REGISTERED NUMBER: 03533573 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 September 2022 |
for |
B D I Group Ltd |
REGISTERED NUMBER: 03533573 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 September 2022 |
for |
B D I Group Ltd |
B D I Group Ltd (Registered number: 03533573) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 September 2022 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
B D I Group Ltd |
Company Information |
for the Year Ended 29 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
B D I Group Ltd (Registered number: 03533573) |
Group Strategic Report |
for the Year Ended 29 September 2022 |
The directors present their strategic report of the company and the group for the year ended 29 September 2022. |
REVIEW OF BUSINESS - DIVERSIFIED AND PROFITABLE |
The Group continues to have interests in importing, utilities, financial services, and property, and is currently considering new opportunities and diversifying into other sectors. |
All businesses have performed well, and we are confident that this will continue into the future. |
The one exception is the Capital Life Group, which has undergone a number of changes post year end as a result of Capital Life Funeral Planning not getting authorised by the FCA. We withdrew our application as a result, we believe, of getting poor advice from a reputable and experienced legal firm that specialises in FCA matters. We have since taken advice from leading Counsel on this matter, who also concurs with our understanding and as such is very confident we have a substantial and valid claim in this regard. |
Our financial advisors are now being instructed to determine the value of the business (including other group activities) at the time at which we withdrew our application to the FCA, in order to allow us to look to recover all our consequential losses and damages as a direct result of the negligent advice we believe we received from the above legal advisors, which we expect to be considerable. |
PRINCIPAL RISKS AND UNCERTAINTIES |
All operations are currently coping well post-pandemic, although we monitor the success of new business streams closely and will also be managing the deferred consideration position regarding our financial services businesses. |
The directors continually monitor risk, and manage the businesses in a risk-averse manner. |
CORPORATE SOCIAL RESPONSIBILITY AND SECTION 172(1) STATEMENT |
The group is aware of worldwide environment issues and contributes where it can to industry initiatives in all its trading activities, and in making environmentally-friendly choices |
The group is an equal-opportunities employer and ensures that its recruitment and training processes and office environment are as free from equality issues as possible. It uses external expertise to help in this endeavour where necessary. |
The directors continue to act in accordance with Section 172 of the Companies Act 2006, acting in good faith the promote the interests of the group, its members, its employees, the community, the environment, and other interested third parties where relevant, aiming to maintain high standards of governance and behaviour. |
FINANCIAL SUMMARY AND KPI’S |
Group turnover increased by 512.5 to £29.5m which represents good growth especially in difficult economic circumstances. |
Post tax profits shrank by £1.5m to £2.0m, due to increases in wages and other admin costs. A small dividend of £39k was declared (PY = £39k). |
Shareholders' funds therefore grew by £1.7m to £13.5m (prior year growth £2.8m). |
The cash and funding ability of the business remains strong. |
ON BEHALF OF THE BOARD: |
B D I Group Ltd (Registered number: 03533573) |
Report of the Directors |
for the Year Ended 29 September 2022 |
The directors present their report with the financial statements of the company and the group for the year ended 29 September 2022. |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of £390.39 per share. |
The total distribution of dividends for the year ended 29 September 2022 will be £ 39,039 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
B D I Group Ltd |
Opinion |
We have audited the financial statements of B D I Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 September 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 29 September 2022 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. |
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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
B D I Group Ltd |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK employment laws and UK tax laws, together with the laws and regulations relevant to the individual subsidiary companies; |
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing any board meeting minutes, and reviewing the legal costs incurred in the year and enquiring with management as to the circumstances around these legal costs. |
- We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
- identifying the controls that management has in place to prevent and detect fraud;-challenging assumptions and judgements made by management in its significant accounting estimates; |
- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; |
- assessing the extent of compliance with the relevant laws and regulations. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
B D I Group Ltd |
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 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 a Report of the Auditors 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 |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
B D I Group Ltd (Registered number: 03533573) |
Consolidated Income Statement |
for the Year Ended 29 September 2022 |
29.9.22 | 29.9.21 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 29,484,520 | 26,214,894 |
Cost of sales | 17,791,967 | 17,713,376 |
GROSS PROFIT | 11,692,553 | 8,501,518 |
Distribution costs | 1,760,037 | 406,302 |
Administrative expenses | 7,537,701 | 3,998,962 |
9,297,738 | 4,405,264 |
2,394,815 | 4,096,254 |
Other operating income | 146,055 | 182,034 |
OPERATING PROFIT | 5 | 2,540,870 | 4,278,288 |
Income from interest in associated undertakings |
70,939 |
(71,061 |
) |
Income from other participating interests | 16,258 | - |
Income from fixed asset investments | - | 4,557 |
Interest receivable and similar income | 7,939 | 410 |
95,136 | (66,094 | ) |
2,636,006 | 4,212,194 |
Interest payable and similar expenses | 6 | 28,166 | 17,346 |
PROFIT BEFORE TAXATION | 2,607,840 | 4,194,848 |
Tax on profit | 7 | 638,499 | 684,517 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,460,255 | 2,886,224 |
Non-controlling interests | 509,086 | 624,107 |
1,969,341 | 3,510,331 |
B D I Group Ltd (Registered number: 03533573) |
Consolidated Other Comprehensive Income |
for the Year Ended 29 September 2022 |
29.9.22 | 29.9.21 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,969,341 | 3,510,331 |
OTHER COMPREHENSIVE INCOME |
Foreign exchange translation | 16,602 | (5,372 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
16,602 |
(5,372 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,985,943 |
3,504,959 |
Total comprehensive income attributable to: |
Owners of the parent | 1,476,857 | 2,880,852 |
Non-controlling interests | 509,086 | 624,107 |
1,985,943 | 3,504,959 |
B D I Group Ltd (Registered number: 03533573) |
Consolidated Balance Sheet |
29 September 2022 |
29.9.22 | 29.9.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 3,022,655 | 3,116,875 |
Investments | 12 |
Interest in associate | 153,172 | 82,233 |
Investment property | 13 | 4,042,732 | - |
7,218,559 | 3,199,108 |
CURRENT ASSETS |
Stocks | 14 | 9,804,899 | 7,060,004 |
Debtors | 15 | 34,581,218 | 23,960,919 |
Investments | 16 | 3,882 | 230,291 |
Cash at bank and in hand | 4,613,643 | 8,026,931 |
49,003,642 | 39,278,145 |
CREDITORS |
Amounts falling due within one year | 17 | 40,665,454 | 14,176,183 |
NET CURRENT ASSETS | 8,338,188 | 25,101,962 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
15,556,747 |
28,301,070 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(487,820 |
) |
(15,365,737 |
) |
PROVISIONS FOR LIABILITIES | 21 | (44,677 | ) | (20,028 | ) |
NET ASSETS | 15,024,250 | 12,915,305 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 100 | 100 |
Present value reserve | 23 | 316,303 | - |
Retained earnings | 23 | 13,274,803 | 11,836,985 |
SHAREHOLDERS' FUNDS | 13,591,206 | 11,837,085 |
NON-CONTROLLING INTERESTS | 1,433,044 | 1,078,220 |
TOTAL EQUITY | 15,024,250 | 12,915,305 |
The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by: |
J A Elder - Director |
B D I Group Ltd (Registered number: 03533573) |
Company Balance Sheet |
29 September 2022 |
29.9.22 | 29.9.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 417,500 | 939,383 |
The financial statements were approved by the Board of Directors and authorised for issue on |
B D I Group Ltd (Registered number: 03533573) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29 September 2022 |
Called up | Present |
share | Retained | value |
capital | earnings | reserve |
£ | £ | £ |
Balance at 30 September 2020 | 100 | 8,995,172 | - |
Changes in equity |
Dividends | - | (39,039 | ) | - |
Total comprehensive income | - | 2,880,852 | - |
Balance at 29 September 2021 | 100 | 11,836,985 | - |
Changes in equity |
Dividends | - | (39,039 | ) | - |
Total comprehensive income | - | 1,476,857 | - |
Present value reserve | - | - | 316,303 |
Balance at 29 September 2022 | 100 | 13,274,803 | 316,303 |
Non-controlling | Total |
Total | interests | equity |
£ | £ | £ |
Balance at 30 September 2020 | 8,995,272 | 480,383 | 9,475,655 |
Changes in equity |
Dividends | (39,039 | ) | (26,270 | ) | (65,309 | ) |
Total comprehensive income | 2,880,852 | 624,107 | 3,504,959 |
Balance at 29 September 2021 | 11,837,085 | 1,078,220 | 12,915,305 |
Changes in equity |
Dividends | (39,039 | ) | (154,262 | ) | (193,301 | ) |
Total comprehensive income | 1,476,857 | 509,086 | 1,985,943 |
Present value reserve | 316,303 | - | 316,303 |
Balance at 29 September 2022 | 13,591,206 | 1,433,044 | 15,024,250 |
B D I Group Ltd (Registered number: 03533573) |
Company Statement of Changes in Equity |
for the Year Ended 29 September 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 30 September 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 September 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 29 September 2022 |
B D I Group Ltd (Registered number: 03533573) |
Consolidated Cash Flow Statement |
for the Year Ended 29 September 2022 |
29.9.22 | 29.9.21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,637,513 | 6,426,315 |
Interest paid | (20,911 | ) | (10,985 | ) |
Interest element of hire purchase payments paid |
(7,255 |
) |
(6,361 |
) |
Tax paid | (475,741 | ) | (10,884 | ) |
Net cash from operating activities | 1,133,606 | 6,398,085 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (359,887 | ) | (1,180,806 | ) |
Purchase of current asset investments | - | (100,000 | ) |
Purchase of investment property | (4,042,732 | ) | - |
Sale of tangible fixed assets | (2,343 | ) | 1,732 |
Sale of current asset investments | 241,832 | - |
Interest received | 7,939 | 410 |
Net cash from investing activities | (4,155,191 | ) | (1,278,664 | ) |
Cash flows from financing activities |
Loan repayments in year | (10,000 | ) | (2,500 | ) |
Capital repayments in year | (22,437 | ) | (13,265 | ) |
Amount introduced by directors | 4,667,447 | 4,583,448 |
Amount withdrawn by directors | (4,979,885 | ) | (4,259,995 | ) |
Dividends paid to minority interests | (154,262 | ) | - |
Net cash from financing activities | (499,137 | ) | 307,688 |
(Decrease)/increase in cash and cash equivalents | (3,520,722 | ) | 5,427,109 |
Cash and cash equivalents at beginning of year |
2 |
8,026,931 |
2,599,822 |
Cash and cash equivalents at end of year | 2 | 4,506,209 | 8,026,931 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 29 September 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
29.9.22 | 29.9.21 |
£ | £ |
Profit before taxation | 2,607,840 | 4,194,848 |
Depreciation charges | 485,575 | 29,645 |
Loss on disposal of fixed assets | 22,746 | 2,404 |
Gain on revaluation of fixed assets | (15,423 | ) | (31,622 | ) |
Foreign exchange translation | 25,407 | (9,466 | ) |
Finance costs | 28,166 | 17,346 |
Finance income | (95,136 | ) | 66,094 |
3,059,175 | 4,269,249 |
Increase in stocks | (2,744,895 | ) | (140,338 | ) |
Increase in trade and other debtors | (10,371,377 | ) | (9,332,021 | ) |
Increase in trade and other creditors | 11,694,610 | 11,629,425 |
Cash generated from operations | 1,637,513 | 6,426,315 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 29 September 2022 |
29.9.22 | 30.9.21 |
£ | £ |
Cash and cash equivalents | 4,613,643 | 8,026,931 |
Bank overdrafts | (107,434 | ) | - |
4,506,209 | 8,026,931 |
Year ended 29 September 2021 |
29.9.21 | 30.9.20 |
£ | £ |
Cash and cash equivalents | 8,026,931 | 2,599,822 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 29 September 2022 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 30.9.21 | Cash flow | changes | At 29.9.22 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 8,026,931 | (3,413,288 | ) | 4,613,643 |
Bank overdrafts | - | (107,434 | ) | (107,434 | ) |
8,026,931 | (3,520,722 | ) | 4,506,209 |
Liquid resources |
Current asset |
investments | 230,291 | (226,409 | ) | - | 3,882 |
230,291 | (226,409 | ) | - | 3,882 |
Debt |
Finance leases | (55,631 | ) | 22,437 | - | (93,870 | ) |
Debts falling due |
within 1 year | (10,000 | ) | - | - | (10,000 | ) |
Debts falling due |
after 1 year | (37,500 | ) | 10,000 | - | (27,500 | ) |
(103,131 | ) | 32,437 | - | (131,370 | ) |
Total | 8,154,091 | (3,714,694 | ) | - | 4,378,721 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 September 2022 |
1. | STATUTORY INFORMATION |
B D I Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements incorporate the financial statements of B D I Group Limited ('the Company') and entities controlled by the Company )its 'subsidiaries') made up to 29 September each year. Control is achieved where the Company has the power to govern the financial and operational policies of an investee entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control was transferred to the group. They are de-consolidated from the date that control ceases. |
The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expenses as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The excess of the consideration transferred and the acquisition date fair value of any previous equity interest in the acquire over the fair value of the Group's share of the identifiable assets acquired is recorded as goodwill. |
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectation sof future events that are believed to be reasonable under the circumstances. The group makes estimates and assumptions concerning the future. |
The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
When an asset is purchased it is categorised into an asset class, the depreciation policy of each class estimates the economic life of all assets with the class. The depreciation policy of each asset class is determined by management and reviewed regularly for appropriateness. The depreciation policy adopted is based on historic experience as well as considering the future events which may impact the useful economic life of all assets within each class, such as changes in market demand. |
In addition, FRS 102 requires an entity to assess at each reporting date whether there is any indication that assets within a class may be impaired i.e. the recoverable amount of the asset is less than the carrying amount. If any such indication exists, management are required to estimate the recovered amount of the individual assets concerned. |
Management judgement is applied to determine if revenue and costs should be recognised in the current period. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Current asset investments |
Current asset investments are investments held in portfolios which can be quickly converted into cash at short notice without incurring a financial penalty. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
29.9.22 | 29.9.21 |
£ | £ |
Stainless steel tube piping | 21,898,466 | 14,596,493 |
Funeral and probate services | 6,737,748 | 5,711,807 |
Property development | 5,116 | 5,078,000 |
Utilities markets | 843,190 | 828,594 |
29,484,520 | 26,214,894 |
An analysis of turnover by geographical market is given below: |
29.9.22 | 29.9.21 |
£ | £ |
United Kingdom | 13,891,471 | 15,977,915 |
Europe | 15,493,912 | 10,164,080 |
Rest of the World | 99,137 | 72,899 |
29,484,520 | 26,214,894 |
4. | EMPLOYEES AND DIRECTORS |
29.9.22 | 29.9.21 |
£ | £ |
Wages and salaries | 3,097,320 | 1,964,583 |
Social security costs | 331,831 | 215,831 |
Other pension costs | 372,586 | 166,863 |
3,801,737 | 2,347,277 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
29.9.22 | 29.9.21 |
Director | 1 | 1 |
Office | 65 | 51 |
Warehouse | 25 | 24 |
29.9.22 | 29.9.21 |
£ | £ |
Directors' remuneration | 86,436 | 11,237 |
Directors' pension contributions to money purchase schemes | 89,206 | 5,421 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.9.22 | 29.9.21 |
£ | £ |
Other operating leases | 211,500 | 194,827 |
Depreciation - owned assets | 112,223 | 85,319 |
Depreciation - assets on hire purchase contracts | 6,337 | 9,257 |
Loss on disposal of fixed assets | 22,746 | 2,404 |
Auditors' remuneration | 65,750 | 45,189 |
Foreign exchange differences | 340,384 | 24,062 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.9.22 | 29.9.21 |
£ | £ |
Bank interest | 228 | 19 |
Bank loan interest | 617 | 306 |
Interest on corporation tax | 1,748 | 18 |
PAYE Interest | 85 | - |
Interest payable | 18,233 | 10,642 |
Hire purchase | 7,255 | 6,361 |
28,166 | 17,346 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.9.22 | 29.9.21 |
£ | £ |
Current tax: |
UK corporation tax | 638,585 | 703,771 |
Under/(over)provision of corporation tax | (24,665 | ) | (38,830 | ) |
Total current tax | 613,920 | 664,941 |
Deferred tax | 24,579 | 19,576 |
Tax on profit | 638,499 | 684,517 |
UK corporation tax has been charged at 19 % (2021 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
29.9.22 | 29.9.21 |
£ | £ |
Profit before tax | 2,607,840 | 4,194,848 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2021 - 19 %) |
495,490 |
797,021 |
Effects of: |
Expenses not deductible for tax purposes | 146,997 | 3,126 |
Income not taxable for tax purposes | (16,566 | ) | - |
Capital allowances in excess of depreciation | - | (8,092 | ) |
Depreciation in excess of capital allowances | 56,933 | - |
Utilisation of tax losses | (14,850 | ) | - |
Adjustments to tax charge in respect of previous periods | (24,665 | ) | (38,830 | ) |
Group relief | 3,224 | - |
Adjustment due to foreign tax | (10,834 | ) | (68,539 | ) |
Revaluation | 2,770 | (169 | ) |
Total tax charge | 638,499 | 684,517 |
Tax effects relating to effects of other comprehensive income |
29.9.22 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange translation | 16,602 | - | 16,602 |
29.9.21 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange translation | (5,372 | ) | - | (5,372 | ) |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
29.9.22 | 29.9.21 |
£ | £ |
Ordinary shares of £1 each |
Final | 39,039 | 39,039 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 30 September 2021 |
and 29 September 2022 | 9,600 |
AMORTISATION |
At 30 September 2021 |
and 29 September 2022 | 9,600 |
NET BOOK VALUE |
At 29 September 2022 | - |
At 29 September 2021 | - |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 30 September 2021 | 2,776,863 | 197,376 | 233,200 |
Additions | - | 268,700 | 36,192 |
Disposals | - | - | (27,749 | ) |
Impairments | - | (371,688 | ) | - |
Exchange differences | - | - | 6,687 |
At 29 September 2022 | 2,776,863 | 94,388 | 248,330 |
DEPRECIATION |
At 30 September 2021 | 102,083 | 1,787 | 128,638 |
Charge for year | 47,437 | 3,948 | 20,693 |
Eliminated on disposal | - | - | (16,783 | ) |
Impairments | - | (4,673 | ) | - |
Exchange differences | - | - | 700 |
At 29 September 2022 | 149,520 | 1,062 | 133,248 |
NET BOOK VALUE |
At 29 September 2022 | 2,627,343 | 93,326 | 115,082 |
At 29 September 2021 | 2,674,780 | 195,589 | 104,562 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 30 September 2021 | 51,433 | 161,859 | 55,631 | 3,476,362 |
Additions | 27,422 | 83,143 | 5,106 | 420,563 |
Disposals | (13,187 | ) | (49,329 | ) | - | (90,265 | ) |
Impairments | - | - | - | (371,688 | ) |
Exchange differences | 201 | 761 | - | 7,649 |
At 29 September 2022 | 65,869 | 196,434 | 60,737 | 3,442,621 |
DEPRECIATION |
At 30 September 2021 | 33,200 | 78,362 | 15,417 | 359,487 |
Charge for year | 2,952 | 26,580 | 16,950 | 118,560 |
Eliminated on disposal | (9,894 | ) | (43,185 | ) | - | (69,862 | ) |
Impairments | - | - | - | (4,673 | ) |
Exchange differences | 484 | 15,270 | - | 16,454 |
At 29 September 2022 | 26,742 | 77,027 | 32,367 | 419,966 |
NET BOOK VALUE |
At 29 September 2022 | 39,127 | 119,407 | 28,370 | 3,022,655 |
At 29 September 2021 | 18,233 | 83,497 | 40,214 | 3,116,875 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 30 September 2021 | 17,970 | 41,036 | 59,006 |
Additions | - | 60,676 | 60,676 |
Exchange differences | - | 882 | 882 |
At 29 September 2022 | 17,970 | 102,594 | 120,564 |
DEPRECIATION |
At 30 September 2021 | 7,238 | 6,574 | 13,812 |
Charge for year | 2,146 | 4,191 | 6,337 |
Exchange differences | - | 10,127 | 10,127 |
At 29 September 2022 | 9,384 | 20,892 | 30,276 |
NET BOOK VALUE |
At 29 September 2022 | 8,586 | 81,702 | 90,288 |
At 29 September 2021 | 10,732 | 34,462 | 45,194 |
Company |
Improvements | Fixtures |
Freehold | to | and | Computer |
property | property | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 30 September 2021 |
Additions |
Impairments | - | (371,688 | ) | - | - | (371,688 | ) |
At 29 September 2022 |
DEPRECIATION |
At 30 September 2021 |
Charge for year |
Impairments | ( |
) | ( |
) |
At 29 September 2022 |
NET BOOK VALUE |
At 29 September 2022 |
At 29 September 2021 |
Included in cost of land and buildings is freehold land of £ 405,000 (2021 - £ 405,000 ) which is not depreciated. |
The company has opted to apply the Triennial review 2017 amendments and elected to measure an investment property rented to another group entity as freehold property and measure the property at cost (less depreciation and impairment) under FRS 102 Section 17 Property, Plant and Equipment. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 30 September 2021 | 82,233 |
Share of profit/(loss) | 70,939 |
At 29 September 2022 | 153,172 |
NET BOOK VALUE |
At 29 September 2022 | 153,172 |
At 29 September 2021 | 82,233 |
Company |
Unlisted |
investments |
£ |
COST |
At 30 September 2021 |
Disposals | ( |
) |
At 29 September 2022 |
NET BOOK VALUE |
At 29 September 2022 |
At 29 September 2021 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
On 1 October 2021, following a share reclassification, the holdings of Combined Utilities Limited changes to 75%. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
On 5 November 2021, B D I Group Limited transferred the shares to a related party. |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: c/o Philip Barnes & Co Limited, The Old Council Chambers, Halford Street, Tamworth, Staffordshire, England. B79 7RB |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
On 5 November 2021, B D I Group Limited transferred the shares to a related party. |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
On 5 November 2021, B D I Group Limited transferred the shares to a related party. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
On 5 November 2021, B D I Group Limited transferred the shares to a related party. |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: |
% |
Class of shares: | holding |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves |
Capital Life Independent Trustee Limited |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
SPI UK Limited |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 75.76 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
SPI Automotive Limited |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 75.76 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
SPI Europe Limited |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 75.76 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
SPI International Limited |
Registered office: Brooke Court, Lower Meadow Road, Handforth, Wilmslow, England. SK9 3ND |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 75.76 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 100 | 100 |
Preminox Group Limited |
Registered office: c/o Philip Barnes & Co Limited, The Old Council Chambers, Halford Street, Tamworth, Staffordshire, B79 7RB |
Nature of business: Holding company |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 1,913,221 | 1,492,365 |
Profit for the year | 52,919 | 399,505 |
Preminox Limited |
Registered office: c/o Philip Barnes & Co Limited,Old Council Chambers, Halford Street, Tamworth, Staffordshire, B79 7RB |
Nature of business: Wholesale of stainless steel tub piping |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 1,453,196 | 778,964 |
Profit for the year | 1,074,233 | 517,140 |
Preminox Spain S.L. |
Registered office: Centrovia, C/Los Angeles 42, 50196, La Muela, Zaragoza, Spain |
Nature of business: Wholesale of stainless steel pipes |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 9,656 | (12,659 | ) |
Profit/(loss) for the year | 21,886 | (15,486 | ) |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
12. | FIXED ASSET INVESTMENTS - continued |
Preminox s.r.o. |
Registered office: Zlatovska cesta, 2415/33C,911 38, Trencin, Slovakia |
Nature of business: Wholesale of stainless steel tube pipes |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 306,574 | 167,198 |
Profit for the year | 120,046 | 132,611 |
Preminox Polska Sp. Zo.o |
Registered office: ul. Pilsudskiego 130,32-540, Trzebinia, Poland |
Nature of business: Wholesale of stainless steel tubes |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 72,775 | 171,745 |
Profit for the year | 9,248 | 106,792 |
Preminox s.r.l. |
Registered office: Rue Bon Espoir 17, 4041, Milmort, Belgium |
Nature of business: Wholesale of stainless steel tubes |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 167,737 | 94,949 |
Profit for the year | 86,030 | 116,917 |
HKMT Limited |
Registered office: Rooms 904-905 9/F Belgian Bank Building, 721-725 Nathan Road, Mongkok, Hong Kong |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 71.47 |
29.9.22 | 29.9.21 |
£ | £ |
Aggregate capital and reserves | 1,287 | 1,287 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
Additions | 4,042,732 |
At 29 September 2022 | 4,042,732 |
NET BOOK VALUE |
At 29 September 2022 | 4,042,732 |
14. | STOCKS |
Group |
29.9.22 | 29.9.21 |
£ | £ |
Stocks | 9,804,899 | 7,060,004 |
15. | DEBTORS |
Group | Company |
29.9.22 | 29.9.21 | 29.9.22 | 29.9.21 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 32,508,768 | 6,608,316 |
Amounts owed by group undertakings | - | - |
Other debtors | 87,419 | 844,756 |
Derivatives | 10,318 | 2,536 | - | - |
Tax | 627,659 | 2,263 |
VAT | 95,343 | 123,025 |
Accrued income | 29,213 | 605,884 |
Prepayments | 578,481 | 482,967 |
33,937,201 | 8,669,747 |
Amounts falling due after more than one | year: |
Trade debtors | 437,018 | 15,291,172 |
Prepayments | 206,999 | - |
644,017 | 15,291,172 |
Aggregate amounts | 34,581,218 | 23,960,919 |
16. | CURRENT ASSET INVESTMENTS |
Group |
29.9.22 | 29.9.21 |
£ | £ |
Listed investments | 3,882 | 230,291 |
Market value of listed investments held by the group at 29 September 2022 - £3,882 (2021 - £230,291). |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.9.22 | 29.9.21 | 29.9.22 | 29.9.21 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 117,434 | 10,000 |
Hire purchase contracts (see note 20) | 24,662 | 18,566 |
Payments on account | 64,390 | 73,542 |
Trade creditors | 5,588,521 | 5,054,441 |
Amounts owed to group undertakings | - | - |
Tax | 1,164,131 | 873,731 |
Social security and other taxes | 110,367 | 89,772 |
Pension | 4,053 | 7,384 | - | - |
VAT | - | - | 100,463 | 76,892 |
Other creditors | 33,115,430 | 7,415,512 |
Net wages | 7,184 | 4,572 | - | - |
Directors' current accounts | 54,647 | 344,304 | 54,647 | 344,304 |
Deferred income | - | - |
Accrued expenses | 414,635 | 284,359 |
40,665,454 | 14,176,183 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
29.9.22 | 29.9.21 |
£ | £ |
Bank loans (see note 19) | 27,500 | 37,500 |
Hire purchase contracts (see note 20) | 69,208 | 37,065 |
Other creditors | - | 15,291,172 |
Deferred income | 184,113 | - |
Accrued expenses | 206,999 | - |
487,820 | 15,365,737 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
29.9.22 | 29.9.21 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 107,434 | - |
Bank loans | 10,000 | 10,000 |
117,434 | 10,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 10,000 | 10,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 17,500 | 27,500 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
29.9.22 | 29.9.21 |
£ | £ |
Net obligations repayable: |
Within one year | 24,662 | 18,566 |
Between one and five years | 69,208 | 37,065 |
93,870 | 55,631 |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
29.9.22 | 29.9.21 | 29.9.22 | 29.9.21 |
£ | £ | £ | £ |
Deferred tax | 44,677 | 20,028 | 14,994 | 11,362 |
Group |
Deferred |
tax |
£ |
Balance at 30 September 2021 | 20,028 |
Charge to Income Statement during year | 24,579 |
Foreign exchange difference | 70 |
Balance at 29 September 2022 | 44,677 |
Company |
Deferred |
tax |
£ |
Balance at 30 September 2021 |
Charge to Income Statement during year |
Balance at 29 September 2022 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.9.22 | 29.9.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
23. | RESERVES |
Group |
Present |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 30 September 2021 | 11,836,985 | - | 11,836,985 |
Profit for the year | 1,460,255 | 1,460,255 |
Dividends | (39,039 | ) | (39,039 | ) |
Foreign exchange translation | 16,602 | - | 16,602 |
Present value reserve | - | 316,303 | 316,303 |
At 29 September 2022 | 13,274,803 | 316,303 | 13,591,106 |
Company |
Retained |
earnings |
£ |
At 30 September 2021 |
Profit for the year |
Dividends | ( |
) |
At 29 September 2022 |
24. | CONTINGENT ASSETS/LIABILITIES |
Contingent Liabilities |
With regards to Stainless Steel sales, during a prior reporting period the European Fraud Office concluded an investigation regarding the suspected evasion of anti-dumping duties imposed on seamless pipes and tubes of stainless steel originating in the People's Republic of China. |
As a result of this, the group has been charged additional duty costs of £837,463 relating to purchases made from investigated suppliers. |
The group is currently disputing this liability which has been delayed due to the Covid-19 pandemic. As the group's management and advisors deem this to be as likely to occur as not, no provision has been reflected in the accounts. |
It has been highlighted to the group that is the duties were ruled to be payable, interest would be chargeable. |
Contingent Assets |
In relation to the ongoing dispute, the group has paid two charges of anti-dumping duties in order to release goods through customs. The charges in question amount to £69,433 of which the directors are of the opinion that this will be refundable if the group are successful in their dispute. |
With regards to Probate sales, in the event a final estate is valued at an amount greater than the original plan purchased, a levy equal to 1.95% of the difference between the two will be applied and charged to the estate. |
The group is unable to quantify amounts reliably, accordingly it does not account for such income. |
B D I Group Ltd (Registered number: 03533573) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 September 2022 |
25. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 September 2022 and 29 September 2021: |
29.9.22 | 29.9.21 |
£ | £ |
J A Elder |
Balance outstanding at start of year | - | 18,188 |
Amounts advanced | 4,943,597 | 4,256,695 |
Amounts repaid | (4,943,597 | ) | (4,274,883 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
26. | RELATED PARTY DISCLOSURES |
Key management personnel of the entity or its parent (in the aggregate) |
29.9.22 | 29.9.21 |
£ | £ |
Amount due to related party | 54,647 | 344,304 |
Amounts owed to key management personnel relate to an interest free loan with no fixed terms of repayment. |
Amounts owed to entities over which the entity has control, joint control or significant influence comprise interest free loans with no fixed terms of repayment. |
27. | POST BALANCE SHEET EVENTS |
On 26 October 2022 Capital Life Funeral Planning Ltd (03534103) signed an agreement, transferred all of its existing prepaid funeral plans to Dignity Funerals Limited, with effect from 31 October 2022. |
On 12 September 2023, the shares held in Capital Life Legal Services Limited (13257860) and Capital Life Limited (10614402) were sold to a third party. |
28. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J A Elder. |