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Registration number: 01756257

Brown Brothers Group Limited

Filleted Financial Statements

for the Year Ended 31 December 2024

 

Brown Brothers Group Limited
(Registration number: 01756257)

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 12

 

Brown Brothers Group Limited
(Registration number: 01756257)

Company Information

Directors

Mr L D Summers

Mr A M Kaupang

Mr T E Seljaas

Company secretary

Mr T E Seljaas

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Brown Brothers Group Limited
(Registration number: 01756257)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

782,136

821,375

Investments

5

393,986

393,986

 

1,176,122

1,215,361

Current assets

 

Stocks

6

827,097

909,966

Debtors

7

741,821

880,529

Cash at bank and in hand

 

26,085

-

 

1,595,003

1,790,495

Creditors: Amounts falling due within one year

8

(1,364,214)

(1,458,781)

Net current assets

 

230,789

331,714

Total assets less current liabilities

 

1,406,911

1,547,075

Creditors: Amounts falling due after more than one year

8

(27,726)

(89,052)

Provisions for liabilities

(173,209)

(175,833)

Net assets

 

1,205,976

1,282,190

Capital and reserves

 

Called up share capital

70,833

70,833

Share premium reserve

191,667

191,667

Retained earnings

943,476

1,019,690

Shareholders' funds

 

1,205,976

1,282,190

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
Mr A M Kaupang
Director

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

The principal place of business is:
3 Persfield Mews
Ewell
Epsom
Surrey
KT17 1PB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Brown Brothers Group Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Norwegian Paper UK Limited, a company incorporated in England and Wales
.

Going concern

The financial statements have been prepared on a going concern basis.

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on ................. 31 March 2025 was Ruskin Wilson, who signed for and on behalf of Thompson Jenner LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The Company recognises revenue on delivery of goods to the customers.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, less their estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15%/5% reducing balance

Fixtures and fittings

15% reducing balance

Computer equipment

15% reducing balance

Motor vehicles

20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 29).

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Office equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2024

52,144

72,508

45,987

1,033,773

1,204,412

Additions

-

-

924

13,185

14,109

At 31 December 2024

52,144

72,508

46,911

1,046,958

1,218,521

Depreciation

At 1 January 2024

44,345

21,675

29,134

287,883

383,037

Charge for the year

1,170

10,000

2,598

39,580

53,348

At 31 December 2024

45,515

31,675

31,732

327,463

436,385

Carrying amount

At 31 December 2024

6,629

40,833

15,179

719,495

782,136

At 31 December 2023

7,799

50,833

16,853

745,890

821,375

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

393,986

393,986

Subsidiaries

£

Cost or valuation

At 1 January 2024

393,986

At 31 December 2024

393,986

Carrying amount

At 31 December 2024

393,986

At 31 December 2023

393,986

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Sutton's Packaging Limited

Ordinary Shares

100%

100%

 

     

Subsidiary undertakings

Sutton's Packaging Limited

The principal activity of Sutton's Packaging Limited is the sale of tissue and packaging materials.

The above subsidiary companies are registered in England and Wales

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Work in progress

65,000

73,985

Finished goods and goods for resale

667,695

731,299

Goods in transit

94,402

104,682

827,097

909,966

7

Debtors

2024
£

2023
£

Trade debtors

725,334

852,006

Amounts owed by group undertakings and undertakings in which the company has a participating interest

3,328

-

Other debtors

2,299

-

Prepayments and accrued income

10,860

28,523

Total current trade and other debtors

741,821

880,529

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

505,756

771,827

Trade creditors

 

519,846

423,088

Amounts owed to group undertakings

 

180,531

100,000

Taxation and social security

 

126,386

130,111

Other creditors

 

7,954

5,005

Accrued expenses

 

23,741

28,750

 

1,364,214

1,458,781

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

27,726

89,052

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

9

Loans and borrowings

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

61,149

60,550

Invoice discounting facility

444,607

624,620

Hire purchase liabilities

-

7,585

Bank overdrafts

-

79,072

505,756

771,827

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,726

89,052

The above bank borrowings and invoice discounting facilities are secured by a fixed and floating charge over the assets of the company.

The hire purchase liabilities are secured on the individual assets financed.

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £54,328 (2023 - £109,979). The total amounts due within one year is £54,328 (2023 - £55,651).

 

Brown Brothers Group Limited
(Registration number: 01756257)

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Interest free loan account

-

3,637

(1,338)

2,299

-

3,637

(1,338)

2,299

 

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Interest free loan account

-

9,136

(9,136)

-

-

9,136

(9,136)

-

 

The company has taken advantage of the exemptions in FRS 102 Section 1A from disclosing transactions with other members of the group.

12

Parent and ultimate parent undertaking

The company's immediate parent is Norwegian Paper UK Limited, incorporated in England & Wales.

 The ultimate parent is Norwegian Paper Holdings AS, incorporated in Norway.

 The most senior parent entity producing publicly available financial statements is Norwegian Paper Holdings AS.

The parent of the largest group in which these financial statements are consolidated is Norwegian Paper Holdings AS, incorporated in Norway.

The address of Norwegian Paper Holdings AS is:

PB163, 48 91
Grimstad
Osterkogen 20, NO-4879
Grimstad
Norway