Company Registration No. 03398788 (England and Wales)
E. P. B. HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
E. P. B. HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A J Feilden
R D Glen
T L O Glen
R R Muir
J Bennett-Coles
(Appointed 11 January 2024)
J P O Cole
(Appointed 31 December 2023)
Company number
03398788
Registered office
Glen Way
Launton Road
Bicester
Oxfordshire
OX26 4UR
Auditor
Richardsons
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
E. P. B. HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 34
E. P. B. HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of the company was that of importing, distributing and manufacturing a wide range of products.

 

Fair review of the business

 

The results for 2024 reflect the challenging economic environment that has been faced, with inflation remaining above the Bank of England target, interest rates remaining high and weaker consumer demand. The increasingly extreme weather patterns that have affected many areas of the UK and Eire have had some impact on our business. Where market statistics exist, virtually all market sectors that the company operates in have shown a decline.

 

Actions taken have resulted in E. P. Barrus Limited gaining market share in most areas, with sales not reducing as much as the total market fall. Strict cost control and improved stock management have contributed to the profit achievement for the year.

 

The company’s focus on sustainable, profitable growth has seen it continue to invest in existing brands, infrastructure and people; as well as in new brands, products and technologies. These new areas strengthen and broaden our offering.

 

 

Year ended 30 September

 

2024

2023

 

 

£'000

£'000

Turnover

 

79,155

86,200

Turnover movement

 

-8%

-1%

Operating profit

 

1,522

3,628

 

In the coming year the success of the business will be heavily influenced by the performance of the UK economy and therefore consumer demand, and the weather.

 

On behalf of the board

R D Glen
Director
20 December 2024
E. P. B. HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 9.

Preference dividends were paid amounting to £700 (2023: £700).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A J Feilden
R D Glen
T L O Glen
R R Muir
J Bennett-Coles
(Appointed 11 January 2024)
J P O Cole
(Appointed 31 December 2023)
Research and development

The group uses its own research and development capability, as well as leveraging business partnerships to develop cost effective and environmentally sound solutions.

 

Research and development expenditure is charged to the company’s profit and loss account in the year in which it is incurred.

 

Future developments

The company strategy is to continue to invest in its people and in the infrastructure of the business, bringing operating efficiencies through improvements to its processes and procedures, providing an environment for sustainable, profitable growth. This, in conjunction with investment in new, exciting, and evolving products and technology, continues to strengthen and broaden the company’s offering in its marketplaces, reflecting the sales focus of the business.

 

The company continues to invest in research and development to meet customers’ requirements, enhance products and explore new opportunities, with increased focus lower emission products.

 

 

Auditor

In accordance with the company's articles, a resolution proposing that Richardsons be reappointed as auditor of the group will be put at a General Meeting.

E. P. B. HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Energy and carbon report

 

2024

2023

 

 

Total Scope 1 (kg CO2e)

582,378

692,698

 

Scope 1 covers the direct emissions

from our operations

 

 

 

 

 

Company Owned Vehicles

491,497

537,887

 

Our owned or leased fleet vehicles

Natural Gas

78,829

147,428

 

Gas heating serves our office and

main warehouse

Gas Oil

12,052

6,563

 

A warehouse building utilising oil heating

Propane

-

820

 

Our owned or leased forklifts

 

 

 

 

 

 

 

 

 

 

Total Scope 2 (kg CO2e)

 

 

 

Scope 2 covers the indirect emissions

from our operations

 

 

 

 

 

Electricity

121,075

129,411

 

Electricity lights, heats and powers

our operation across warehouses

and offices in the UK

 

 

 

 

 

 

 

 

 

 

Total Scope 1 & 2 (kg CO2e)

703,454

822,108

 

 

 

 

 

 

 

Carbon Intensity (kg CO2e/£m)

8,904

9,559

 

"Carbon intensity" shows how many kg

of GHG gas emissions are produced

per £m pound of Turnover realised

 

 

 

 

 

Operational Energy Consumption (kWh)

3,084,570

3,664,659

 

This is the total energy consumption of

our operations spanning activities

included in Scopes 1 and 2

 

Energy efficiency actions taken

Where we use either gas or oil to heat our buildings the boilers are serviced regularly to ensure maximum operating efficiency.

During the year we have replaced the roof on our main warehouse and office block, which when combined with our recently upgraded heating system has led to a significant reduction in the gas used to heat the building. We are also seeing the benefits of moving all of our our buildings to LED lighting.

The future

We are continuing to evaluate the use of solar panels on our corporate HQ roof to further reduce our carbon footprint, in addition to this we are looking at the energy efficiencies of our haulage fleet with a view to minimise the carbon footprint from our transport services.

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 auditor of the company and group 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 auditor of the company and group is aware of that information.

E. P. B. HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
R D Glen
Director
20 December 2024
E. P. B. HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

E. P. B. HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF E. P. B. HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of E P B Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group and parent 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 group's and 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

E. P. B. HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF E. P. B. HOLDINGS LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

 

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.

E. P. B. HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF E. P. B. HOLDINGS LIMITED
- 8 -

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.

Jemima King (Senior Statutory Auditor)
For and on behalf of Richardsons
20 December 2024
Chartered Accountants
Statutory Auditor
30 Upper High Street
Thame
Oxfordshire
OX9 3EZ
E. P. B. HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
79,154,800
86,200,737
Cost of sales
(57,079,160)
(61,969,629)
Gross profit
22,075,640
24,231,108
Administrative expenses
(20,553,655)
(20,672,175)
Other operating income
-
69,389
Operating profit
4
1,521,985
3,628,322
Share of results of associates and joint ventures
120,536
-
Interest receivable and similar income
8
50,599
43,765
Interest payable and similar expenses
9
(224,830)
(324,453)
Profit before taxation
1,468,290
3,347,634
Tax on profit
10
(381,296)
(411,212)
Profit for the financial year
1,086,994
2,936,422
Profit for the financial year is all attributable to the shareholders of the parent company.

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

E. P. B. HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
1,086,994
2,936,422
Other comprehensive income
-
-
Total comprehensive income for the year
1,086,994
2,936,422
Total comprehensive income for the year is all attributable to the shareholders of the parent company.
E. P. B. HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,659,640
3,915,242
Investments
13
130,958
422
3,790,598
3,915,664
Current assets
Stocks
15
20,731,148
25,411,969
Debtors
16
13,211,375
13,456,593
Cash at bank and in hand
2,717,365
2,777,546
36,659,888
41,646,108
Creditors: amounts falling due within one year
18
(11,991,307)
(17,628,748)
Net current assets
24,668,581
24,017,360
Total assets less current liabilities
28,459,179
27,933,024
Creditors: amounts falling due after more than one year
19
(6,586)
(316,725)
Net assets
28,452,593
27,616,299
Capital and reserves
Called up share capital
23
47,001
47,001
Revaluation reserve
821,139
821,139
Capital redemption reserve
95,773
95,773
Profit and loss reserves
27,488,680
26,652,386
Total equity
28,452,593
27,616,299
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
R D Glen
Director
Company registration number 03398788 (England and Wales)
E. P. B. HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
80,104
80,104
Current assets
Debtors
16
5,796,792
6,611,991
Creditors: amounts falling due within one year
18
(701)
(528,208)
Net current assets
5,796,091
6,083,783
Net assets
5,876,195
6,163,887
Capital and reserves
Called up share capital
23
47,001
47,001
Capital redemption reserve
33,001
33,001
Profit and loss reserves
5,796,193
6,083,885
Total equity
5,876,195
6,163,887

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £36,992 (2023 - £28,893 loss).

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
20 December 2024
R D Glen
Director
Company registration number 03398788 (England and Wales)
E. P. B. HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
47,001
821,139
95,773
24,216,664
25,180,577
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
2,936,422
2,936,422
Dividends
11
-
-
-
(500,700)
(500,700)
Balance at 30 September 2023
47,001
821,139
95,773
26,652,386
27,616,299
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
1,086,994
1,086,994
Dividends
11
-
-
-
(250,700)
(250,700)
Balance at 30 September 2024
47,001
821,139
95,773
27,488,680
28,452,593
E. P. B. HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
47,001
33,001
6,613,478
6,693,480
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
-
(28,893)
(28,893)
Dividends
11
-
-
(500,700)
(500,700)
Balance at 30 September 2023
47,001
33,001
6,083,885
6,163,887
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
(36,992)
(36,992)
Dividends
11
-
-
(250,700)
(250,700)
Balance at 30 September 2024
47,001
33,001
5,796,193
5,876,195
E. P. B. HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
6,077,933
987,446
Interest paid
(224,830)
(324,453)
Income taxes paid
(381,296)
(411,212)
Net cash inflow from operating activities
5,471,807
251,781
Investing activities
Purchase of tangible fixed assets
(764,025)
(1,913,133)
Proceeds from disposal of tangible fixed assets
149,629
151,927
Purchase of associate
(10,000)
-
Interest received
50,599
43,765
Net cash used in investing activities
(573,797)
(1,717,441)
Financing activities
Repayment of borrowings
(527,507)
(527,507)
Repayment of bank loans
(3,858,730)
720,280
Payment of finance leases obligations
(321,254)
497,121
Dividends paid to equity shareholders
(250,700)
(500,700)
Net cash (used in)/generated from financing activities
(4,958,191)
189,194
Net decrease in cash and cash equivalents
(60,181)
(1,276,466)
Cash and cash equivalents at beginning of year
2,777,546
4,054,012
Cash and cash equivalents at end of year
2,717,365
2,777,546
E. P. B. HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
788,900
1,057,100
Interest paid
(10,693)
(28,893)
Net cash inflow from operating activities
778,207
1,028,207
Financing activities
Repayment of borrowings
(527,507)
(527,507)
Dividends paid to equity shareholders
(250,700)
(500,700)
Net cash used in financing activities
(778,207)
(1,028,207)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information

E P B Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Glen Way, Launton Road, Bicester, Oxfordshire, OX26 4UR.

 

The group consists of E P B Holdings Limited and all of its subsidiaries.

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company E P B Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

E. P. Barrus Limited and E. P. Barrus (Property) Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of E. P. Barrus Limited and E. P. Barrus (Property) Limited.

 

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover represents the total amount (excluding value added tax) receivable for goods sold and services provided.

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.

1.6
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:

Freehold land and buildings
40 to 50 years
Plant and equipment
3 to 7 years
Fixtures, fittings & equipment
3 to 10 years

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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, using the first in, first out method.

 

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

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.

1.10
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.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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

 

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.

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.

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

1.15
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.

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.16
Retirement benefits

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

1.17
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.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

1.20

Research and development

Research and development expenditure is charged to the group's profit and loss account in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover
79,154,800
86,200,737
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 24 -
Other significant revenue
Interest income
50,599
43,765
Grants received
-
69,389
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
-
(69,389)
Depreciation of owned tangible fixed assets
752,766
820,288
Depreciation of tangible fixed assets held under finance leases
134,799
172,658
Profit on disposal of tangible fixed assets
(17,567)
(67,908)
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 group and company
38,600
36,500
For other services
Taxation compliance services
16,000
15,500
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
24
23
3
-
Administration
30
38
-
-
Sales/Distribution
177
167
-
-
Total
231
228
3
-
0
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,870,636
11,100,358
25,500
-
0
Social security costs
1,126,907
1,186,051
799
-
Pension costs
349,947
505,275
-
0
-
0
12,347,490
12,791,684
26,299
-
0

The pension costs relate to pension schemes in which the majority of employees are involved. The schemes are defined contribution schemes. There was an amount outstanding at the balance sheet date of £66,699. (2023: £59,045).

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,607,031
2,323,728
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
460,009
706,908

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023:4).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
50,599
43,765

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
50,599
43,765
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
(4,211)
47,184
Interest on finance leases and hire purchase contracts
32,536
7,086
Interest on invoice finance arrangements
185,286
260,164
Other interest on financial liabilities
11,219
10,019
224,830
324,453
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
381,296
411,212

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
1,468,290
3,347,634
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
367,073
736,755
Tax effect of expenses that are not deductible in determining taxable profit
23,953
31,545
Tax effect of income not taxable in determining taxable profit
(30,134)
-
0
Unutilised tax losses carried forward
-
0
6,359
Permanent capital allowances in excess of depreciation
13,050
(5,199)
Depreciation on assets not qualifying for tax allowances
9,105
10,247
Research and development tax credit
(163,661)
(202,546)
Under/(over) provided in prior years
176,650
(127,207)
Pension now allowable
(13,323)
(23,795)
(Profit)/loss on disposal of fixed asset
(4,392)
(14,947)
Accruals disallowed
2,975
-
0
Taxation charge
381,296
411,212
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
11
Dividends
2024
2023
2024
2023
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Final paid
-
-
250,000
500,000
Redeemable preference shares
Final paid
-
-
700
700
Total dividends
Final dividends paid
250,700
500,700
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 October 2023
2,565,547
8,920,752
1,483,042
12,969,341
Additions
78,723
410,405
274,897
764,025
Disposals
-
0
(586,756)
(73,476)
(660,232)
At 30 September 2024
2,644,270
8,744,401
1,684,463
13,073,134
Depreciation and impairment
At 1 October 2023
1,049,609
6,933,433
1,071,057
9,054,099
Depreciation charged in the year
48,135
637,277
202,153
887,565
Eliminated in respect of disposals
-
0
(454,694)
(73,476)
(528,170)
At 30 September 2024
1,097,744
7,116,016
1,199,734
9,413,494
Carrying amount
At 30 September 2024
1,546,526
1,628,385
484,729
3,659,640
At 30 September 2023
1,515,938
1,987,319
411,985
3,915,242
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
320,599
515,754
-
0
-
0
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 28 -
Depreciation charge for the year in respect of leased assets
134,799
172,658
-
-

Included in the net book value of land and buildings is freehold land of £278,985 (2021: £278,985) which is not depreciated. All freehold land and buildings are leased to group companies on operating leases.

 

The cost of the freehold land and buildings was £1,402,123. However, a valuation was completed in 1997 which valued the freehold land and buildings at £2,223,262 (an increase in value of £821,139).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
80,104
80,104
Investments in associates
130,537
1
-
0
-
0
Listed investments
421
421
-
0
-
0
130,958
422
80,104
80,104

Listed investments included above:

Market value if different from carrying amount
1,083
1,237
-
-
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
1
421
422
Additions
10,000
-
10,000
120,536
-
120,536
At 30 September 2024
130,537
421
130,958
Carrying amount
At 30 September 2024
130,537
421
130,958
At 30 September 2023
1
421
422
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Fixed asset investments
(Continued)
- 29 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
80,104
Carrying amount
At 30 September 2024
80,104
At 30 September 2023
80,104
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
E P Barrus (Property) Limited
England
Property rentals
Ordinary shares
100.00
0
E P Barrus Limited
England
Import and distribution
Ordinary shares
100.00
0
Fogo Power Systems Limited
England
Dormant
Ordinary shares
100.00
0
Lawnflite Limited
England
Dormant
Ordinary shares
100.00
0
Loncin Limited
England
Dormant
Ordinary shares
100.00
0
M T D (Great Britain) Limited
England
Dormant
Ordinary shares
0
100.00
M T D (UK) Limited
England
Dormant
Ordinary shares
0
100.00
M T D Corporation Limited
England
Dormant
Ordinary shares
0
100.00
M T D Europe Limited
England
Dormant
Ordinary shares
0
100.00
M T D Products Limited
England
Dormant
Ordinary shares
0
100.00
E P Barrus (Ireland) Limited
Ireland
Import and distribution
Ordinary Shares
100.00
0
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
20,731,148
25,411,969
-
0
-
0
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
11,966,734
12,355,822
-
0
-
0
Amounts owed by group undertakings
-
-
5,796,790
6,611,989
Other debtors
65,955
75,658
2
2
Prepayments and accrued income
1,178,686
1,025,113
-
0
-
0
13,211,375
13,456,593
5,796,792
6,611,991
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
12,032,689
12,431,480
5,796,792
6,611,991
Equity instruments measured at cost less impairment
421
421
-
-
Carrying amount of financial liabilities
Measured at amortised cost
10,086,554
16,609,189
701
528,208
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
-
0
3,858,730
-
0
-
0
Obligations under finance leases
20
298,669
309,784
-
0
-
0
Loan notes
21
-
0
527,507
-
0
527,507
Trade creditors
5,175,696
6,501,154
-
0
-
0
Other taxation and social security
1,911,339
1,336,284
-
-
Dividends payable
700
700
700
700
Other creditors
573,642
584,786
-
0
-
0
Accruals and deferred income
4,031,261
4,509,803
1
1
11,991,307
17,628,748
701
528,208
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
6,586
316,725
-
0
-
0
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
298,669
309,784
-
0
-
0
In two to five years
6,586
316,725
-
0
-
0
305,255
626,509
-
-
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
-
0
3,858,730
-
0
-
0
Loan notes
-
0
527,507
-
0
527,507
-
4,386,237
-
527,507
Payable within one year
-
0
4,386,237
-
0
527,507

The loan notes are secured by a second charge over the assets of the group.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
349,947
505,275

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
80,002 Ordinary of £1 each
33,001
33,001
Preference share capital
Issued and fully paid
14,000 Redeemable preference shares of £1 each
14,000
14,000
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
314,150
314,150
-
-
314,150
314,150
-
-
25
Related party transactions

R D Glen

 

A director of the company.

 

A loan has been provided to the company.

 

The amount due to the related party at the balance sheet date was £389,209 (2023: £432,981).

 

Interest of £10,500 (2023: £9,349) was paid on the loan during the year.

 

P O Glen

 

Related to a director of the company.

 

A loan has been provided to the company.

 

The amount due to the related party at the balance sheet date was £31,566 (2023: £30,990).

 

Interest of £719 (2023: £669) was paid on the loan during the year.

 

26
Contingent liabilities

The group has contingent liabilities in respect of forward foreign exchange contracts and foreign exchange swap contracts amounting to £9,876,186 (2023: £1,404,335).

27
Capital commitments

At the year end the group had no authorised and contracted expenditure (2023: £267,594).

 

E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
28
Other financial commitments

The borrowings of E. P. Barrus Limited, a subsidiary, have been guaranteed by an associated undertaking to the extent of the security provided over the associated undertaking's freehold land and property. E. P. Barrus Limited has entered into a cross guarantee with the other group companies in respect of these bank borrowings.

 

 

 

29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,086,994
2,936,422
Adjustments for:
Share of results of associates and joint ventures
(120,536)
-
Taxation charged
381,296
411,212
Finance costs
224,830
324,453
Investment income
(50,599)
(43,765)
Gain on disposal of tangible fixed assets
(17,567)
(67,908)
Depreciation and impairment of tangible fixed assets
887,565
992,946
Movements in working capital:
Decrease/(increase) in stocks
4,680,821
(2,454,340)
Decrease in debtors
245,218
1,711,313
Decrease in creditors
(1,240,089)
(2,822,887)
Cash generated from operations
6,077,933
987,446
30
Analysis of changes in net funds/(debt) - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,777,546
(60,181)
2,717,365
Borrowings excluding overdrafts
(4,386,237)
4,386,237
-
Obligations under finance leases
(626,509)
321,254
(305,255)
(2,235,200)
4,647,310
2,412,110
31
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Borrowings excluding overdrafts
(527,507)
527,507
-
E. P. B. HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
32
Deferred tax

There existed at the year end a potential deferred tax liability for the group of £25,726 (2023: asset of £85,662), made up of a deferred tax asset for accrued expenses of £56,500 (2023: £78,250), and a deferred tax liability for accelerated capital allowances of £82,226 (2023: asset of £7,412). The directors have chosen not to provide for this liability.

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