REGISTERED NUMBER: 09007756 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BATES CONSORTIUM LIMITED |
REGISTERED NUMBER: 09007756 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BATES CONSORTIUM LIMITED |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
BATES CONSORTIUM LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
Turnover has decreased to £9.9 million (2022: £12.6 million) but cost of sales has dropped at a higher rate, resulting in a gross profit of £5.1 million (2022: £6.3 million). |
As shown in the profit and loss account, the operating profit for the year was £425,070 (2022 - £1,233,365). |
The balance sheet on page 12 shows net assets of £679,759 (2022 - £807,088) at the end of the year, with a positive cash position of £814,058 (2022 - £2,130,386). |
The directors were satisfied with the results for the year given the continued challenging economic conditions and budget constraints at some of our key customers. Whilst this is expected to continue through 2024, the acquisition of the Company by Aliter Capital II LP subsequent to the year-end date will provide further support from the wider group of which the Company is now a member. There has been no change to the directors and senior management team involvement in the day-to-day running of the business. Furthermore, the strategic acquisition of the Company by Aliter Capital II LP will provide additional opportunities to grow the business and play a key contribution to the growth of that wider group. |
STRATEGY |
The improving economic climate and continued major contracts allow the directors to announce that the current trading year continues with a strong order book and a number of new opportunities. The directors will continually review the marketplace and manage the risks to maintain and improve the company's profitability. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied. |
Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department. |
Competition risk |
The business environment in which the group operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins. However, the group's reputation for delivering high quality service and meeting tight deadlines where necessary has provided a crucial edge over competitors. |
Price risk |
The group is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services purchased in the UK. The group has no exposure to equity securities price risk as it holds no listed or other equity investments. |
Liquidity risk |
The group actively maintains short-term debt finance that is designed to ensure that the group has sufficient available funds for operations and planned expansions. |
Interest rate risk |
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at fixed rate. The group has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the operations of the group change in size or nature. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
GROUP STRATEGIC REPORT |
for the year ended 31 December 2023 |
KEY PERFORMANCE INDICATORS |
Customer satisfaction and retention - has improved over the years especially considering the relationships developed with our existing client base which is reflected in the increase in new contracts with existing customers. |
- Employee satisfaction - maintaining of staff morale has been a key factor in the group's growth. The group has introduced measures to evaluate and improve employee satisfaction. |
- Gross profit margin - margin has been improving in the last few years due to constant monitoring and introduction of efficiencies. |
2023 | 2022 | Measure |
Gross profit margin | 51.1% | 50.1% | Gross profit/turnover |
- Debtor days - debtor days have increased due to larger debts and longer settlement of debts. |
of debts |
2023 | 2022 | Measure |
Debtor days | 40 days | 31 days | Trade debtors/turnover |
- Creditor days - the decrease is due to reduction in cost of sales due to better monitoring of costs. |
2023 | 2022 | Measure |
Creditor days | 22 days | 36 days | Trade creditors/cost of sales |
ON BEHALF OF THE BOARD: |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £ 200,000 . |
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 |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
During the year, the group made donations totalling £6,012 (2023 - £14,449). |
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. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
REPORT OF THE DIRECTORS |
for the year ended 31 December 2023 |
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 |
BATES CONSORTIUM LIMITED |
Opinion |
We have audited the financial statements of Bates Consortium Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 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 31 December 2023 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 |
BATES CONSORTIUM LIMITED |
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 four, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BATES CONSORTIUM LIMITED |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the IT sector; |
- 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 and data protection, employment, health and safety legislation. |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary. |
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected transactions; |
- tested the appropriateness of journal entries; |
- tested authorisation of expenditure; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
To address the risk that revenue could be misstated due to fraud, we: |
- obtained an understanding of the group's revenue recognition policies and compared these to the accounting standard; |
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions; |
- tested a sample of revenue transactions to supporting evidence; and |
- tested, on a sample basis, revenue related balances in the balance sheet. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and relevant regulators. |
There are inherent limitations in our audit procedures described above. 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 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 |
BATES CONSORTIUM LIMITED |
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 |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONSOLIDATED |
INCOME STATEMENT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 9,943,674 | 12,576,188 |
Cost of sales | (4,871,633 | ) | (6,275,979 | ) |
GROSS PROFIT | 5,072,041 | 6,300,209 |
Administrative expenses | (4,646,971 | ) | (5,066,844 | ) |
OPERATING PROFIT | 6 | 425,070 | 1,233,365 |
Exceptional item | 7 | (291,617 | ) | (1,326,245 | ) |
Loss on sale of investment | 7 | - | (24,802 | ) |
133,453 | (117,682 | ) |
Interest receivable and similar income | 33,651 | 6,682 |
167,104 | (111,000 | ) |
Interest payable and similar expenses | 8 | (31,676 | ) | (29,029 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 135,428 | (140,029 | ) |
Tax on profit/(loss) | 9 | (62,757 | ) | (293,293 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 69,830 | (429,033 | ) |
Non-controlling interests | 2,841 | (4,289 | ) |
72,671 | (433,322 | ) |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | 72,671 | (433,322 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
72,671 |
(433,322 |
) |
Total comprehensive income attributable to: |
Owners of the parent | 69,830 | (429,032 | ) |
Non-controlling interests | 2,841 | (4,290 | ) |
72,671 | (433,322 | ) |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONSOLIDATED BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 | - | - |
Tangible assets | 13 | 319,009 | 298,539 |
Investments | 14 | - | - |
319,009 | 298,539 |
CURRENT ASSETS |
Debtors | 15 | 3,509,838 | 2,970,811 |
Cash at bank and in hand | 814,058 | 2,130,386 |
4,323,896 | 5,101,197 |
CREDITORS |
Amounts falling due within one year | 16 | 3,820,966 | 4,354,831 |
NET CURRENT ASSETS | 502,930 | 746,366 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
821,939 |
1,044,905 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(142,180 |
) |
(227,701 |
) |
PROVISIONS FOR LIABILITIES | 21 | - | (10,116 | ) |
NET ASSETS | 679,759 | 807,088 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 8 | 8 |
Retained earnings | 23 | 662,736 | 792,906 |
SHAREHOLDERS' FUNDS | 662,744 | 792,914 |
NON-CONTROLLING INTERESTS | 24 | 17,015 | 14,174 |
TOTAL EQUITY | 679,759 | 807,088 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by: |
Mr B R Fuller - Director |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
COMPANY BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
CURRENT ASSETS |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 200,000 | 346,700 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Non-controlling | Total |
capital | earnings | Total | interests | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 8 | 1,568,639 | 1,568,647 | 18,464 | 1,587,111 |
Changes in equity |
Dividends | - | (346,700 | ) | (346,700 | ) | - | (346,700 | ) |
Total comprehensive income | - | (429,033 | ) | (429,033 | ) | (4,290 | ) | (433,323 | ) |
Balance at 31 December 2022 | 8 | 792,906 | 792,914 | 14,174 | 807,088 |
Changes in equity |
Dividends | - | (200,000 | ) | (200,000 | ) | - | (200,000 | ) |
Total comprehensive income | - | 69,830 | 69,830 | 2,841 | 72,671 |
Balance at 31 December 2023 | 8 | 662,736 | 662,744 | 17,015 | 679,759 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (946,027 | ) | 872,012 |
Interest paid | (17,897 | ) | (17,640 | ) |
Interest element of hire purchase payments paid |
(13,779 |
) |
(11,389 |
) |
Tax paid | (146,491 | ) | (175,061 | ) |
Net cash from operating activities | (1,124,194 | ) | 667,922 |
Cash flows from investing activities |
Sale of tangible fixed assets | 25,000 | 420 |
Sale of fixed asset investments | - | 104,802 |
Interest received | 33,651 | 6,682 |
Net cash from investing activities | 58,651 | 111,904 |
Cash flows from financing activities |
Loan repayments in year | (118,750 | ) | (121,875 | ) |
Capital repayments in year | (83,106 | ) | (143,519 | ) |
Amount introduced by directors | 151,071 | 30,209 |
Amount withdrawn by directors | - | (64,642 | ) |
Equity dividends paid | (200,000 | ) | (346,700 | ) |
Net cash from financing activities | (250,785 | ) | (646,527 | ) |
(Decrease)/increase in cash and cash equivalents | (1,316,328 | ) | 133,299 |
Cash and cash equivalents at beginning of year |
2 |
2,130,386 |
1,997,087 |
Cash and cash equivalents at end of year | 2 | 814,058 | 2,130,386 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit/(loss) before taxation | 135,428 | (140,029 | ) |
Depreciation charges | 83,125 | 99,512 |
Loss/(profit) on disposal of fixed assets | 17,818 | (420 | ) |
Finance costs | 31,676 | 29,029 |
Finance income | (33,651 | ) | (6,682 | ) |
234,396 | (18,590 | ) |
(Increase)/decrease in trade and other debtors | (643,824 | ) | 815,972 |
(Decrease)/increase in trade and other creditors | (536,599 | ) | 74,630 |
Cash generated from operations | (946,027 | ) | 872,012 |
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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 814,058 | 2,130,386 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 2,130,386 | 1,997,087 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,130,386 | (1,316,328 | ) | 814,058 |
2,130,386 | (1,316,328 | ) | 814,058 |
Debt |
Finance leases | (182,945 | ) | (42,727 | ) | (225,672 | ) |
Debts falling due within 1 year | (137,500 | ) | (3,125 | ) | (140,625 | ) |
Debts falling due after 1 year | (121,875 | ) | 121,875 | - |
(442,320 | ) | 76,023 | (366,297 | ) |
Total | 1,688,066 | (1,240,305 | ) | 447,761 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Bates Consortium Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts. |
The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the group to continue as a going concern. The directors are confident that the group will have sufficient resources to meet its liabilities as they fall due. |
Directors concluded that one of the subsidiaries, Bates FMC Limited, will not be able to generate sufficient income to meet the liabilities as they fall due and have started the process to liquidate the company. However, the directors are confident that this will not have a detrimental effect on the group as a whole. |
Basis of consolidation |
These consolidated financial statements include the accounts of the parent company and all of its subsidiary undertakings. The results and assets and liabilities of the subsidiaries are incorporated into the consolidated financial statements using merger accounting. The accounting policies of subsidiaries are consistent with the policies adopted by the group for the purposes of the group's consolidation. |
Bates FMC Limited was consolidated into the accounts up until it was placed into liquidation on 6 October 2023. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised based upon an internal assessment of the value of work carried out. This assessment is arrived at after due consideration of the performance against the programme of works, measurement of the works, evaluation of the costs incurred and comparison to certification of the work performed. |
Goodwill |
Goodwill arising on an acquisition of a business is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation is calculated on a straight-line basis over the useful economic life. |
For the purposes of impairment testing, goodwill is allocated to each of the company's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. |
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. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Taxation |
Income tax expense represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
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. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Discontinued operations |
The directors, who were also directors of Bates FMC Limited, a subsidiary, appointed a firm of liquidators in October 2023 to start process of winding up the company. |
No separate disclosure of the discontinued operations was considered necessary as the disposal of the component does not represent a strategic shift that has a major effect on the group's operations and financial results. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the group if: |
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the group or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or |
- the group and the party are subject to common control; or |
- the party is an associate of the group or a joint venture in which the company is a venturer; or |
- the party is a member of key management personnel of the group or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a post-employment benefit plan which is for the benefit of employees of the group or of any entity that is a related party of the group; or |
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the group in an independently administered fund. |
Provisions |
Provisions are recognised when the group has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Investments |
Fixed asset investments are stated at cost less any provision for impairments. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
The items in the accounts where these judgements and estimates have been made, include: |
- estimating the useful economic life of tangible fixed assets for the purpose of calculating the depreciation charge; |
- assessing the recoverability of outstanding debtors; and |
- estimating the level of completion of projects to calculate accrued income. |
4. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
IT services | 9,687,079 | 11,856,947 |
Building services | 256,595 | 719,241 |
9,943,674 | 12,576,188 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,076,486 | 3,456,574 |
Social security costs | 320,741 | 388,353 |
Other pension costs | 87,008 | 90,177 |
3,484,235 | 3,935,104 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administrative | 47 | 46 |
Engineers and technicians | 28 | 38 |
The average number of employees by undertakings that were proportionately consolidated during the year was 75 (2022 - 84 ) . |
2023 | 2022 |
£ | £ |
Directors' remuneration | 566,671 | 503,007 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 322,679 | 182,271 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 465 | 804 |
Other operating leases | 2,248 | 1,272 |
Depreciation - owned assets | 11,519 | 14,196 |
Depreciation - assets on hire purchase contracts | 71,606 | 85,315 |
Loss/(profit) on disposal of fixed assets | 17,818 | (420 | ) |
7. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Exceptional item | (291,617 | ) | (1,326,245 | ) |
Loss on sale of investment | - | (24,802 | ) |
(291,617 | ) | (1,351,047 | ) |
The exceptional item relates to the loan between Bates I.T. Limited and Bates FMC Limited, being written off (2022 - £1,326,245) in Bates I.T. Limited as the amount was not considered recoverable. |
The matching loan balance in Bates FMC Limited is being carried forward as the company is in liquidation. |
Loss on sale of investment in 2022 consisted of losses made on disposal of classic cars held as investments. |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 3,385 | 3,660 |
Bank loan interest | 12,013 | 13,980 |
Interest on late payment of |
corporation tax | 2,499 | - |
Hire purchase | 13,779 | 11,389 |
31,676 | 29,029 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 121,526 | 231,416 |
(Over)/under payment in prior |
year | (42,581 | ) | 42,581 |
Total current tax | 78,945 | 273,997 |
Deferred tax | (16,188 | ) | 19,296 |
Tax on profit/(loss) | 62,757 | 293,293 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
9. | TAXATION - continued |
Factors that may affect future tax charges |
From 1 April 2023, the corporation tax main rate for non-ring-fenced profits changed to 25% applying to profits over £250,000. A small profits rate (SPR) is also available for companies with profits of £50,000 or less so that they will continue to pay Corporation Tax at 19%. Companies with profits between £50,000 and £250,000 are required to pay tax at the main rate reduced by a marginal relief. |
10. | 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. |
11. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 200,000 | 346,700 |
12. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 90,000 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 90,000 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
13. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 25,185 | 39,977 | 787,442 | 852,604 |
Additions | - | - | 146,413 | 146,413 |
Disposals | - | - | (245,033 | ) | (245,033 | ) |
At 31 December 2023 | 25,185 | 39,977 | 688,822 | 753,984 |
DEPRECIATION |
At 1 January 2023 | 22,518 | 36,451 | 495,096 | 554,065 |
Charge for year | 666 | 879 | 81,580 | 83,125 |
Eliminated on disposal | - | - | (202,215 | ) | (202,215 | ) |
At 31 December 2023 | 23,184 | 37,330 | 374,461 | 434,975 |
NET BOOK VALUE |
At 31 December 2023 | 2,001 | 2,647 | 314,361 | 319,009 |
At 31 December 2022 | 2,667 | 3,526 | 292,346 | 298,539 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2023 | 530,523 |
Additions | 146,413 |
Disposals | (104,340 | ) |
Transfer to ownership | (79,140 | ) |
At 31 December 2023 | 493,456 |
DEPRECIATION |
At 1 January 2023 | 274,576 |
Charge for year | 71,606 |
Eliminated on disposal | (78,142 | ) |
Transfer to ownership | (59,018 | ) |
At 31 December 2023 | 209,022 |
NET BOOK VALUE |
At 31 December 2023 | 284,434 |
At 31 December 2022 | 255,947 |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
14. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Inside United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Inside United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade debtors | 1,086,872 | 1,062,555 |
Amounts owed by associates | 1,308,221 | 917,563 |
Other debtors | 171,281 | 189,707 |
Directors' current accounts | - | 130,970 |
Deferred tax asset | 6,072 | - |
Accrued income | 937,392 | 670,016 |
3,509,838 | 2,970,811 |
Deferred tax asset |
Group |
2023 | 2022 |
£ | £ |
Accelerated capital allowances | 6,072 | - |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 140,625 | 137,500 |
Hire purchase contracts (see note 19) | 83,492 | 77,119 |
Trade creditors | 373,461 | 652,319 |
Amounts owed to group undertakings | 1,597,653 | 1,326,245 |
Tax | 170,100 | 237,646 |
Social security and other taxes | 290,698 | 333,685 |
VAT | 4,976 | - | - | - |
Other creditors | 895,388 | 961,709 |
Directors' current accounts | 20,101 | - | 20,101 | 20,101 |
Accrued expenses | 244,472 | 628,608 |
3,820,966 | 4,354,831 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 18) | - | 121,875 |
Hire purchase contracts (see note 19) | 142,180 | 105,826 |
142,180 | 227,701 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 140,625 | 137,500 |
Amounts falling due between one and two | years: |
Bank loans | - | 121,875 |
The bank loan of £140,625 as at the balance sheet date was repaid in full on 9 May 2024 as part of the acquisition of Bates Consortium Limited. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 83,492 | 77,119 |
Between one and five years | 142,180 | 105,826 |
225,672 | 182,945 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank loans | 140,625 | 259,375 |
Hire purchase contracts | 225,672 | 182,945 |
Invoice financing | 402,707 | 519,216 |
769,004 | 961,536 |
Bank loans were received under Coronavirus Business Interruption Scheme. The facility is supported by the Enterprise Finance Guarantee programme, managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. |
Hire purchases are secured by the underlying assets. |
Funding advance from HSBC plc is secured by a charge over the debtors book and a fixed and floating charge over the assets and undertakings of the company. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | - | 10,116 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 10,116 |
Provided during year | (16,188 | ) |
Balance at 31 December 2023 | (6,072 | ) |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 4 | 4 |
Ordinary A | £1 | 1 | 1 |
Ordinary B | £1 | 2 | 2 |
Ordinary C | £1 | 1 | 1 |
8 | 8 |
All shares have full rights as to voting, dividends and to distribution on sale or winding up of the business. |
After the acquisition on 9 May 2024, 1 Ordinary A share, 2 Ordinary B shares and 1 Ordinary C share of £1 each were re-designated as 4 Ordinary shares of £1 each. |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 792,906 |
Profit for the year | 69,830 |
Dividends | (200,000 | ) |
At 31 December 2023 | 662,736 |
24. | NON-CONTROLLING INTERESTS |
This consists of 0.99% share in Bates I.T. Ltd, owned by Mrs K Fuller. |
25. | PENSION COMMITMENTS |
The group operates a defined contribution scheme. During the year the group contributed £87,008 (2022 - £90,177). At the year end the group had a liability of £20,367 (2022 - £23,966). |
26. | ULTIMATE PARENT COMPANY |
On 9 May 2024, Spectre Bidco Limited acquired 100% of the share capital of the Company. The immediate parent company of Spectre Bidco Limited is Spectre Topco Limited, for which consolidated accounts are prepared. Spectre Topco Limited's registered office is 41 Alston Drive, Bradwell Abbey, Milton Keynes, Buckinghamshire, MK13 9HA. The ultimate parent company of Spectre Topco Limited is Aliter Capital II LP. In the opinion of the directors there is no ultimate controlling party of Altier Capital II LP. |
27. | CONTINGENT LIABILITIES |
The group had no contingent liabilities at 31 December 2023 and 31 December 2022. |
BATES CONSORTIUM LIMITED (REGISTERED NUMBER: 09007756) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
28. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
C Fuller |
Balance outstanding at start of year | 151,982 | 116,638 |
Amounts advanced | - | 35,344 |
Amounts repaid | (151,982 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | 151,982 |
B R Fuller |
Balance outstanding at start of year | (910 | ) | - |
Amounts advanced | 910 | 29,299 |
Amounts repaid | - | (30,209 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | (910 | ) |
29. | RELATED PARTY DISCLOSURES |
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. |
Included in debtors falling due within one year is a balance of £1,237,415 (2022: £917,563) owed by Bates Real Estates Limited, a company with common directors. |
At the year end Bates Property LLP owed the company £70,806 (2022: nil). Mr B R Fuller and Mr C Fuller are members of Bates Property Services LLP. |
30. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The company has entered into a liability limitation agreement with Raffingers LLP, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 9 July 2024. |
31. | POST BALANCE SHEET EVENTS |
On 9 May 2024, the entire share capital of Bates Consortium Limited was acquired by Spectre Bidco Limited, a company registered in England and Wales. |