Company Registration No. 02937270 (England and Wales)
ALFRED FRANKS & BARTLETT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
Richard Anthony
Chartered Accountants and Registered Auditors
ALFRED FRANKS & BARTLETT PLC
COMPANY INFORMATION
Directors
L Cowan
C Reid
M Nathan
J Birch
L Malcolm
S Edwards
L Reid
Secretary
S Edwards
Company number
02937270
Registered office
2nd Floor Gadd House
Arcadia Avenue
England
London
N3 2JU
Auditor
Richard Anthony
2nd Floor Gadd House
Arcadia Avenue
England
London
N3 2JU
Business address
AFB House
Unit 2, Alban Park
Hatfield Road
St Albans
Hertfordshire
AL4 0JJ
ALFRED FRANKS & BARTLETT PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 27
ALFRED FRANKS & BARTLETT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 1 -
The directors present the strategic report for the year ended 30 November 2020.
Fair review of the business
The results for the yea
r
and the financial position
at the balance sheet date
were considered satisfactory by the Directors given the level of uncertainty in the market place during the year following the pre-Brexit situation as well as the ongoing C
OVID-
19 pandemic and the influence these were having on the sector in which the Company traditionally trades
.
Despite these uncertainties the Company enjoyed continued success of the sale of mobile phone accessories and sunglasses
.
In addition
,
the Company also diversified into Vape products and branded baby beauty goods as well as taking temporary contracts for disposable face masks and hand sanitising gel products
.
All Sales were to the High Street Majors and it is anticipated these will continue to improve
.
The Company continue
d
to invest heavily in further Research and Development with the view to maintaining a strong competitive advantage
.
Principal risks and uncertainties
The execution of the Company’s strategies is subject to several risks the key business risk being competition from other businesses and as mentioned during the last year the future uncertainty in the economy in relation to the COVID-19 pandemic
.
The Company took immediate steps in March 2020 to mitigate the initial impact of C
OVID-
19 and also sought to fill a substantial gap in the market place in respect of the supply of disposable facemasks and hand sanitising ge
l.
Furthermore the Company had many of its employees working from home to reduce concerns around COVID-19 to not only protect its own staff but also the potential impact on the wider population
.
By making use of the above and a strong cost control the company has maintained a good cash availability for the future protecting and retaining the complete workforce
.
Also the Company took advantage of the significant increase of both the US dollar and Euro rates as against the Pound so as to maintain and in many instances increase the profit margin on goods sold
.
In terms of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility of agreed Overdrafts Loans and Confidential
Invoice Discounting at agreed rates of inter
est.
The current level of trading activity and cash generation enable debt to be serviced.
If activity were to decrease the Company will address this by seeking and obtaining alternative funding
.
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 time and credit limits
.
Development and performance
Trade creditors liquidity risk is managed by ensuring that there are sufficient funds to meet amounts due
.
The Directors expect the business to hold and even expand its current market share particularly with the Company’s ever expanding product offering
.
ALFRED FRANKS & BARTLETT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 2 -
Key performance indicators
The main KPl's used by the Company are orientated around Gross Profit and Turnover comparing against Budget. These are summarised as follows:-
2020
2019
2018
Turnover £14.346m £11.691m £16.130m
Gross Profit % 28.43% 32.51% 25.87%
Operating Profit/(Loss) (£61,905) £313,602 £456,765
Other information and explanations
All aspects of the business are continually monitored with a view to maintaining profitability and de risking with overhead control continuing to be at the forefront
.
L Cowan
Director
25 May 2021
ALFRED FRANKS & BARTLETT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2020.
Principal activities
The principal activity of the company continued to be that of designers and importers of sunglasses, fashion and home accessories.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £275,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L Cowan
C Reid
M Nathan
J Birch
L Malcolm
S Edwards
L Reid
G Stenning
(Appointed 11 December 2019 and resigned 4 December 2020)
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to:
-
settle the terms of payment with suppliers when agreeing the terms of each transaction;
-
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
-
pay in accordance with the company's contractual and other legal obligations.
On average, trade creditors at the year end represented
18 (2019 - 37) days' purchases.
Going concern
The directors have considered the potential impact of the Covid-19 pandemic and Brexit
. Whilst
some continuous disruptions are anticipated, the directors are optimistic about the foreseeable future.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements
.
Auditor
In accordance with the company's articles, a resolution proposing that Richard Anthony be reappointed as auditor of the company will be put at a General Meeting.
ALFRED FRANKS & BARTLETT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
L Cowan
Director
25 May 2021
ALFRED FRANKS & BARTLETT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALFRED FRANKS & BARTLETT PLC
- 5 -
Opinion
We have audited the financial statements of Alfred Franks & Bartlett Plc (the 'company') for the year ended 30 November 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 November 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the 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
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ALFRED FRANKS & BARTLETT PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALFRED FRANKS & BARTLETT PLC
- 6 -
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 identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Anthony Simons BA FCA (Senior Statutory Auditor)
For and on behalf of Richard Anthony
28 May 2021
Chartered Accountants
Statutory Auditor
2nd Floor Gadd House
Arcadia Avenue
England
London
N3 2JU
ALFRED FRANKS & BARTLETT PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 7 -
2020
2019
Notes
£
£
Turnover
3
14,346,343
11,691,322
Cost of sales
(10,267,817)
(7,890,737)
Gross profit
4,078,526
3,800,585
Administrative expenses
(5,410,138)
(4,588,983)
Other operating income
1,269,707
1,102,000
Operating (loss)/profit
4
(61,905)
313,602
Interest receivable and similar income
7
750,000
Interest payable and similar expenses
8
(21,163)
(29,918)
Profit before taxation
666,932
283,684
Tax on profit
9
(42,456)
(13,232)
Profit for the financial year
624,476
270,452
Other comprehensive income
Tax relating to other comprehensive income
15,509
15,508
Total comprehensive income for the year
639,985
285,960
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ALFRED FRANKS & BARTLETT PLC
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 8 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
11
8,114,036
8,135,962
Investments
12
50,000
50,000
8,164,036
8,185,962
Current assets
Stocks
14
1,920,461
3,104,300
Debtors - deferred tax
19
21,964
64,420
Debtors - other
15
6,110,997
5,020,832
Cash at bank and in hand
573,341
53,919
8,626,763
8,243,471
Creditors: amounts falling due within one year
16
(3,268,713)
(3,256,823)
Net current assets
5,358,050
4,986,648
Total assets less current liabilities
13,522,086
13,172,610
Provisions for liabilities
Deferred tax liability
19
975,818
991,327
(975,818)
(991,327)
Net assets
12,546,268
12,181,283
Capital and reserves
Called up share capital
21
50,000
50,000
Revaluation reserve
22
4,160,066
4,226,183
Profit and loss reserves
23
8,336,202
7,905,100
Total equity
12,546,268
12,181,283
The financial statements were approved by the board of directors and authorised for issue on 25 May 2021 and are signed on its behalf by:
L Cowan
C Reid
Director
Director
Company Registration No. 02937270
ALFRED FRANKS & BARTLETT PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2018
50,000
4,292,303
7,553,020
11,895,323
Year ended 30 November 2019:
Profit for the year
-
-
270,452
270,452
Other comprehensive income:
Tax relating to other comprehensive income
-
15,508
15,508
Total comprehensive income for the year
15,508
270,452
285,960
Transfers
-
(81,628)
81,628
-
Balance at 30 November 2019
50,000
4,226,183
7,905,100
12,181,283
Year ended 30 November 2020:
Profit for the year
-
-
624,476
624,476
Other comprehensive income:
Tax relating to other comprehensive income
-
15,509
15,509
Total comprehensive income for the year
15,509
624,476
639,985
Dividends
10
-
-
(275,000)
(275,000)
Transfers
-
(81,626)
81,626
-
Balance at 30 November 2020
50,000
4,160,066
8,336,202
12,546,268
ALFRED FRANKS & BARTLETT PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 10 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,010,424
815,806
Interest paid
(21,163)
(29,918)
Income taxes paid
(36,894)
(48,046)
Net cash inflow from operating activities
952,367
737,842
Investing activities
Purchase of tangible fixed assets
(226,326)
(119,505)
Proceeds on disposal of tangible fixed assets
51,950
150,901
Proceeds on disposal of subsidiaries
1
Receipts arising from loans made
75,291
(71,691)
Dividends received
750,000
Net cash generated from/(used in) investing activities
650,915
(40,294)
Financing activities
Repayment of borrowings
(726,751)
(40,334)
Repayment of bank loans
(108,281)
Dividends paid
(275,000)
Net cash used in financing activities
(1,001,751)
(148,615)
Net increase in cash and cash equivalents
601,531
548,933
Cash and cash equivalents at beginning of year
(28,190)
(577,123)
Cash and cash equivalents at end of year
573,341
(28,190)
Relating to:
Cash at bank and in hand
573,341
53,919
Bank overdrafts included in creditors payable within one year
(82,109)
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 11 -
1
Accounting policies
Company information
Alfred Franks & Bartlett Plc is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2nd Floor Gadd House, Arcadia Avenue, England, London, N3 2JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Alfred Franks & Bartlett Plc is a wholly owned subsidiary of Alfred Franks & Bartlett Holdings Limited and the results of Alfred Franks & Bartlett Plc are included in the consolidated financial statements of Alfred Franks & Bartlett Holdings Limited which are available from
the website of Companies House.
1.2
Going concern
The directors have considered the potential impact of the Covid-19 pandemic and Brexit
true
. Whilst
some continuous disruptions are anticipated, the directors are optimistic about the foreseeable future.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line 2%
Plant and machinery
Straight line 20-25%
Fixtures, fittings & equipment
Straight line 20%
Computer equipment
Straight line 33%
Motor vehicles
Straight line 25%
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
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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 at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 13 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
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.
1.10
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 in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal 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
the company
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 creditors, bank loans, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest 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
s
ubsequently 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.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term 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.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 16 -
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.18
Financial instruments
The Company uses forward currency contracts to manage its exposure to fluctuations in foreign exchange rates. The Company and Group policy is disclosed in the accounting policies to the consolidated financial statements.
2
Judgements and key sources of estimation uncertainty
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.
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 the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sales of goods
13,949,761
11,099,699
Rent receivable
396,582
591,623
14,346,343
11,691,322
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
3
Turnover and other revenue
(Continued)
- 17 -
2020
2019
£
£
Other significant revenue
Dividends received
750,000
-
Grants received
117,707
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
13,524,760
10,301,645
Europe
782,263
1,253,707
Rest of the world
39,320
135,970
14,346,343
11,691,322
4
Operating (loss)/profit
2020
2019
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(117,707)
Fees payable to the company's auditor for the audit of the company's financial statements
70,000
50,000
Depreciation of owned tangible fixed assets
248,252
295,133
Profit on disposal of tangible fixed assets
(51,950)
(4,096)
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors
8
7
Administration
17
17
Sales
15
13
Warehouse
2
10
Total
42
47
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
5
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
2,167,381
2,113,010
Social security costs
273,342
236,405
Pension costs
147,041
155,823
2,587,764
2,505,238
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
1,078,906
956,972
Company pension contributions to defined contribution schemes
27,599
23,827
1,106,505
980,799
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2019 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
310,501
267,724
7
Interest receivable and similar income
2020
2019
£
£
Income from fixed asset investments
Income from shares in group undertakings
750,000
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 19 -
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,483
20,248
Other finance costs:
Other interest
10,680
9,670
21,163
29,918
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
36,894
Adjustments in respect of prior periods
(9,563)
Total current tax
27,331
Deferred tax
Origination and reversal of timing differences
42,456
(14,099)
Total tax charge
42,456
13,232
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
666,932
283,684
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
126,717
53,900
Tax effect of expenses that are not deductible in determining taxable profit
43,269
31,565
Gains not taxable
(9,871)
Group relief
42,110
(40,987)
Research and development tax credit
(58,694)
(53,235)
Under/(over) provided in prior years
(9,563)
Dividend income
(142,500)
Deferred tax movement
42,456
(14,099)
Capital allowances in excess of depreication
(1,031)
45,651
Taxation charge for the year
42,456
13,232
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
9
Taxation
(Continued)
- 20 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2020
2019
£
£
Deferred tax arising on:
Revaluation of property
(15,509)
(15,508)
10
Dividends
2020
2019
£
£
Final paid
275,000
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 December 2019
8,300,000
398,372
218,832
277,850
542,038
9,737,092
Additions
9,878
216,448
226,326
Disposals
(144,743)
(73,982)
(199,978)
(154,334)
(573,037)
At 30 November 2020
8,300,000
253,629
154,728
77,872
604,152
9,390,381
Depreciation and impairment
At 1 December 2019
332,140
398,372
209,638
277,850
383,130
1,601,130
Depreciation charged in the year
166,070
7,726
74,456
248,252
Eliminated in respect of disposals
(144,743)
(73,982)
(199,978)
(154,334)
(573,037)
At 30 November 2020
498,210
253,629
143,382
77,872
303,252
1,276,345
Carrying amount
At 30 November 2020
7,801,790
11,346
300,900
8,114,036
At 30 November 2019
7,967,860
9,194
158,908
8,135,962
The carrying value of land and buildings comprises:
2020
2019
£
£
Freehold
7,801,790
7,967,860
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
11
Tangible fixed assets
(Continued)
- 21 -
Land and buildings
at Unit 2, Alban Park, Hatfield Road, St Albans, Herts, AL4 0JJ
with a carrying amount of £2,632,108 were revalued at
26 July 2017
by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings
at AFB unit, Sudbury, Suffolk CO10 2YA
with a carrying amount of £5,169,682 were revalued at
24 April 2017
by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Freehold land and buildings with a carrying amount of £7,801,790 (2019 - £7,967,860) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
12
Fixed asset investments
2020
2019
Notes
£
£
Investments in subsidiaries
13
50,000
50,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 December 2019 & 30 November 2020
50,000
Carrying amount
At 30 November 2020
50,000
At 30 November 2019
50,000
13
Subsidiaries
Details of the company's subsidiaries at 30 November 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
AFB Licensing Limited
England & Wales
Ordinary
100.00
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 22 -
14
Stocks
2020
2019
£
£
Finished goods and goods for resale
1,920,461
3,104,300
15
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,108,877
1,705,248
Amounts owed by group undertakings
3,448,757
2,635,037
Other debtors
83,063
189,108
Prepayments and accrued income
470,300
491,439
6,110,997
5,020,832
Deferred tax asset (note 19)
21,964
64,420
6,132,961
5,085,252
The directors have agreed to waive the balance of £81,826 due from Athena Brands Limited, a fellow subsidiary company. This adjustment has no impact on the tax charge on the results of the respective companies.
16
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans and overdrafts
17
82,109
Debt factoring
17
395,427
1,122,178
Trade creditors
406,092
881,623
Corporation tax
36,894
Other taxation and social security
553,021
200,816
Other creditors
253,865
79,898
Accruals and deferred income
1,660,308
853,305
3,268,713
3,256,823
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 23 -
17
Loans and overdrafts
2020
2019
£
£
Bank overdrafts
82,109
Debt factoring
395,427
1,122,178
395,427
1,204,287
Payable within one year
395,427
1,204,287
The bank holds the following charges over the company:
First legal charge over the freehold property known as Unit 2, Alban Park, Hatfield Road, St Albans, AL4 0JJ.
First legal charge over the freehold property known as land lying to the north east of Northern Road, Chilton Industrial Estate, Chilton.
Fixed charge over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.
Composite company multilateral guarantee between the company and Alfred Franks & Bartlett Holdings Limited, AFB Licensing Limited and Athena Brands Limited.
Charge over contract monies.
General letter of pledge.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 24 -
18
Provisions for liabilities
The company has received a claim for compensation from a customer, alleging that certain goods sold to the customer were faulty. No agreement has been reached at this stage, and it is not clear when an agreement can be reached, but the company is prepared to pay for some of the costs, provision for which has been made accordingly in the financial statements.
19
Deferred taxation
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 (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2020
2019
2020
2019
Balances:
£
£
£
£
Accelerated capital allowances
-
-
21,964
64,420
Revaluations
975,818
991,327
-
-
975,818
991,327
21,964
64,420
2020
Movements in the year:
£
Liability at 1 December 2019
926,907
Charge to profit or loss
42,456
Credit to other comprehensive income
(15,509)
Liability at 30 November 2020
953,854
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
147,041
155,823
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.
21
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
5,000,000
5,000,000
50,000
50,000
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 25 -
22
Revaluation reserve
2020
2019
£
£
At the beginning of the year
4,226,183
4,292,303
Deferred tax on revaluation of tangible assets
15,509
15,508
Transfer to retained earnings
(81,626)
(81,628)
At the end of the year
4,160,066
4,226,183
23
Profit and loss reserves
2020
2019
£
£
At the beginning of the year
7,905,100
7,553,020
Profit for the year
624,476
270,452
Dividends declared and paid in the year
(275,000)
-
Transfer from revaluation reserve
81,626
81,628
At the end of the year
8,336,202
7,905,100
24
Operating lease commitments
Lessor
The operating leases represent lease of the warehouse at Churchfield Road, Chilton Industrial Estate, Sudbury Suffolk CO10 2YA to third parties. The leases are negotiated over terms of 5 years and rentals are fixed for 5 years. All leases include a provision for five-yearly upward rent reviews according to prevailing market conditions. There are no options in place for either party to extend the lease terms.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2020
2019
£
£
Within one year
400,000
400,000
Between two and five years
1,124,384
1,524,384
1,524,384
1,924,384
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 26 -
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
608,659
532,055
Other information
As at balance sheet date, the
following balances were outstanding
:
-
£
2,373,670
(201
9
- £
1,058,139
)
owed
by Alfred Franks & Bartlett Holdings Limited, the parent company.
-
£1,075,087
(201
9
- £
485,383
)
owed
by AFB Licensing Limited, a wholly owned subsidiary.
-
£Nil (2019
-
£1,091,515) owed
by
Athena Brands Limited, a fellow subsidiary.
-
£83,063 (2019 - £113,817) owed by Ibiza Vape Club Limited, a company under common control.
-
£
147,829
(201
9
- £
75,291
owed
by
)
owed to
its direct
ors
. The company pays interest at a rate of 6%
p.a.
on outstanding balances and interest payable during the year was £
10,680
(201
9
- £
8,480
).
Transactions during the year:
-
Charges
amounting to £1,1
5
2,000 (201
9
- £1,
102,000
) for management fees
were made
to AFB Licensing Limited.
-
Intercompany sales from the company to AFB Licensing Limited, a wholly owned subsidiary, amounting to £6,629,530 (2019 - £Nil).
26
Ultimate controlling party
The parent company is Alfred Franks & Bartlett Holdings Limited, a company registered in England & Wales.
Alfred Franks & Bartlett Holdings Limited prepares group accounts and copies can be obtained from
the website of Companies House.
There is no ultimate controlling party.
ALFRED FRANKS & BARTLETT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 27 -
27
Cash generated from operations
2020
2019
£
£
Profit for the year after tax
624,476
270,452
Adjustments for:
Taxation charged
42,456
13,232
Finance costs
21,163
29,918
Investment income
(750,000)
Gain on disposal of tangible fixed assets
(51,950)
(4,096)
Depreciation and impairment of tangible fixed assets
248,252
295,133
Movements in working capital:
Decrease/(increase) in stocks
1,183,839
(1,285,371)
(Increase)/decrease in debtors
(1,165,456)
1,329,414
Increase in creditors
857,644
167,124
Cash generated from operations
1,010,424
815,806
28
Analysis of changes in net funds/(debt)
1 December 2019
Cash flows
30 November 2020
£
£
£
Cash at bank and in hand
53,919
519,422
573,341
Bank overdrafts
(82,109)
82,109
(28,190)
601,531
573,341
Borrowings excluding overdrafts
(1,122,178)
726,751
(395,427)
(1,150,368)
1,328,282
177,914
2020-11-30
2019-12-01
false
CCH Software
CCH Accounts Production 2021.100
L Cowan
C Reid
M Nathan
J Birch
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S Edwards
L Reid
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02937270
core:UKTax
2019-12-01
2020-11-30
02937270
core:UKTax
2018-12-01
2019-11-30
02937270
2
2019-12-01
2020-11-30
02937270
2
2018-12-01
2019-11-30
02937270
3
2019-12-01
2020-11-30
02937270
3
2018-12-01
2019-11-30
02937270
4
2019-12-01
2020-11-30
02937270
4
2018-12-01
2019-11-30
02937270
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-11-30
02937270
core:PlantMachinery
2019-11-30
02937270
core:FurnitureFittings
2019-11-30
02937270
core:ComputerEquipment
2019-11-30
02937270
core:MotorVehicles
2019-11-30
02937270
core:Non-currentFinancialInstruments
2020-11-30
02937270
core:Non-currentFinancialInstruments
2019-11-30
02937270
core:Subsidiary1
2019-12-01
2020-11-30
02937270
core:Subsidiary1
1
2019-12-01
2020-11-30
02937270
core:BetweenTwoFiveYears
2020-11-30
02937270
core:BetweenTwoFiveYears
2019-11-30
02937270
bus:PrivateLimitedCompanyLtd
2019-12-01
2020-11-30
02937270
bus:FRS102
2019-12-01
2020-11-30
02937270
bus:Audited
2019-12-01
2020-11-30
02937270
bus:FullAccounts
2019-12-01
2020-11-30
xbrli:pure
xbrli:shares
iso4217:GBP