| REGISTERED NUMBER: 02791270 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| REGISTERED NUMBER: 02791270 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| FOR |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 4 |
| Consolidated Income Statement | 7 |
| Consolidated Other Comprehensive Income | 8 |
| Consolidated Balance Sheet | 9 |
| Company Balance Sheet | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Cash Flow Statement | 13 |
| Notes to the Consolidated Cash Flow Statement | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| (Statutory Auditors) |
| Old Bank |
| The Triangle |
| Paulton |
| Bristol |
| BS39 7LE |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 October 2024. |
| The group companies provide wholesale packaging services and hold a number of commercial investment properties. |
| REVIEW OF BUSINESS |
| The group has seen a steady increase in turnover and profitability, driven by increased automation within the trading subsidiary, with less emphasis on seasonal product lines. |
| The company plans on making considerable investment in renewable energy sources for their operating premises in the coming year which will help protect them from future fluctuations in energy prices. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group has reviewed it's exposure to possible risk and uncertainties. Energy price fluctuations has been a significant consideration in the year and continues to have a level of uncertainty going forwards. The company has mitigated this risk by investing in renewable energy sources and will be making considerable investment in the coming year. |
| labour shortages have continued to be a factor across the industry. The company has mitigated this by investing in addition plant to improve automation and have moved away from seasonal labour intensive contracts |
| GROUP PERFORMANCE |
| The profit margin has slightly reduced 2024: 59% (2023: 55%), partly as a result of reduced energy costs The trading company expects to continue growing steadily and will be looking to expand the business in the next year.The parent company's income from investment properties remains stable with it's properties let on long term leases and well established and financially stable businesses. |
| ON BEHALF OF THE BOARD: |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024. |
| DIVIDENDS |
| An interim dividend of £1950 per share was paid on the Ordinary C Shares 1 shares on 15 November 2023. No dividends were paid on any other classes of shares. |
| The total distribution of dividends for the year ended 31 October 2024 will be £ 673,996 . |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Peregrine Accountants and Business Advisers Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| Opinion |
| We have audited the financial statements of Bartletts Transport and Warehouses Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
| As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud, and considered potential financial or other pressures, opportunity and motivations for fraud. |
| Procedures included: |
| - The review of the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. |
| - The review and testing of manual journals and key estimates and judgements made by management. And |
| consideration of the risk of management bias or override of controls. |
| - The review of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to these laws and regulations could give rise to a material misstatement in the financial statements. And inquiries of management with as to the compliance with the above laws and regulations, corroborating any necessary evidence to relevant information. |
| - Testing was carried out testing on a random sample bias and any unusual findings were discussed with the directors. |
| We did not identify any key audit matters relating to irregularities, including fraud. |
| There are inherent limitations in the audit procedures performed, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD |
| 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 a Report of the Auditors 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. |
| for and on behalf of Peregrine |
| (Statutory Auditors) |
| Old Bank |
| The Triangle |
| Paulton |
| Bristol |
| BS39 7LE |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 6,644,808 | 5,581,067 |
| Cost of sales | 2,677,227 | 2,512,461 |
| GROSS PROFIT | 3,967,581 | 3,068,606 |
| Distribution costs | 29,871 | 35,292 |
| Administrative expenses | 1,336,288 | 1,071,242 |
| 1,366,159 | 1,106,534 |
| OPERATING PROFIT | 4 | 2,601,422 | 1,962,072 |
| Interest receivable and similar income | 166,592 | 125,798 |
| 2,768,014 | 2,087,870 |
| Gain/loss on revaluation of investment property |
260,081 |
2,662,075 |
| 3,028,095 | 4,749,945 |
| Interest payable and similar expenses | 5 | 319,624 | 282,170 |
| PROFIT BEFORE TAXATION | 2,708,471 | 4,467,775 |
| Tax on profit | 6 | 1,085,027 | 989,629 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 1,623,444 | 3,478,146 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 1,623,444 | 3,478,146 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,623,444 |
3,478,146 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,623,444 | 3,478,146 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONSOLIDATED BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 2,683,889 | 2,662,083 |
| Investments | 10 | - | - |
| Investment property | 11 | 16,265,081 | 16,005,000 |
| 18,948,970 | 18,667,083 |
| CURRENT ASSETS |
| Stocks | 12 | 130,391 | 97,374 |
| Debtors | 13 | 2,076,866 | 1,725,666 |
| Cash at bank and in hand | 2,738,735 | 4,683,410 |
| 4,945,992 | 6,506,450 |
| CREDITORS |
| Amounts falling due within one year | 14 | 1,493,501 | 1,198,039 |
| NET CURRENT ASSETS | 3,452,491 | 5,308,411 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
22,401,461 |
23,975,494 |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
(1,500,000 |
) |
(4,500,000 |
) |
| PROVISIONS FOR LIABILITIES | 19 | (1,747,123 | ) | (1,270,604 | ) |
| NET ASSETS | 19,154,338 | 18,204,890 |
| CAPITAL AND RESERVES |
| Called up share capital | 20 | 8,200 | 8,200 |
| Share premium | 21 | 50 | 50 |
| Non distributable P&L reserve | 21 | 8,976,232 | 8,716,151 |
| Retained earnings | 21 | 10,169,856 | 9,480,489 |
| SHAREHOLDERS' FUNDS | 19,154,338 | 18,204,890 |
| The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2025 and were signed on its behalf by: |
| B R Bartlett - Director |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| COMPANY BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| Investment property | 11 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Share premium | 21 |
| Non distributable P&L reserve | 21 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 736,778 | 2,974,908 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Non |
| Called up | distributable |
| share | Retained | Share | P&L | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 November 2022 | 8,200 | 8,916,503 | 50 | 6,586,491 | 15,511,244 |
| Changes in equity |
| Dividends | - | (784,500 | ) | - | - | (784,500 | ) |
| Total comprehensive income | - | 1,348,486 | - | 2,129,660 | 3,478,146 |
| Balance at 31 October 2023 | 8,200 | 9,480,489 | 50 | 8,716,151 | 18,204,890 |
| Changes in equity |
| Dividends | - | (673,996 | ) | - | - | (673,996 | ) |
| Total comprehensive income | - | 1,363,363 | - | 260,081 | 1,623,444 |
| Balance at 31 October 2024 | 8,200 | 10,169,856 | 50 | 8,976,232 | 19,154,338 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Non |
| Called up | distributable |
| share | Retained | Share | P&L | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 October 2024 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 2,417,234 | 2,058,846 |
| Interest paid | (319,624 | ) | (282,170 | ) |
| Tax paid | (423,819 | ) | (336,334 | ) |
| Net cash from operating activities | 1,673,791 | 1,440,342 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (110,902 | ) | (232,683 | ) |
| Interest received | 166,592 | 125,798 |
| Net cash from investing activities | 55,690 | (106,885 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (3,000,000 | ) | - |
| Amount withdrawn by directors | (160 | ) | 335,902 |
| Equity dividends paid | (673,996 | ) | (784,500 | ) |
| Net cash from financing activities | (3,674,156 | ) | (448,598 | ) |
| (Decrease)/increase in cash and cash equivalents | (1,944,675 | ) | 884,859 |
| Cash and cash equivalents at beginning of year |
2 |
4,683,410 |
3,798,551 |
| Cash and cash equivalents at end of year | 2 | 2,738,735 | 4,683,410 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 2,708,471 | 4,467,775 |
| Depreciation charges | 89,096 | 79,495 |
| Gain on revaluation of fixed assets | (260,081 | ) | (2,662,075 | ) |
| Finance costs | 319,624 | 282,170 |
| Finance income | (166,592 | ) | (125,798 | ) |
| 2,690,518 | 2,041,567 |
| (Increase)/decrease in stocks | (33,017 | ) | 20,802 |
| Increase in trade and other debtors | (351,200 | ) | (157,758 | ) |
| Increase in trade and other creditors | 110,933 | 154,235 |
| Cash generated from operations | 2,417,234 | 2,058,846 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 2,738,735 | 4,683,410 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 4,683,410 | 3,798,551 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 4,683,410 | (1,944,675 | ) | 2,738,735 |
| 4,683,410 | (1,944,675 | ) | 2,738,735 |
| Debt |
| Debts falling due after 1 year | (4,500,000 | ) | 3,000,000 | (1,500,000 | ) |
| (4,500,000 | ) | 3,000,000 | (1,500,000 | ) |
| Total | 183,410 | 1,055,325 | 1,238,735 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Bartletts Transport and Warehouses Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover shown in the profit and loss represents amounts invoiced in the period for the trading company and rents receivable for the parent company |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor Vehicles | - |
| Equipment | - |
| Freehold property is recognised at deemed cost at transition to FRS102 |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,097,833 | 1,721,646 |
| Other pension costs | 47,000 | 25,972 |
| 2,144,833 | 1,747,618 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Employees and directors |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | - | - |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 89,096 | 79,495 |
| Auditors' remuneration for non audit work | 45,762 | 42,585 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 319,624 | 282,170 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 608,508 | 418,762 |
| Deferred tax | 476,519 | 570,867 |
| Tax on profit | 1,085,027 | 989,629 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 2,708,471 | 4,467,775 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
677,118 |
848,877 |
| Effects of: |
| Capital allowances in excess of depreciation | (68,610 | ) | (13,820 | ) |
| Utilisation of tax losses | - | (416,295 | ) |
| Deferred tax adjustment | 476,519 | 570,867 |
| purposes |
| Total tax charge | 1,085,027 | 989,629 |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A Shares shares of £1 each |
| Interim | 241,000 | 488,500 |
| Ordinary B Shares shares of £1 each |
| Interim | 1,638 | - |
| Ordinary C Shares shares of 1 each |
| Interim | 390,000 | 260,000 |
| Ordinary A1 shares of £1 each |
| Interim | 41,358 | 36,000 |
| 673,996 | 784,500 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and | Motor |
| property | machinery | Vehicles | Equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 | 2,243,701 | 2,055,998 | 725 | 43,673 | 4,344,097 |
| Additions | - | 96,894 | 12,729 | 1,279 | 110,902 |
| At 31 October 2024 | 2,243,701 | 2,152,892 | 13,454 | 44,952 | 4,454,999 |
| DEPRECIATION |
| At 1 November 2023 | 96,321 | 1,542,779 | 725 | 42,189 | 1,682,014 |
| Charge for year | - | 84,004 | 3,182 | 1,910 | 89,096 |
| At 31 October 2024 | 96,321 | 1,626,783 | 3,907 | 44,099 | 1,771,110 |
| NET BOOK VALUE |
| At 31 October 2024 | 2,147,380 | 526,109 | 9,547 | 853 | 2,683,889 |
| At 31 October 2023 | 2,147,380 | 513,219 | - | 1,484 | 2,662,083 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Freehold | Plant and | Motor |
| property | machinery | Vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 10. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Unit 18/20, Brue Avenue, Bridgwater, Somerset. TA6 5LT |
| Nature of business: |
| % |
| Class of shares: | holding |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 | 16,005,000 |
| Revaluations | 260,081 |
| At 31 October 2024 | 16,265,081 |
| NET BOOK VALUE |
| At 31 October 2024 | 16,265,081 |
| At 31 October 2023 | 16,005,000 |
| Company |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2023 |
| Revaluations | 260,081 |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Fair value at 31 October 2024 is represented by: |
| £ |
| Valuation in 2002 | 491,034 |
| Valuation in 2006 | 2,894,303 |
| Valuation in 2012 | 1,140,033 |
| Valuation in 2014 | 1,003,068 |
| Valuation in 2017 | 673,800 |
| Valuation in 2018 | 494,100 |
| Valuation in 2021 | 1,212,084 |
| Valuation in 2023 | 2,662,075 |
| Valuation in 2024 | 260,081 |
| Cost | 5,434,503 |
| 16,265,081 |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 5,434,503 | 5,434,503 |
| Investment property was valued on an open market basis on 30 September 2014 by Colliers International . |
| The directors, having reviewed the local market and current year property sales, consider there has been a 6% increase in commercial property values since the last professional valuation of the portfolio as a whole in 2014. The directors do not consider that there has been a material increase in value on the current year. |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 12. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 72,676 | 61,872 |
| Raw materials | 57,715 | 35,502 |
| 130,391 | 97,374 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 1,657,260 | 1,296,232 |
| Other debtors | 56,600 | 85,238 |
| Prepayments and accrued income | 363,006 | 344,196 |
| 2,076,866 | 1,725,666 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade creditors | 328,868 | 370,023 |
| Tax | 557,426 | 372,737 |
| Social security and other taxes | 39,719 | 30,078 |
| VAT | 303,186 | 222,297 | 60,816 | 58,484 |
| Directors' current accounts | 391 | 551 | 145 | 305 |
| Accruals and deferred income | 70,831 | 69,526 |
| Accrued expenses | 193,080 | 132,827 |
| 1,493,501 | 1,198,039 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 16) | 1,500,000 | 4,500,000 |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 1,500,000 | 4,500,000 |
| The lenders hold a first charge on the company's investment properties. |
| The loan is on an interest only basis and expires 05.12.2024 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Company |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan £4,500,000 is secured against the investment properties. |
| 18. | 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. |
| 19. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 1,747,123 | 1,270,604 | 1,677,469 | 1,208,575 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 | 1,270,604 |
| Movement in the year | 476,519 |
| Balance at 31 October 2024 | 1,747,123 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Adjustment in deferred tax | 468,894 |
| Balance at 31 October 2024 |
| 20. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A Shares | £1 | 7,742 | 7,742 |
| Ordinary B Shares | £1 | 2 | 2 |
| Ordinary C Shares | 1 | 200 | 200 |
| Ordinary A1 | £1 | 256 | 256 |
| 8,200 | 8,200 |
| BARTLETTS TRANSPORT AND WAREHOUSES LTD (REGISTERED NUMBER: 02791270) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 21. | RESERVES |
| Group |
| Non |
| distributable |
| Retained | Share | P&L |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 November 2023 | 9,480,489 | 50 | 8,716,151 | 18,196,690 |
| Profit for the year | 1,623,444 | 1,623,444 |
| Dividends | (673,996 | ) | (673,996 | ) |
| Non distributable gain | (260,081 | ) | - | 260,081 | - |
| At 31 October 2024 | 10,169,856 | 50 | 8,976,232 | 19,146,138 |
| Company |
| Non |
| distributable |
| Retained | Share | P&L |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 November 2023 | 16,264,720 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Non distributable gain | (260,081 | ) | - | 260,081 | - |
| At 31 October 2024 | 16,327,502 |
| 22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023: |
| 2024 | 2023 |
| £ | £ |
| B R Bartlett |
| Balance outstanding at start of year | (551 | ) | 335,351 |
| Amounts advanced | 206,160 | 77,598 |
| Amounts repaid | (205,855 | ) | (413,500 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (246 | ) | (551 | ) |
| 23. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is B R Bartlett. |