Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Claire Julia Harrold 26/05/2023 26/08/2016 Catherine Alice Holcombe 16/05/2023 Kirsteen Jones 08/10/2018 Amy Matilda Newton 24/05/2023 Philippa Louise Roberts 26/08/2016 Jeremy Martin Williams 02/07/2024 05 September 2024 The principal activity of the Company during the financial year was that of environmental consulting activities, collection of non hazardous waste and recovery of sorted materials. 10348676 2024-03-31 10348676 bus:Director1 2024-03-31 10348676 bus:Director2 2024-03-31 10348676 bus:Director3 2024-03-31 10348676 bus:Director4 2024-03-31 10348676 bus:Director5 2024-03-31 10348676 bus:Director6 2024-03-31 10348676 2023-03-31 10348676 core:CurrentFinancialInstruments 2024-03-31 10348676 core:CurrentFinancialInstruments 2023-03-31 10348676 core:Non-currentFinancialInstruments 2024-03-31 10348676 core:Non-currentFinancialInstruments 2023-03-31 10348676 core:ShareCapital 2024-03-31 10348676 core:ShareCapital 2023-03-31 10348676 core:SharePremium 2024-03-31 10348676 core:SharePremium 2023-03-31 10348676 core:RetainedEarningsAccumulatedLosses 2024-03-31 10348676 core:RetainedEarningsAccumulatedLosses 2023-03-31 10348676 core:ComputerSoftware 2023-03-31 10348676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 10348676 core:ComputerSoftware 2024-03-31 10348676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 10348676 core:PlantMachinery 2023-03-31 10348676 core:OfficeEquipment 2023-03-31 10348676 core:ComputerEquipment 2023-03-31 10348676 core:OtherPropertyPlantEquipment 2023-03-31 10348676 core:PlantMachinery 2024-03-31 10348676 core:OfficeEquipment 2024-03-31 10348676 core:ComputerEquipment 2024-03-31 10348676 core:OtherPropertyPlantEquipment 2024-03-31 10348676 bus:OrdinaryShareClass1 2024-03-31 10348676 bus:PreferenceShareClass1 2024-03-31 10348676 core:WithinOneYear 2024-03-31 10348676 core:WithinOneYear 2023-03-31 10348676 core:BetweenOneFiveYears 2024-03-31 10348676 core:BetweenOneFiveYears 2023-03-31 10348676 2023-04-01 2024-03-31 10348676 bus:FilletedAccounts 2023-04-01 2024-03-31 10348676 bus:SmallEntities 2023-04-01 2024-03-31 10348676 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10348676 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10348676 bus:Director1 2023-04-01 2024-03-31 10348676 bus:Director2 2023-04-01 2024-03-31 10348676 bus:Director3 2023-04-01 2024-03-31 10348676 bus:Director4 2023-04-01 2024-03-31 10348676 bus:Director5 2023-04-01 2024-03-31 10348676 bus:Director6 2023-04-01 2024-03-31 10348676 core:ComputerSoftware core:TopRangeValue 2023-04-01 2024-03-31 10348676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-04-01 2024-03-31 10348676 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 10348676 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 10348676 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 10348676 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 10348676 2022-04-01 2023-03-31 10348676 core:ComputerSoftware 2023-04-01 2024-03-31 10348676 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 10348676 core:PlantMachinery 2023-04-01 2024-03-31 10348676 core:OfficeEquipment 2023-04-01 2024-03-31 10348676 core:ComputerEquipment 2023-04-01 2024-03-31 10348676 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10348676 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 10348676 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 10348676 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10348676 bus:PreferenceShareClass1 2023-04-01 2024-03-31 10348676 bus:PreferenceShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10348676 (England and Wales)

BINIT GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BINIT GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BINIT GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
BINIT GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 12,674 2,586
Tangible assets 4 50,670 39,728
63,344 42,314
Current assets
Stocks 4,142 1,682
Debtors
- due within one year 5 120,352 78,227
- due after more than one year 5 58 58
Cash at bank and in hand 593,334 24,254
717,886 104,221
Creditors: amounts falling due within one year 6 ( 218,087) ( 230,173)
Net current assets/(liabilities) 499,799 (125,952)
Total assets less current liabilities 563,143 (83,638)
Creditors: amounts falling due after more than one year 7 ( 16,070) ( 19,290)
Net assets/(liabilities) 547,073 ( 102,928)
Capital and reserves
Called-up share capital 8 725 472
Share premium account 1,098,024 348,068
Profit and loss account ( 551,676 ) ( 451,468 )
Total shareholders' funds/(deficit) 547,073 ( 102,928)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Binit Group Limited (registered number: 10348676) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

Philippa Louise Roberts
Director
BINIT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BINIT GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Binit Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 College Yard, Worcester, WR1 2LB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Development costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a

Plant and machinery 5 years straight line
Office equipment 5 years straight line
Computer equipment 4 years straight line
Other property, plant and equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Computer software Development costs Total
£ £ £
Cost
At 01 April 2023 21,274 6,153 27,427
Additions 0 12,433 12,433
At 31 March 2024 21,274 18,586 39,860
Accumulated amortisation
At 01 April 2023 18,916 5,925 24,841
Charge for the financial year 1,995 350 2,345
At 31 March 2024 20,911 6,275 27,186
Net book value
At 31 March 2024 363 12,311 12,674
At 31 March 2023 2,358 228 2,586

4. Tangible assets

Plant and machinery Office equipment Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 4,733 416 5,413 82,880 93,442
Additions 6,276 0 0 22,624 28,900
At 31 March 2024 11,009 416 5,413 105,504 122,342
Accumulated depreciation
At 01 April 2023 237 335 2,687 50,455 53,714
Charge for the financial year 1,051 36 1,005 15,866 17,958
At 31 March 2024 1,288 371 3,692 66,321 71,672
Net book value
At 31 March 2024 9,721 45 1,721 39,183 50,670
At 31 March 2023 4,496 81 2,726 32,425 39,728

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 56,891 34,843
Prepayments and accrued income 63,461 32,790
VAT recoverable 0 10,594
120,352 78,227
Debtors: amounts falling due after more than one year
Other taxation and social security 58 58

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,219 2,700
Trade creditors 183,798 185,916
Amounts owed to directors 2,049 2,305
Accruals and deferred income 4,990 24,986
Other taxation and social security 5,590 1,088
Other creditors 18,441 13,178
218,087 230,173

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 16,070 19,290

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
47,220 A ordinary shares of £ 0.01 each 472 472
25,287 Preference shares of £ 0.01 each (2023: nil shares) 253 0
725 472

In the financial year 2024 class Preference shares were allotted with an aggregate nominal value of £252.87 and consideration of £750,012 was received.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 9,500 9,500
between one and five years 3,166 12,666
12,666 22,166

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 767 329

10. Related party transactions

Transactions with the entity's directors

During the year a director maintained a loan account with the company. At the end of the year the company owed the director £1,320 (2023: £2,305) . No interest is charged and there are no set repayment terms.