Principal activity and business review
The principal activity of the parent company of the group during the year was that of importing, distributing and brand building specialty beers from Europe (with particular focus on Belgium and Germany), America, Japan alongside domestic distribution of British craft beers. The directors are pleased to report that the parent company continues to deliver growth with turnover increasing by 9% and gross profit by 13% when compared to the previous year. The company continues to carefully balance significant cost increases with the impact of price rises on our customers. In particular, we recognise the strong headwinds faced by hospitality and take a long-term perspective when adjusting pricing to provide stability and avoid the detrimental impact of price shocks. While this approach impacts profitability in the short run, our ownership structure allows for a long term perspective in support of our customers as the industry bears the brunt of global inflationary pressures and unsupportive Government Policy. The company secured exclusive UK import and distribution agreements in key growth categories of non-alcoholic (Athletic Brewing Co) and world lager (Super Bock and Warsteiner) alongside proudly securing the UK rights to highly regarded Augustiner Bräu from Munich. The new partnerships provide a refresh of our portfolio and ensure relevance across a new customer base. A group company, New Wave (Scotland) Limited, is operated as a wholly owned subsidiary of Broom House Investments Limited. The company's principal activity matches the parent company and provides a direct distribution platform in Scotland only. New Wave maintained turnover of £3.3m despite distribution challenges due to brands shifting their route to market strategy in the territory. The company will continue to align New Wave's product portfolio with the parent company to reduce exposure from third party brand owners adding new supply routes in the territory diluting sales. A second group company, Rarter Limited, separately engaged in the excise duty suspended storage of goods including, but not exclusively, goods owned by the parent company. Rarter enjoyed significant growth in 2022/23 and secured an additional storage unit to aid expansion. Unfortunately, during 2023/24 the warehousing market experienced a downturn with many customers readopting a 'just in time' stock management approach following the 'stock build' phase post Brexit. The effect of this, combined with the impact of a significant bad debt, resulted in a £350k reduction in profit for the 2023/24 period. The management team have plans in place to correct with the results expected to be seen in 2025/26. The business remains focused on delivering for our customers by achieving efficiency gains to offset significant cost increases and by continuing to invest in stock to ensure confidence as a reliable supply partner. The group continues to set clear sales, operations and financial strategies with our people a core component across all areas of the group.
Principal risks and uncertainties
The business continues to face uncertainly from Government Policy and global events impacting confidence and investment. The principle risks and uncertainties are as follows. Hospitality, our largest customer group, is exposed to pressure from Government Policy and wider societal trends. This includes being acutely impacted by National Insurance and National Living Wage increases in the recent budget, a reduction in business rate relief, and wider trends of reduced alcohol consumption (most notably in younger generations). While we believe the business is well placed to benefit from consumers 'drinking less but drinking better' we recognise the risk to the business from customer instability in the hospitality sector at large. We encourage the Government to reassess its current policy approach from one that is increasingly suffocating hospitality to one that recognises hospitality's positive contribution to society in terms of growth, jobs and, more fundamentally, being a key component of British society. The lack of government clarity on the Extended Producer Responsibility (EPR) 'waste management tax' has caused serve uncertainty, and in many cases complete unawareness, in the industry. Some suppliers are informed, and have included in price discussions, but many have not causing confusion for customers and an unfair competitive landscape. Launching the scheme with indicative not defined costs, and including hospitality in a tax intended to recover household recycling costs, shows a complete lack of of understanding as we try to implement the scheme. The business is at risk of incurring costs that cannot be recovered as major retailers resist engaging with price adjustments while fees remain indicative, and hospitality are unfairly forced to pay twice for their recycling costs. The Government also has plans to introduce a Deposit Return Scheme (DRS) in October 2027. Given how poorly the Department for Environment Food and Rural Affairs has introduced the EPR, the business expects the Deposit Return Scheme launch to be chaotic causing uncertainly and disruption. The business hopes that devolved administrations will coordinate schemes across nations to ensure a practical scheme is introduced noting that, as it stands, the Welsh Government intends to include glass whereas other nations do not. Should this stance continue, there is a real risk that the business will be forced to withdraw bottle sales from the Welsh market. Leaving the EU single market resulted in a requirement for EU sourced products to have UK importer details on the label (delayed to January 2024) and further divergence from EU labelling requirements is possible (for example UK specific nutritional requirements and/or UK specific recycling logo for DRS). Increasing divergence and UK specific labeling requirements represents a barrier to trade, increasing costs and risks limiting import choice if the UK specific labelling is not economically viable for overseas producers.
Financial risk management objectives and policies
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds to finance the company's operations. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. Exposure to currency risks are constantly monitored to ensure that adverse movements are contained within the annual customer fixed pricing and budgeting period. During the period of interest rate fluctuations, the business is using a mix of "in house" hedging holding positive euro balances and forward buying to minimise the exposure to the exchange rate movement. 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. New credit offer to customers is on a Direct Debit basis to help manage risk exposure. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and to take advantage of early payment discounts.
Financial key performance indicators
Our principal key performance indicators measure gross margin, sales in value and volume, stock turn, debtor days and sterling strength relative to the Euro.
This report was approved by the board of directors on 21 March 2025 and signed on behalf of the board by:
J A Clay
Director
BROOM HOUSE INVESTMENTS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements of the group for the year ended 31 March 2024 .
Directors
The directors who served the company during the year were as follows:
I J Clay
J A Clay
A J Kendrick
A K R Fazackerley-Brown
(Appointed 19 July 2023)
Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Disclosure of information in the strategic report
In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on page 2: principal activities, business review, principal risks and uncertainties, financial risk management objectives and policies and financial key performance indicators.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 21 March 2025 and signed on behalf of the board by:
J A Clay
Director
BROOM HOUSE INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROOM HOUSE INVESTMENTS LIMITED
YEAR ENDED 31 MARCH 2024
Opinion
We have audited the financial statements of Broom House Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the consolidated profit and loss account, consolidated balance sheet, balance sheet, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 group's and of the parent company's affairs as at 31 March 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; - 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 auditor's 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 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 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.
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report. We have nothing to report in respect of the following matters where 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 the returns; or - certain disclosures of directors remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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. 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: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
David Butterworth
(Senior Statutory Auditor)
For and on behalf of
Wheawill & Sudworth Limited
Chartered Accountants & statutory auditor
35 Westgate
Huddersfield
HD1 1PA
21 March 2025
BROOM HOUSE INVESTMENTS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
Turnover
4
30,915,252
28,710,917
Cost of sales
( 23,514,707)
( 22,316,767)
-------------
-------------
Gross profit
7,400,545
6,394,150
Administrative expenses
( 7,368,331)
( 5,999,297)
------------
------------
Operating profit
5
32,214
394,853
Other interest receivable and similar income
9
31,045
19,019
Interest payable and similar expenses
10
( 8,534)
( 3,314)
------------
------------
Profit before taxation
54,725
410,558
Tax on profit
11
( 31,849)
( 54,828)
------------
------------
Profit for the financial year and total comprehensive income
22,876
355,730
------------
------------
All the activities of the group are from continuing operations.
BROOM HOUSE INVESTMENTS LIMITED
CONSOLIDATED BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
172,531
209,241
Tangible assets
14
769,540
676,273
------------
------------
942,071
885,514
Current assets
Stocks
16
3,212,787
2,746,140
Debtors
17
5,571,928
3,417,648
Cash at bank and in hand
2,205,979
2,977,476
-------------
------------
10,990,694
9,141,264
Creditors: amounts falling due within one year
18
( 5,398,210)
( 3,342,065)
-------------
------------
Net current assets
5,592,484
5,799,199
------------
------------
Total assets less current liabilities
6,534,555
6,684,713
Creditors: amounts falling due after more than one year
19
( 12,590)
( 62,956)
Provisions
21
( 137,150)
( 105,301)
------------
------------
Net assets
6,384,815
6,516,456
------------
------------
Capital and reserves
Called up share capital
25
100
100
Profit and loss account
26
6,384,715
6,516,356
------------
------------
Shareholders funds
6,384,815
6,516,456
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
J A Clay
Director
Company registration number: 1156457
BROOM HOUSE INVESTMENTS LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
13
124,998
154,998
Tangible assets
14
678,637
625,171
Investments
15
74,792
74,792
------------
------------
878,427
854,961
Current assets
Stocks
16
3,012,832
2,517,037
Debtors
17
5,638,161
3,355,269
Cash at bank and in hand
2,126,901
2,675,507
-------------
------------
10,777,894
8,547,813
Creditors: amounts falling due within one year
18
( 4,910,862)
( 2,810,754)
-------------
------------
Net current assets
5,867,032
5,737,059
------------
------------
Total assets less current liabilities
6,745,459
6,592,020
Creditors: amounts falling due after more than one year
19
( 12,590)
( 62,956)
Provisions
21
( 170,087)
( 105,301)
------------
------------
Net assets
6,562,782
6,423,763
------------
------------
Capital and reserves
Called up share capital
25
100
100
Profit and loss account
26
6,562,682
6,423,663
------------
------------
Shareholders funds
6,562,782
6,423,763
------------
------------
The profit for the financial year of the parent company was £ 293,537 (2023: £ 293,478 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
J A Clay
Director
Company registration number: 1156457
BROOM HOUSE INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
100
6,306,843
6,306,943
Profit for the year
355,730
355,730
------------
------------
------------
Total comprehensive income for the year
355,730
355,730
Dividends paid and payable
12
( 146,217)
( 146,217)
------------
------------
------------
Total investments by and distributions to owners
( 146,217)
( 146,217)
At 31 March 2023
100
6,516,356
6,516,456
Profit for the year
22,876
22,876
------------
------------
------------
Total comprehensive income for the year
22,876
22,876
Dividends paid and payable
12
( 154,517)
( 154,517)
------------
------------
------------
Total investments by and distributions to owners
( 154,517)
( 154,517)
------------
------------
------------
At 31 March 2024
100
6,384,715
6,384,815
------------
------------
------------
BROOM HOUSE INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 MARCH 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2022
100
6,276,402
6,276,502
Profit for the year
293,478
293,478
------------
------------
------------
Total comprehensive income for the year
293,478
293,478
Dividends paid and payable
12
( 146,217)
( 146,217)
------------
------------
------------
Total investments by and distributions to owners
( 146,217)
( 146,217)
At 31 March 2023
100
6,423,663
6,423,763
Profit for the year
293,537
293,537
------------
------------
------------
Total comprehensive income for the year
293,537
293,537
Dividends paid and payable
12
( 154,518)
( 154,518)
------------
------------
------------
Total investments by and distributions to owners
( 154,518)
( 154,518)
------------
------------
------------
At 31 March 2024
100
6,562,682
6,562,782
------------
------------
------------
BROOM HOUSE INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 MARCH 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
22,876
355,730
Adjustments for:
Depreciation of tangible assets
197,863
146,069
Amortisation of intangible assets
36,710
36,710
Other interest receivable and similar income
( 31,045)
( 19,019)
Interest payable and similar expenses
8,534
3,314
Gains on disposal of tangible assets
( 10,028)
( 26,917)
Unrealised foreign currency gains
(4,022)
Tax on profit
31,849
54,828
Changes in:
Stocks
( 466,647)
( 75,265)
Trade and other debtors
( 2,154,280)
( 34,760)
Trade and other creditors
2,056,145
33,862
------------
------------
Cash generated from operations
( 312,045)
474,552
Interest paid
( 8,534)
( 3,314)
Interest received
31,045
19,019
Tax paid
( 54,946)
------------
------------
Net cash (used in)/from operating activities
( 289,534)
435,311
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 291,602)
( 408,281)
Proceeds from sale of tangible assets
10,500
26,916
Purchase of futures contracts, forward contracts, option contracts and swap contracts
4,022
------------
------------
Net cash used in investing activities
( 277,080)
( 381,365)
------------
------------
Cash flows from financing activities
Payments of finance lease liabilities
( 50,366)
( 50,682)
Dividends paid
( 154,517)
( 146,217)
------------
------------
Net cash used in financing activities
( 204,883)
( 196,899)
------------
------------
Net decrease in cash and cash equivalents
( 771,497)
( 142,953)
Cash and cash equivalents at beginning of year
2,977,476
3,120,429
------------
------------
Cash and cash equivalents at end of year
2,205,979
2,977,476
------------
------------
BROOM HOUSE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, River Street, Brighouse, West Yorkshire, HD6 1LU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, the functional currency of the entity, rounded to the nearest £.
Debtors/creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings. For the subsidiary undertakings their data is extracted from unaudited financial statements prepared by independent accountants. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10/20% straight line
Intellectual Property Rights
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Short Leasehold Property
-
Over lease term
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
30,915,252
28,710,917
-------------
-------------
The turnover was derived from the company's principal activity which was carried out principally in the UK.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Amortisation of intangible assets
36,710
36,710
Depreciation of tangible assets
197,896
146,069
Gains on disposal of tangible assets
( 10,028)
( 26,917)
Impairment of trade debtors
107,716
71,562
Operating lease rentals
320,913
358,420
Foreign exchange differences
( 39,742)
( 28,661)
------------
------------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
13,000
12,500
------------
------------
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Distribution staff
43
42
Administrative staff
42
39
------------
------------
85
81
------------
------------
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,322,200
2,863,977
Social security costs
334,322
288,623
Other pension costs
118,351
112,835
------------
------------
3,774,873
3,265,435
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
250,404
183,394
Company contributions to defined contribution pension plans
21,655
22,960
------------
------------
272,059
206,354
------------
------------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
3
6
------------
------------
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
101,790
100,004
Company contributions to defined contribution pension plans
17,442
17,442
------------
------------
119,232
117,446
------------
------------
9. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
31,045
19,019
------------
------------
10. Interest payable and similar expenses
2024
2023
£
£
Interest on obligations under finance leases and hire purchase contracts
4,303
3,227
Loss on financial instruments
4,022
Other interest payable and similar charges
209
87
------------
------------
8,534
3,314
------------
------------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
31,849
54,828
------------
------------
Tax on profit
31,849
54,828
------------
------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
54,725
410,558
------------
------------
Profit on ordinary activities by rate of tax
13,682
78,006
Effect of expenses not deductible for tax purposes
9,943
4,140
Effect of timing differences in respect of fixed assets
25,682
( 23,112)
Deferred tax not recognised
( 26,222)
28,852
Change in deferred tax rates
24,972
( 12,119)
Trading losses brought forward
( 16,208)
( 20,939)
------------
------------
Tax on profit
31,849
54,828
------------
------------
12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
154,517
146,217
------------
------------
13. Intangible assets
Group
Goodwill
Intellectual property rights
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
240,984
200,000
440,984
------------
------------
------------
Amortisation
At 1 April 2023
135,077
96,666
231,743
Charge for the year
16,710
20,000
36,710
------------
------------
------------
At 31 March 2024
151,787
116,666
268,453
------------
------------
------------
Carrying amount
At 31 March 2024
89,197
83,334
172,531
------------
------------
------------
At 31 March 2023
105,907
103,334
209,241
------------
------------
------------
Company
Goodwill
Intellectual property rights
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
200,001
200,000
400,001
------------
------------
------------
Amortisation
At 1 April 2023
148,337
96,666
245,003
Charge for the year
10,000
20,000
30,000
------------
------------
------------
At 31 March 2024
158,337
116,666
275,003
------------
------------
------------
Carrying amount
At 31 March 2024
41,664
83,334
124,998
------------
------------
------------
At 31 March 2023
51,664
103,334
154,998
------------
------------
------------
14. Tangible assets
Group
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
45,902
739,061
57,853
910,596
1,753,412
Additions
42,036
86,643
3,002
159,921
291,602
Disposals
( 7,500)
( 139,049)
( 146,549)
Transfers
2,186
( 11,594)
( 9,408)
------------
------------
------------
------------
------------
At 31 March 2024
87,938
820,390
49,261
931,468
1,889,057
------------
------------
------------
------------
------------
Depreciation
At 1 April 2023
45,407
669,735
37,833
324,163
1,077,138
Charge for the year
7,029
32,591
8,156
150,120
197,896
Disposals
( 7,500)
( 138,576)
( 146,076)
Transfers
737
( 10,178)
( 9,441)
------------
------------
------------
------------
------------
At 31 March 2024
52,436
695,563
35,811
335,707
1,119,517
------------
------------
------------
------------
------------
Carrying amount
At 31 March 2024
35,502
124,827
13,450
595,761
769,540
------------
------------
------------
------------
------------
At 31 March 2023
495
69,326
20,020
586,433
676,274
------------
------------
------------
------------
------------
Company
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
548,944
30,959
890,263
1,470,166
Additions
65,768
3,002
159,921
228,691
Disposals
( 7,500)
( 139,049)
( 146,549)
Transfers
2,185
( 11,594)
( 9,409)
------------
------------
------------
------------
At 31 March 2024
609,397
22,367
911,135
1,542,899
------------
------------
------------
------------
Depreciation
At 1 April 2023
508,927
25,539
310,529
844,995
Charge for the year
23,499
3,080
148,206
174,785
Disposals
( 7,500)
( 138,576)
( 146,076)
Transfers
737
( 10,179)
( 9,442)
------------
------------
------------
------------
At 31 March 2024
525,663
18,440
320,159
864,262
------------
------------
------------
------------
Carrying amount
At 31 March 2024
83,734
3,927
590,976
678,637
------------
------------
------------
------------
At 31 March 2023
40,017
5,420
579,734
625,171
------------
------------
------------
------------
15. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
74,792
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 1 April 2023 and 31 March 2024
74,792
------------
At 31 March 2023
74,792
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Rarter Limited
Unit 1, River Street, Brighouse, West Yorkshire, HD6 1LU
£1 Ordinary
100
New Wave (Scotland) Limited
60 Constitution Street, Edinburgh, Scotland, EH6 6RR
£1 Ordinary
100
16. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Goods for resale
3,212,787
2,746,140
3,012,832
2,517,037
------------
------------
------------
------------
17. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,788,865
3,076,148
3,697,434
2,868,749
Amounts owed by group undertakings
412,428
270,899
Prepayments and accrued income
548,339
293,828
301,182
206,387
Derivative financial assets
1,070,343
1,070,343
Other debtors
164,381
47,672
156,774
9,234
------------
------------
------------
------------
5,571,928
3,417,648
5,638,161
3,355,269
------------
------------
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,116,882
2,572,392
2,710,584
2,178,524
Accruals and deferred income
513,333
258,057
500,474
171,420
Social security and other taxes
598,412
439,886
552,843
393,591
Obligations under finance leases and hire purchase contracts
50,365
50,365
50,365
50,365
Derivative financial liability
1,074,365
1,074,365
Directors loan account
10,127
5,096
10,127
5,096
Other creditors
34,726
16,269
12,104
11,758
------------
------------
------------
------------
5,398,210
3,342,065
4,910,862
2,810,754
------------
------------
------------
------------
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
12,590
62,956
12,590
62,956
------------
------------
------------
------------
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
50,365
50,365
50,365
50,365
Later than 1 year and not later than 5 years
12,590
62,956
12,590
62,956
------------
------------
------------
------------
62,955
113,321
62,955
113,321
------------
------------
------------
------------
These obligations are secured on the assets to which they relate.
21. Provisions
Group
Deferred tax (note 22)
£
At 1 April 2023
105,301
Additions
31,849
------------
At 31 March 2024
137,150
------------
Company
Deferred tax (note 22)
£
At 1 April 2023
105,301
Additions
64,786
------------
At 31 March 2024
170,087
------------
22. Deferred tax
The deferred tax included in the balance sheet is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
137,150
105,301
170,087
105,301
------------
------------
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
137,150
105,301
170,087
105,301
------------
------------
------------
------------
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 118,351 (2023: £ 112,835 ).
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial assets measured at fair value through profit or loss
1,070,343
1,070,343
------------
------------
------------
------------
Financial liabilities measured at fair value through profit or loss
Group
Company
2024
2023
2024
2023
£
£
£
£
Financial liabilities measured at fair value through profit or loss
1,074,365
1,074,365
------------
------------
------------
------------
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
88
88
88
88
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
6
6
6
6
Ordinary D shares of £ 1 each
5
5
5
5
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
The various classes of shares rank pari passu in all respects save as to dividends .
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
2,977,476
(771,497)
2,205,979
Debt due within one year
(50,365)
(50,365)
Debt due after one year
(62,956)
50,366
(12,590)
------------
------------
------------
2,864,155
( 721,131)
2,143,024
------------
------------
------------
BROOM HOUSE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2024
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
287,000
287,000
287,000
287,000
Later than 1 year and not later than 5 years
346,875
633,875
346,875
633,875
------------
------------
------------
------------
633,875
920,875
633,875
920,875
------------
------------
------------
------------
29. Contingencies
Barclays Bank plc has provided certain facilities in the sum of £351,000 (2023: £175,000). These are subject to a debenture in favour of the bank.
30. Related party transactions
Company
The directors' loan account creditor balance of £10,127 (2023: £5,096) is unsecured, repayable on demand and currently interest free. Included within other creditors is a balance of £12,104 (2023: £11,758) which is due to a shareholder. This loan was unsecured, repayable on demand and interest free.
31. Subsidiary guarantee of audit exemption
Rarter Limited, a company registered in England & Wales, and New Wave (Scotland) Limited, a company registered in Scotland, are wholly owned subsidiaries of Broom House Investments Limited. The registration number of Rarter Limited is 01349257 and New Wave (Scotland) Limited is SC520558. These subsidiaries are exempt from the requirements of the Act relating to the audit of accounts under section 479A of the Companies Act 2006 and Broom House Investments Limited has provided the necessary guarantees in in this respect.
32. Controlling party
The company is controlled by I J Clay .