FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
COMPANY INFORMATION
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BURTS SNACKS LIMITED
CONTENTS
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BURTS SNACKS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
2021 was a year of both opportunity and challenge for Burts Snacks. The impact of Covid lockdowns affected the first quarter as out of home channels only gradually re-opened. Later in the year we felt the impact of national shortages of skilled labour as well as the rising Covid cases through the autumn. The well-publicized issues around HGV driver availability had some impact on our logistics partners towards the end of the year resulting in some short-term impacts on our service levels. Towards the end of the year, as global demand bounced back following the pandemic, we began to see the impact of inflationary pressure across the wider economy.
Despite this, we saw sales increase from £57.3m in 2020 to £68.0m in 2021 – a rise of 19%. The result, before tax, went from a loss of £1.8m in 2020 to a profit of £1.2m in 2021 while EBITDA increased from £2.7m to £5.2m in the same period. The improvement in profitability was delivered across all segments of the business. Our branded sales recovered to beyond pre-pandemic levels and new national listings have already started to transform this area of the business. This has been the main driver of our improved performance. Our core private label contracts continued to grow strongly and benefitted from the market shift away from out of home to in-home snacking through the pandemic. We also launched a number of major new projects for our co-manufacturing partners. The business has successfully negotiated the challenges presented by Brexit and the pandemic and is now well positioned to move to the next stage of growth.
Continuity of supply of raw materials is key to achieving our service and quality objectives. Wherever possible we forward contract key ingredients such as potatoes, corn and oils and we work with our supplier base to source materials and services as locally as possible. We also maintain a flexible supply base across the UK, EU and USA to mitigate any risk associated to supply disruption.
The conflict in central Europe will affect food supply chains across the globe and we are working actively with our supplier base to ensure that we maintain continuity of supply of product. Exchange risk is managed, as far as possible, through a natural hedge which matches revenues with outgoings in foreign currencies. Where this is not possible, we consider taking forward positions as appropriate. The risk of bad debts is always present but our rigorous credit control procedures have historically minimized our exposure in this area. Our improving operational performance, combined with the continued support of our shareholders, have negated any risks around going concern.
We continue to focus on headline revenues, traded gross margin, EBITDA and net profit as our primary financial KPIs.
We monitor a number of KPIs around safety, quality, service, output, labour efficiency and waste on a daily, weekly and monthly basis against industry-standard benchmarks.
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BURTS SNACKS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors recognise their duty to act in ways that they consider to be most likely to promote the success of the company for the benefit of its staff and wider stakeholder group.
Our successful “Do It Right” forum continues to ensure that staff are fully engaged with the business. Throughout the year there has continued to be direct contact between board members and senior staff at our major customers and suppliers. We also ensure that our other service providers, such as providers of finance and accountants, are kept fully informed of developments within the business at all times. We work with a number of our suppliers to ensure that waste to landfill is kept to zero and we continue to identify and implement energy saving initiatives. Maintaining our SEDEX compliance has also demonstrated our commitment to ensuring the highest levels of ethical business conduct. We recognize that discrimination is unacceptable and although equality of opportunity has been a long-standing feature of our employment practices and procedure, we have made the decision to adopt a formal equal opportunities policy. Breaches of the policy will lead to disciplinary proceedings and, if appropriate, disciplinary action. The aim of the policy is to ensure no job applicant, employee or worker is discriminated against either directly or indirectly on the grounds of age, disability, gender reassignment, marriage and civil partnership, pregnancy or maternity, race, religion or belief, sex or sexual orientation.
This report was approved by the board
and signed on its behalf.
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BURTS SNACKS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The profit for the year, after taxation, amounted to £
1,151,420
(2020:
loss
£
1,777,955
)
.
No dividend is recommended.
The directors who served during the year were:
As the business returns to a strong and sustained level of profitability, we are able to focus on opportunities to develop new products and markets.
We have undertaken a complete re-branding exercise on our Burts brand with significant investment in upgrading packaging and design and we are confident that this will transform the performance of this part of our business in the years to come. By continuing to leverage our strengths in the development of new products we are also able to exploit opportunities not only on brand but also in the own label and co-manufacturing segments of our business where we continue to win and build partnerships. As ever, the snacking market is highly competitive but our focus on quality, service and innovation will ensure that we continue to capitalize on opportunities and meet any business challenges.
With 356 staff members across the two manufacturing sites, we recognize that staff engagement is critical to our continued success. Our most recent survey showed high engagement scores which reflects an engaged and motivated team aligned to our overall vision. We achieve this through programmes of training and development as well as regular employee communication forums. Our “Do It Right” forum continues to ensure that staff feel able to raise ideas and concerns directly with senior management.
We are committed to following best practice based on equal opportunities for employees regardless of race, colour, disability, marital status or sex. The company has a strong focus on health and safety. Training is given to staff either face to face or via the company’s web-based training portal. Accidents and near misses are reported and reviewed on a daily basis and the safety committee meets each month to review progress and agree improvement initiatives. Our comprehensive budgeting and reporting processes ensure that finance providers and other key stakeholders remain informed of our progress. We hold regular board meetings and maintain a constant dialogue with our shareholders. This allows us to take decisions rapidly and react to change.
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BURTS SNACKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
We continue to maintain close relationships with our customers and suppliers, not only on a day-to-day basis, but also through the requirements of our quality management systems and regular audits. Decisions are taken with due consideration to our various stakeholders.
We are always striving to be recognized as a force for good in our industry and in the communities in which we operate.
The business continues to operate a zero to landfill policy with all waste products either being recycled or converted to clean energy. Through 2021 we have implemented a number of specific projects around sustainability:
∙
Review of the specification and usage of cleaning chemicals
∙
Continued investment in energy efficient lighting systems
∙
Reducing water usage by fitting flow control systems to equipment
∙
Increasing the number of electric vehicles in the fleet
∙
Continued reduction in packaging and optimizing trailer loading
We have also run a training programme around carbon literacy for all members of staff. The continuing increases in the cost of energy will also encourage us to develop new initiatives to reduce cost and deliver benefit to our bottom line
The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 introduced the requirement for annual energy and carbon reporting. This is the second year of reporting. The tables below provide a summary of the data relating to energy use, associated greenhouse emissions and intensity ratios collated for the years ended 31 December 2021 and 31 December 2020.
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BURTS SNACKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Methodology
Greenhouse gas emissions are reported in gross tonnes CO2e in line with the requirements set out in the UK Government’s Environmental Reporting Guidelines (March 2019 version) and use the UK Government GHG (Green House Gas) Conversion Factors for Company Reporting (2020 version 1.0). The operational control approach for the company’s (UK) vehicle activities has been applied and is guided by the GHG Protocol – Corporate Standard (revised edition). No energy is consumed outside of the United Kingdom. Electricity and gas consumption for the reference period has been determined from AMR and manually read sub metering. Emissions from electricity are location based, report grid purchased electricity (Scope 2) and include transmission losses (Scope 3). Vehicle data is included, the company does not own vehicles but has operating leases and therefore reports the emissions under Scope 1 for fuel combustion.
Energy efficiency action
Although there is an increase in CO2e for the 2021 reporting period this can be credited to the improvements in data capture giving a more accurate figure for the emissions of the company. Burts Snacks remain committed to reducing the intensity of their carbon emissions and continue to use ISO500001 methodology. Moving into the next reporting period Burts Snacks are looking into the possibility of self-generation of electricity with energy management consultants BCR Associates.
The directors are not aware of any events that have occurred subsequent to the 31 December 2021 which might have a material impact on the interpretation of these financial statements.
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BURTS SNACKS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BURTS SNACKS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements
and other information included in Directors' reports may differ from legislation in other jurisdictions.
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BURTS SNACKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTS SNACKS LIMITED
We have audited the financial statements of Burts Snacks Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BURTS SNACKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTS SNACKS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the 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 Directors' report.
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BURTS SNACKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTS SNACKS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙
We have considered the nature of the industry and sector, control environment and financial performance, key drivers for directors’ remuneration, bonus levels and performance targets;
∙
We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the Group;
∙
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that systems are operating in line with documentation; and
∙
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition and management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability to operate or to avoid a material penalty. These include food safety legislation, data protection regulations, licensing regulations, occupational health and safety regulations, and employment law. Our procedures to respond to the risks identified included the following:
∙
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements.
∙
Enquiring of management concerning actual and potential litigation and claims;
∙
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙
Reviewing board meeting minutes;
∙
Performing detailed transactional testing in relation to the recognition of revenue; and
∙
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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BURTS SNACKS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURTS SNACKS LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salt Quay House
4 North East Quay
Sutton Harbour
PL4 0BN
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BURTS SNACKS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
REGISTERED NUMBER:
02665660
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 19 to 36 form part of these financial statements.
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BURTS SNACKS LIMITED
REGISTERED NUMBER:
02665660
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 19 to 36 form part of these financial statements.
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BURTS SNACKS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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BURTS SNACKS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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BURTS SNACKS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The company, registered number 02665660, is a private company, limited by shares and registered in England and Wales. The registered office is The Klamp House, Belliver Way, Roborough, Devon, PL6 7BP.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 1 January 2015.
As at 31 December 2021, the Group has net current liabilities of £13,150,241 (2020: £17,940,289). £11,132,329 (2020: £13,578,402) of this is due to related parties. Funding from related parties is shown within current liabilities and £4,000,000 (2020: £4,000,000) within non-current liabilities in line with the legal contract, however a deed of postponement is in place with the company bankers to confirm that any bank debt is repaid prior to the related party debt.
The Group has made a profit of £1,151,420 (2020: £1,777,955 loss) and has net liabilities at 31 December 2021 of £1,771,536 (2020: £2,918,766). At the end of May 2022 the Group was trading strongly with sales up 38% versus the same period in 2020 and EBITDA up 57%. This coupled with forecasted profits, cash inflows and the continued support of the shareholders is why the directors consider the going concern basis of preparation to be appropriate.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
GOODWILL
OTHER INTANGIBLE ASSETS
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Investments in unlisted group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Share Options - The directors have set hurdle rates attached to the share options issued. The directors are of the view that the shares granted to staff through the Long Term Incentive Plan (LTIP) did not have a material valuation when granted. Goodwill amortisation period - The amortisation period for the goodwill arising on the acquisition of Savoury & Sweet Ltd has been set at 10 years to reflect the period the Group expect to continue to benefit from the goodwill. Depreciation rates - Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The bases for depreciation charges are detailed in note 2.6 and are reviewed and adjusted prospectively if appropriate or if there is a significant change since the last reporting date. Useful lives are estimated by management with reference to manufacturers guidelines and existing knowledge and experience.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 26
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Unrelieved tax losses remain available to offset against future taxable profits. These losses have not been recognised within the financial statements as they do not meet the conditions required in accordance with FRS 102. Losses carried forward total £9,874,180 - tax effect £1,876,094.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
14.
FIXED ASSET INVESTMENTS (CONTINUED)
SUBSIDIARY UNDERTAKINGS (CONTINUED)
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Bank loans are secured against specific tangible fixed assets owned by the group.
Amounts owed to other participating interests includes a loan of £4,000,000 at an interest rate of 7%. The loan is repayable 370 days from the date on which it is called for repayment.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £350,265 (2020: £340,775). Contributions totalling £47,947 (2020: £44,215) were payable to the fund at the balance sheet date and are included in creditors.
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BURTS SNACKS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The company was under the control of Andrea Holdings S.A. (a company registered in Liechtenstein) at the year end by virtue of their majority shareholding.
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