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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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PAUL MURRAY PLC |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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FOR |
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PAUL MURRAY PLC |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 5 |
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Report of the Independent Auditors | 7 |
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Statement of Comprehensive Income | 9 |
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Statement of Financial Position | 10 |
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Statement of Changes in Equity | 11 |
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Statement of Cash Flows | 12 |
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Notes to the Statement of Cash Flows | 13 |
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Notes to the Financial Statements | 14 |
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PAUL MURRAY PLC |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The principal activity of the company continued to be that of a supplier of brands of health, beauty and nursery |
products to the retail trade in the United Kingdom and Ireland. |
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In the year, the company achieved sales of £18,263,319 (2018: £17,011,771) an increase of 7.4% on the |
previous year. The total sales including agency sales were £32,591,016 (2018: £26,544,809) an increase of |
22.8%. During 2019 the company entered into a second agency agreement which led to the majority of the |
increase in both turnover and in sales including agency sales. It is anticipated that sales in 2020 will continue |
to increase as the second agency agreement is fully embedded into the company's operations with a |
complete year's sales. |
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The directors continue to adopt a going concern basis in preparing the financial statements. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The directors will continue to seek to expand the company's product range and customer base to ensure the |
company remains in a strong position to capitalise on its investment in the business operational framework, to |
take advantage of market improvements and to withstand any external economic pressures. The |
consequence of Great Britain leaving the European Union on the company's performance is still uncertain but |
the directors have already made suitable plans to deal with the possible implications and do not expect there |
to be a deleterious impact on the company. These plans will be updated as the situation becomes more |
certain. |
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The directors consider the company to be critical to the Covid-19 response as a distributor of health products, |
including personal protective equipment (PPE), and the business has been operational throughout the crisis. |
The range of products sold through this period has inevitably been skewed towards PPE and Covid related |
lines, but overall results have not been significantly affected by Covid-19. |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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SECTION 172(1) STATEMENT |
The directors of the company, as those of all UK companies, must act in accordance with a set of general |
duties. These duties are set out in section 172 of the Companies Act 2006 and can be summarised as |
follows: |
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A director of a company must act in the way they consider, in good faith, would be most likely to promote the |
success of the company for the benefit of its members as a whole, and in doing so have regard (amongst |
other matters) to: |
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- The likely consequences of any decision in the long term |
- The interests of the company's employees |
- The need to foster the company's business relationships with suppliers, customers and others |
- The impact of the company's operations on the community and the environment |
- The desirability of the company maintaining a reputation for high standards of business conduct, and |
- The need to act fairly as between members of the company. |
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A new director is briefed on their duties and can access professional advice on these -either through the |
company or, if they deem it appropriate, through professional advisers. |
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The company is committed to be a responsible business and our behaviour is aligned with the expectations of |
our stakeholders, which include our employees, customers, suppliers, local community and our shareholders. |
In addition to monthly board meetings, the directors attend off site days annually or whenever the business |
need arises to discuss the business and its future considering the needs of all of its stakeholders. During |
2020 to date, the directors have met regularly throughout the Covid 19 crisis to ensure they fully consider its |
impact on its business and stakeholders and take appropriate decisions. Employee safety has been the |
company's main concern throughout the crisis. |
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The directors are committed to supply chain security and, during 2019, were awarded Authorised Economic |
Operator status by HM Customs and Excise and granted membership of the global Transported Asset |
Protection Association (TAPA). This has clear benefits for our employees, suppliers and customers in |
demonstrating the company operates a safe working environment with full traceability of all goods. The |
company's premises are situated near to local housing and the directors take seriously its responsibility to the |
local community, including a Design Out Crime agreement with Hampshire Constabulary covering site |
security and build design. The company has a Lorry Routing Management Plan to reduce congestion and its |
impact on the local road system. In view of its location near to Southampton Airport, it has a Bird Hazard |
Management Plan agreed with the Civil Aviation Authority to preserve public health and public safety. |
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With respect to local employment, the company has agreements with Hampshire County Council Solent Jobs |
Programme and The Rainbow Project whereby it works with the local authorities to bring people who have |
been out of work long term, or who are disadvantaged or vulnerable, into permanent employment. |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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KEY PERFORMANCE INDICATORS |
The key financial highlights of the company's activities are: |
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2019 | 2018 | 2017 | 2016 | 2015 |
£ | £ | £ | £ | £ |
Turnover reported in the financial
statements |
18,263,319 | 17,011,771 | 15,906,388 | 14,365,694 | 13,990,324 |
Turnover including agency sales |
32,591,016 | 26,544,809 | 23,032,958 | 21,463,518 | 18,437,451 |
Gross profit margin | 39.4% | 38.8% | 36.5% | 39.1% | 38.5% |
Profit before tax |
1,390,242 |
1,261,881 |
987,844 |
1,139,705 |
1,147,089 |
OTHER PERFORMANCE INDICATORS |
The company's ongoing strategies are to improve turnover and to protect and increase its share of the market |
whilst protecting margins. The directors consider that they have achieved this in 2019 and expect that the |
company will continue to grow in 2020 and future years. |
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FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors and |
trade debtors. The main purpose of these instruments is to raise funds for, and finance, the company's |
operations. |
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Due to the nature of the financial instruments used by the company there is no exposure to price risk. The |
company's approach to managing other risks, applicable to the financial statements concerned, is shown |
below: |
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In respect of bank balances the liquidity risk is managed by maintaining a balance between long term loans |
and the use of overdrafts at floating rates of interest. |
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Trade debtors are managed, in respect of credit and cash flow risk, by policies concerning the credit offered |
to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
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Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
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POLICY ON THE PAYMENT OF CREDITORS |
Payment is generally made by the company to its creditors in accordance with agreed terms of business. It is |
the policy of the company that all invoices issued by suppliers are paid within 30 days following the end of the |
month in which the invoices are received. In the case of certain overseas suppliers, the terms of business |
with the company are such that payments may be made at an earlier time. The total amount of trade creditors |
as at 31 December 2019 represents 15 days (2018: 26 days) as a proportion of the amount invoiced by |
suppliers during the year ended on that date. |
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ON BEHALF OF THE BOARD: |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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DIVIDENDS |
During the year dividends of £911,663 (2018: £1,019,823) were paid by the company. |
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FUTURE DEVELOPMENTS |
The company has had marked success over the last few years in distributing UK branded goods to its |
customers. It is expected that there will be further developments in 2020. Turnover increased significantly in |
2019. The company continues to increase the distribution of its own brands, which contribute significantly to |
the company's profitability, and to developing own label brands with customers. |
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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. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date of |
this report. |
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DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with the Companies Act 2006, s414C(11), information in respect of business activities and risk |
are shown within the Strategic Report. |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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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), 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Rothmans Audit LLP, will be proposed for appointment at the forthcoming Annual General |
Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PAUL MURRAY PLC |
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Opinion |
We have audited the financial statements of Paul Murray Plc (the 'company') for the year ended |
31 December 2019 which comprise the Statement of Comprehensive Income, Statement of Financial |
Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial statements |
in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and |
appropriate to provide a basis for our opinion. |
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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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company'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. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the |
Strategic Report and the Report of the Directors, but does not include the financial statements and our Report |
of the Auditors thereon. |
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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. |
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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. |
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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: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which
the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PAUL MURRAY PLC |
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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 Report of the Directors. |
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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: |
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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. |
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Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on pages five and six, 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. |
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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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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. |
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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. |
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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. |
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for and on behalf of
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Chartered Accountants & Statutory Auditors |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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5,787,840 | 5,411,633 |
1,402,471 | 1,189,058 |
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Other operating income |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income | 7 |
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1,407,330 | 1,269,861 |
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Interest payable and similar expenses | 8 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 9 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
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CURRENT ASSETS |
Stocks | 12 |
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Debtors | 13 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 19 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 20 |
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Retained earnings | 21 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
and were signed on its behalf by: |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2019 |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Loans to related companies | (3,300 | ) | (11,019 | ) |
Loans repaid by related companies | - | 380,000 |
Loans to related companies w/off in year |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at
beginning of year |
2 |
2,118 |
(528,454 |
) |
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Cash and cash equivalents at end of
year |
2 |
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PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. |
RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS |
2019 | 2018 |
£ | £ |
Profit for the financial year |
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Depreciation charges |
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(Profit)/loss on disposal of fixed assets | ( |
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Finance costs | 17,088 | 7,980 |
Finance income | (1,088 | ) | (13,731 | ) |
Taxation |
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1,540,894 | 1,418,751 |
Decrease/(increase) in stocks |
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( |
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Increase in trade and other debtors | ( |
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Increase in trade and other creditors |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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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: |
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Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 1,444,977 | 611,619 |
Bank overdrafts | ( |
) | ( |
) |
94,025 | 2,118 |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 611,619 | 122,845 |
Bank overdrafts | ( |
) | ( |
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2,118 | (528,454 | ) |
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3. | ANALYSIS OF CHANGES IN NET FUNDS |
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At 1.1.19 | Cash flow | At 31.12.19 |
£ | £ | £ |
Net cash |
Cash at bank | 611,619 | 833,358 | 1,444,977 |
Bank overdrafts | (609,501 | ) | (741,451 | ) | (1,350,952 | ) |
2,118 |
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94,025 |
Total | 2,118 | 91,907 | 94,025 |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Paul Murray Plc is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared in accordance with FRS102 "The Financial Reporting |
Standard applicable to the UK and Republic of Ireland" ("FRS102") and the requirements of the |
Companies Act 2006 and under the historical cost convention and in accordance with applicable |
accounting standards. |
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Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. Thus |
the directors continue to adopt the going concern basis of accounting in preparing the financial |
statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
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The accounting policies requiring the most judgement within the financial statements are those relating |
to stock valuation and accounting for sales and purchases under agency agreements. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only |
that period, or in the period of revision and future periods where the revision affects both the current |
and future periods. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for sale of goods |
and services to external customers for the sale of non-pharmaceutical products, surgical goods, |
cosmetics, fragrances, and toiletries in the ordinary nature of the business. The fair value of |
consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover |
is shown net of Value Added Tax. |
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In 2014 the company entered into an agreement with a supplier to act as their agent in the supply of |
their goods. Commission is receivable in respect of sales made under agency agreements and is |
recognised within turnover shown in the profit and loss account. Revenue is recognised at the point of |
dispatch of the product. |
|
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of |
the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be |
measured reliably, it is probable that the economic benefits associated with the transaction will flow to |
the entity and the costs incurred or to be incurred in respect of the transaction can be measured |
reliably. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of |
depreciation and any impairment losses. |
|
Tangible fixed assets are stated at cost, being purchase price together with any incidental costs of |
acquisition, less accumulated depreciation. Depreciation is calculated so as to write off the cost or |
revaluation of an asset, net of anticipated disposal proceeds, over the useful economic life of that |
asset as follows: |
|
Tenants improvements | straight line over 15 years |
Fixtures and fittings | 25% reducing balance and straight line over 3 or 15 years |
Equipment | 25% straight line |
Motor vehicles | 25% reducing balance |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
|
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible |
assets to determine whether there is any indication that those assets have suffered an impairment |
loss. If any such indication exists, the recoverable amount of the asset is estimated in order to |
determine the extent of the impairment loss (if any). Where it is not possible to estimate the |
recoverable amount of an individual asset, the company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
|
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate |
that reflects current market assessments of the time value of money and the risks specific to the asset |
for which the estimates of future cash flows have not been adjusted. |
|
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is |
carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
|
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset |
(or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at |
a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation |
increase. Impairment losses relating to fixed assets are recognised within administrative expenses in |
the statement of comprehensive income. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost is determined using the weighted |
average cost basis and provision is made for obsolete and slow moving items. |
|
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of |
stocks over its estimated selling price less costs to complete and sell is recognised as an impairment |
loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
|
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term |
liquid investments with original maturities of three months or less, and bank overdrafts. Bank |
overdrafts are shown within borrowings in current liabilities. |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised when the company becomes party to the contractual provisions |
of the instrument. |
|
Financial assets and liabilities are offset, with the net amount presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention to |
settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are |
initially measured at transaction price including transaction costs and are subsequently carried at |
amortised cost using the effective interest method unless the arrangement constitutes a financing |
transaction, where the financial asset is measured at the present value of the future receipts |
discounted at a market rate of interest. |
|
Other financial assets |
Other financial assets, including trade investments, are initially measured at fair value, which is |
normally the transaction price. Such assets are subsequently carried at fair value and the changes in |
fair value are recognised in profit or loss, except that investments in equity instruments that are not |
publically traded and whose fair values cannot be measured reliably are measured at cost less |
impairment. |
|
Trade debtors, loans and other receivables that have fixed or determinable payments that are not |
quoted in an active market are classified as 'loans and receivables'. Loans and receivables are |
measured at amortised cost using the effective interest method, less any impairment. |
|
Interest is recognised by applying the effective interest rate, except for short-term receivables when the |
recognition of interest would be immaterial. The effective interest method is a method of calculating the |
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The |
effective interest rate is the rate that exactly discounts estimated future cash receipts through the |
expected life of the debt instrument to the net carrying amount on initial recognition. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators |
of impairment at each reporting end date. |
|
Financial assets are impaired where there is objective evidence that, as a result of one or more events |
that occurred after the initial recognition of the financial asset, the estimated future cash flows have |
been affected. If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective |
interest rate. The impairment loss is recognised in profit or loss. |
|
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or when it transfers the financial asset and substantially all the risks and rewards |
of ownership to another entity, or if some significant risks and rewards of ownership are retained but |
control of the asset has transferred to another party that is able to sell the asset in its entirety to an |
unrelated third party. |
|
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
|
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank borrowings, loans from fellow group |
companies and preference shares that are classified as debt, are initially recognised at transaction |
price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless |
hedge accounting is applied and the hedge is a cash flow hedge. |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's contractual obligations are |
discharged, cancelled, or they expire. |
|
Equity Instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue |
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at |
the discretion of the company. |
|
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
|
Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
|
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are |
offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends |
either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
|
Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive |
income because it excludes items of income or expense that are taxable or deductible in other periods. |
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively |
enacted by the reporting period. |
|
Deferred tax |
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. |
Timing differences are differences between taxable profits and total comprehensive income that arise |
from the inclusion of income and expenses in tax assessment in different periods from their |
recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable |
profits. |
|
Foreign currencies |
Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of |
the transaction. All differences are taken to the profit and loss account. |
|
Hire purchase and leasing commitments |
Rentals payable under operating leases, including any lease incentives received, are charged to |
income on a straight line basis over the term of the relevant lease except where another more |
systematic basis is more representative of the time pattern in which economic benefits from the lease |
asset are consumed. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme and the pension charge represents the |
amounts payable by the company to the fund in respect of the year in accordance with the rules of the |
fund. The assets of the scheme are held separately from these of the company in an independently |
administered fund. |
|
Employee benefits |
The costs of employee benefits are recognised as a liability and an expense, unless those costs are |
required to be recognised as part of the cost of stock or fixed assets. |
|
The cost of any unused holiday entitlement is recognised in the period in which the employee's |
services are received. |
|
Termination benefits are recognised immediately as an expense when the company is demonstrably |
committed to terminate the employment of an employee or to provide termination benefits. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
3. | TURNOVER |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by class of business is given below: |
|
2019 | 2018 |
£ | £ |
|
|
|
|
|
|
|
|
|
An analysis of turnover by geographical market is given below: |
|
2019 | 2018 |
£ | £ |
United Kingdom |
|
|
Europe |
|
|
Rest of the World | 64,089 | 31,861 |
|
|
|
4. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2019 | 2018 |
|
Operations | 52 | 58 |
Administrative | 26 | 12 |
Directors | 10 | 9 |
|
|
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
4. | EMPLOYEES AND DIRECTORS - continued |
|
2019 | 2018 |
£ | £ |
Directors' remuneration for qualifying services | 721,566 | 747,420 |
Directors' pension contributions to money purchase schemes | 21,270 | 20,491 |
|
The number of directors to whom retirement benefits were accruing was as follows: |
2019 | 2018 |
|
Money purchase schemes | 6 | 6 |
|
Information regarding the highest paid director is as follows: |
2019 | 2018 |
£ | £ |
Director's remuneration for qualifying services | 141,878 | 150,010 |
Director's pension contributions to money purchase schemes | 6,073 | 6,075 |
|
5. | OPERATING PROFIT |
|
The operating profit is stated after charging/(crediting): |
|
2019 | 2018 |
£ | £ |
Other operating leases |
|
|
Depreciation - owned assets |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
Goodwill amortisation |
|
|
Foreign exchange differences | ( |
) | ( |
) |
Cost of stocks recognised as an expense |
|
|
Vehicle leasing |
|
|
|
6. | AUDITORS' REMUNERATION |
2019 | 2018 |
£ | £ |
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements |
|
21,167 |
Auditors' remuneration for non audit work |
|
|
|
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2019 | 2018 |
£ | £ |
Other interest income |
|
|
|
All interest receivable relates to financial assets measured at amortised cost. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank loan interest |
|
|
|
All interest payable relates to bank loans and overdrafts, which are financial liabilities measured at |
amortised cost. |
|
9. | 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 |
|
|
|
Deferred tax |
|
|
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% (2018 - 19%). |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The |
difference is explained below: |
|
2019 | 2018 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Utilisation of Group Losses | (15,465 | ) | (17,814 | ) |
Total tax charge | 252,419 | 230,397 |
|
10. | DIVIDENDS |
|
During the year dividends of £911,663 (2018: £1,019,823) were paid by the company. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
11. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2019 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2019 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2019 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2019 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2019 |
|
|
|
|
|
At 31 December 2018 |
|
|
|
|
|
|
12. | STOCKS |
2019 | 2018 |
£ | £ |
Finished goods |
|
|
|
The total value of stock written off in the year is £20,420 (2018: £48,834). |
|
There is no material difference between the replacement cost of stocks and the amounts stated above. |
|
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
The total value of debtors written off in the year is £5,658 (2018: £32,005). |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 15) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
VAT | 277,157 | 233,701 |
Accruals and deferred income |
|
|
|
|
|
15. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
16. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
17. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank overdrafts |
|
|
|
The bank overdrafts of Paul Murray PLC and its parent company, Metro Gold Limited, are secured by |
a cross-guarantee and debenture provided jointly by Paul Murray PLC and Metro Gold Limited which |
includes a fixed and floating charge over all of the assets of each company. As at 31 December 2019 |
Metro Gold Limited had no secured debts in respect of this guarantee. |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
18. | FINANCIAL INSTRUMENTS |
|
The financial statements include the following financial instruments: |
|
Financial Assets measured at amortised cost |
2019 | 2018 |
£ | £ |
Trade Debtors | 2,860,734 | 2,674,457 |
Cash at Bank & Hand | 1,444,977 | 611,619 |
Loans to Group Undertakings | 34,240 | 31,300 |
4,339,951 | 3,317,376 |
|
Financial Liabilities measured at amortised cost |
2019 | 2018 |
£ | £ |
Bank Loans and Overdrafts | 1,350,952 | 609,501 |
Trade Creditors | 1,793,683 | 1,780,859 |
3,144,635 | 2,390,360 |
|
|
19. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 59,640 | 21,436 |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 |
|
Provided during year |
|
Balance at 31 December 2019 |
|
|
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do |
so. The following is the analysis of the deferred tax balances (including offsets) for financial reporting |
purposes. |
|
2019 | 2018 |
£ | £ |
Accelerated capital allowances | 71,080 | 38,272 |
Short-term timing differences | (11,440 | ) | (16,836 | ) |
59,640 | 21,436 |
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
20. | CALLED UP SHARE CAPITAL |
|
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary A | £1 | 90,000 | 90,000 |
|
Ordinary B | £1 | 10,000 | 10,000 |
100,000 | 100,000 |
|
Each share is entitled to one vote in any circumstance. All classes of shares rank equally on a winding |
up of the company. Dividends on each class of share are voted separately. If any share of the A or B |
class is sold or ownership transferred, the share becomes a C ordinary share. |
|
21. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2019 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2019 |
|
|
22. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme for all qualifying employees. The assets |
of the scheme are held separately from those of the company in an independently administered fund. |
|
The charge to profit or loss in respect of defined contribution schemes was £97,951 (2018: £88,396). |
|
Contributions of £2,638 (2018: £15,411) were outstanding at the year end and are included within |
accruals. |
|
23. | ULTIMATE PARENT COMPANY |
|
Metro Gold Limited is regarded by the directors as being the company's ultimate parent company. |
|
Metro Gold Limited is the parent of the largest and smallest group for which group accounts are drawn |
up and of which the company is a member. Copies of the Group accounts can be obtained from Paul |
Murray PLC, Wide Lane, Southampton, England, SO18 2FA. |
|
24. | RELATED PARTY DISCLOSURES |
|
|
2019 | 2018 |
£ | £ |
Amount due from Metro Gold Limited |
|
|
PAUL MURRAY PLC (REGISTERED NUMBER: 01172728) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
|
|
Metro Gold Limited is the parent company of Paul Murray PLC During the year Paul Murray PLC advanced £3,300 to Metro Gold Limited. The outstanding balance at the year end was £33,765 (2018: £30,465) and is included in amounts owed by group undertakings. This loan is interest free and repayable on demand. |
|
During the year dividends totalling £911,663 (2018: £1,019,823) were paid to Metro Gold Limited. |
|
|
2019 | 2018 |
£ | £ |
Amount due from Newbarn Compton Limited |
|
|
Amount due from Miner's International Limited |
|
|
Recognised bad or doubtful debts due from related parties |
|
|
|
Newbarn Compton Limited holds 10% of the issued share capital in Paul Murray PLC The outstanding loan balance at the year end was £475 (2018: £475) and is included in amounts owed by group undertakings. This balance is interest free and repayable on demand. |
|
Miner's International Limited is a Group company under common control. Miner's International Limited was dissolved on 12 February 2019 and the amount due to Paul Murray PLC at that time of £360 was written off.The outstanding balance at the year end was £Nil (2018: £360). |
|
The remuneration of key management personnel, who are also directors, is as follows: |
|
|
2019 | 2018 |
£ | £ |
|
Aggregate compensation | 812,146 | 836,340 |
|
25. | POST BALANCE SHEET EVENTS |
|
Since the year-end the company has declared dividends of £300,366 |
|
26. | ULTIMATE CONTROLLING PARTY |
|
The company is ultimately controlled by
M J Murray, C A Eastwood and G L Robertson
, directors of the
company, by virtue of their majority shareholdings in the parent company, Metro Go ld Limited. |