Company Registration No. 03882967 (England and Wales)
BOOTH DISPENSERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
BOOTH DISPENSERS LIMITED
COMPANY INFORMATION
Directors
Mr M A Williams
Mr D J Hatton
Mr D A McKee
Mr M I Richardson
Company number
03882967
Registered office
Moor Park Avenue
Bispham
Blackpool
FY2 0LZ
Auditor
MHA Moore and Smalley
Fylde House
Skyways Commercial Campus
Amy Johnson Way
Blackpool
FY4 3RS
BOOTH DISPENSERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
BOOTH DISPENSERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present the strategic report for the year ended 31 December 2020.
Fair review of the business
2020 was a challenging year for the business. It is testimony to the hard work of all staff that the 2020 audited accounts are as strong as they are. The business remained open throughout the year and continued to service a much reduced customer demand.
The decision to push on with R&D projects was certainly the correct one and these projects have presented excellent opportunities which we have capitalised on in 2021.
A CBILS loan was taken to stabilise cashflow and this will be repaid in full in 2022. This was needed to ensure that we could remain open and producing in order to achieve these audited results.
Principal risks and uncertainties
Covid-19
The COVID-19 pandemic has obviously presented the biggest risk post year end. Some risks and uncertainties have been brought to the fore in 2020 because of this. As some suppliers closed during lockdown (some permanently) greater diversification of the supplier base is key and projects are ongoing to secure secondary or even tertiary suppliers for all our raw materials. From a financial standpoint liquidity has been an even greater focus, this has been a large component in expanding our supplier base as flexibility and low minimum order quantities are paramount to freeing up working capital.
Restructuring the business to cope with the level of sales activity post year end has been essential and has aligned the staffing requirements with the levels of turnover. The impact of these changes initially created uncertainty for employees, however this has abated and new opportunities have arisen. The government’s Job Retention Scheme proved an invaluable tool in retaining staff in the core lockdown months. Furlough claims were made for approximately 80% of the workforce.
Health & Safety risk
Health and safety has been a big focus to ensure the two sites are COVID secure and a full H&S inspection was passed in mid-November with no additional recommendations. The H&S committee has been bolstered by additional members and a further operational H&S tier has been introduced demonstrating the importance of continually striving to create a safer working environment.
Regulatory risk
The company (headed by the Technical Director) continues to improve our management systems and is ISO9001 and ISO14001 accredited with audit’s continuing through 2020. These accreditations are a risk-based approach to every area of operational and environmental process. These accreditations (and the work behind them) are of great use as they align the company direction and processes with staff development which is of upmost importance after a restructure.
Development and performance
The business model of continually looking to service the four sectors or our business has been key in the last few years. There are opportunities in all four sectors and diversification is key to the businesses growth.
The company’s four main strategic aims are: developing our repair and refurbishment operation, exploiting niche refrigeration products focussing in on new markets whilst reducing environmental impacts, committing heavily to R&D to develop marketing leading product and finally, utilising lean practices to increase profitability whilst working with our supply chain to develop better solutions and drive cost down. The importance of R&D meant that our engineers were not furloughed in the year. This has paid dividends at the end of the year as projects haven’t been delayed and new business is now in place for 2021.
BOOTH DISPENSERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Key performance indicators
The use of lean manufacturing techniques in new product development has seen the factory efficiency KPI rise from 53% at the start of the year to 55% at year end. As we were running fewer production lines we were able to focus on those builds more and we were also using our strongest staff to produce. Efficiency is a key KPI and real focus is be placed on improving this figure. The target of 60% has been achieved in June/July and August 2021.
Future developments
2021 has seen an upward trend in sales activity now COVID-19 vaccines have been distributed and the winter lockdown has ended. 2021 will be a bounce back year. Research and development of new product for customers has been extremely active throughout the post year end months. There are some new projects with large suppliers in the soft drinks market alongside approaches from clients from different markets than our core dispense industries which should be realised in 2021. There is also the ongoing program of switching our refrigeration machines to a new form of gas by the end of 2021 as required by law.
We are working with a large service provider within the brewery sector to provide bespoke equipment in 2021, this is new business as they have not previously used our products. We have also re-engaged a vending client and are once again to be manufacturing their machines in 2021. Finally, a new website has been introduced in January 2021 to allow customers to order through the website whilst accessing live stock levels as well as their agreed pricing, this will streamline the order process and will give customers the ability to place orders 24/7 from anywhere in the world.
Mr D J Hatton
Director
29 September 2021
BOOTH DISPENSERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Principal activities
The principal activity of the company in the year under review was that of the manufacture and assembly of cold soft drink and beer dispensing equipment and the supply of ancillary equipment to the brewing and soft drinks sectors. Additional activities include the sub-contract assembly of equipment and repairs of all makes of dispense and vending refrigeration.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £194,613. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M A Williams
Mr D J Hatton
Mr D A McKee
Mr M I Richardson
Research and development
The company invests substantial amounts each year on research and development and the costs are written off in the year they are incurred.
Auditor
The auditor, MHA Moore and Smalley, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report
. It has done so in respect of future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr D J Hatton
Director
29 September 2021
BOOTH DISPENSERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BOOTH DISPENSERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOTH DISPENSERS LIMITED
- 5 -
Opinion
We have audited the financial statements of Booth Dispensers Limited (the 'company') for the year ended 31 December 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 auditor's 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.
BOOTH DISPENSERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOTH DISPENSERS LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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
.
BOOTH DISPENSERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOOTH DISPENSERS LIMITED
- 7 -
-
Enquiries with managemen
t
about any known or suspected instances of non-compliance with laws and regulations and fraud;
-
Reading correspondence
and obtaining certification of compliance from required
accreditations such as ISO 9001, ISO 14001, WEEE, and Refcom
;
-
Reviewing board minutes;
and
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recogni
s
e the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Virginia Cooper (Senior Statutory Auditor)
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Fylde House
Skyways Commercial Campus
Amy Johnson Way
Blackpool
FY4 3RS
29 September 2021
BOOTH DISPENSERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
2020
2019
Notes
£
£
Turnover
3
7,152,116
11,313,698
Cost of sales
(4,963,758)
(7,617,461)
Gross profit
2,188,358
3,696,237
Administrative expenses
(2,505,698)
(2,924,984)
Other operating income
538,385
222,321
Operating profit
4
221,045
993,574
Interest receivable and similar income
7
39
3,659
Interest payable and similar expenses
8
(23,793)
(33,106)
Profit before taxation
197,291
964,127
Tax on profit
9
(62,733)
(119,025)
Profit for the financial year
134,558
845,102
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
BOOTH DISPENSERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 9 -
2020
2019
Notes
£
£
£
£
Fixed assets
Goodwill
10
49,028
55,156
Tangible assets
11
1,918,566
2,059,824
1,967,594
2,114,980
Current assets
Stocks
12
1,356,876
1,424,928
Debtors
13
1,117,105
1,401,625
Cash at bank and in hand
173,841
137,318
2,647,822
2,963,871
Creditors: amounts falling due within one year
14
(1,928,421)
(2,823,236)
Net current assets
719,401
140,635
Total assets less current liabilities
2,686,995
2,255,615
Creditors: amounts falling due after more than one year
15
(789,138)
(304,100)
Provisions for liabilities
Deferred tax liability
18
148,481
142,084
(148,481)
(142,084)
Net assets
1,749,376
1,809,431
Capital and reserves
Called up share capital
20
1,000
110,461
Share premium account
224,780
Capital redemption reserve
106,919
Profit and loss reserves
1,748,376
1,367,271
Total equity
1,749,376
1,809,431
The financial statements were approved by the board of directors and authorised for issue on 29 September 2021 and are signed on its behalf by:
Mr D J Hatton
Director
Company Registration No. 03882967
BOOTH DISPENSERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2019
110,461
224,780
106,919
2,312,840
2,755,000
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
-
-
845,102
845,102
Dividends
-
-
-
(1,790,671)
(1,790,671)
Balance at 31 December 2019
110,461
224,780
106,919
1,367,271
1,809,431
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
134,558
134,558
Dividends
-
-
-
(194,613)
(194,613)
Reduction of shares
20
(109,461)
-
109,461
Other movements
-
(224,780)
(106,919)
331,699
-
Balance at 31 December 2020
1,000
1,748,376
1,749,376
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
1
Accounting policies
Company information
Booth Dispensers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Moor Park Avenue, Bispham, Blackpool, FY2 0LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Booth Group Limited
. These consolidated financial statements are available from its registered office,
101 Moor Park Avenue, Blackpool, FY2 0LZ.
1.2
Going concern
Following the year end, the global Covid-19 pandemic caused a significant disruption to almost all businesses. As the company sells equipment predominantly for hospitality or office applications the pandemic brought the order book to an immediate halt at the beginning of April 2020.
true
The company took advantage of the available government incentives, such as the Coronavirus Job Retention Scheme and a CBILS loan to bolster the working capital. Since lockdown there has been some reflection and analysis of the supplier’s performance and they have further diversified their supplier portfolio to mitigate future risks.
The company has taken the time during the pandemic to manage expenditure and performed a restructuring to minimise staff costs. Since July 2020 the sales have been growing almost to normal level and expect to be back to normal within the next 12 months. Due to its relatively short length, the directors consider the impact of the second lockdown and tier restrictions on the business to merely delay some sales orders.
The board of directors have produced management information and projections for the period of two years following the year end and are confident that the company has adequate resources to continue in operational existence for the foreseeable future. The company has therefore prepared the accounts on a going concern basis.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover
Turnover represents amounts invoiced during the year, exclusive of Value Added Tax, for the manufacture and assembly of cold soft drink and beer dispensing equipment and the supply of ancillary equipment to the brewing and soft drinks sectors. Additional activities include the sub-contract assembly of equipment and repairs of all makes of dispense and vending refrigeration.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset, over its expected useful life, as follows:
Freehold property
4% on cost
Plant and machinery
10% - 25% on cost
Fixtures and fittings
10% on cost
Motor vehicles
25% on cost
Freehold land is not depreciated.
Included within Plant & Machinery are loose tools which are depreciated in full within 1 year.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 13 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fair value measurement of financial instruments
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 14 -
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 16 -
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 17 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Stock valuation
Stock is valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
Depreciation
In determining the appropriate depreciation rates for the Company’s assets, management reviews the operating policies of the business and makes judgements as to the applicable useful economic lives of the assets, considering residual values.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Other significant revenue
Interest income
39
3,659
Grants received
475,816
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 18 -
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
9,994
(25)
Research and development costs
211,825
251,152
Government grants
(475,816)
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
12,500
Depreciation of owned tangible fixed assets
186,300
185,276
Depreciation of tangible fixed assets held under finance leases
92,215
103,664
(Profit)/loss on disposal of tangible fixed assets
(2,861)
6,705
Amortisation of intangible assets
6,128
6,127
Operating lease charges
92,350
86,198
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Number of production staff
73
76
Number of distribution staff
17
17
Number of administrative staff
19
21
Total
109
114
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
2,074,321
2,323,504
Social security costs
143,934
175,009
Pension costs
93,246
219,357
2,311,501
2,717,870
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 19 -
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
69,331
78,710
Company pension contributions to defined contribution schemes
35,634
139,326
104,965
218,036
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
39
3,659
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
39
3,659
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,937
7,422
Other finance costs:
Interest on finance leases and hire purchase contracts
11,973
11,162
Other interest
3,883
14,522
23,793
33,106
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
56,336
67,499
Deferred tax
Origination and reversal of timing differences
6,397
49,966
Adjustment in respect of prior periods
1,560
Total deferred tax
6,397
51,526
Total tax charge
62,733
119,025
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
197,291
964,127
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
37,485
183,184
Tax effect of expenses that are not deductible in determining taxable profit
14,505
68,736
Tax effect of income not taxable in determining taxable profit
(122,530)
Group relief
(5,973)
(4,304)
Deferred tax effect of changes in tax rates
16,716
(6,061)
Taxation charge for the year
62,733
119,025
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
1,121,877
Amortisation and impairment
At 1 January 2020
1,066,721
Amortisation charged for the year
6,128
At 31 December 2020
1,072,849
Carrying amount
At 31 December 2020
49,028
At 31 December 2019
55,156
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 21 -
11
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2020
1,203,281
2,239,191
152,554
292,952
3,887,978
Additions
52,694
1,770
106,862
161,326
Disposals
(480)
(89,400)
(89,880)
At 31 December 2020
1,203,281
2,291,405
154,324
310,414
3,959,424
Depreciation and impairment
At 1 January 2020
176,710
1,422,687
70,852
157,905
1,828,154
Depreciation charged in the year
48,131
150,912
12,625
66,847
278,515
Eliminated in respect of disposals
(425)
(65,386)
(65,811)
At 31 December 2020
224,841
1,573,174
83,477
159,366
2,040,858
Carrying amount
At 31 December 2020
978,440
718,231
70,847
151,048
1,918,566
At 31 December 2019
1,026,571
816,504
81,702
135,047
2,059,824
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Plant and machinery
373,435
479,126
Motor vehicles
147,897
129,967
Computer equipment
31,870
553,203
609,093
Freehold land and buildings with a carrying amount of £1,026,571 (2019: £1,074,702) have been pledged to secure borrowings of the company.
12
Stocks
2020
2019
£
£
Raw materials and consumables
833,246
648,115
Work in progress
41,409
226,224
Finished goods and goods for resale
482,221
550,589
1,356,876
1,424,928
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 22 -
13
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
908,794
1,364,026
Amounts owed by group undertakings
162,309
Prepayments and accrued income
46,002
37,599
1,117,105
1,401,625
Trade debtors disclosed above are measured at amortised cost.
14
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Obligations under finance leases
17
142,900
140,154
Trade creditors
1,227,789
1,670,278
Amounts owed to group undertakings
254,891
Corporation tax
123,844
67,507
Other taxation and social security
306,096
152,333
Other creditors
35,000
304,100
Accruals and deferred income
92,792
233,973
1,928,421
2,823,236
The finance leases falling due within one year of £142,900 (2019: £140,154 ) are secured over the assets to which they relate.
15
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
16
500,000
Obligations under finance leases
17
289,138
304,100
789,138
304,100
The finance leases falling due after one year of £289,138 (2019: £304,100 ) are secured over the assets to which they relate.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 23 -
16
Loans and overdrafts
2020
2019
£
£
Bank loans
500,000
Payable after one year
500,000
The long-term loans are secured by fixed and floating charges over the assets of the company.
17
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
209,314
140,154
In two to five years
222,724
304,100
432,038
444,254
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The lease terms are between three and five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
ACAs
148,481
142,084
2020
Movements in the year:
£
Liability at 1 January 2020
142,084
Charge to profit or loss
6,397
Liability at 31 December 2020
148,481
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 24 -
19
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,246
219,357
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"C" ordinary shares of £1 each
1,000
26,341
1,000
26,341
"E" ordinary shares of £1 each
-
11,091
-
11,091
"G"ordinary shares of £1 each
-
5,180
-
5,180
"K"ordinary shares of £1 each
-
1,000
-
1,000
"L"ordinary shares of £1 each
-
5,600
-
5,600
"M"ordinary shares of £1 each
-
5,600
-
5,600
1,000
54,812
1,000
54,812
2020
2019
2020
2019
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference of £1 each
-
55,649
-
55,649
Preference shares classified as equity
-
55,649
Total equity share capital
1,000
110,461
The holders of each class of share have equal voting rights and equal rights as to capital.
The holders of all classes of shares have equal rights as to income save that at any time the directors may resolve to declare a dividend on one class of share and not another class.
BOOTH DISPENSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 25 -
21
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain property and equipment. Leases are negotiated for an average term of 3 years for the equipment and 10 years for the property.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2020
2019
£
£
Within one year
24,774
35,437
Between two and five years
76,593
83,162
In over five years
16,651
101,367
135,250
22
Related party transactions
Transactions with related parties
The company has chosen to claim exemptions available under Section 33 of FRS 102 which means that they are not required to disclose transactions with the parent company which they are wholly owned by.
23
Ultimate controlling party
The ultimate holding company is Booth Group Ltd, incorporated in England and Wales with registered address of 101 Moor Park Avenue, Blackpool, Lancashire, FY2 0LZ.
The issued share capital in Booth Dispensers Ltd was transferred into the ownership of Booth Group Ltd on 27th June 2019 as part of a Management Buy Out. Booth Dispensers Limited is included within the consolidated financial statements of the Group for the period of ownership to 31 December 2019.
2020-12-31
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