Registration number:
Littleton & Badsey Growers Limited
for the Year Ended 31 December 2021
Littleton & Badsey Growers Limited
Contents
Company Information |
|
Chairman's Report |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Littleton & Badsey Growers Limited
Company Information
Chairman |
W T Arnold |
Directors |
J R Ackerman B J Barber R C Hale D F Higginson L J D Holt P D Jeanes N J Letherbarrow J L Staite |
Company secretary |
N J Letherbarrow |
Registered office |
|
Auditors |
|
Littleton & Badsey Growers Limited
Chairman's Report
This last year proved to be yet another difficult year with the global Covid pandemic still a force to be reckoned with. Our staff again proved magnificently vigilant throughout, carrying out regular testing and keeping to strict disciplines which led to very little staff disruption. This undoubtedly helped us achieve our best trading year to date, with all three depots showing significant growth.
In 2021, as part of our contribution towards the global low carbon initiative, we began to move away from diesel company cars and replaced many of the existing vehicles with new electric hybrid models and we will continue with this policy in 2022 and beyond.
During the year, we received an approach from Fargroup Ltd with a view to buying LBG and its subsidiary companies. Fargro, a trading subsidiary of Fargroup, are a valued trading partner but also competitors of ours on the South Coast. Having given the matter serious consideration, your board voted unanimously to reject the offer, because we believed it to be far too low.
Subsequently we commissioned property experts Savills to re-value our two freehold properties and our accountants Clement Rabjohns to value the business as a whole. It seems that the board’s decision to reject the offer proved vindicated, as the combined valuation equated to £10.34 per share, which is considerably more than Fargroup had offered. We will of course keep you informed of any further developments.
On the strength of an extremely strong trading year and healthy balance sheet, your board is pleased to recommend a dividend of 15 pence to qualifying shareholders.
2021 was my last full year as your Chairman, having decided to step down at the forthcoming AGM in May, after 35 years in this position. I have witnessed many changes over the years and faced many challenges, but I am pleased to say that, during that time, the business has gone from strength to strength.
I would like to thank my board of directors who have whole heartedly supported me throughout my tenure and in particular my long-standing Vice Chairman, Chris Harvey, who sadly passed away suddenly in January 2022. Chris was a very highly regarded member of our team and will be sorely missed by all of us.
Finally, I would like to thank you, our valued shareholders, who have continued to support the LBG business through ‘thick and thin’ and I would like to assure you that your board will continue to have your interests at heart.
.........................................
W T Arnold
Chairman
Littleton & Badsey Growers Limited
Strategic Report for the Year Ended 31 December 2021
The directors present their strategic report for the year ended 31 December 2021.
Principal activity
The principal activity of the group is that of being the parent company of BHGS Limited and Pure Supplies Limited whose principal activity is retail and wholesale of horticultural supplies.
Fair review of the business
At the end of the year, the net assets totalled £7,090,229. The directors remain confident that the group will improve on its current level of performance in the future. The results of the company and its subsidiaries are set out in the financial statements.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2021 |
2020 |
|
Turnover |
£ |
22,169,414 |
18,579,617 |
Gross profit |
£ |
2,999,217 |
2,518,444 |
Gross profit % |
% |
14 |
14 |
Profit before tax |
£ |
610,215 |
302,429 |
Given the straightforward nature of the business the company’s directors are of the opinion that analysis using non-financial key performance indicators is not necessary for an understanding of the development, performance or position of the business.
Principal risks and uncertainties
The management of the business and the execution of the group’s strategy are subject to a number of risks.
The key business risks and uncertainties affecting the group are considered to relate to competition from both national and independent wholesalers and retailers, employee retention and product availability.
Following on the from the coronavirus 2019 (COVID-19) pandemic outbreak and Brexit there are risks and uncertainties that could affect the group around supply chain disruptions, unavailability of personnel, reductions in sales, disruptions around travel, and closure of buildings/stores.
Approved and authorised by the
......................................... |
Littleton & Badsey Growers Limited
Directors' Report for the Year Ended 31 December 2021
The directors present their report and the for the year ended 31 December 2021.
Director of the group
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Retirement of directors
In accordance with the Articles of Association, the following directors will retire from the board and, being eligible, will stand for re-appointment should they wish to do so:
W T Arnold
J L Staite
Dividends
The directors recommend a final dividend payment of £
Financial instruments
Objectives and policies
The group’s activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group’s policies approved by the board of directors. The group does not use derivative financial instruments for speculative purposes.
Littleton & Badsey Growers Limited
Directors' Report for the Year Ended 31 December 2021
Price risk, credit risk, liquidity risk and cash flow risk
The business’ activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
The business’ principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business’ operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business’ cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Going concern
The coronavirus (COVID-19) pandemic outbreak and Brexit has posed risks and uncertainties around this and the subsequent financial period in areas such as supply chain disruptions, unavailability of personnel, reductions in sales, disruptions around travel, and closure of buildings/stores.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Clement Rabjohns Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
......................................... |
Littleton & Badsey Growers Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 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; and |
• |
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.
Littleton & Badsey Growers Limited
Independent Auditor's Report to the Members of Littleton & Badsey Growers Limited
Opinion
We have audited the financial statements of Littleton & Badsey Growers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2021, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 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:
• |
give a true and fair view of the state of the company's affairs as at 31 December 2021 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. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
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 auditor’s 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.
Littleton & Badsey Growers Limited
Independent Auditor's Report to the Members of Littleton & Badsey Growers Limited
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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the parent company 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 Statement of Directors' Responsibilities [set out on page 6], 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.
Littleton & Badsey Growers Limited
Independent Auditor's Report to the Members of Littleton & Badsey Growers Limited
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
Enquiry of management, those charged with governance around actual and potential litigation and claims. |
• |
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
• |
Reviewing minutes of meetings of those charged with governance. |
• |
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
• |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.
......................................
For and on behalf of
111/113 High Street
Worcestershire
WR11 4XP
Littleton & Badsey Growers Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2021
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Income from other fixed asset investments |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(9,025) |
(5,297) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
Littleton & Badsey Growers Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2021
2021 |
2020 |
|
Profit for the year |
|
|
Surplus on property, plant and equipment revaluation |
|
|
Remeasurement (loss)/gain on defined benefit pension schemes |
( |
|
300,010 |
53,088 |
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Littleton & Badsey Growers Limited
(Registration number: 04518100)
Consolidated Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Other financial assets |
1,684 |
1,684 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets excluding pension asset/(liability) |
7,227,119 |
6,199,776 |
|
Net pension (liability)/asset |
(136,890) |
157,950 |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Equity attributable to owners of the company |
|
|
|
Minority interests |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Littleton & Badsey Growers Limited
(Registration number: 04518100)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Investments |
|
|
|
Other financial assets |
1,684 |
1,684 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
957,177 |
957,177 |
|
Capital redemption reserve |
22,725 |
22,725 |
|
Profit and loss account |
1,473,762 |
1,523,199 |
|
Shareholders' funds |
2,453,664 |
2,503,101 |
The company made a loss after tax for the financial year of £4,217 (2020 - profit of £3,552).
Approved and authorised by the Board on 7 April 2022 and signed on its behalf by:
.........................................
W T Arnold
Chairman
Littleton & Badsey Growers Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2021
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2021 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
- |
|
Other comprehensive income |
- |
- |
|
( |
|
- |
|
Total comprehensive income |
- |
- |
|
|
|
- |
|
Dividends |
- |
- |
- |
( |
( |
- |
( |
Transfers |
- |
- |
(39,751) |
39,751 |
- |
- |
- |
At 31 December 2021 |
|
|
|
|
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
At 1 January 2020 |
|
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
- |
|
Other comprehensive income |
- |
- |
|
|
|
- |
|
Total comprehensive income |
- |
- |
|
|
|
- |
|
Dividends |
- |
- |
- |
|
|
- |
|
Transfers |
- |
- |
(39,738) |
39,738 |
- |
- |
- |
At 31 December 2020 |
|
|
|
|
|
|
|
Littleton & Badsey Growers Limited
Statement of Changes in Equity for the Year Ended 31 December 2021
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 January 2021 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Dividends |
- |
- |
( |
( |
At 31 December 2021 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 January 2020 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
|
|
At 31 December 2020 |
|
|
|
|
Littleton & Badsey Growers Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Financial instrument net gains (losses) through profit and loss |
- |
( |
|
Profit on disposal of tangible assets |
- |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Increase in retirement benefit obligation net of actuarial changes |
|
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
- |
|
|
Repayment of bank borrowing |
( |
( |
|
Dividends paid |
( |
|
|
Net cash flows from financing activities |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
( |
|
Cash and cash equivalents at 31 December |
1,245,734 |
922,109 |
Littleton & Badsey Growers Limited
Statement of Cash Flows for the Year Ended 31 December 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
Finance income |
( |
( |
|
( |
( |
||
Working capital adjustments |
|||
Decrease in trade debtors |
|
|
|
Increase in trade creditors |
|
|
|
Net cash flow from operating activities |
( |
( |
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Cash flows from financing activities |
|||
Dividends paid |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
74,995 |
60,511 |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales, UK.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2021.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £4,217 (2020 - profit of £3,552).
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.
Government grants
Grants which relate to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land |
Nil |
Buildings |
2-5% straight line |
Plant and machinery |
25% reducing balance/33% straight line |
Office equipment |
25% reducing balance/33% straight line |
Motor vehicles |
25% straight line |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Financial instruments
Classification
Derivative financial instruments and hedging
Derivatives
Forward currency contracts are measured at fair value at the balance sheet date. Any changes in valuation are recognised in the profit and loss account.
Revenue |
The analysis of the group's revenue for the year from continuing operations is as follows:
2021 |
2020 |
|
Sale of goods |
|
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
The analysis of the group's turnover for the year by class of business is as follows:
2021 |
2020 |
|
Requisites |
|
|
Floral art |
|
|
|
|
The analysis of the group's turnover for the year by market is as follows:
2021 |
2020 |
|
UK |
|
|
Europe |
- |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
2021 |
2020 |
|
Gain on disposal of property, plant and equipment |
- |
|
Operating profit |
Arrived at after charging/(crediting)
2021 |
2020 |
|
Depreciation expense |
|
|
Foreign exchange gains |
( |
( |
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
- |
( |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Government grants |
The UK Government is paying the first 12 months interest and fees on the coronavirus business interruption loan.
The amount of grants recognised in the financial statements was £10,960
(2020 - £
Other interest receivable and similar income |
2021 |
2020 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2021 |
2020 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest expense on other finance liabilities |
- |
|
Net changes in fair value of cash flow hedges |
3,396 |
65 |
Other finance costs |
( |
( |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Pension costs, defined benefit scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
2021 |
2020 |
|
Administration and support |
|
|
Sales |
|
|
Distribution |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
213,987 |
178,064 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2021 |
2020 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2021 |
2020 |
|
Audit of these financial statements |
24,638 |
24,067 |
Other fees to auditors |
||
All other assurance services |
|
|
All other non-audit services |
|
|
|
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2021 |
2020 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax increase from effect of capital allowances and depreciation |
|
- |
Tax decrease from effect of dividends from UK companies |
( |
( |
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
2021 |
Liability |
Accelerated tax depreciation |
|
Provisions |
( |
Revaluation of property |
|
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
2020 |
Liability |
Accelerated tax depreciation |
|
Provisions |
( |
Revaluation of property |
|
|
Tax relating to items recognised in other comprehensive income or equity - group
2021 |
2020 |
|
Current tax related to items recognised as items of other comprehensive income |
|
( |
Deferred tax related to items recognised as items of other comprehensive income |
|
( |
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
At 31 December 2021 |
|
|
Amortisation |
||
At 1 January 2021 |
|
|
At 31 December 2021 |
|
|
Carrying amount |
||
At 31 December 2021 |
- |
- |
Contractual commitments to acquire intangible assets
The contractual commitment to acquire a florist business is £
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Tangible assets |
Group
Land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 January 2021 |
|
|
|
|
|
Revaluations |
|
- |
- |
- |
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 31 December 2021 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2021 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
Impairment |
( |
- |
- |
- |
( |
At 31 December 2021 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2021 |
|
|
|
|
|
At 31 December 2020 |
|
|
|
|
|
Included within the net book value of land and buildings above is £4,749,276 (2020 - £4,180,024) in respect of freehold land and buildings.
Revaluation
The fair value of the group's land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Contractual commitments for the acquisition of property, plant and equipment
Contractual commitments for the acquisition of tangible assets were as follows:
2021 |
2020 |
|
Motor vehicles |
|
- |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Investments |
Company
2021 |
2020 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2021 |
|
Provision |
|
Carrying amount |
|
At 31 December 2021 |
|
At 31 December 2020 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2021 |
2020 |
|||
Subsidiary undertakings |
||||
|
Crab Apple Way
England, UK |
Ordinary |
|
|
|
Crab Apple Way
England, UK |
Ordinary |
|
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Subsidiary undertakings |
BHGS Limited The principal activity of BHGS Limited is |
Pure Supplies Limited T/A BHGS Hayle The principal activity of Pure Supplies Limited T/A BHGS Hayle is |
Other financial assets |
Group
Financial assets at amortised cost |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2021 |
1,684 |
1,684 |
At 31 December 2021 |
1,684 |
1,684 |
Impairment |
||
Carrying amount |
||
At 31 December 2021 |
|
1,684 |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Company
Financial assets at amortised cost |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 January 2021 |
1,684 |
1,684 |
At 31 December 2021 |
1,684 |
1,684 |
Impairment |
||
Carrying amount |
||
At 31 December 2021 |
|
1,684 |
Stocks |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Finished goods and goods for resale |
|
|
- |
- |
Debtors |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Trade debtors |
|
|
- |
- |
Amounts owed by related parties |
- |
- |
|
|
Other debtors |
|
|
- |
- |
Prepayments |
|
|
- |
- |
|
|
|
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Cash and cash equivalents |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Cash on hand |
|
|
- |
- |
Cash at bank |
|
|
|
|
Short-term deposits |
|
- |
- |
- |
|
|
|
|
|
Bank overdrafts |
- |
( |
- |
- |
Cash and cash equivalents in statement of cash flows |
1,245,734 |
922,109 |
74,995 |
60,511 |
Creditors |
Group |
Company |
||||
Note |
2021 |
2020 |
2021 |
2020 |
|
Due within one year |
|||||
Loans and borrowings |
|
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
|
|
|
Accruals |
|
|
|
|
|
Income tax liability |
127,470 |
76,599 |
- |
- |
|
Other current financial liabilities |
|
|
- |
- |
|
|
|
|
|
||
Due after one year |
|||||
Loans and borrowings |
|
|
- |
- |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to
£
Defined benefit pension schemes
The scheme is a UK-based defined benefit scheme, providing benefits at retirement and death-in-service. The scheme is now closed to new entrants and the age profile of the active members will increase over time. Under the projected unit method used the current service cost as a percentage of salary will increase as active members of the scheme approach retirement.
The date of the most recent comprehensive actuarial valuation was
This most recent actuarial valuation showed a surplus of £143,000. The employer has agreed with the trustees to pay 11% of pensionable salary roll, which includes death in service costs. Scheme expenses and levies to the Pension Protection Fund are paid in addition. Employees contribute at 4% of pensionable salary.
The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £63,000
(2020 - £50,000
).
The total cost relating to defined benefit schemes for the year included in the cost of an asset was £318,000
(2020 - £(48,000)
)
.
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the statement of financial position are as follows:
2021 |
2020 |
|
Fair value of scheme assets |
|
|
Present value of defined benefit obligation |
( |
( |
(169,000) |
195,000 |
|
Deferred tax |
32,110 |
(37,050) |
Defined benefit pension scheme (deficit)/surplus |
( |
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
2021 |
|
Present value at start of year |
|
Current service cost |
|
Interest cost |
|
Actuarial gains and losses |
|
Benefits paid |
( |
Contributions by scheme participants |
|
Present value at end of year |
|
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
2021 |
|
Fair value at start of year |
|
Interest income |
|
Return on plan assets, excluding amounts included in interest income/(expense) |
( |
Employer contributions |
|
Contributions by scheme participants |
|
Benefits paid |
( |
Fair value at end of year |
|
Analysis of assets
The major categories of scheme assets are as follows:
2021 |
2020 |
|
Deferred annuities |
|
|
Insured annuities |
|
|
|
|
Return on scheme assets
2021 |
2020 |
|
Return on scheme assets |
( |
|
The pension scheme has not invested in any of the group's own financial instruments or in properties or other assets used by the group.
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Principal actuarial assumptions
The principal actuarial assumptions at the statement of financial position date are as follows:
2021 |
2020 |
|
Defined benefit obligation discount rate |
1.80 |
1.40 |
Defined benefit obligation salary growth |
5.50 |
5.10 |
Defined benefit obligation inflation (RPI) |
3.60 |
3.20 |
Defined benefit obligation inflation (CPI) |
2.80 |
2.40 |
Defined benefit cost discount rate |
1.40 |
2.00 |
Defined benefit cost salary growth |
5.10 |
5.10 |
Defined benefit cost inflation (RPI) |
3.20 |
3.20 |
Defined benefit cost inflation (CPI) |
2.40 |
2.40 |
Post retirement mortality assumptions
2021 |
2020 |
|
Current UK pensioners at retirement age - male |
17.30 |
17.30 |
Current UK pensioners at retirement age - female |
21.70 |
21.70 |
Future UK pensioners at retirement age - male |
17.90 |
17.90 |
Future UK pensioners at retirement age - female |
22.40 |
22.40 |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
957,177 |
|
957,177 |
Shares in the company were traded during the year at an average price of £2.15 (2020 £1.42) per share.
Reserves |
Group
Capital redemption reserve
Non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.
Revaluation reserve
Includes revaluation gains and losses relating to the freehold property.
Profit and loss account
Includes all current and prior period retained profits and losses.
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Non-controlling interests
The ownership interest in a subsidiary company, which is owned by outside investors and not the parent company.
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Retained earnings |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
|
- |
|
Remeasurement gain/loss on defined benefit pension schemes |
- |
( |
( |
|
( |
|
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
|
- |
|
Remeasurement gain/loss on defined benefit pension schemes |
- |
|
|
|
|
|
|
|
Company
Profit & loss account
Includes all current and prior period retained profits and losses.
Capital redemption reserve
Non-distributable reserve into which amounts are transferred following the redemption or purchase of a company's own shares.
Loans and borrowings |
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Non-current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Group |
Company |
|||
2021 |
2020 |
2021 |
2020 |
|
Current loans and borrowings |
||||
Bank borrowings |
|
|
- |
- |
Bank overdrafts |
- |
|
- |
- |
|
|
- |
- |
Group
Bank borrowings
The overdraft within BHGS Limited is secured by a charge over the commercial freehold property known as Crab Apple Way, Vale Park, Evesham, WR11 1GP and an unlimited debenture incorporating a fixed and floating charge. |
The loan is government backed with the aim of supporting businesses through the pandemic. A set-off agreement is in place with Lloyds Bank. |
Included in the loans and borrowings are the following amounts due after more than five years:
2021 |
2020 |
|
After more than five years by instalments |
- |
|
- |
- |
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Dividends |
2021 |
2020 |
|||
£ |
£ |
|||
Final dividend of £
|
45,220 |
(1,422) |
||
The directors are recommending a final dividend of £
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Analysis of changes in net debt |
Group
At 1 January 2021 |
Financing cash flows |
Other non-cash changes |
At 31 December 2021 |
|
Cash and cash equivalents |
||||
Cash |
922,582 |
323,152 |
- |
1,245,734 |
Overdrafts |
(473) |
473 |
- |
- |
922,109 |
323,625 |
- |
1,245,734 |
|
Borrowings |
||||
Long term borrowings |
(401,515) |
- |
90,909 |
(310,606) |
Short term borrowings |
(90,909) |
90,909 |
(90,909) |
(90,909) |
(492,424) |
90,909 |
- |
(401,515) |
|
|
||||
|
|
- |
|
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Company
At 1 January 2021 |
Financing cash flows |
At 31 December 2021 |
|
Cash and cash equivalents |
|||
Cash |
60,511 |
14,484 |
74,995 |
|
|
|
|
|
Related party transactions |
Group
Other transactions with directors |
The directors of the group had interests in businesses which traded with the group during the year. All transactions with the group were normal business transactions at normal market rates. The purchases, balances owed and shareholdings at 31 December 2021 were as follows:
Shares held 2021 |
Shares held 2020 |
Purchases 2021 |
Purchases 2020 |
Balance 2021 |
Balance 2020 |
|
W T Arnold |
57,837 |
57,837 |
23,204 |
21,522 |
358 |
401 |
C J Harvey |
42,074 |
31,664 |
1,201 |
2,317 |
24 |
169 |
B J Barber |
3,505 |
3,505 |
2,943 |
- |
523 |
- |
R C Hale |
74,975 |
73,187 |
1,018 |
318 |
- |
- |
L J D Holt |
8,155 |
8,155 |
40,082 |
29,156 |
17,337 |
8,623 |
D F Higginson (appointed February 2022) |
4,917 |
4,917 |
||||
P D Jeanes |
- |
- |
- |
- |
- |
- |
N J Letherbarrow |
6,506 |
6,017 |
801 |
988 |
24 |
- |
J L Staite |
32,616 |
32,616 |
623 |
1,444 |
43 |
46 |
P D Taylor |
- |
- |
- |
24,112 |
- |
781 |
230,585 |
217,898 |
69,872 |
79,857 |
18,309 |
10,020 |
Financial instruments |
Group
Categorisation of financial instruments
2021 |
2020 |
|
Financial liabilities measured at fair value through profit or loss |
( |
( |
Littleton & Badsey Growers Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Financial liabilities measured at fair value
Currency forward contracts
Difference between contract rate and spot rate at the balance sheet rate on amounts not drawn down.
The fair value is £3,461
(2020 - £65)
and the change in value included in profit or loss is
£
3,396
(2020 - £65).