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REGISTERED NUMBER: 09999330 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

SMITH & BROCK LTD

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


SMITH & BROCK LTD

COMPANY INFORMATION
for the Year Ended 31 October 2024







DIRECTORS: Mr J F Fowler
Mr N Fowler



REGISTERED OFFICE: Unit 1 Deptford Trading Estate
Blackhorse Road
London
SE8 5HY



REGISTERED NUMBER: 09999330 (England and Wales)



AUDITORS: Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE



ACCOUNTANTS: Chartswood Limited
6b Parkway
Porters Wood
St Albans
Hertfordshire
AL3 6PA

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STRATEGIC REPORT
for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS
The directors view the key financial performance indicators as being turnover and operating profit. As shown in the company's profit and loss account, turnover has reached approximately £33m (2023: £28m) and an operating profit achieved of £1.7m (2023: £1.6m).

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the group are broadly categorised as strategic, technology, operational,
people and legal and regulatory risks.

STRATEGIC RISK
The directors do occasionally look to diversify into related businesses, where appropriate, such as retail and restaurants. However, the main focus and resources continue to be directed towards developing and nurturing our wholesale supply business.

Our aim is simple - to have the best people supplying the best product with the best service at the right price to
customers who value those attributes in a supplier. We use weekly reports and KPIs to measure the performance of our business. We have weekly sales dashboards to measure sales against budget and monitor our margins. We use debtor days and cash banking targets to monitor our credit control. We use monthly management accounts to review, monitor and manage the performance of the overall business.

TECHNOLOGY AND OPERATIONAL RISK
We have invested heavily over the last two years in enhancing our IT infrastructure and we now operate comfortably from three sites which provides a degree of contingency for disaster planning. We have an annual review of our IT hardware to ensure that the kit is still fit for purpose. We have anti-virus software across all our various IT networks and ensure that our data and our customer's data is kept safe and secure.

Our fridges are monitored, and we can be notified by SMS if there are problems with our temperatures in the various
fridges.

We use a Health & Safety advisor to review our risk assessments for the operation, and in conjunction with HR and our management team to ensure that Smith & Brock Ltd remains a safe place to work and a reliable provider of services to our customers across the 52 weeks of the year. Our day shift transport manager is qualified to assess new drivers and ensures existing drivers have refresher training. Our transport management team carry out regular 'toolbox talks' to ensure that we are adhering to the required standards of operation for our vehicles.

PEOPLE RISK
Our people are the key to our ongoing success and growth. The Company continues to have a relatively low churn rate for our industry. We ensure via our staff orders scheme and discounted café food that our team is well looked after. Our vehicles are installed with cameras which provides safety not only for the public and our customers but also for our drivers.


SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STRATEGIC REPORT
for the Year Ended 31 October 2024

LEGAL AND REGULATORY RISK
We use food safety and Health & Safety consultants to ensure that we adhere to the very highest of standards in our operation. We have achieved AA accreditation under BRC Food Certification and our preparatory facility operates to SALSA requirements. We understand that changes to laws and regulations could have a direct impact on the business and/or the services we provide.

Our transport compliance ensures that our drivers have valid licences and are fit to operate trucks.

ON BEHALF OF THE BOARD:




Mr N Fowler - Director


28 July 2025

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale of fruit and vegetables.

DIVIDENDS
An interim dividend of £4,500 per share was paid on 31 October 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2024 will be £ 450,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

Mr J F Fowler
Mr N Fowler

DONATIONS
The company made charitable donations during the year amounting to £10,070 (2023- £3,788). There were no political contributions.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

REPORT OF THE DIRECTORS
for the Year Ended 31 October 2024


AUDITORS
The auditors, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr N Fowler - Director


28 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD

Opinion
We have audited the financial statements of Smith & Brock Ltd (the 'company') for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 October 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH & BROCK LTD


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the retail sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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
SMITH & BROCK 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.




Sara Brown (Senior Statutory Auditor)
for and on behalf of Kings CAP Ltd
Statutory Auditor
4 Grovelands
Boundary Way
Hemel Hempstead
Hertfordshire
HP2 7TE

29 July 2025

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   

TURNOVER 4 33,210,504 28,156,237

Cost of sales 27,607,451 23,325,852
GROSS PROFIT 5,603,053 4,830,385

Administrative expenses 3,859,170 3,238,402
OPERATING PROFIT 6 1,743,883 1,591,983


Interest payable and similar expenses 7 361,122 328,344
PROFIT BEFORE TAXATION 1,382,761 1,263,639

Tax on profit 8 121,600 103,182
PROFIT FOR THE FINANCIAL YEAR 1,261,161 1,160,457

Retained earnings at beginning of year 985,469 275,512

Dividends 9 (450,000 ) (450,500 )

RETAINED EARNINGS AT END OF
YEAR

1,796,630

985,469

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

BALANCE SHEET
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,440,061 2,068,435
Investments 11 855 855
2,440,916 2,069,290

CURRENT ASSETS
Stocks 12 337,393 260,533
Debtors 13 8,576,306 7,091,257
Cash at bank and in hand 515,391 85,770
9,429,090 7,437,560
CREDITORS
Amounts falling due within one year 14 5,303,795 4,113,800
NET CURRENT ASSETS 4,125,295 3,323,760
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,566,211

5,393,050

CREDITORS
Amounts falling due after more than one
year

15

(4,186,991

)

(3,971,077

)

PROVISIONS FOR LIABILITIES 19 (582,490 ) (436,404 )
NET ASSETS 1,796,730 985,569

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 1,796,630 985,469
SHAREHOLDERS' FUNDS 1,796,730 985,569

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





Mr N Fowler - Director


SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

CASH FLOW STATEMENT
for the Year Ended 31 October 2024

31.10.24 31.10.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,883,587 1,735,092
Interest paid (292,688 ) (263,495 )
Interest element of hire purchase payments
paid

(68,434

)

(64,849

)
Tax paid 26,187 (40,329 )
Net cash from operating activities 1,548,652 1,366,419

Cash flows from investing activities
Purchase of tangible fixed assets (801,740 ) (560,016 )
Sale of tangible fixed assets 3,500 25,138
Net cash from investing activities (798,240 ) (534,878 )

Cash flows from financing activities
Capital repayments in year 196,988 (74,856 )
Amount introduced by directors 299,181 -
Amount withdrawn by directors (366,960 ) (355,181 )
Equity dividends paid (450,000 ) (450,500 )
Net cash from financing activities (320,791 ) (880,537 )

Increase/(decrease) in cash and cash equivalents 429,621 (48,996 )
Cash and cash equivalents at beginning of
year

2

85,770

134,766

Cash and cash equivalents at end of year 2 515,391 85,770

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.10.24 31.10.23
£    £   
Profit before taxation 1,382,761 1,263,639
Depreciation charges 423,382 383,523
Loss/(profit) on disposal of fixed assets 3,228 (7,634 )
Amounts owed by group undertakings (782,735 ) 2,028,476
Loan movement (73,356 ) 75,418
Finance costs 361,122 328,344
1,314,402 4,071,766
(Increase)/decrease in stocks (76,860 ) 32,505
(Increase)/decrease in trade and other debtors (860,225 ) 917,525
Increase/(decrease) in trade and other creditors 1,506,270 (3,286,704 )
Cash generated from operations 1,883,587 1,735,092

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 515,391 85,770
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 85,770 134,766


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 85,770 429,621 515,391
85,770 429,621 515,391
Debt
Finance leases (947,890 ) (196,988 ) (1,144,878 )
Debts falling due within 1 year (71,824 ) (12,684 ) (84,508 )
Debts falling due after 1 year (115,063 ) 86,480 (28,583 )
(1,134,777 ) (123,192 ) (1,257,969 )
Total (1,049,007 ) 306,429 (742,578 )

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Smith & Brock Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company meets its day-to-day working capital requirements through its cash reserves and bank facilities. The Company has prepared forecasts up to October 2025 based upon what it considers to be prudent assumptions. After considering these forecasts, the directors consider that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements and believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added taxes. Turnover includes revenue earned from the sale of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 25% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

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

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

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

Basic financial assets
Basic financial assets, which include debtors, 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with FRS 102 requires management to make certain assumptions and estimates that may affect the amounts of the assets and liabilities included in the Statement of Financial Position, the amounts of income and expenses, and the disclosures relating to contingent liabilities. These estimate and underlying assumptions are reviewed on a ongoing basis. REvisions to accounting estimates and recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty:
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of Stock
The directors have applied their judgement in impairing slow moving stock to its net realisable value, based on sell by dates and customer demand.

Impairment of Trade Debtors
Some customers are offered credit accounts based on a credit review and historical trading information available.The debtors ledger is reviewed frequently and provision made where necessary. When assessing the impairment of trade debtors management considers factors including the current credit rating of the debtor, the ageing profile of debts and historical experience.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.10.24 31.10.23
£    £   
Wholesale fruit and vegetables 33,210,504 28,156,237
33,210,504 28,156,237

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

5. EMPLOYEES AND DIRECTORS
31.10.24 31.10.23
£    £   
Wages and salaries 4,705,399 4,402,250
Social security costs 488,061 454,378
Other pension costs 107,299 90,554
5,300,759 4,947,182

The average number of employees during the year was as follows:
31.10.24 31.10.23

Management 5 6
Administration 22 15
Sales 6 5
Transport drivers 32 30
Operations management 1 10
Operations picking 50 28
116 94

31.10.24 31.10.23
£    £   
Directors' remuneration 90,000 83,333

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.24 31.10.23
£    £   
Hire of plant and machinery 46,226 54,894
Other operating leases 361,767 327,622
Depreciation - owned assets 216,363 168,139
Depreciation - assets on hire purchase contracts 207,023 215,382
Loss/(profit) on disposal of fixed assets 3,228 (7,634 )
Auditors' remuneration 7,000 7,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.24 31.10.23
£    £   
Other interest - 35,627
Invoice financing interest 292,688 227,868
Hire purchase 68,434 64,849
361,122 328,344

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.24 31.10.23
£    £   
Current tax:
UK corporation tax 1,701 -
Interest on taxation (26,187 ) -
Interest on taxation - 60
Total current tax (24,486 ) 60

Deferred tax 146,086 103,122
Tax on profit 121,600 103,182

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.24 31.10.23
£    £   
Profit before tax 1,382,761 1,263,639
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

345,690

240,091

Effects of:
Expenses not deductible for tax purposes 22,220 16,688
Depreciation in excess of capital allowances 20,996 54,710
Utilisation of tax losses (136,565 ) (68,759 )
Group relief (130,741 ) (139,548 )
Total tax charge 121,600 103,182

9. DIVIDENDS
31.10.24 31.10.23
£    £   
Ordinary shares of £1 each
Interim 450,000 450,500

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2023 170,807 1,350,121 246,848
Additions - 558,259 49,569
Disposals - - -
At 31 October 2024 170,807 1,908,380 296,417
DEPRECIATION
At 1 November 2023 109,475 318,172 88,423
Charge for year 12,266 122,830 34,492
Eliminated on disposal - - -
At 31 October 2024 121,741 441,002 122,915
NET BOOK VALUE
At 31 October 2024 49,066 1,467,378 173,502
At 31 October 2023 61,332 1,031,949 158,425

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 1,341,802 288,306 3,397,884
Additions 152,109 41,803 801,740
Disposals (17,295 ) - (17,295 )
At 31 October 2024 1,476,616 330,109 4,182,329
DEPRECIATION
At 1 November 2023 688,469 124,910 1,329,449
Charge for year 205,811 47,987 423,386
Eliminated on disposal (10,567 ) - (10,567 )
At 31 October 2024 883,713 172,897 1,742,268
NET BOOK VALUE
At 31 October 2024 592,903 157,212 2,440,061
At 31 October 2023 653,333 163,396 2,068,435

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023 622,973 1,040,894 1,663,867
Additions 498,492 138,166 636,658
Disposals - (17,295 ) (17,295 )
At 31 October 2024 1,121,465 1,161,765 2,283,230
DEPRECIATION
At 1 November 2023 114,684 423,412 538,096
Charge for year 18,183 188,840 207,023
Eliminated on disposal - (10,567 ) (10,567 )
At 31 October 2024 132,867 601,685 734,552
NET BOOK VALUE
At 31 October 2024 988,598 560,080 1,548,678
At 31 October 2023 508,289 617,482 1,125,771

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 November 2023
and 31 October 2024 855
NET BOOK VALUE
At 31 October 2024 855
At 31 October 2023 855

12. STOCKS
31.10.24 31.10.23
£    £   
Stocks 337,393 260,533

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 4,951,464 4,573,033
Amounts owed by related companies 2,318,075 1,761,030
Other debtors 544,561 144,091
Directors' current accounts 422,960 355,181
Value added tax 24,690 6,398
Prepayments 314,556 251,524
8,576,306 7,091,257

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Other loans (see note 16) 84,508 71,824
Hire purchase contracts (see note 17) 438,762 367,540
Trade creditors 3,438,432 2,663,681
Amounts owed to related companies 80 225,254
Taxation 1,701 -
Social security and other taxes 98,082 238,076
Other creditors 69,663 28,325
Accruals 1,172,567 519,100
5,303,795 4,113,800

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Other loans (see note 16) 28,583 115,063
Hire purchase contracts (see note 17) 706,116 580,350
Other creditors 3,452,292 3,275,664
4,186,991 3,971,077

16. LOANS

An analysis of the maturity of loans is given below:

31.10.24 31.10.23
£    £   
Amounts falling due within one year or on demand:
Other loans 84,508 71,824

Amounts falling due between two and five years:
Other loans - 2-5 years 28,583 115,063

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.24 31.10.23
£    £   
Net obligations repayable:
Within one year 438,762 367,540
Between one and five years 706,116 580,350
1,144,878 947,890

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.10.24 31.10.23
£    £   
Within one year 485,898 439,040
Between one and five years 1,082,629 1,057,660
1,568,527 1,496,700

18. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Invoice financing 3,415,116 3,028,677

The loans are secured by way of a fixed and floating charge on the company's assets.

19. PROVISIONS FOR LIABILITIES
31.10.24 31.10.23
£    £   
Deferred tax
Accelerated capital allowances 582,490 436,404

Deferred
tax
£   
Balance at 1 November 2023 436,404
Provided during year 146,086
Balance at 31 October 2024 582,490

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
100 Ordinary £1 100 100

The ordinary shares carry equal voting rights, equal dividend rights and equal rights to a capital distribution, including upon winding up.

SMITH & BROCK LTD (REGISTERED NUMBER: 09999330)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2024

21. RESERVES
Retained
earnings
£   

At 1 November 2023 985,469
Profit for the year 1,261,161
Dividends (450,000 )
At 31 October 2024 1,796,630

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24 31.10.23
£    £   
Mr N Fowler and Mr J F Fowler
Balance outstanding at start of year 355,181 -
Amounts advanced 422,960 355,181
Amounts repaid (355,181 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 422,960 355,181

23. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Bees & Honey Ltd a company incorporated in England and Wales. Bees & Honey Ltd registered office is Unit 1 Deptford Trading Estate, Blackhorse Road, London, England, SE8 5HY.