Registered number:
For the year ended
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Beechfield Brands Limited
Company Information
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Beechfield Brands Limited
Contents
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Beechfield Brands Limited
Strategic Report
For the year ended 31 December 2019
The directors present their Strategic Report for the year ended 31 December 2019.
As reported in the company's profit and loss account, revenue has seen an increase of 8.6% due to a general upturn in business driven by a continued improvement in the European economy, supported by a stable UK market and enhancement to the product offering.
The balance sheet shows that the company's net assets at the year end have increased by 4.8%. This is due to the increased sales volumes and net profits.
Management continually monitors the key risks facing the business such as:
Economic stability. The company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining. Competitor pressure. The market in which the company operates is competitive. The company differentiates itself by offering a comprehensive range of quality products and maintains strong relationships with its key customers. Reliance on key suppliers. The company's purchasing activities could expose it to over-reliance on certain suppliers. The company manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers that could be used. Loss of key personnel. This would present significant operational difficulties for the company. Management seeks to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.
Management uses a range of performance measures to monitor and manage the business. Key financial and non-financial indicators are:
Profit ratios. Gross profit percentage and net profit percentage remained similar to the previous year. Activity ratios. Debtor days were reported at 31 days for 2019, an increase on the prior year (28 days 2018) . Creditor days decreased to 27 days in 2019 ( 34 days in 2018 ). Stock holding days have increased to 178 days for 2019 (2018 - 169 days) . Corporate responsibility Ethical trading and environmental standards The company is committed to upholding the highest ethical and environmental standards throughout our entire supply chain reflecting our vision that corporate responsibility is no longer optional but essential. We operate according to an ethical policy that protects and rewards every individual involved in the manufacture and supply of our products. The policy references, respects and enhances local laws and regulations, with regard to wages, health and safety, workers’ welfare and human rights, and it expressly forbids the use of child workers or coerced/forced labour.
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Beechfield Brands Limited
Strategic Report (continued)
For the year ended 31 December 2019
This policy allows our customers to buy our products in the knowledge that they are partnering with a responsible company that is focused on working to minimise the negative impact of the textile industry on the environment.
Our field based staff carry out inspections on all of our manufacturing partners to ensure that our ethical standards are constantly maintained. In addition to our own visits, we also commission third-party social compliance audits, in accordance with SA8000 guidelines. We endeavour to protect the quality of the environment through sound environmental practice. We ensure that our manufacturing partners meet or exceed all local environmental laws and regulations, and we promote energy efficiency and the reduction of waste at every stage of production. Communities The company is focused on putting something back into the communities in which we operate, and as such we are supporting a number of groups both in the UK and abroad that cover a range of causes which we feel are important, including amateur and junior sports clubs, environmental groups, homeless charities and international humanitarian organisations. We provide support to these groups through the supply of products and cash donations.
The board of directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider would be most likely to promote the success of the company for the benefit of its members as a whole.
The board considers a range of matters when looking at the long-term success of the business, and therefore strategic decisions fully consider the factors associated with s172. Our employee stakeholders were fundamental in the significant decisions made in the year, with the aim of strengthening the opportunities for long term business success and therefore job security. Employee communication is made formally via team briefings, as well as informally on a regular basis through noticeboards and a variety of other means. The business engages with its customers from the new product development phase through to subsequent account management. Meanwhile the same high standards are applied by the company to ensure the suitability and technical capability of our supply partners. In the year, environmental concerns have led to the introduction of SECR (Streamlined Energy and Carbon Reporting) compliance. The company is continually reviewing its systems and procedures to reduce energy consumption. In the community, the business continually employs local skills, and has supported a variety of local causes, including significant financial contributions to local charities. Shareholder value remains at the core of all strategic decision making.
This report was approved by the board
and signed on its behalf.
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Beechfield Brands Limited
Directors' Report
For the year ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the strategic report, the directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
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 company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
5,135,761
(2018 -
£
4,853,027
)
.
Dividends totalling £4,125,000 were paid during the year
(2018 - £2,831,111)
.
Included in dividends is an amount totalling £2,125,000 that was used by the parent company to fund a purchase of its own shares in the year.
The directors who served during the year were:
The company continues to strive to meet the highest standards of social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
Information on engagement with suppliers, customers and others is contained in the strategic report.
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Beechfield Brands Limited
Directors' Report (continued)
For the year ended 31 December 2019
Each of the persons who are
directors at the time when this directors' report is approved has confirmed that:
The Covid-19 pandemic after the year end has had a significant impact on the majority of UK businesses. In particular, this impacted the company's supply chain, as overseas suppliers were not able to deliver the desired amount of goods. Consequently, turnover levels so far in 2020 are lower than budgeted.
Since lockdown restrictions were implemented by the UK Government in March 2020, management has carried out a variety of actions, including utilisation of the Coronavirus Job Retention Scheme 'CJRS' for some employees. A programme of cost control and cash management was implemented. In addition, the company's product mix was reviewed and new products such as anti-viral face coverings were developed. Management has worked to ensure an environment where employees can work safely and effectively whilst following Government guidance. The company reviewed and revised risk assessments where appropriate and continues to do so in line with best practice. As a result of the measures taken, the company's cash position is strong, and it is well placed to service its customers for the foreseeable future.
The auditors, Hurst Accountants Limited, 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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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands Limited
We have audited the financial statements of Beechfield Brands Limited (the 'company') for the year ended 31 December 2019, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the 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).
In our opinion the financial statements:
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 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.
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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands Limited (continued)
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the directors' responsibilities statement on page 3, 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.
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 financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditors' report.
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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands Limited (continued)
This report is made solely to the company's members
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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Cheshire
SK1 1TD
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Beechfield Brands Limited
Statement of Comprehensive Income
For the year ended 31 December 2019
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Beechfield Brands Limited
Registered number:
02953704
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 13 to 26 form part of these financial statements.
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Beechfield Brands Limited
Statement of Changes in Equity
For the year ended
31 December 2019
Statement of Changes in Equity
For the year ended
31 December 2018
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Beechfield Brands Limited
Statement of Cash Flows
For the year ended 31 December 2019
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Beechfield Brands Limited
Analysis of Net Debt
For the year ended 31 December 2019
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Beechfield Brands Limited is a private company limited by share capital incorporated in England, registered number 02953704. The address of the registered office and principal place of business is Silverpoint, Moor Street, Bury, BL9 5AQ.
The principal activity of the company continued to be the wholesale distribution of headwear, bags and associated goods.
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 management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
The Covid-19 pandemic after the year end has had a significant impact on the majority of UK businesses. In particular, this impacted the company's supply chain, as overseas suppliers were not able to deliver the desired amount of goods. Consequently, turnover levels so far in 2020 are lower than budgeted.
Since lockdown restrictions were implemented by the UK Government in March 2020, management has carried out a variety of actions, including utilisation of the Coronavirus Job Retention Scheme 'CJRS' for some employees. A programme of cost control and cash management was implemented. In addition, the company's product mix was reviewed and new products such as anti-viral face coverings were developed. Management has worked to ensure an environment where employees can work safely and effectively whilst following Government guidance. The company reviewed and revised risk assessments where appropriate and continues to do so in line with best practice. As a result of the measures taken, the company's cash position is strong, and it is well placed to service its customers for the foreseeable future.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Revenue is recognised upon dispatch of goods.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet 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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. 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, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
The company has entered into forward currency contracts to manage its exposure to cash flow risk on its overseas purchases. These derivatives are measured at fair value at each balance sheet date. To the extent the hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the period.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Interest income is recognised in profit or loss using the effective interest method.
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The key sources of estimation, uncertainty and critical accounting judgement in applying the company's policies are discussed below.
Provision for discontinued and slow moving stock The company reviews its stocks to assess for discontinued stock lines and slow moving stock lines. In determining whether a provision for discontinued and slow moving stocks should be recorded in profit or loss, the company makes judgements as to the future saleability of the product and the estimated net realisable value for such product. Accordingly, provisions are made where the net realisable value is less than the cost. The carrying value of stocks at the year end was £14,037,554 (2018 - £12,240,589) . Other estimates and judgements Management of the company also exercises significant judgement in estimating the useful life of property, plant and equipment. The carrying value of tangible fixed assets at the year end was £1,450,252 (2018 - £1,566,710) . Included within creditors due in less than one year is a provision for dilapidations of £121,482 (2018 - £121,482) based on an estimate received from suitably qualified building consultants. Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 19
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 20
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
12.
Taxation (continued)
There were no factors that may affect future tax charges.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 22
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 24
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Other reserves
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £129,115 (2018 - £160,418) . Contributions totalling £12,445 (2018 - £6,824) were payable to the fund at the balance sheet date.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2019
The ultimate parent company is Beechfield Brands Holdings Limited, a company registered in England, company number 05661581. Its registered office is Silverpoint, Moor Street, Bury, BL9 5AQ.
Copies of the accounts of Beechfield Brands Holdings Limited can be obtained from the Registrar of Companies. The ultimate controlling party of Beechfield Brands Holdings Limited group is R McHugh.
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