Registered number
11902824
Broadriver (Holdings) Ltd
Report and Financial Statements
31 December 2023
Broadriver (Holdings) Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3
Independent auditors' report 4
Income statement 7
Statement of financial position 8
Statement of changes in equity 9
Statement of cash flows 10
Notes to the financial statements 11
Broadriver (Holdings) Ltd
Company Information
Directors
D Harvey
G A R Ball
I Mitchell
Secretary
D Harvey
Auditors
CK Audit
No4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Registered office
Compass House Waterside
Hanbury Road
Bromsgrove
Worcestershire
B60 4FD
Registered number
11902824
Broadriver (Holdings) Ltd
Registered number: 11902824
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
During the year, the Company continued to be a holding company and does not trade.
Dividends
No dividends were declared and paid in the year on the Ordinary shares.
Directors
The following persons served as directors during the year:
D Harvey
G A R Ball
I Mitchell
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 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 and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In accordance with the company's articles a resolution proposing that CK Audit be reappointed as auditor of the company will be put at a General Meeting.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he 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 company's auditor is aware of that information.
This report was approved by the board on 21 August 2024 and signed on its behalf.
D Harvey
Director
Broadriver (Holdings) Ltd
Strategic Report
The directors present their strategic report for the year ending 31 December 2023.
Review of the business
The company remains as a holding company and does not formally trade.
As a consequence of the company's status as noted above there are no other matters to be specifically reported on in this regard.
A full Strategic Report has been included in the consolidated accounts of Broadriver EOT Limited which is the ultimate holding company.
This report was approved by the board on 21 August 2024 and signed on its behalf.
D Harvey
Broadriver (Holdings) Ltd
Independent auditors' report
to the members of Broadriver (Holdings) Ltd
Opinion
We have audited the financial statements of Broadriver (Holdings) Ltd(the 'company) for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 Auditor’s 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 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 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this or 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 our 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 where 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, 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.
Auditor’s 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 auditor’s 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The extent to which our procedures are capable of detecting Irregularities, including fraud, is detailed below.
We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks 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 that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the debt collection industry.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators
Audit responses to risks identified
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:
- Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- Confirming our understanding of controls by performing a walk through test or observation and enquiry;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Challenging assumptions and judgements made by management in accounting for valuations of investments;
- Identifying and testing journal entries;
- Reviewing unusual or unexpected transactions; and
- Agreeing the financial statement disclosures to underlying supporting documentation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Frances Clapham
(Senior Statutory Auditor) No4 Castle Court 2
for and on behalf of Castlegate Way
CK Audit Dudley
Accountants and Statutory Auditors West Midlands
21 August 2024 DY1 4RH
Broadriver (Holdings) Ltd
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Administrative expenses (4,400) (300)
Operating loss (4,400) (300)
Income from investments - 2,769,167
Interest payable 4 (4,137) (1,637)
(Loss)/profit on ordinary activities before taxation (8,537) 2,767,230
Tax on (loss)/profit on ordinary activities 5 - -
(Loss)/total comprehensive income for the financial year (8,537) 2,767,230
The income statement has been prepared on the basis of all operations continuing.
The notes form part of these financial statements
Broadriver (Holdings) Ltd
Registered number: 11902824
Statement of Financial Position
as at 31 December 2023
As re-stated
Notes 2023 2022
£ £
Fixed assets
Investments 6 942,642 942,642
Current assets
Debtors 7 2,800 -
Cash at bank and in hand 227 227
3,027 227
Creditors: amounts falling due within one year 8 (384,552) (373,215)
Net current liabilities (381,525) (372,988)
Net assets 561,117 569,654
Capital and reserves
Called up share capital 9 977 977
Profit and loss account 10 560,140 568,677
Total equity 561,117 569,654
D Harvey
Director
Approved by the board on 21 August 2024
The notes form part of these financial statements
Broadriver (Holdings) Ltd
Statement of Changes in Equity
for the year ended 31 December 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 January 2022 750 570,614 571,364
Profit for the financial year 2,767,230 2,767,230
Dividends (2,769,167) (2,769,167)
Shares issued 227 227
At 31 December 2022 977 568,677 569,654
At 1 January 2023 977 568,677 569,654
Profit for the financial year (8,537) (8,537)
At 31 December 2023 977 560,140 561,117
Broadriver (Holdings) Ltd
Statement of Cash Flows
for the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
(Loss)/profit for the financial year (8,537) 2,767,230
Adjustments for:
Income from investments - (2,769,167)
Interest payable 4,137 1,637
(Increase)/decrease in debtors (2,800) 28,203
Increase in creditors 11,337 180,570
4,137 208,473
Dividends received - 2,769,167
Interest paid (4,137) (1,637)
Own shares re-purchased
Cash generated by operating activities - 2,976,003
Investing activities
Payments to acquire investments - (206,836)
Cash used in investing activities - (206,836)
Financing activities
Equity dividends paid - (2,769,167)
Proceeds from the issue of shares - 227
Cash used in financing activities - (2,768,940)
Net cash generated
Cash generated by operating activities - 2,976,003
Cash used in investing activities - (206,836)
Cash used in financing activities - (2,768,940)
Net cash generated - 227
Cash and cash equivalents at 1 January 227 -
Cash and cash equivalents at 31 December 227 227
Cash and cash equivalents comprise:
Cash at bank 227 227
Broadriver (Holdings) Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Investments
Investments in unquoted equity instruments are measured at cost less impairment.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
2 Prior year adjustment
In 2022 an accounting entry regarding payments for investments was incorrectly shown as an increase in investments when it represented a payment of amounts owing to former shareholders. The amount of £116,400 has been corrected and has no impact on the profit and loss or the net assets at 31 December 2022.
3 Average number of employees during the year 2023 2022
£ £
Directors 3 3
4 Interest payable 2023 2022
£ £
Other loans 4,137 1,637
5 Taxation 2023 2022
£ £
Analysis of charge in period
Tax on profit on ordinary activities - -
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
(Loss)/profit on ordinary activities before tax (8,537) 2,767,230
Standard rate of corporation tax in the UK 25% 25%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax (2,134) 691,808
Effects of:
Expenses not deductible for tax purposes and intergroup surrender 2,134 (691,808)
Current tax charge for period - -
Factors that may affect future tax charges
The provision for deferred tax is calculated based on tax rates enacted or substantially enacted at the balance sheet date. The rate of corporation tax at 1 April 2023 is 25%. It is expected that the deferred tax will unwind at the rate of 25%.
6 Investments 2023 2022
£ £
Shares in subsidiary undertakings 942,642 942,642
Dividends and other distributions from associates included in income - 2,769,167
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Broadriver Ltd Ordinary 100 100 -
Sinclair Taylor Management Services Ltd Ordinary 100 155,833 (27,010)
Datatrace Consumer Services (UK) Ltd Ordinary 75 356,376 (67,594)
Broadriver Ltd holds 100% of the share capital of Controlaccount Ltd
7 Debtors 2023 2022
£ £
Amounts owed by group undertakings 2,800 -
8 Creditors: amounts falling due within one year 2023 2022
£ £
Amounts owed to group undertakings 353,109 256,184
Other creditors 31,443 117,031
384,552 373,215
9 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 750 750 977
B Ordinary shares £1 each 96 96
C Ordinary shares £1 each 131 131 -
977 977
10 Profit and loss account 2023 2022
£ £
At 1 January 568,677 570,614
(Loss)/profit for the financial year (8,537) 2,767,230
Dividends - (2,769,167)
At 31 December 560,140 568,677
11 Dividends 2023 2022
£ £
Dividends on ordinary shares (note 10) - 2,769,167
12 Analysis of changes in net debt
At 1 January Cash flows Other non cash changes At 31 December
2023 2023
£ £ £ £
Cash and cash equivalents
Cash 227 - 227
Borrowings
Debt due within one year - - -
Debt due after one year - - -
- - - -
Total 227 - - 227
13 Controlling party
The company is a wholly owned subsidiary of Broadriver Eot Ltd a company incorporated in England and Wales. The results are included in the consolidated accounts of Broadriver Eot Ltd and copies of the consolidated accounts can be obtained from the registered office.
14 Presentation currency
The financial statements are presented in Sterling.
15 Legal form of entity and country of incorporation
Broadriver (Holdings) Ltd is a private company limited by shares and incorporated in England.
16 Principal place of business
The address of the company's principal place of business and registered office is:
Compass House Waterside
Hanbury Road
Bromsgrove
Worcestershire
B60 4FD
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