Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-292024-12-2962024-01-01truetruefalse6truefalsefalse 03061241 2024-01-01 2024-12-29 03061241 2023-01-01 2023-12-31 03061241 2024-12-29 03061241 2023-12-31 03061241 2023-01-01 03061241 c:Exceptional 2024-01-01 2024-12-29 03061241 c:Exceptional 2023-01-01 2023-12-31 03061241 d:CompanySecretary1 2024-01-01 2024-12-29 03061241 d:Director1 2024-01-01 2024-12-29 03061241 d:Director2 2024-01-01 2024-12-29 03061241 d:RegisteredOffice 2024-01-01 2024-12-29 03061241 c:CurrentFinancialInstruments 2024-12-29 03061241 c:CurrentFinancialInstruments 2023-12-31 03061241 c:Non-currentFinancialInstruments 2024-12-29 03061241 c:Non-currentFinancialInstruments 2023-12-31 03061241 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-29 03061241 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 03061241 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-29 03061241 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 03061241 c:ReportableOperatingSegment1 2024-01-01 2024-12-29 03061241 c:ReportableOperatingSegment1 2023-01-01 2023-12-31 03061241 e:UnitedKingdom 2024-01-01 2024-12-29 03061241 e:UnitedKingdom 2023-01-01 2023-12-31 03061241 e:RestWorldOutsideUK 2024-01-01 2024-12-29 03061241 e:RestWorldOutsideUK 2023-01-01 2023-12-31 03061241 c:UKTax 2024-01-01 2024-12-29 03061241 c:UKTax 2023-01-01 2023-12-31 03061241 c:ShareCapital 2024-12-29 03061241 c:ShareCapital 2023-12-31 03061241 c:ShareCapital 2023-01-01 03061241 c:OtherMiscellaneousReserve 2024-01-01 2024-12-29 03061241 c:OtherMiscellaneousReserve 2024-12-29 03061241 c:OtherMiscellaneousReserve 2023-12-31 03061241 c:OtherMiscellaneousReserve 2023-01-01 03061241 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-29 03061241 c:RetainedEarningsAccumulatedLosses 2024-12-29 03061241 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03061241 c:RetainedEarningsAccumulatedLosses 2023-12-31 03061241 c:RetainedEarningsAccumulatedLosses 2023-01-01 03061241 d:OrdinaryShareClass1 2024-01-01 2024-12-29 03061241 d:OrdinaryShareClass1 2024-12-29 03061241 d:OrdinaryShareClass1 2023-12-31 03061241 d:FRS102 2024-01-01 2024-12-29 03061241 d:Audited 2024-01-01 2024-12-29 03061241 d:FullAccounts 2024-01-01 2024-12-29 03061241 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-29 03061241 c:Subsidiary1 2024-01-01 2024-12-29 03061241 c:Subsidiary1 1 2024-01-01 2024-12-29 03061241 c:Subsidiary2 2024-01-01 2024-12-29 03061241 c:Subsidiary2 1 2024-01-01 2024-12-29 03061241 c:Subsidiary3 2024-01-01 2024-12-29 03061241 c:Subsidiary3 1 2024-01-01 2024-12-29 03061241 c:Subsidiary4 2024-01-01 2024-12-29 03061241 c:Subsidiary4 1 2024-01-01 2024-12-29 03061241 c:Subsidiary5 2024-01-01 2024-12-29 03061241 c:Subsidiary5 1 2024-01-01 2024-12-29 03061241 c:RetirementBenefitObligationsDeferredTax 2024-12-29 03061241 c:RetirementBenefitObligationsDeferredTax 2023-12-31 03061241 2 2024-01-01 2024-12-29 03061241 4 2024-01-01 2024-12-29 03061241 6 2024-01-01 2024-12-29 03061241 f:PoundSterling 2024-01-01 2024-12-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03061241










NORTHAMPTON ACQUISITION LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

 
NORTHAMPTON ACQUISITION LTD
 
 
COMPANY INFORMATION


Directors
Michael John Brown 
Arie Cornelis Bijsterveld 




Company secretary
Deborah Marion Fraser



Registered number
03061241



Registered office
Unit 5 Bedford Link Logistics Park
Bell Farm Way

Kempston

Bedfordshire

MK43 9SS




Independent auditor
MHA
Chartered Accountants & Statutory Auditors

The Pinnacle

150 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1LZ





 
NORTHAMPTON ACQUISITION LTD
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditor's Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 26


 
NORTHAMPTON ACQUISITION LTD
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

Introduction
 
The Company acts as a holding company for its subsidiaries whose principal activities comprise the manufacture, import and distribution of picture framing materials. 
 
The main company in the portfolio is Larson-Juhl UK Limited.

Business review
 
As an indicator of performance of the portfolio, in the period ended 29 December 2024 Larson Juhl UK showed a 8.9% year on year sales decline. Gross margins, however, increased by 2.3%. The profit before tax was increased by 19%. 
 
The Company received £1.8m and distributed £0.7m in dividends in the year. In addition, the Company invested £0.9m in subsidiaries and made loans of £0.9m.

Principal risks and uncertainties
 
The business is dependent on the stability and predictability of currencies and in 2024 currency volatility was much less than in 2023. Going forward alongside currency risks market tightening is the biggest threat.  Although interest rates seem to have peaked, continuing conflict in Ukraine and issues in the Middle East could add additional risks to trading patterns in 2025.

This report was approved by the board and signed on its behalf.



................................................
Michael John Brown
Director

Date: 6 August 2025

Page 1

 
NORTHAMPTON ACQUISITION LTD
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 DECEMBER 2024

The Directors present their report and the financial statements for the period ended 29 December 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The Company acts as a holding company for its subsidiaries whose principal activities comprise the manufacture, import and distribution of picture framing materials and the manufacture and supply of archival and conservation supplies and equipment.

Results and dividends

The profit for the period, after taxation, amounted to £1,998,203 (2023 - £1,945,960).

There were dividends paid in the year of £710,339 (Period ended 31 December 2023: £1,339,600).

Directors

The Directors who served during the period were:

Michael John Brown 
Arie Cornelis Bijsterveld 

Future developments

The strategic direction of the Group remains the same as prior years and that is to consolidate the current already strong market position through continued investment in new products, salesforce training and enhancements to the service model for the Company.

Page 2

 
NORTHAMPTON ACQUISITION LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditors, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
 
This report was approved by the board and signed on its behalf.
 





................................................
Michael John Brown
Director

Date: 6 August 2025

Page 3

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD
 

Opinion


We have audited the financial statements of Northampton Acquisitions Ltd (the 'Company') for the period ended 29 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Changes in Equity and the related notes, including significant accounting policiesThe 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 29 December 2024 and of its profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Page 4

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


Matters on which we are required to report by exception
 

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:


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.


Page 5

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: 

• enquiry of management and those charged with governance 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;
• performing audit work over the risk of management override of controls, including testing of journal    entries and other adjustments for appropriateness, evaluating the business rationale of significant     transactions outside the normal course of business and revieing accounting estimates for bias;
• reviewing minutes of meetings of those charged with governance;
• reviewing financial statement disclosures and testing to supporting documentation to access compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's Report.


Page 6

 
NORTHAMPTON ACQUISITION LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTHAMPTON ACQUISITION LTD (CONTINUED)


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 2006Our 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.





Neil Stern FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditors
Milton Keynes

 
Date: 
6 August 2025
MHA is the trading name of MHA Audit Services LLP. a limited liability partnership in England and Wales (registered number OC455542).
Page 7

 
NORTHAMPTON ACQUISITION LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 29 DECEMBER 2024

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023 (as restated)
Note
£
£

  

Turnover
  
1,351,383
819,349

Gross profit
  
1,351,383
819,349

Administrative expenses
  
(1,417,503)
(947,747)

Exceptional administrative expenses
 13 
200,001
63,110

Operating profit/(loss)
 5 
133,881
(65,288)

Income from fixed assets investments
  
1,775,786
1,956,303

Interest receivable and similar income
 10 
88,536
53,307

Profit before tax
  
1,998,203
1,944,322

Tax on profit
 11 
(6,104)
1,638

Profit after tax
  
1,992,099
1,945,960

  

  

Retained earnings at the beginning of the period
  
5,533,450
4,927,090

  
5,533,450
4,927,090

Profit for the period
  
1,992,099
1,945,960

Dividends declared and paid
  
(710,339)
(1,339,600)

Retained earnings at the end of the period
  
6,815,210
5,533,450

There were no recognised gains and losses for the period ended 29 December 2024 or period ended 31 December 2023 other than those included in the statement of income and retained earnings.
The notes on pages 11 to 26 form part of these financial statements.

Page 8

 
NORTHAMPTON ACQUISITION LTD
REGISTERED NUMBER: 03061241

BALANCE SHEET
AS AT 29 DECEMBER 2024

29 December
29 December
31 December
31 December
2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investments
 14 
13,966,675
13,101,933

  
13,966,675
13,101,933

Current assets
  

Debtors: amounts falling due after more than one year
 15 
2,695,987
1,888,861

Debtors: amounts falling due within one year
 15 
230,540
313,694

Cash at bank and in hand
 16 
441,613
634,366

  
3,368,140
2,836,921

Creditors: amounts falling due within one year
 17 
(3,006,692)
(2,892,491)

Net current assets/(liabilities)
  
 
 
361,448
 
 
(55,570)

Total assets less current liabilities
  
14,328,123
13,046,363

Creditors: amounts falling due after more than one year
 18 
(666,313)
(666,313)

  

Net assets
  
13,661,810
12,380,050


Capital and reserves
  

Called up share capital 
 21 
846,600
846,600

Other reserves
 22 
6,000,000
6,000,000

Profit and loss account
 22 
6,815,210
5,533,450

  
13,661,810
12,380,050


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Michael John Brown
Director

Date: 6 August 2025

The notes on pages 11 to 26 form part of these financial statements.

Page 9

 
NORTHAMPTON ACQUISITION LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 DECEMBER 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
846,600
6,000,000
4,927,090
11,773,690


Comprehensive income for the year

Profit for the year
-
-
1,945,960
1,945,960

Dividends: Equity capital
-
-
(1,339,600)
(1,339,600)



At 1 January 2024
846,600
6,000,000
5,533,450
12,380,050


Comprehensive income for the period

Profit for the period
-
-
1,992,099
1,992,099

Dividends: Equity capital
-
-
(710,339)
(710,339)


At 29 December 2024
846,600
6,000,000
6,815,210
13,661,810


The notes on pages 11 to 26 form part of these financial statements.

Page 10

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

1.


General information

Northampton Acquisition Ltd is a limited liability company, incorporated in England and Wales.
The Registered Office and principal place of business is Unit 5 Bedford Link Logistics Park, Bell Farm Way, Kempston, Bedfordshire, MK43 9SS.
The financial statements have been prepared and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Berkshire Hathaway Inc, a company incorporated in the USA as at 29 December 2024 and these financial statements may be obtained from their principal place of business, 1440 Kiewit Plaza, Omaha, Nebraska, USA.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 11

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes
Page 14

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial liabilities

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

Page 15

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the Financial Statements requires management to make judgments, estimates and assumptions that affect the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There are no judgments or estimates that have had a significant effect on amounts recognised in the Financial Statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


52 weeks ended 29 December
52 weeks ended
31 December
2024
2023
£
£

Management charge
1,351,383
819,349

1,351,383
819,349


Analysis of turnover by country of destination:

52 weeks ended 29 December
52 weeks ended
31 December
2024
2023
£
£

United Kingdom
494,760
351,000

Rest of the world
856,623
468,349

1,351,383
819,349


Page 16

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

5.


Operating profit/(loss)

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

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Exchange differences
110,908
47,139


6.


Auditor's remuneration

During the period, the Company obtained the following services from the Company's auditor:


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,000
9,000

Page 17

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Wages and salaries
1,015,436
749,077

Social security costs
84,430
64,136

Cost of defined contribution scheme
119,592
64,359

1,219,458
877,572


The average monthly number of employees, including the Directors, during the period was as follows:


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
            No.
            No.







Directors
2
2



Employees
4
4

6
6

Page 18

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

8.


Directors' remuneration

52 weeks ended 29 December
52 weeks ended
31 December
2024
2023
£
£

Directors' emoluments
500,397
547,685

Company contributions to defined contribution pension schemes
10,400
7,800

510,797
555,485


During the period retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £500,397 (2023 - £547,685).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £10,400 (2023 - £7,800).

The total accrued pension provision of the highest paid Director at 29 December 2024 amounted to £NIL (2023 - £NIL).


9.


Income from investments

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£





Dividends received
1,775,786
1,956,303


Page 19

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

10.


Interest receivable and similar income

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Interest receivable from group companies
83,919
25,258

Other interest receivable
4,617
28,049

88,536
53,307


11.


Taxation


52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£

Corporation tax


Current tax on profits for the year
6,512
-


6,512
-


Total current tax
6,512
-


Origination and reversal of timing differences
(408)
(1,638)

Total deferred tax
(408)
(1,638)


Tax on profit
6,104
(1,638)
Page 20

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is lower than the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Profit on ordinary activities before tax
1,998,203
1,944,322


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
499,551
457,315

Effects of:


Adjustments to tax charge in respect of prior periods
-
(3,413)

Non-taxable income
(493,447)
(474,977)

Other differences leading to an increase (decrease) in the tax charge
-
19,437

Total tax charge for the period/year
6,104
(1,638)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

29 December 2024
31 December 2023
£
£


Dividends paid
710,339
1,339,600

Page 21

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

13.


Exceptional items

52 weeks ended 29 December 2024
52 weeks ended 31 December 2023
£
£


Provision for doutbful debt
(200,001)
(63,110)

(200,001)
(63,110)


14.


Fixed asset investments








Investments in subsidiary companies

£



Cost 


At 1 January 2024
14,157,875


Additions
864,742



At 29 December 2024

15,022,617



Impairment


At 1 January 2024
1,055,942



At 29 December 2024

1,055,942



Net book value



At 29 December 2024
13,966,675



At 1 January 2023
13,101,933

Page 22

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Larson-Juhl UK Limited
Ordinary and redeemable preference
100%
Magnolia Group Limited
Ordinary
100%
Larson-Juhl S.R.O
Ordinary
100%
Lira S.R.O
Ordinary
100%
Larson-Juhl Ireland Limited
Ordinary
100%


15.


Debtors

29 December 2024
31 December 2023
£
£

Due after more than one year

Amounts owed by group undertakings
2,695,987
1,888,861


29 December 2024
31 December 2023
£
£

Due within one year

Trade debtors
5,188
4,865

Other debtors
12,520
13,847

Tax recoverable
209,449
292,007

Deferred taxation
3,383
2,975

230,540
313,694



16.


Cash and cash equivalents

29 December 2024
31 December 2023
£
£

Cash at bank and in hand
441,613
634,366


Page 23

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

29 December 2024
31 December 2023
£
£

Amounts owed to group undertakings
2,711,110
2,625,082

Other creditors
21,540
20,409

Accruals and deferred income
274,042
247,000

3,006,692
2,892,491



18.


Creditors: Amounts falling due after more than one year

29 December 2024
31 December 2023
£
£

Amounts owed to group undertakings
666,313
666,313



19.


Financial instruments

All financial instruments are held at amortised cost.

Page 24

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

20.


Deferred taxation






29 December 2024
31 December 2023


£

£






At beginning of year
2,975
1,337


Charged to profit or loss
408
1,638



At end of year
3,383
2,975

The deferred tax asset is made up as follows:

29 December 2024
31 December 2023
£
£


Short term timing differences
3,383
2,975


21.


Share capital

29 December 2024
31 December 2023
£
£
Allotted, called up and fully paid



846,600 (2023 - 846,600) Ordinary shares of £1.00 each
846,600
846,600



22.


Reserves

Other reserves

The other reserves represent a capital contribution reserve.

Profit and loss account

The profit and loss accounts includes all current and previous period retained profits and losses.

Page 25

 
NORTHAMPTON ACQUISITION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024

23.


Pension commitments

The Company is party to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Compnay in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £119,592 (Period ended 29 December 2023: £64,359). At the period end, there were balances outstanding of £Nil (Period ended 31 December 2023: £Nil).


24.


Related party transactions

As a subsidiary undertaking of Berkshire Hathaway Inc, the Company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group headed by Berkshire Hathaway Inc. Transactions with other group companies are not disclosed since the Ultimate Parent Company has prepared consolidated financial statements which are publicly available.


25.


Controlling party

Berkshire Hathaway Inc, a company incorporated in the USA, is the controlling party and Ultimate Parent Undertaking. The principal place of business of Berkshire Hathaway Inc. is 1440 Kiewit Plaza, Omaha, Nebraska 68121, USA. The financial statements of the Group are available to the public from this address.


26.


Reclassification of comparative accounts

Certain comparative amounts have been regrouped and restated in order to present information on a basis consistent with the current year. 
This has resulted in a changes in the prior year where revenue has increased by £819,349 and cost of sales has increased by £819,349, the net impact to gross profit is £nil.

 
Page 26