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Registered number: 00071941
WILLIAM CROXSON & SON, LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
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WILLIAM CROXSON & SON, LIMITED
COMPANY INFORMATION
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A M Giles (resigned 3 September 2024)
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P Singleton (appointed 3 September 2024)
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Unit 1, Brockbourne House
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WILLIAM CROXSON & SON, LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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WILLIAM CROXSON & SON, LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their group strategic report for the year ended 31 December 2024.
The principal activity of the Company during the period was the design and supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.
The Company is the UK's largest independent glass packaging supplier to the food and beverage industries and has a significant level of exports to over fifty countries, spanning six continents.
The turnover of William Croxson & Son Limited for the year to 31 December 2024 was as follows:
Sales of glass containers: £36,902,658 (31 December 2023: £39,004,132)
Sales of associated products: £3,069,388 (31 December 2023: £2,628,805)
In a year affected by political upheaval, challenging economic environments across different geographical reasons, as well as continued deflation, the overall performance, whilst not meeting ambition, has been good. The Board of Directors reports that turnover decreased by 4% on a like-for-like basis, reflecting the deflationary market.
The development and implementation of Extended Producer Responsibility legislation in our domestic UK market, saw some pre-emptive packaging material shifting away from glass. This has continued post-year end, but the Company remains positive for the future of glass from a demand and sustainability perspective.
The Company has continued to prioritise key operational relationships, ensuring the delivery of strategic value and excellence across the supply chain. Ongoing development within our logistics partnerships, combined with the easing of global freight costs, has contributed positively to margin performance.
Aligned with our strategic objectives, we have also invested in our most important asset, our people, by strengthening both our business development and operational support teams. These investments are already demonstrating measurable impact, reflected in increased revenue and the consistent delivery of our high service standards.
The positive sales and operating profits are enhanced by an improvement in margin from 17.5% in the 2023 financial year to 17.9% for the 2024 financial year. This is particularly the result of foreign currency gains, coupled with continued improvement in our logistics and shipping cost centres, and streamlined stock performance, resulting in reduced warehousing costs.
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WILLIAM CROXSON & SON, LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Principal risks and uncertainties
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The glass packaging industry continues to operate in a highly competitive environment, and the Board remains focused on safeguarding gross margin levels. Revenue performance is inherently influenced by consumer behaviour, which directly impacts customer demand for our products, and is further shaped by external and often unpredictable factors, such as weather conditions. Global political and economic instability has persisted, with several of our key markets experiencing slowdown, or in some cases recession, resulting in reduced consumer spending. Notwithstanding these headwinds, the Company has delivered a strong trading performance throughout the period under review.
The Company maintains long-established trading relationships with suppliers and customers across the European Union. The Directors are pleased to report that, despite a challenging international landscape, the Company has continued to perform robustly in overseas markets, supported by decades of experience in both importing and exporting.
The appreciation of Sterling against the Euro during the year lowered purchasing costs from our European supply partners. This contributed positively to the overall improvement in gross margin.
In contrast, Sterling weakened on average against the U.S. dollar in 2024. However, the impact of higher Dollar-denominated costs was mitigated by the Company’s forward-hedging programme. Furthermore, our practice of both buying and selling in foreign currencies provides an element of natural hedging, which continues to act as an effective buffer.
The Directors recognise that future development plans remain exposed to risks and uncertainties beyond the Company’s control. Nevertheless, with the dedication and commitment of our team, the Board is confident in the Company’s ability to sustain its current financial performance.
Financial key performance indicators
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As a sales-driven organisation, the Company regards turnover and gross margin as its principal financial performance indicators. These are addressed in detail within the Business Review above. In addition, we closely monitor debtor and stock positions, applying a Days Sales Outstanding (DSO) ratio to assess credit control performance.
Following a period of decline in this measure, the Board has implemented a strengthened approach to credit control. While maintaining our strong customer relationships, we continue to work collaboratively with clients to manage credit exposure responsibly, ensuring appropriate support for their growth alongside ours.
Stock levels are also monitored through a stock turnover ratio. During the year under review, the Company has carried significantly lower levels of absolute stock as a result of optimising elements of the supply chain; improvements in turnover rates also demonstrate greater efficiency in stock utilisation. The Directors are encouraged by the positive impact of strategic sales, sound decision-making, and strengthened processes, which have collectively contributed to improved performance in stock turnover. This positions the Company to respond effectively to increasing customer demand.
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WILLIAM CROXSON & SON, LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Other key performance indicators
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The Board is conscious that sound economic performance isn’t the sole way to measure a company’s success. The Board recognises that glass manufacturing is an energy intensive process, and that we can’t do everything when it comes to sustainability and environmental measures, but we must do something.
Throughout the period, Croxsons’ have continued our initiatives to reduce our carbon emissions, including offsetting the carbon footprint of all our team, through our continued sustainability partnerships. As a result of these partnerships, Croxsons are meeting the majority of the UN Sustainability Goals, such as the systemic challenges around poverty, economic growth and equality.
The Company has also continued its charitable endeavours throughout the period, resourcing more charities to a greater extent than ever before, with a focus on education across Africa and breaking the cycle of poverty both on that continent and in the UK & Europe. The directors remain committed to this action, demonstrated by undertaking a formal pledge to give at least 10% of net profit to effective charitable causes.
This report was approved by the board and signed on its behalf.
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WILLIAM CROXSON & SON, LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The profit for the period, after taxation, amounted to £2,440,145 (2023: £2,809,687).
The directors declared dividends in the year of £540,428 (2023: £1,977,424).
The directors who served during the period were:
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A M Giles (resigned 3 September 2024)
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P Singleton (appointed 3 September 2024)
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Disclosure of information to auditor
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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.
The auditor, S&W Audit (previously known as CLA Evelyn Partners), 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.
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WILLIAM CROXSON & SON, LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
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 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.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED
Opinion
We have audited the financial statements of William Croxson & Son, Limited (the 'company') for the period ended 31 December 2024 which comprise the Profit and loss account, Statement of other comprehensive income, Balance sheet, Statement of changes in equity, Statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 December 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 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 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.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual report and financial statements. 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. 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.
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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 directors’ report for the financial year 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.
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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 directors’ report.
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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.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 4, 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.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (CONTINUED)
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained a general understanding of the Company's legal and regulatory framework through enquiry of management concerning: their understanding of relevant laws and regulations; the entity's policies and procedures regarding compliance; and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Company's industry and regulation. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company's ability to conduct its business, and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance to the Company: FRS 102 (UK GAAP), the Companies Act 2006 and relevant UK taxation laws.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the Company's financial statements to material misstatements, including how fraud might occur. The areas identified in this discussion were:
∙Revenue recognition, in particular cut-off and completeness, which is an inherent risk common to owner managed businesses.
∙Manipulation of the financial statements, especially transactions with directors and management override, via fraudulent journal entries, particularly as the size of the Company means that there is little opportunity for segregation of duties.
The procedures we carried out to gain evidence in the above areas included:
∙Challenging management regarding the nature and appropriateness of unexpected or unusual accounting adjustments;
∙Substantive testing on material areas affecting timing of and completeness of revenue postings;
∙Testing journal entries, focusing particularly on postings to unexpected or unusual accounts and those posted at unusual times.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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WILLIAM CROXSON & SON, LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON, LIMITED (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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Matthew Neill BA (Hons) MA FCA (Senior Statutory Auditor)
for and on behalf of
S&W Audit
Statutory Auditor
Brockbourne House
77 Mount Ephraim
Tunbridge Wells
Kent
TN4 8BS
26 September 2025
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WILLIAM CROXSON & SON, LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial period
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 13 to 26 form part of these financial statements.
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WILLIAM CROXSON & SON, LIMITED
REGISTERED NUMBER: 00071941
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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WILLIAM CROXSON & SON, LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Total comprehensive income for the year
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Total comprehensive income for the period
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The notes on pages 13 to 26 form part of these financial statements.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
William Croxson & Son, Limited is a private company limited by shares and incorporated in England and Wales. The Company is domiciled in the United Kingdom and its principal place of business is The Old Post Office, 19 Grove Road, Sutton, Surrey SM1 1BB.
The Company's principal activities are that of the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.
2.Accounting policies
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Basis of preparation of financial statements
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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.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of The Apphia Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue from the wholesale supply of glass bottles and jars and associated products is recognised to the extend that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is recognised on despatch of goods as this is when the risks and rewards of ownership are
considered to have transferred to the customer.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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.
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Current and deferred taxation
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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.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method for all assets other than office equipment, which is depreciated on a reducing balance basis.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Straight line over 20 and 50 years
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Straight line over 4 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for obsolete, slow moving or defective items where appropriate.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
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 instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no estimates that are considered to be subject to significant estimation uncertainty.
The whole of the turnover is attributable to that of the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.
Analysis of turnover by country of destination:
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Other operating lease rentals
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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During the period, the Company obtained the following services from the Company's auditor:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the period was as follows:
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Company contributions to defined contribution pension schemes
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During the period retirement benefits were accruing to 5 directors (2023: 5) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £254,075 (2023: £309,832).
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During the period the value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,235 (2023: £1,229).
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There are no key management personnel other than the directors.
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Other interest receivable
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Interest payable and similar expenses
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Invoice finance facility charges
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the period/year
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The tax assessed for the period/year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Super deduction on fixed assets and other fixed asset timing differences
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Effect of change in deferred tax rate
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Adjustments to prior year
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Total tax charge for the year
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Equity dividends paid on ordinary shares
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Long-term leasehold property
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Charge for the period on owned assets
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Finished goods and goods for resale
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The carrying value of stocks are stated net of impairment losses totalling £363,796 (2023: £390,750). Impairment losses totalling £(57,658) (2023: £341,659) were recognised in profit and loss.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to connected companies
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Other taxation and social security
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Accruals and deferred income
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100,000 (2023 -100,000) Ordinary shares of £1.00 each
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The Company enters into foreign currency contracts to mitigate the exchange risk for certain foreign currency liabilities. At 31 December 2024 the outstanding contracts mature within 1 year on average (2023: 1 year) of the period-end. At the Balance Sheet date, the Company was committed to buying €1,220,000 for £1,069,682 and US$400,000 for £317,460 (2023: €1,100,000 for £977,461).
The forward currency contracts are measured at fair value using quoted forward exchange rates.
Profit and loss account
This account records retained earnings and losses.
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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Balance carried forward at 31 December 2024
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Related party transactions
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The company has taken advantage of Section 33 of FRS 102 and has not disclosed transactions with wholly owned group companies.
Included within Other creditors, amounts falling due within one year, is a loan of £nil (2023: £300,438) owed to The Milk and Honey Trust, of which J Croxson, T Croxson, A Giles and D Giles are trustees. Interest is being charged at 4.85% per annum (2023: 4.85% per annum) and £9,321 (2023: £5,890) was paid in the year. Donations of £339,000 (2023: £370,000) were made to the Trust in the period.
Included in Amounts owed to connected companies, amounts falling due within one year, is a balance of £nil (2023: £72,432). There is a balance of £nil within Amounts owed from connected companies (2023: £nil), which is stated after a bad debt provision of £nil (2023: £1,500,000).
During the year, close family members of directors received remuneration of £167,337 (2023: £162,000).
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WILLIAM CROXSON & SON, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
The ultimate parent company is The Apphia Group Limited, a private limited company incorporated in England and Wales. The registered office is Unit 1, Brockbourne House, Mount Ephraim, Tunbridge Wells, TN4 8BS.
The results of the Company are included in the consolidated financial statements of The Apphia Group Limited which are available at Companies House, Crown Way, Cardiff, CF14 3UZ. The Apphia Group is the smallest and largest group for which the Company is included in the consolidated financial statements.
The ultimate controlling party is T J Croxson.
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