Beesley & Fildes Holdings Group Consolid - Limited company accounts 18.2
Beesley & Fildes Holdings Group Consolid - Limited company accounts 18.2
REGISTERED NUMBER: 11322960 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
FOR |
BEESLEY & FILDES HOLDINGS LIMITED |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 6 |
Consolidated Other Comprehensive Income | 7 |
Consolidated Statement of Financial Position | 8 |
Company Statement of Financial Position | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Statement of Cash Flows | 12 |
Notes to the Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Financial Statements | 14 |
BEESLEY & FILDES HOLDINGS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: | HSBC |
Liverpool Corporate Centre |
9th Floor |
Royal Liver Building |
Pier Head |
Liverpool |
L3 1HU |
SOLICITORS: |
No.1 St. Paul's Square |
Liverpool |
L3 9SJ |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
GROUP STRATEGIC REPORT |
for the Year Ended 31 March 2019 |
The directors present their strategic report of the company and the group for the year ended 31 March 2019. |
REVIEW OF BUSINESS |
The group primarily operates as a builders and timber merchant throughout the North West of England, now employing |
in excess of 240 staff from eleven sites. |
Turnover increased to £35,488,300 during FY19, an increase of nearly 15% against the previous year. This, in spite of, |
the garden centre part of the business being demerged during May 2018 which obviously had a detrimental effect on |
turnover. |
Management expects activity to increase significantly during the next 12 months due to the acquisition of CSS (North |
West) Ltd and a new branch being opened in Swinton. CSS (North West) Ltd was "hived-up" into the company on the |
30th March 2019. Branch improvement projects are ongoing and these will continue to be made which will enhance the |
business further. In addition, a new Civils division is being developed which will enable us to compete in this market. |
The group also continues to seek out other opportunities to add to the branch network via selective acquisition or |
possibly another greenfield site. |
Stock holdings are continually assessed; holding has increased by c.8% during FY19. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is operating in a challenging market and there continues to be uncertainty surrounding Brexit which could |
hurt the building industry. Stock holding has continued to increase due to price increases and supply chain shortages; |
these have resulted in product being purchased in bulk to ensure continuation of supply. |
FINANCIAL RISK MANAGEMENT |
The group is exposed to financial risks that include the effects of interest rate rises and credit risk. The group has in |
place a risk management programme that seeks to limit any adverse effects on the financial performance of the business. |
The majority of debtors are insured via a credit insurance policy which effectively limits potential losses whilst also |
enabling the group to increase some limits. Levels of debt finance and the related financing costs are continually |
monitored. |
ON BEHALF OF THE BOARD: |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
REPORT OF THE DIRECTORS |
for the Year Ended 31 March 2019 |
The directors present their report with the financial statements of the company and the group for the year ended |
31 March 2019. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2019 will be £ 284,000 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors who have held office during the period from 1 April 2018 to the date of this report are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the |
directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. |
They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable |
steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as |
a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are |
aware of that information. |
AUDITORS |
The auditors, Fairhurst, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEESLEY & FILDES HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Beesley & Fildes Holdings Limited (the 'parent company') and its |
subsidiaries (the 'group') for the year ended 31 March 2019 which comprise the Consolidated Income Statement, |
Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of |
Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, |
Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that has been |
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom |
Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2019 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the group in accordance with the ethical requirements |
that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have |
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we |
have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the |
Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEESLEY & FILDES HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in |
the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the |
Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine necessary to enable the preparation of financial statements that are |
free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's |
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease |
operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONSOLIDATED INCOME STATEMENT |
for the Year Ended 31 March 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
TURNOVER | 35,488,346 | 30,856,404 |
Cost of sales | 28,232,558 | 24,451,524 |
GROSS PROFIT | 7,255,788 | 6,404,880 |
Distribution costs | 1,993,155 | 1,691,832 |
Administrative expenses | 3,736,448 | 3,398,826 |
5,729,603 | 5,090,658 |
1,526,185 | 1,314,222 |
Other operating income | 44,605 | 24,538 |
OPERATING PROFIT | 4 | 1,570,790 | 1,338,760 |
Profit/loss on sale of invest | 5 | 2,787,734 | - |
4,358,524 | 1,338,760 |
Interest receivable and similar income | 49 | - |
4,358,573 | 1,338,760 |
Amounts written off investments | 6 | 63,820 | - |
4,294,753 | 1,338,760 |
Interest payable and similar expenses | 7 | 161,388 | 177,108 |
PROFIT BEFORE TAXATION | 4,133,365 | 1,161,652 |
Tax on profit | 8 | 292,631 | 309,408 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,840,734 | 852,244 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 March 2019 |
2019 | 2018 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,840,734 | 852,244 |
OTHER COMPREHENSIVE INCOME |
Revaluation of Freehold Property | 1,809,291 | - |
Excess depreciation on revalued assets |
transferred to profit and loss reserve | 95,160 | 95,140 |
Excess depreciation on revalued assets |
transferred from revaluation reserve | (95,160 | ) | (95,140 | ) |
Realised gain on disposal of property |
transferred to profit and loss reserve | 936,751 | - |
Realised gain on disposal of property |
transferred from revaluation reserve | (936,751 | ) | - |
Income tax relating to components of other comprehensive income |
(77,384 |
) |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
1,731,907 |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,572,641 |
852,244 |
Total comprehensive income attributable to: |
Owners of the parent | 5,572,641 | 852,244 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 March 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 784,833 | 93,334 |
Tangible assets | 12 | 12,350,589 | 10,952,975 |
Investments | 13 | - | - |
13,135,422 | 11,046,309 |
CURRENT ASSETS |
Stocks | 14 | 5,116,313 | 4,746,823 |
Debtors | 15 | 9,306,237 | 2,742,772 |
Cash in hand | 7,695 | 12,417 |
14,430,245 | 7,502,012 |
CREDITORS |
Amounts falling due within one year | 16 | 7,954,842 | 6,749,505 |
NET CURRENT ASSETS | 6,475,403 | 752,507 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
19,610,825 |
11,798,816 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(5,857,528 |
) |
(3,399,833 |
) |
PROVISIONS FOR LIABILITIES | 21 | (243,150 | ) | (177,487 | ) |
NET ASSETS | 13,510,147 | 8,221,496 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 90 |
Revaluation reserve | 23 | 5,554,293 | 4,854,297 |
Retained earnings | 23 | 7,955,754 | 3,367,109 |
SHAREHOLDERS' FUNDS | 13,510,147 | 8,221,496 |
The financial statements were approved by the Board of Directors on 28 November 2019 and were signed on its behalf |
by: |
Mr J F Beesley - Director |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 March 2019 |
2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors on by: |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 March 2019 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2017 | 90 | 2,703,725 | 4,949,437 | 7,653,252 |
Changes in equity |
Dividends | - | (284,000 | ) | - | (284,000 | ) |
Total comprehensive income | - | 947,384 | (95,140 | ) | 852,244 |
Balance at 31 March 2018 | 90 | 3,367,109 | 4,854,297 | 8,221,496 |
Changes in equity |
Issue of share capital | 10 | - | - | 10 |
Dividends | - | (284,000 | ) | - | (284,000 | ) |
Total comprehensive income | - | 4,872,645 | 699,996 | 5,572,641 |
Balance at 31 March 2019 | 100 | 7,955,754 | 5,554,293 | 13,510,147 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 March 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Balance at 31 March 2018 |
Changes in equity |
Issue of share capital | - |
Balance at 31 March 2019 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Year Ended 31 March 2019 |
2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (3,221,827 | ) | 1,569,290 |
Interest paid | (131,865 | ) | (144,820 | ) |
Interest element of hire purchase payments paid |
(29,523 |
) |
(32,288 |
) |
Tax paid | (317,713 | ) | (296,868 | ) |
Net cash from operating activities | (3,700,928 | ) | 1,095,314 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (731,499 | ) | - |
Purchase of tangible fixed assets | (2,298,292 | ) | (759,731 | ) |
Sale of tangible fixed assets | 2,473,273 | 56,075 |
Profit on disposal of group undertaking | 2,787,734 | - |
Tax liabilities arising from acquisition | 102,704 | - |
Interest received | 49 | - |
Net cash from investing activities | 2,333,969 | (703,656 | ) |
Cash flows from financing activities |
New loans in year | 2,514,825 | - |
Loan repayments in year | (449,778 | ) | (1,943,604 | ) |
Capital repayments in year | (356,403 | ) | (41,780 | ) |
Amount introduced by directors | 284,000 | 284,000 |
Amount withdrawn by directors | (264,725 | ) | (469,474 | ) |
Share issue | 10 | - |
Equity dividends paid | (284,000 | ) | (284,000 | ) |
Net cash from financing activities | 1,443,929 | (2,454,858 | ) |
Increase/(decrease) in cash and cash equivalents | 76,970 | (2,063,200 | ) |
Cash and cash equivalents at beginning of year |
2 |
(1,161,030 |
) |
902,170 |
Cash and cash equivalents at end of year | 2 | (1,084,060 | ) | (1,161,030 | ) |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
for the Year Ended 31 March 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation | 4,133,365 | 1,161,652 |
Depreciation charges | 945,478 | 965,199 |
Loss on disposal of fixed assets | 46,666 | 12,405 |
Profit on disposal of investment | (2,787,734 | ) | - |
Amounts written off investment | 63,820 | - |
Finance costs | 161,388 | 177,108 |
Finance income | (49 | ) | - |
2,562,934 | 2,316,364 |
Increase in stocks | (369,490 | ) | (406,853 | ) |
Increase in trade and other debtors | (6,563,465 | ) | (294,078 | ) |
Increase/(decrease) in trade and other creditors | 1,148,194 | (46,143 | ) |
Cash generated from operations | (3,221,827 | ) | 1,569,290 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of |
these Statement of Financial Position amounts: |
Year ended 31 March 2019 |
31/3/19 | 1/4/18 |
£ | £ |
Cash and cash equivalents | 7,695 | 12,417 |
Bank overdrafts | (1,091,755 | ) | (1,173,447 | ) |
(1,084,060 | ) | (1,161,030 | ) |
Year ended 31 March 2018 |
31/3/18 | 1/4/17 |
£ | £ |
Cash and cash equivalents | 12,417 | 902,170 |
Bank overdrafts | (1,173,447 | ) | - |
(1,161,030 | ) | 902,170 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
Beesley & Fildes Holdings Limited is a |
The company's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable United Kingdom accounting |
standards, including Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the |
United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. |
The financial statements have been prepared on the historical cost basis except for the modification to a fair |
value basis for certain financial instruments as specified in the accounting policies below. |
Going concern |
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group |
has adequate resources to continue in operational existence and meet its debts for the foreseeable future not |
limited to a period of 12 months from the signing of these accounts. The group therefore continues to adopt the |
going concern basis in preparing the financial statements. |
Basis of consolidation |
On 25 September 2018 a group reconstruction was carried out and accounted for as a merger. |
The names of the combining entities were: |
Beesley & Fildes Holdings Ltd |
Beesley & Fildes Ltd |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The |
items in the financial statements where these judgements and estimates have been made include: |
Depreciation and residual values |
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and have |
concluded that the asset lives and residual values are appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of businesses in 2004, 2005 and 2008, is |
being amortised evenly over its estimated useful life of ten years. |
Goodwill purchased in 2016 is being amortised evenly over its useful economic life of five years. |
Goodwill purchased in 2019 is being amortised evenly over its useful economic life of five years. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value |
of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the |
shorter. |
Freehold property | - 4% on cost |
Plant and machinery | - 15% on reducing balance |
Fixtures and fittings | - 33% on cost and 20% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 33% on cost |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Financial instruments |
The following assets and liabilities are classed as financial instruments- trade debtors, related party loans, |
directors' loans, trade creditors and bank loans. |
Trade debtors are measured at transaction price, less any impairment. |
Directors' loans ( being repayable on demand) are measured at the undiscounted amount of the cash or other |
consideration expected to be paid or received. |
Trade creditors are measured at transaction price. |
Other loans including related party loans are initially measured at fair value and are measured subsequently at |
amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
Social security costs |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2019 | 2018 |
Administration | 16 | 17 |
Selling and distribution | 193 | 218 |
The average number of employees by undertakings that were proportionately consolidated during the year was |
NIL (2018 - NIL). |
2019 | 2018 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2019 | 2018 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
2019 | 2018 |
£ | £ |
Profit/loss on sale of invest |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2019 | 2018 |
£ | £ |
Amounts written off investment | 63,820 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank interest |
Bank loan interest |
Pension loan |
Hire purchase |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(Over) provision in prior years | - | (7,977 | ) |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Tax effects relating to effects of other comprehensive income |
2019 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of Freehold Property | (93,561 | ) | 1,715,730 |
Excess depreciation on revalued assets |
transferred to profit and loss reserve | - | 95,160 |
Excess depreciation on revalued assets |
transferred from revaluation reserve | ( |
) | 16,177 | (78,983 | ) |
Realised gain on disposal of property |
transferred to profit and loss reserve | - | 936,751 |
Realised gain on disposal of property |
transferred from revaluation reserve | ( |
) | - | (936,751 | ) |
1,809,291 | (77,384 | ) | 1,731,907 |
2018 |
Gross | Tax | Net |
£ | £ | £ |
Excess depreciation on revalued assets |
transferred to profit and loss reserve | - | 95,140 |
Excess depreciation on revalued assets |
transferred from revaluation reserve | ( |
) | - | (95,140 | ) |
- | - | - |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent |
company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of £1 each |
Interim |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2018 |
Additions |
Disposals | ( |
) |
At 31 March 2019 |
AMORTISATION |
At 1 April 2018 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2018 | 10,625,179 | 2,538,009 | 580,784 |
Additions | 1,758,216 | 549,162 | 49,465 |
Disposals | (2,882,030 | ) | (60,607 | ) | (133,165 | ) |
Revaluations | 208,711 | - | - |
Reclassification/transfer | 267,284 | - | (267,284 | ) |
At 31 March 2019 | 9,977,360 | 3,026,564 | 229,800 |
DEPRECIATION |
At 1 April 2018 | 1,559,770 | 1,617,900 | 304,815 |
Charge for year | 347,903 | 159,117 | 63,049 |
Eliminated on disposal | (436,795 | ) | (49,715 | ) | (75,204 | ) |
Revaluation adjustments | (1,600,581 | ) | - | - |
Reclassification/transfer | 136,176 | - | (136,176 | ) |
At 31 March 2019 | 6,473 | 1,727,302 | 156,484 |
NET BOOK VALUE |
At 31 March 2019 | 9,970,887 | 1,299,262 | 73,316 |
At 31 March 2018 | 9,065,409 | 920,109 | 275,969 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2018 | 2,086,911 | 33,288 | 15,864,171 |
Additions | 564,322 | 13,099 | 2,934,264 |
Disposals | (12,233 | ) | - | (3,088,035 | ) |
Revaluations | - | - | 208,711 |
At 31 March 2019 | 2,639,000 | 46,387 | 15,919,111 |
DEPRECIATION |
At 1 April 2018 | 1,406,428 | 22,283 | 4,911,196 |
Charge for year | 247,719 | 8,215 | 826,003 |
Eliminated on disposal | (6,382 | ) | - | (568,096 | ) |
Revaluation adjustments | - | - | (1,600,581 | ) |
Reclassification/transfer | - | - | - |
At 31 March 2019 | 1,647,765 | 30,498 | 3,568,522 |
NET BOOK VALUE |
At 31 March 2019 | 991,235 | 15,889 | 12,350,589 |
At 31 March 2018 | 680,483 | 11,005 | 10,952,975 |
Freehold property is subject to a mortgage as security for the bank loans and overdraft. |
Cost or valuation at 31 March 2019 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2019 | 263,050 | - | - |
Cost | 9,714,310 | 3,026,564 | 229,800 |
9,977,360 | 3,026,564 | 229,800 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2019 | - | - | 263,050 |
Cost | 2,639,000 | 46,387 | 15,656,061 |
2,639,000 | 46,387 | 15,919,111 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold property had not been revalued it would have been included at the following historical cost: |
2019 | 2018 |
£ | £ |
Cost | 7,417,951 | 8,246,672 |
Aggregate depreciation | 3,384,877 | 4,040,083 |
Freehold property was valued on open market value basis on 29 October 2018 by Mason Owen, Property |
Consultants . |
The net book value of tangible fixed assets includes £ 1,016,686 (2018 - £ 824,058 ) in respect of assets held |
under hire purchase contracts. |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
14. | STOCKS |
Group |
2019 | 2018 |
£ | £ |
Stocks | 5,116,313 | 4,746,823 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2019 | 2018 |
£ | £ |
Trade debtors | 3,691,101 | 2,433,908 |
Other debtors | 5,380,945 | 1,729 |
Prepayments | 234,191 | 307,135 |
9,306,237 | 2,742,772 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 18) | 1,172,041 | 1,477,553 |
Hire purchase contracts (see note 19) | 365,537 | 254,794 |
Trade creditors | 4,554,787 | 3,354,735 |
Tax | 386,616 | 317,713 |
Social security and other taxes | 142,179 | 125,953 |
VAT | 341,413 | 396,000 |
Other creditors | 126,850 | 28,438 |
Directors' loan accounts | 121,927 | 102,652 |
Accrued expenses | 743,492 | 691,667 |
7,954,842 | 6,749,505 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2019 | 2018 |
£ | £ |
Bank loans (see note 18) | 5,419,715 | 3,130,846 |
Hire purchase contracts (see note 19) | 437,813 | 268,987 |
5,857,528 | 3,399,833 |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on |
demand: |
Bank overdrafts | 1,091,755 | 1,173,447 |
Bank loans | 80,286 | 204,106 |
Pension loan | - | 100,000 |
1,172,041 | 1,477,553 |
Amounts falling due between one and two |
years: |
Bank loans - 1-2 years | 481,715 | 209,790 |
Pension loan | - | 100,000 |
481,715 | 309,790 |
Amounts falling due between two and five |
years: |
Bank loans - 2-5 years | 1,445,145 | 2,721,056 |
Pension loan | - | 100,000 |
1,445,145 | 2,821,056 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,492,855 | - |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Gross obligations repayable: |
Within one year | 393,363 | 274,883 |
Between one and five years | 477,315 | 292,399 |
870,678 | 567,282 |
Finance charges repayable: |
Within one year | 27,826 | 20,089 |
Between one and five years | 39,502 | 23,412 |
67,328 | 43,501 |
Net obligations repayable: |
Within one year | 365,537 | 254,794 |
Between one and five years | 437,813 | 268,987 |
803,350 | 523,781 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2019 | 2018 |
£ | £ |
Bank overdrafts | 1,091,755 | 1,173,447 |
Bank loans | 5,500,001 | 3,434,952 |
Hire purchase contracts | 803,350 | 523,781 |
7,395,106 | 5,132,180 |
The bank loans and overdraft are secured by a debenture over the assets of the group and first legal charges over |
the freehold properties of the group. |
The bank loan is repayable in instalments and is subject to interest at 2.25% over base. |
The pension loan is repayable by instalments and is subject to interest at 3%. |
The hire purchase and finance lease contracts are secured on the assets concerned and are repayable by |
instalments in between one and five years. |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2019 | 2018 |
£ | £ |
Deferred tax |
Other timing differences | 77,384 | - |
Deferred tax | 165,766 | 177,487 |
243,150 | 177,487 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2018 | 177,487 |
Credit to Income Statement during year | (11,721 | ) |
Charge to Revaluation Reserve |
during year | 77,384 |
Balance at 31 March 2019 | 243,150 |
During the year under review the group hived up the assets and liabilities of a wholly owned subsidiary. |
The deferred tax attributable to the subsidiary undertaking has been written off to the profit and loss account. |
This amounted to £13,399, making the overall credit to the Statement of Comprehensive Income £25,120. |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 80 | 80 |
A Ordinary | £1 | 10 | 10 |
B Ordinary | £1 | 10 | - |
100 | 90 |
The following shares were allotted and fully paid for cash at par during the year: |
The shares were issued as fully paid in exchange for the shares held in Beesley & Fildes Ltd. |
BEESLEY & FILDES HOLDINGS LIMITED (REGISTERED NUMBER: 11322960) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2019 |
23. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2018 | 3,367,109 | 4,854,297 | 8,221,406 |
Profit for the year | 3,840,734 | 3,840,734 |
Dividends | (284,000 | ) | (284,000 | ) |
Transfer of excess |
depreciation as a result of |
revaluation | 95,160 | (95,160 | ) | - |
Revaluation in year | - | 1,809,291 | 1,809,291 |
Realisation of property |
revaluation gains | 936,751 | (936,751 | ) | - |
Deferred tax | - | (77,384 | ) | (77,384 | ) |
At 31 March 2019 | 7,955,754 | 5,554,293 | 13,510,047 |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 March 2019 |
24. | POST BALANCE SHEET EVENTS |
In April 2019 the directors voted a final dividend for the financial year ending 31 March 2019 amounting to |
£284,000 in aggregate. |
25. | ULTIMATE CONTROLLING PARTY |
By virtue of their shareholdings, JF Beesley and P Beesley control the company. |