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Registered number: 05538599









BIZ GROUP HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
BIZ GROUP HOLDINGS LIMITED
 

COMPANY INFORMATION


DIRECTORS
M S Smith 
C C Smith 




COMPANY SECRETARY
C J Day



REGISTERED NUMBER
05538599



REGISTERED OFFICE
Millmarsh Lane
Brimsdown

Enfield

Middlesex

EN3 7QA




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT





 
BIZ GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 21


 
BIZ GROUP HOLDINGS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

Introduction
 
The principal activity of the Company is that of a holding company.

Business review
 
During the year, the main activities of the Company remained unchanged.  In April 2022 ownership of the Company changed with the Company now being a wholly owned subsidiary of BIZ Holdings Limited.  Accordingly single entity financial statements have been prepared for the Company.

Principal risks and uncertainties
 
The principal risk to which the Company is exposed is fluctuation in the Bank of England interest rate.  The Company is not exposed to any other significant risks or uncertainties in its role as a holding Company within the group.

Financial key performance indicators
 
There are no key performance indictors, other than profitability of the Company.


This Report was approved by the Board and signed on its behalf.



M S Smith
Director

Date: 6 November 2023

Page 1

 
BIZ GROUP HOLDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The Directors present their report and the financial statements for the year ended 30 April 2023.

DIRECTORS

The Directors who served during the year were:

M S Smith 
C C Smith 

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £18,948 (2022 - £4,763,260).

FUTURE DEVELOPMENTS

The Directors anticipate no significant changes in the company's activities in the foreseeable future.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

DIRECTORS' RESPONSIBILITIES STATEMENT

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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

DISCLOSURE OF INFORMATION TO AUDITORS

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'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.

Page 2

 
BIZ GROUP HOLDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey 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.
 





M S Smith
Director

Date: 6 November 2023

Page 3

 
BIZ GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ GROUP HOLDINGS LIMITED
 

OPINION


We have audited the financial statements of BIZ Group Holdings Limited (the 'Company') for the year ended 30 April 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.


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.


OTHER INFORMATION


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 ReportOur 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.


Page 4

 
BIZ GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ GROUP HOLDINGS LIMITED (CONTINUED)


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and 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.


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 identified material misstatements in the 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, 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' Responsibilities Statement set out on page 2, 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.


Page 5

 
BIZ GROUP HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ GROUP HOLDINGS LIMITED (CONTINUED)


AUDITORS' 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 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:

Enquiry of management around actual and potential litigation and claims, and any known instances of non-compliance;
Reviewing minutes of meetings of those charged with governance;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing our work throughout the audit file for evidence of non-compliance.
We did not identify specific laws or regulations that would cause non-compliance with legislation to be a key risk area for the Company.


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.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.




Richard Vass (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Causeway House
1 Dane Street
Bishop's Stortford
Hertfordshire
CM23 3BT

7 November 2023
Page 6

 
BIZ GROUP HOLDINGS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(188,129)
311,147

Other operating income
 4 
408,058
9,302

Operating profit
  
219,929
320,449

Income from shares in group undertakings
  
-
4,400,000

Interest receivable and similar income
 8 
112
44,611

Interest payable and similar expenses
 9 
(201,093)
(1,800)

Profit before tax
  
18,948
4,763,260

Tax on profit
 10 
-
-

Profit for the financial year
  
18,948
4,763,260

Other comprehensive income for the year
  

Unrealised (deficit)/surplus on revaluation of tangible fixed assets
  
(850,000)
10,321,893

Deferred tax movement
  
296,273
(2,580,473)

Other comprehensive income for the year
  
(553,727)
7,741,420

Total comprehensive income for the year
  
(534,779)
12,504,680

The notes on pages 9 to 21 form part of these financial statements.

Page 7

 
BIZ GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 05538599

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
11,650,000
12,500,000

Investments
 13 
940,286
940,286

  
12,590,286
13,440,286

Current assets
  

Debtors: amounts falling due within one year
 14 
4,159,696
4,160,575

Current asset investments
 15 
1,300
1,300

Cash at bank and in hand
 16 
8,940
119,393

  
4,169,936
4,281,268

Creditors: amounts falling due within one year
 17 
(958,018)
(1,072,573)

Net current assets
  
 
 
3,211,918
 
 
3,208,695

Total assets less current liabilities
  
15,802,204
16,648,981

Creditors: amounts falling due after more than one year
 18 
(3,812,526)
(3,828,251)

Provisions for liabilities
  

Deferred tax
 20 
(2,284,200)
(2,580,473)

Net assets
  
9,705,478
10,240,257


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Revaluation reserve
 22 
7,187,693
7,741,420

Profit and loss account
 22 
2,516,785
2,497,837

  
9,705,478
10,240,257


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M S Smith
Director

Date: 6 November 2023

The notes on pages 9 to 21 form part of these financial statements.

Page 8

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

The Company is a private Company limited by shares and is incorporated in England and Wales. The address of its registered office is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.

2.Accounting policies

 
2.1

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BIZ Holdings Limited as at 30 April 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due.

Page 9

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.5

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 balance sheet 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.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 10

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 
Page 11

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 12

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 balance sheet date.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Page 13

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Other operating income

2023
2022
£
£

Other operating income
397,928
-

Net rents receivable
9,302
9,302

Sundry income
828
-

408,058
9,302



5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,250
6,850

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
140,310
73,486

Social security costs
19,469
20,225

Cost of defined contribution scheme
4,000
24,000

163,779
117,711


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2

Page 14

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
140,310
69,986

Company contributions to defined contribution pension schemes
4,000
24,000

144,310
93,986


During the year retirement benefits were accruing to 1 Director (2022 - 2) in respect of defined contribution pension schemes.


8.


Interest receivable

2023
2022
£
£


Other interest receivable
112
44,611


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
201,093
1,800


10.


Taxation


2023
2022
£
£

Current tax


Current tax on profits for the year
-
-

Deferred tax


Origination and reversal of timing differences
-
-


Taxation on profit on ordinary activities
-
-
Page 15

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
18,948
4,763,260


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
3,695
905,019

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
49
-

Non-taxable income
-
(836,000)

Change in unrecognised Deferred Tax
(3,744)
(94,857)

Group relief
-
25,838

Total tax charge for the year
-
-


Factors that may affect future tax charges

The Company has unrelieved tax losses of approximately £1,100,000 (2022 - £1,270,000) available to be set against future trading profits.  No deferred tax has been provided on these losses given uncertainty over when the losses will be utilised.


11.


Dividends

2023
2022
£
£

Ordinary


Dividends paid
-
1,661,916

Page 16

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 May 2022
12,500,000


Revaluations
(850,000)



At 30 April 2023

11,650,000






Net book value



At 30 April 2023
11,650,000



At 30 April 2022
12,500,000

Cost or valuation at 30 April 2023 is as follows:

Land and buildings
£


At cost
2,513,200
At valuation:

30 April 2023
9,136,800



11,650,000

The 2023 valuations were made by the directors with reference to valuations provided in 2021 by Levy Real Estate LLP and Gilmartin Ley Limited, prepared on an open market value for existing use basis.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
2,513,200
2,513,200

Accumulated depreciation
(335,093)
(335,093)

Net book value
2,178,107
2,178,107

Page 17

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

13.


Fixed asset investments


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

BIZ Karts Limited
Ordinary
100%
BIZ Engineering Limited
Ordinary
100%
BIZ Karts Inc.
Ordinary
75%
Garage Door Fascias Limited
Ordinary
100%

The registered address of BIZ Karts Inc. is 3032 NW 25th Ave, Pompano Beach, Florida, 330369, USA.
The registered address of all other companies is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.


14.


Debtors

2023
2022
£
£


Trade debtors
-
8,911

Amounts owed by group undertakings
4,032,871
4,033,698

Other debtors
99,809
76,478

Prepayments and accrued income
27,016
41,488

4,159,696
4,160,575



15.


Current asset investments

2023
2022
£
£

Unlisted investments
1,300
1,300



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,940
119,393


Page 18

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
48,215
171,749

Amounts owed to group undertakings
747,442
801,925

Corporation tax
26,259
-

Other taxation and social security
39,441
38,843

Other creditors
60,056
60,056

Accruals and deferred income
36,605
-

958,018
1,072,573



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,812,526
3,828,251


The following liabilities were secured:

2023
2022
£
£



Bank loans
3,814,631
3,828,251

Details of security provided:

The bank loans are secured against the freehold property and by an unlimited debenture incorporating a fixed and floating charge. 

Page 19

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
48,215
171,749

Amounts falling due 1-2 years

Bank loans
47,729
173,418

Amounts falling due 2-5 years

Bank loans
3,764,797
3,654,833


3,860,741
4,000,000



20.


Deferred taxation




2023
2022


£

£






At beginning of year
2,580,473
-


Charged to other comprehensive income
(296,273)
2,580,473



At end of year
2,284,200
2,580,473

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Property revaluation
2,284,200
2,580,473


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1 each
1,000
1,000


Page 20

 
BIZ GROUP HOLDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

22.


Reserves

Revaluation reserve

The revaluation reserve represents the surplus or deficit arising on the revaluation of freehold property, less associated deferred tax.

Profit and loss account

The profit and loss reserve represents accumulated comprehensive income of the period and prior periods less any dividends paid.


23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,000 (2022 - £24,000). Contributions totalling £NIL (2022 - £NIL) were payable to the fund at the balance sheet date and are included within creditors.


24.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 (section 33.1A) not to disclose transactions with wholly owned group companies. 


25.


Controlling party

The Company's immediate and ultimate parent company is BIZ Holdings Limited, a company incorporated in England and Wales.


Page 21