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Company registration number: 00071941
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ANNUAL REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 AUGUST 2021
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WILLIAM CROXSON & SON LIMITED
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WILLIAM CROXSON & SON LIMITED
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COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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WILLIAM CROXSON & SON LIMITED
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CONTENTS
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated statement of financial position
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Company statement of financial position
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated Statement of cash flows
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Notes to the financial statements
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WILLIAM CROXSON & SON LIMITED
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The principal activity of the Group during the year was the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.
The Group is the UK's largest independent glass packaging supplier to the food and beverage industries and has a significant level of exports to over fifty countries across the globe.
The turnover of the William Croxson & Son Limited Group was as follows:
Sales of glass containers: £31,027,239 (2020 - £29,255,268)
Sales of associated products: £2,753,740 (2020 - £2,366,927)
The financial year reported on continued to be adversely affected by COVID, however, the Group’s strategy of diversification in both sectors and clients resulted in a strong level of protection from the worst of the pandemic. As the hospitality sector and the wider economy began to open back up in the latter part of 2020 and into 2021, there was significant demand for glass packaging in order to meet the requirements of the re-emerging market. Under the circumstances, the Board of Directors is pleased to report that Group turnover increased by 6.8% in the year which continues the multi-year growth plans for the Group.
Our New Zealand subsidiary benefited from the country being largely reopen following pandemic-related lockdowns in 2020. As a result, the 10% fall in turnover in the previous year was offset by a 22.8% increase in sales in the current year, albeit at a lower gross margin of 11.4% (2020: 12.8%). Combined with cost reductions obtained from internal reorganisation during 2020, the company achieved a 168%% improvement in underlying operating profit.
The positive sales and operating profits are tempered by a slight downturn in margin across the William Croxson & Son Limited Group from 14.1% in 2020 to 13.9% in 2021 due to price pressures and rising costs particularly in the area of freight and transport.
Post year-end we have continued to experience a continued strong performance and, across the Group’s product offering, our thriving relationship with our premier manufacturing partners, globally, provides a solid foundation on which to further develop the business into the next decade and beyond. The management team continues to identify opportunities for the growth of the business including expansion into new markets within the industry and a strong focus on new product development where it complements our core range of glass packaging. Our key suppliers remain very supportive, and we are mutually proud of the collective results that our complementary relationships continue to generate.
The stability of the Croxson Group has been further enhanced post year-end with the implementation of the Croxson family’s succession plan. In January 2022, T Croxson acquired a controlling stake in the Group from J Croxson, via a new holding company, The Apphia Group Ltd. J & T Croxson both remain on the board of William Croxson & Son Ltd and with the long-term future of the business now in place, the Board looks forward to progressing its clear strategy for the continued growth and success of the Group.
Principal risks and uncertainties
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The glass packaging industry remains a competitive environment and the board ensures a focus on maintaining gross margin levels. Revenue is of course directly affected by consumer behaviour which impact directly on our customers' demand for our products and can be affected by unpredictable, external factors, including the weather.
One such unpredicted and unprecedented factor has of course been the global COVID-19 pandemic. As noted in previous accounts, the performance of the William Croxson & Son Limited Group had been negatively impacted by the imposition of restrictions across sectors in which our customers operate. However, with a broad range of customers and therefore exposure to sectors and markets, the Group has continued to trade strongly throughout the past period.
The William Croxson & Son Limited Group trades with both suppliers and customers in the European Union and the post-Brexit landscape continues to raise challenges. The UK/EU trading arrangements have increased the administrative burden and the resources required to deal with this as well as adding more disruption to the already very difficult logistics market. However, the William Croxson & Son Limited Group has been importing and exporting for many decades and we are well placed to face these challenges.
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WILLIAM CROXSON & SON LIMITED
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
The Group uses forward hedging contracts in order to reduce its currency risk.
The strengthening of the U.S. Dollar has resulted in a significant increase in the purchasing costs of our overseas operations particularly in Australasia. This coupled with a continued pressure on the Australian wine industry, has led the directors to scale back some aspects of the operations in Australia and we have made an appropriate provision in this year’s figures against the Group’s related party loan and trading debt with our investment in Croxsons Pty Ltd, in Australia.
The nature of importation and exportation has created some exposure to increasing freight costs and fluctuating capacity, which have continued across all areas of the business. Our strong relationships with both logistic partners and customers have, however, limited the impact on our results. We have seen this pressure continue post year-end, and we anticipate this continuing until at least the Spring of 2022.
With these risks and uncertainties in mind, the directors are more aware than ever that plans for the future development of the business are subject to unpredictable events outside of our control. Nevertheless, we remain confident that, with the support of our excellent and committed team of staff, current financial performance can be maintained.
Key performance indicators
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As a sales-driven organisation we consider that our primary key financial performance indicators are turnover and gross margin. These are discussed in the Business Review, above. We also closely monitor financial key performance indicators in respect of debtors and stock. We use a Days Sales Outstanding ratio to measure our credit control performance. Our 12-month rolling average DSO at the financial year-end had improved markedly compared with the prior year. This is particularly pleasing in light of the ongoing impact of COVID-19 on many of our customers and we have worked closely with our customers to carefully manage credit control in these difficult conditions.
We also monitor stock levels using a stock turnover ratio. Over the past year, we have successfully continued our efforts to reduce our overall stock holding, while still being in a position to effectively meet our customers’ requirements. As a result, we are pleased to report on a significant fall in our stock turnover ratio over the financial year and this trend has continued post year-end.
This report was approved by the board and signed on its behalf.
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WILLIAM CROXSON & SON LIMITED
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2021
The Directors present their report and the financial statements for the year ended 31 August 2021.
Directors' responsibilities statement
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The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,146,323 (2020 -£1,310,778).
The directors proposed and paid dividends in the year of £678,750 (2020 - £383,050).
The Directors who served during the year were:
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
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WILLIAM CROXSON & SON LIMITED
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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WILLIAM CROXSON & SON LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON LIMITED
We have audited the financial statements of William Croxson & Son Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2021 and of the Group's 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 Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the Directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the Directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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WILLIAM CROXSON & SON LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group 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
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙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
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As explained more fully in the Directors' Responsibilities Statement on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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WILLIAM CROXSON & SON LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilites, 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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including:
∙The Companies Act 2006
∙Financial Reporting Standard 102
∙UK employment legislation
∙UK health and safety legislation
∙UK tax legislation
∙General Data Protection Regulations
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°The application of inappropriate judgements or estimation to manipulate the Company's financial position;
°Posting of unusual journals and complex transactions;
°The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interest.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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WILLIAM CROXSON & SON LIMITED
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM CROXSON & SON LIMITED (CONTINUED)
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
Caroline Milton FCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY
8 February 2022
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WILLIAM CROXSON & SON LIMITED
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2021
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Interest receivable and similar income
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Interest payable and expenses
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Profit for the financial year
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Unrealised deficit on revaluation of tangible fixed assets
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Foreign exchange reserve movement
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Other comprehensive income for the year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Owners of the parent Company
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Total comprehensive income for the year attributable to:
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Owners of the parent Company
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The notes on pages 20 to 37 form part of these financial statements.
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WILLIAM CROXSON & SON LIMITED
REGISTERED NUMBER:00071941
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension asset
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Equity attributable to owners of the parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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T Croxson
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The notes on pages 20 to 37 form part of these financial statements.
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WILLIAM CROXSON & SON LIMITED
REGISTERED NUMBER:00071941
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension asset
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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WILLIAM CROXSON & SON LIMITED
REGISTERED NUMBER:00071941
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COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 37 form part of these financial statements.
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WILLIAM CROXSON & SON LIMITED
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2021
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Comprehensive income for the year
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Surplus on revaluation of freehold property transferred to reserves
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Depreciation on revaluation of freehold property
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Depreciation on revaluation of freehold property transferred to reserves
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Foreign exchange differences arising on consolidation
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Deferred tax on revalued freehold property
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Total transactions with owners
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The notes on pages 20 to 37 form part of these financial statements.
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WILLIAM CROXSON & SON LIMITED
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2020
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Comprehensive income for the year
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Depreciation on revaluation of freehold property
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Depreciation on revaluation of freehold property transferred to reserves
|
|
|
|
|
|
Foreign exchange differences arising on consolidation
|
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
Deferred tax on revalued freehold property
|
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 37 form part of these financial statements.
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Surplus on revaluation of freehold property transferred to reserves
|
|
|
|
|
Depreciation on revaluation of freehold property
|
|
|
|
|
Depreciation on revaluation of freehold property transfer to reserves
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
Deferred tax on revalued freehold property
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 37 form part of these financial statements.
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
Depreciation on revaluation of freehold property
|
|
|
|
|
Depreciation on revaluation of freehold property transfer to reserves
|
|
|
|
|
Other comprehensive income for the year
|
|
|
|
|
Total comprehensive income for the year
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
Deferred tax on revalued freehold property
|
|
|
|
|
Total transactions with owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 37 form part of these financial statements.
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2021
Cash flows from operating activities
|
|
|
Profit for the financial year
|
|
|
|
|
|
|
Amortisation of intangible assets
|
|
|
Depreciation of tangible assets
|
|
|
Loss on disposal of tangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Increase)/decrease in debtors
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash generated from operating activities
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
Purchase of tangible fixed assets
|
|
|
Sale of tangible fixed assets
|
|
|
|
|
|
|
Net cash from investing activities
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
Net increase in cash and cash equivalents
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
Cash and cash equivalents at the end of year
|
|
|
|
|
|
|
Cash and cash equivalents at the end of year comprise:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 20 to 37 form part of these financial statements.
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2021
The notes on pages 20 to 37 form part of these financial statements.
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
William Croxson & Son Limited is a private company limited by shares and incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its principal place of business is Spaces, 6 Sutton Plaza, Sutton, Surrey, SM1 4FS.
The consolidated financial statements represent the year to 31 August 2021 and comprise the financial statements of the Company and its subsidiaries ('Group'). The Group's principal activities are that of the wholesale supply of glass bottles and jars and associated products to food and drink manufacturers worldwide.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the financial statements of the Company and all Group undertakings. These are adjusted, where appropriate, to conform to Group accounting policies. Acquisitions are accounted for under the acquisition method. The results of Companies acquired or disposed of are included in the Statement of Comprehensive Income after or up to the date that control passes respectively. As a Consolidated Statement of Comprehensive Income is published, a separate Statement of Comprehensive Income for the parent Company is omitted from the Group financial statements by virtue of section 408 of the Companies Act 2006.
Revenue from the wholesale supply of glass bottles and jars and associated products is recognised to the extend that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.
Revenue is recognised on despatch of goods as this is when the risks and rewards of ownership are considered to have transferred to the customer.
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
|
|
|
|
|
|
|
|
Straight line over 10 years
|
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance method.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
Straight line over 50 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Straight line over 4 years or 25% reducing balance
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
|
|
|
Revaluation of tangible fixed assets
|
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of Financial Position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.Accounting policies (continued)
|
|
|
Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Provision is made for obsolete, slow moving or defective items where appropriate.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.Accounting policies (continued)
|
|
|
Foreign currency translation
|
Functional and presentation currency
The Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
|
|
|
Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
|
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The main areas estimation areas are revaluation of freehold property, stock valuation including provisions for obsolete stock and provision for bad and doubtful debts.
Revaluation – freehold property is valued by an independent surveyor once in three years as the company does not anticipate the value of the property to change on a yearly basis.
Stock valuation – valuation criteria are reviewed and agreed by the management based on past experience and expectations of future events.
Provisions for obsolete stock – based on stock movement, past experience and expectations of future events.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Analysis of turnover by country of destination:
|
|
£4,558 (2020: £40,879) was claimed during the year from the government as part of the Job Retention Support Scheme.
|
|
|
|
|
|
The operating profit is stated after charging:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of tangible fixed assets
|
|
|
|
|
Amortisation of intangible assets, including goodwill
|
|
|
|
|
|
|
|
|
|
Other operating lease rentals
|
|
|
|
|
Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
Staff costs, including Directors' remuneration, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of defined contribution scheme
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The average monthly number of employees, including the Directors, during the year was as follows:
|
|
|
|
|
|
|
|
Company contributions to defined contribution pension schemes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The highest paid Director received remuneration of £139,642 (2020 -£168,479).
|
|
|
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £1,172 (2020 -£1,090).
|
|
|
Other interest receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
Interest payable and similar expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loan interest payable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
|
Adjustments in respect of previous periods
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Origination and reversal of timing differences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation on profit on ordinary activities
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
12.Taxation (continued)
|
|
Factors affecting tax charge for the year
|
|
|
The tax assessed for the year is the same as (2020 -the same as) the standard rate of corporation tax in the UK of 19% (2020 -19%) as set out below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit on ordinary activities before tax
|
|
|
|
|
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 -19%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses not deductible for tax purposes
|
|
|
|
|
Research and development tax relief
|
|
|
|
|
Higher rate taxes on overseas trading
|
|
|
|
|
Effect of change in tax rates on deferred tax
|
|
|
|
|
Adjustment to tax charge in respect of prior periods
|
|
|
|
|
Chargeable gains on revalued assets disposed during the year
|
|
|
|
|
Total tax charge for the year
|
|
|
|
|
Equity dividends paid on ordinary shares
|
|
|
|
|
|
|
|
|
|
Parent company profit for the year
|
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,082,299 (2020 -£1,302,050).
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All of the Group's intangible fixed assets are held in the parent Company
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors have carried out a valuation of the remaining freehold property as at the year end and do not believe that there is any change in the value of the freehold property.
|
|
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
16.Tangible fixed assets (continued)
|
|
Freehold land & buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors have carried out a valuation of the remaining freehold property as at the year end and do not believe that there is any change in the value of the freehold property.
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Croxsons Packaging Limited
|
|
|
|
Wholesale supply of glass bottles and jars and associated products
|
The registered address of Croxsons Packaging Limited is 14a Barnaby Road, Tuakau, 2121, New Zealand.
|
|
Finished goods and goods for resale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WILLIAM CROXSON & SON LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
|
|
Due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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WILLIAM CROXSON & SON LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Charged to profit or loss
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Charged to profit or loss
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Fixed asset timing differences
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Allotted, called up and fully paid
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100,000 (2020 -100,000) Ordinary shares of £1.00 each
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WILLIAM CROXSON & SON LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
Revaluation reserve
This account records revaluations of freehold property less provision for deferred taxation.
Foreign exchange reserve
This account records gains and losses for the translation of transactions made between operating and reporting currency within the group.
Profit and loss account
This account records retained earnings and losses.
HSBC Bank Plc holds a guarantee for £20,000 (2020: £20,000) on the parent company's account in favour of HM Revenue and Customs.
HSBC Bank Plc holds a guarantee for £28,069 (2020: £28,029) on the parent company's account in favour of Kuehne and Nagel Ltd.
HSBC Bank Plc holds a guarantee for £48,070 (2020: £101,000) on the parent company's account in favour of HMRC, lost bills of lading indemnity and Basturk Cam San. VE TIC A.S.
The directors D A Shaw, J Croxson and T Croxson have signed a general security agreement with the Bank of New Zealand to cover the overdraft, trade finance and foreign exchange contract facility of £305,333 (2020: £305,333) in respect of the subsidiary company.
The Directors J Croxson and T Croxson and D A Shaw (director of the subsidiary company) each gave a standard guarantee of £19,920 (2020: £21,733) plus interest and costs, to the Bank of New Zealand in respect of the subsidiary company. The directors J Croxson and T Croxson and D A Shaw (director of the subsidiary company) collectively gave a standard guarantee of £254,444 (2020: £277,595) plus interest and costs, to the Bank of New Zealand in respect of the subsidiary company.
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WILLIAM CROXSON & SON LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Related party transactions
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J Croxson, A Giles, T Croxson and D Giles are all directors of the group. J Croxson and T Croxson are shareholders of the group.
J Croxson and A Giles are directors and shareholders of JBC Online Limited and T Croxson and D Giles are directors of JBC Online Limited.
J Croxson is a director and shareholder of Croxsons Pty Limited, a company incorporated in Australia. D Giles is also a shareholder.
J Croxson and A Giles are directors and shareholders of Homes of Heritage Limited, a company incorporated in the Republic of Ireland.
J Croxson, A Giles and T Croxson are trustees of The Milk and Honey Trust.
Included within other creditors, amounts falling due within one year, is a loan of £144,846 (2020: £182,471) owed to The Milk and Honey Trust. The loan was given on 20 August 2019 and 26 August 2020 with interest being charged at 2.5% per p.a. on a quarterly basis from 1 September 2019 and 1 September 2020 respectively. The loan is repayable on demand. During the year ended 31 August 2021, interest totalled £3,354 (2020: £2,640).
The company has taken advantage of Section 33 of FRS 102 and has not disclosed transactions with wholly owned group companies.
Including within other debtors is a loan of £606,419 (2020: £607,439) provided to the domestic partner of J Croxson which is repayable on or before 30 May 2022. Interest is charged at 1.5% above the base rate. During the year ended 31 August 2021, interest totalled £9,715 (2020: £12,535). The loan is secured by a legal charge.
The following transactions took place between the group and the related parties:
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JBC Online Limited (Trade sales)
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Outstanding balances due from/(to) related parties
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Homes of Heritage Limited
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A provision of £1,325,000 (2020: £1,075,000) has been made against the amount owed from Croxsons Pty Limited.
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WILLIAM CROXSON & SON LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
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Commitments under operating leases
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At 31 August 2021 the Group and the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Transactions with directors
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Included within other debtors due within one year is a loan of £114,286 (2020: £Nil) to J Croxson. Interest is charged at 1.5% above the base rate. During the year ended 31 August 2021, interest totalled £1,709 (2020: £Nil).
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Post balance sheet events
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In January 2022, T Croxson acquired the Croxson Group via a new holding company, The Apphia Group Ltd, as part of the family succession plan. As a result, from this date, J Croxson ceased to be the controlling party, and T Croxson became the ultimate controlling party.
The company was controlled by the director J Croxson, by virtue of his shareholding.
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