ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
COMPANY INFORMATION
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BUDWEISER BUDVAR UK LIMITED
CONTENTS
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BUDWEISER BUDVAR UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present their strategic report together with the audited financial statements of Budweiser Budvar UK Limited (the company) for the year ended 31 December 2022.
The company’s principal activity is the import, marketing and distribution of Budweiser Budvar beer which is brewed by the Czech Government-owned Budweiser Budvar National Corporation brewery in Ceské Budejovice (Budweis), Czech Republic.
Sales were very strong in the year and the company sold 90,958 Hectolitres (HL) in 2022, the highest sales volume in over a decade and a 12% improvement on 2021 (81,145HL).
Turnover for 2022 increased to £17.9m (2021 - £15.9m) with growth in both On Trade and Off Trade channels. On Trade grew by over 40% as the hospitality sector bounced back from the Covid lockdowns of early 2021.
Distribution costs increased from £838k in 2021 to £2,451k in 2022. This large increase was the result of a change in the way that the company purchased beer: in 2021 all beer was purchased on a delivered basis but since 1 January 2022 purchases have been ex-works and the company has had to pay the cost of bringing the beer in from the Czech Republic separately.
Increased marketing spend pushed administration expenses up to £2.6m (2021 - £2.4m) and the company generated a profit for the year of £79,610 (2021 – a loss of £24,900).
An internal review revealed that the company had not been meeting its packaging waste obligations and this has been corrected in this set of accounts and will be included going forward. This gave rise to a prior year adjustment which is covered in note 20.
The company’s risk management framework includes a process for identifying, assessing and responding to risk and supporting the company’s strategy and business objectives.
Risk management operates at all levels throughout the business. However, the Board takes overall responsibility, determining the nature and extent of principal risks it is willing to take to achieve the company’s strategic objectives, and maintaining the company’s risk governance structure and appropriate internal control framework.
Credit risk
∙The company is mainly exposed to credit risk from credit sales. It is company policy to assess the credit risk of new customers before entering into contracts. Each new customer is analysed individually for creditworthiness before the company’s standard payment and delivery terms and conditions are offered. Purchase limits are established for each customer, which represents the maximum open amount without requiring approval. A regular review of the trade receivables' ageing analysis is undertaken and customer’s credit is reassessed periodically.
Liquidity risk
∙Liquidity risk arises from the company’s management of working capital. It is the risk that the company will encounter difficulty in meeting its financial obligations as they fall due.
∙The company's policy in respect of liquidity risk is to utilise readily accessible bank deposit accounts to ensure that the company has sufficient funds for operations.
∙The Directors assume that the business will continue to receive the support of its parent company and, on this basis, will not require any external borrowing in the foreseeable future.
Page 1
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BUDWEISER BUDVAR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Foreign exchange risk
∙Foreign exchange risk arises when the company enters into transactions denominated in a currency other than their functional currency.
∙With the uncertainty of Brexit, exchange rates have moved against us and we continue to mitigate this risk through the implementation of price increases to our trade customers.
Growth in the UK beer market continues to be challenging due to changes in consumer behaviour but our continued focus on beer quality through only using the finest ingredients, not reducing the brewing and conditioning time and only producing in Budweis, Czech Republic, will help consumer engagement with our beer.
Budweiser Budvar UK is planning further investment in 2023 to grow the brand in both the On Trade and Off Trade sectors.
There have been no events since the balance sheet date which materially affect the position of the company.
The Board drives business performance through the setting of clearly defined and measured key performance indicators (KPIs).
The company’s key financial and other performance indicators during the year were as follows:
This report was approved by the board and signed on its behalf.
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BUDWEISER BUDVAR UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £79,610 (As restated 2021: loss £24,900).
No dividends were paid during the year (2021: £nil).
The directors who served during the year were:
All future developments are included within the strategic report.
∙so far as the director is aware, there is no relevant audit information of which the Company'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's auditors are aware of that information.
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BUDWEISER BUDVAR UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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BUDWEISER BUDVAR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUDWEISER BUDVAR UK LIMITED
We have audited the financial statements of Budweiser Budvar UK Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, Analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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BUDWEISER BUDVAR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUDWEISER BUDVAR UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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BUDWEISER BUDVAR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUDWEISER BUDVAR UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and,
∙Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws. Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes;
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and,
∙Challenging assumptions and judgements made by management in their significant accounting estimates.
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BUDWEISER BUDVAR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BUDWEISER BUDVAR UK LIMITED (CONTINUED)
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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BUDWEISER BUDVAR UK LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
REGISTERED NUMBER:04309989
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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BUDWEISER BUDVAR UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Budweiser Budvar UK Limited is a limited liability company incorporated in England and Wales. The registered office is 76 Macrae Road, Pill, Bristol, BS20 0DD.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors monitor the business on a timely basis in order to assess performance and manage business risk. The Directors have given consideration to the cash flow forecasts and budgeted profitability for a period of at least 12 months from the date of approval of the financial statements and on the assumption of the continued support of the company’s parent company, Budweiser Budvar National Corporation. On this basis the Directors are of the opinion there are no material uncertainties in relation to going concern and therefore believe that it is appropriate to prepare the financial statements on a going concern basis.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
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:
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The packaging compliance provision relates to amounts due under the Producer Responsibility Obligations (packaging waste) Regulations 2007 for the periods between 2004 and 2022. The provision is calculated on a combination of negotiations with the Environment Agency and historic packaging use.
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The company has tax losses of approximately £1,071,000 (2021: £622,000) available to be carried forward against future trading profits.
At 31 December 2022 the company had an unprovided deferred tax asset of £197,115 (2021: £95,183) relating to trading losses carried forward. No deferred tax asset has been recognised on the basis that it is not sufficiently certain when taxable profits will be made in the future to absorb the reversal of the underlying timing differences.
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 23
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BUDWEISER BUDVAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Profit and loss account
Following the director's continued compliance reviews they have identified an error regarding packaging compliance under the Producer Responsbilitity Obligations (packaging waste) Regulations 2007. Following the identification of the issue the directors voluntarily contacted the Environment Agency to resolve any amounts due relating to previous financial periods. The directors have restated the comparative period to reflect the estimated amounts due. For amounts relating to financial periods ended 2020 the directors have estimated the liability to be £312,810. For the financial period ended 2021 the directors have estimated the costs to be £130,000. As a result cost of sales and profit has been reduced by £130,000 to reflect the estimated charges in that period and the company's brought forward reserves have been reduced by £312,810.
The company's ultimate parent company and controlling party was ,
which is the parent of both the smallest and largest groups of which the company is a member. Budweiser Budvar National Corporation is a government-owned Brewery based in the Czech Republic.
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