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 2020
The director presents his Strategic Report for the year ended 31 December 2020.
As reported in the company's profit and loss account, revenue has reduced by 11.3% due to the global pandemic outbreak of Covid-19 reducing demand.
The balance sheet shows that the company's net assets at the year end have increased by 15.3%. This is due to the net profits made in the year on reduced turnover.
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. Covid-19 Pandemic. This has had and may still have a significant impact on the company’s performance, particularly impacting its supply chain and demand for goods. The pandemic makes planning and budgeting more difficult due to its unpredictable nature. However, the company is financially robust and is well placed to service its customers’ needs for the foreseeable future. Brexit Risk. This has introduced a range of risks and uncertainties around importing and exporting our goods. To mitigate these risks and minimise their effects on trade, the company has invested in holding stocks at a new site outside of the UK in Europe and, in addition, has invested in setting up a European subsidiary to facilitate trade with our European customers who make up a significant proportion of our turnover.
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 was 26.1% (2019 - 27.2%) and net profit percentage was 12.6% (2019 - 13.0%) . Activity ratios. Debtor days were reported at 29 days for 2020, a decrease on the prior year (31 days 2019) . Creditor days decreased to 24 days in 2020 (27 days in 201 9). Stock holding days decreased to 135 days for 2020 (2019 - 178 days) .
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Beechfield Brands Limited
Strategic Report (continued)
For the year ended 31 December 2020
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. 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 practices. 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 director, in line with his duties under s172 of the Companies Act 2006, acts in a way that he considers would be most likely to promote the success of the company for the benefit of its members as a whole.
The director 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. 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.
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Beechfield Brands Limited
Strategic Report (continued)
For the year ended 31 December 2020
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 2020
The director presents his report and the financial statements for the year ended 31 December 2020.
The director is responsible for preparing the strategic report, the director's report and the
financial statements in accordance with applicable law and regulations.
Company law requires the director 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 director is 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 director 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 £
4,421,632
(2019 -
£
5,135,761
)
.
Dividends totalling £1,285,200 were paid during the year
(2019 - £4,125,000)
.
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.
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Beechfield Brands Limited
Directors' Report (continued)
For the year ended 31 December 2020
In calculating the company’s energy consumption, the director has followed the UK Government GHG Conversion Factors for Company Reporting. Figures are based upon metering information and quantities purchased during the period. All figures relate to the UK for the period 1 January 2020 to 31 December 2020.
The company has the following energy efficiency initiatives:
∙
Review of transport efficiency to ensure maximum loads, minimum routes and backloads filled.
∙
Use of a green electricity supply contract to support the switch to green production of electricity.
∙
Review of the use of online meetings to reduce transport.
∙
Use of solar panels, which reduces our net electricity consumption by more than 50%
∙
Maintenance of heat pumps to reduce the energy consumption for heating.
Intensity Measurement - We have chosen the metric of CO2 equivalent (kg) relative to turnover (£'000) as the most appropriate way to track energy efficiency. For the year ended 31 December 2020 this was 0.84.
There have been no significant events affecting the company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
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Beechfield Brands Limited
Directors' Report (continued)
For the year ended 31 December 2020
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 2020, 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).
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.
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 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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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands Limited (continued)
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.
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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands 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 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙
Supporting documentation relating to the Company's policies and procedures for:
−
Identifying, evaluating, and complying with laws and regulations
−
Detecting and responding to the risks of fraud
∙
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙
Enquiring of management about any actual and potential litigation and claims.
∙
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙
Testing the appropriateness of journal entries and other adjustments. We have tested a sample of manual journals which may pose a heightened risk of material misstatement, whether due to fraud or error.
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Beechfield Brands Limited
Independent Auditors' Report to the Members of Beechfield Brands Limited (continued)
∙
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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
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 2020
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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 16 to 29 form part of these financial statements.
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Beechfield Brands Limited
Statement of Changes in Equity
For the year ended
31 December 2020
Statement of Changes in Equity
For the year ended
31 December 2019
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Beechfield Brands Limited
Statement of Cash Flows
For the year ended 31 December 2020
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Beechfield Brands Limited
Analysis of Net Debt
For the year ended 31 December 2020
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
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 ongoing Covid-19 pandemic 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. This issue has been compounded by the impact of Brexit, which has resulted in the company being unable to maintain the required stock levels.
Despite this, the company continues to be profitable and was able to retain all of its staff by utilisation of the Coronavirus Job Retention Scheme 'CJRS' for some employees. A programme of cost control and cash management was implemented and the company's product mix was reviewed with new products such as anti-viral face coverings developed during the year. 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 company is a parent company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
2.
Accounting policies (continued)
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 2020
2.
Accounting policies (continued)
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.
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.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
2.
Accounting policies (continued)
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 2020
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 £9,595,694 (2019 - £14,037,554) . 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 £1,356,279 (2019 - £1,450,252) . 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 2020
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
12.
Taxation (continued)
The UK Government announced their plan to increase the main rate of Corporation Tax to 25% from April 2023 at the 2021 budget.
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
Subsidiary undertaking (continued)
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
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Beechfield Brands Limited
Notes to the Financial Statements
For the year ended 31 December 2020
21.
Deferred taxation (continued)
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 £100,045 (2019 - £129,115) . Contributions totalling £nil (2019 - £12,445) 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 2020
Included within other debtors is an amount due from R McHugh totalling £2,714,800
(2019 - £nil)
. The loan is repayable on demand and no interest is being charged.
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.
The consolidated financial statements 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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