Bankhead Services Limited NI067845 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is garden services Digita Accounts Production Advanced 6.30.9574.0 true true NI067845 2022-07-01 2023-06-30 NI067845 2023-06-30 NI067845 bus:OrdinaryShareClass1 2023-06-30 NI067845 core:CurrentFinancialInstruments 2023-06-30 NI067845 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 NI067845 core:Goodwill 2023-06-30 NI067845 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 NI067845 core:FurnitureFittingsToolsEquipment 2023-06-30 NI067845 core:OtherPropertyPlantEquipment 2023-06-30 NI067845 bus:SmallEntities 2022-07-01 2023-06-30 NI067845 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI067845 bus:FullAccounts 2022-07-01 2023-06-30 NI067845 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI067845 bus:RegisteredOffice 2022-07-01 2023-06-30 NI067845 bus:CompanySecretaryDirector1 2022-07-01 2023-06-30 NI067845 bus:Director1 2022-07-01 2023-06-30 NI067845 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 NI067845 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI067845 core:Goodwill 2022-07-01 2023-06-30 NI067845 core:LicencesFranchises 2022-07-01 2023-06-30 NI067845 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-01 2023-06-30 NI067845 core:FurnitureFittings 2022-07-01 2023-06-30 NI067845 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 NI067845 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 NI067845 core:PlantMachinery 2022-07-01 2023-06-30 NI067845 countries:NorthernIreland 2022-07-01 2023-06-30 NI067845 2022-06-30 NI067845 core:Goodwill 2022-06-30 NI067845 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 NI067845 core:FurnitureFittingsToolsEquipment 2022-06-30 NI067845 core:OtherPropertyPlantEquipment 2022-06-30 NI067845 2021-07-01 2022-06-30 NI067845 2022-06-30 NI067845 bus:OrdinaryShareClass1 2022-06-30 NI067845 core:CurrentFinancialInstruments 2022-06-30 NI067845 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 NI067845 core:Goodwill 2022-06-30 NI067845 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 NI067845 core:FurnitureFittingsToolsEquipment 2022-06-30 NI067845 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI067845

Bankhead Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Bankhead Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bankhead Services Limited

(Registration number: NI067845)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,345

4,691

Tangible assets

5

34,293

36,829

 

36,638

41,520

Current assets

 

Stocks

6

33,844

28,459

Debtors

7

272,905

207,473

Cash at bank and in hand

 

20,965

53,110

 

327,714

289,042

Creditors: Amounts falling due within one year

8

(196,550)

(167,284)

Net current assets

 

131,164

121,758

Total assets less current liabilities

 

167,802

163,278

Provisions for liabilities

(8,573)

(6,998)

Net assets

 

159,229

156,280

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

159,129

156,180

Shareholders' funds

 

159,229

156,280

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Bankhead Services Limited

(Registration number: NI067845)
Balance Sheet as at 30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 February 2024 and signed on its behalf by:
 

.........................................
Harold Gaston
Director

.........................................
Hugh A Gaston
Company secretary and director

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
123 Killagan Road
Glarryford
Ballymena
Co Antrim
BT44 9PS

These financial statements were authorised for issue by the Board on 3 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Greenthumb franchise

20% straight line basis

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 21).

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Greenthumb franchise
 £

Total
£

Cost or valuation

At 1 July 2022

844,000

11,729

855,729

At 30 June 2023

844,000

11,729

855,729

Amortisation

At 1 July 2022

844,000

7,038

851,038

Amortisation charge

-

2,346

2,346

At 30 June 2023

844,000

9,384

853,384

Carrying amount

At 30 June 2023

-

2,345

2,345

At 30 June 2022

-

4,691

4,691

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

13,066

116,723

129,789

Additions

3,841

5,054

8,895

At 30 June 2023

16,907

121,777

138,684

Depreciation

At 1 July 2022

10,109

82,851

92,960

Charge for the year

1,700

9,731

11,431

At 30 June 2023

11,809

92,582

104,391

Carrying amount

At 30 June 2023

5,098

29,195

34,293

At 30 June 2022

2,957

33,872

36,829

6

Stocks

2023
£

2022
£

Other inventories

33,844

28,459

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

265,287

202,016

Prepayments

7,618

5,457

 

272,905

207,473

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

1,531

1,193

Trade creditors

 

78,060

57,269

Taxation and social security

 

57,729

41,183

Accruals and deferred income

 

18,501

15,916

Other creditors

 

40,729

51,723

 

196,550

167,284

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,531

1,193

 

Bankhead Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

40,000

40,000

Contributions paid to money purchase schemes

98,250

54,000

138,250

94,000