REGISTERED NUMBER: NI648488 (Northern Ireland) |
BLS HOLDINGS LTD |
Group Strategic Report, Directors' Report and |
Audited Consolidated Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: NI648488 (Northern Ireland) |
BLS HOLDINGS LTD |
Group Strategic Report, Directors' Report and |
Audited Consolidated Financial Statements for the Year Ended 31 December 2023 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Contents of the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Directors' Report | 4 |
Independent Auditors' Report | 6 |
Consolidated Income Statement | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows |
16 |
Notes to the Consolidated Financial Statements | 17 |
BLS HOLDINGS LTD |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BANKERS: | Allied Irish Bank |
2-4 East Bridge Street |
Enniskillen |
Fermanagh |
BT74 7BT |
SOLICITORS: |
24 Dublin Road |
Omagh |
Co. Tyrone |
BT78 1HE |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
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 |
Despite a difficult economic and trading environment, BLS Holdings Group Ltd has delivered a strong trading performance for the year ended 31 December 2023 and the Group remains in sound financial position at the year end. |
The directors consider that the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit. |
Gross profit margin has decreased to 20.87% from 21.95% (2022). Operating profit has increased in the year to £923,034 from £920,380 (2022). |
KEY PERFORMANCE INDICATORS |
The group's key performance indicators are noted as follows: |
Revenue |
2023: £16,002,764 |
2022: £14,183,598 |
Gross profit |
2023: £3,339,122 |
2022: £3,112,672 |
Operating profit |
2023: £923,034 |
2022: £920,380 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group's operations expose them to a variety of financial risks that include price risk, foreign exchange, 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. 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. |
Price Risk |
The Group are exposed to commodity price risk as a result of its operations. However, given the size |
of the Group's operations, the costs of managing exposure to commodity price risk exceed any |
potential benefits. The directors will revisit the appropriateness of this policy should the Group's |
operations change in size or nature. |
Foreign Exchange Risk |
While the greater part of the Group's revenues and expenses are denominated in sterling, the |
Group are exposed to some foreign exchange risk in the normal course of business. |
Credit Risk |
The Group operate policies that require appropriate credit checks on potential customers before sales |
are made. The amount of exposure to individual customers is subject to a limit, which is reassessed |
regularly by the board. |
Liquidity Risk |
The Group actively maintain a mixture of long-term and short-term debt finance that is designed to |
ensure that the Group have sufficient available funds for operations and planned expansions. |
Interest Rate Risk |
The Group have both interest bearing assets and interest bearing liabilities. Interest bearing assets |
include cash balances, which earn interest at a variable rate. Interest bearing liabilities relate to bank |
loans and obligations under hire purchase and finance lease agreements, which bear interest at market |
rates. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Group Strategic Report |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STRATEGY |
The Group's success is dependent on the ongoing management of business risk and uncertainties it |
faces. The directors continue to work closely with suppliers, customers, staff and financial institutions to |
carefully manage the Group's operations. The Group continues to tender for work competitively and |
has also established private sector development works. |
FUTURE DEVELOPMENTS |
The Group is committed to the long term creation of shareholder value by increasing the group |
market share in the UK construction and manufacturing market. With this in mind, in the |
coming year, the Group aims to maintain revenue, operating profits and the number of customers it |
reaches. The Group will continue to develop relations with suppliers, customers, generate new |
business where possible and increase retention levels while remaining highly competitive. |
EMPLOYMENT POLICY |
The Group is dependent on the skills and commitment of its employees in order to achieve its |
objectives. Group staff at every level are encouraged to make their fullest possible contribution to the |
Company success. The Group's selection, training, development and promotion policies ensure equal |
opportunities for all employees, regardless of gender, martial status, race, age or disability. All decisions |
are based on merit. |
ON BEHALF OF THE BOARD: |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Directors' Report |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the audited financial statements of the Group and the Company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the Group in the year under review was that of building and civil engineering contractors. The principal activity of the company is that of a holding company. |
DIVIDENDS |
Interim dividends of £5,000 were paid during the year (2022: £100,000). |
The directors do not recommend payment of a final dividend (2022: £Nil). |
RESEARCH AND DEVELOPMENT |
The Group is currently undertaking research and development projects covering new products and |
process improvement. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The Group did not make any political donations during the year (2022: £Nil). |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose |
details of the business review, principal risks and uncertainties and future developments in the group's |
Strategic Report which would otherwise be required to be disclosed in the Directors' Report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Directors' Report 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Directors' Report |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, CavanaghKelly, have indicated their willingness to continue in office in accordance with the provision of Section 485 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
BLS Holdings Ltd |
Opinion |
We have audited the financial statements of BLS Holdings Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
BLS Holdings Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 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 Directors' Responsibilities Statement 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. |
Independent Auditors' Report to the Members of |
BLS Holdings Ltd |
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 an Auditors' 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company. |
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 understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation; |
- | We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance; |
- | We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; |
- | Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and |
- | Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. |
The audit response to risks identified included: |
- | Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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 Auditors' Report. |
Independent Auditors' Report to the Members of |
BLS Holdings Ltd |
Use of our report |
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Consolidated |
Income Statement |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 16,002,764 | 14,183,598 |
Cost of sales | (12,663,642 | ) | (11,070,926 | ) |
GROSS PROFIT | 3,339,122 | 3,112,672 |
Administrative expenses | (2,480,824 | ) | (2,263,573 | ) |
858,298 | 849,099 |
Other operating income | 64,736 | 71,281 |
OPERATING PROFIT | 6 | 923,034 | 920,380 |
Finance costs | 7 | (143,348 | ) | (214,076 | ) |
PROFIT BEFORE TAXATION | 779,686 | 706,304 |
Tax on profit | 8 | (208,607 | ) | 145,391 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
571,079 |
851,695 |
Profit attributable to: |
Owners of the parent | 571,079 | 851,695 |
Total comprehensive income attributable to: |
Owners of the parent | 571,079 | 851,695 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Consolidated Statement of Financial Position |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 11 | - | 27,167 |
Tangible assets | 12 | 1,287,510 | 1,307,237 |
Investments | 13 | - | - |
1,287,510 | 1,334,404 |
CURRENT ASSETS |
Stocks | 14 | 2,045,363 | 1,713,154 |
Receivables: amounts falling due within one year |
15 |
3,890,244 |
3,657,735 |
Cash at bank and in hand | 691,718 | 878,710 |
6,627,325 | 6,249,599 |
PAYABLES |
Amounts falling due within one year | 16 | (3,039,799 | ) | (3,136,563 | ) |
NET CURRENT ASSETS | 3,587,526 | 3,113,036 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,875,036 |
4,447,440 |
PAYABLES |
Amounts falling due after more than one year |
17 |
(711,202 |
) |
(1,038,700 |
) |
PROVISIONS FOR LIABILITIES | 21 | (278,163 | ) | (89,148 | ) |
NET ASSETS | 3,885,671 | 3,319,592 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 300 | 300 |
Retained earnings | 23 | 3,885,371 | 3,319,292 |
SHAREHOLDERS' FUNDS | 3,885,671 | 3,319,592 |
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: |
Dermot Loughran - Director |
Eunan Loughran - Director |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Company Statement of Financial Position |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
NON-CURRENT ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Receivables: amounts falling due within one year |
15 |
Cash at bank |
PAYABLES |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 409,976 | 99,016 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Consolidated 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 | 300 | 2,567,597 | 2,567,897 |
Changes in equity |
Dividends | - | (100,000 | ) | (100,000 | ) |
Total comprehensive income | - | 851,695 | 851,695 |
Balance at 31 December 2022 | 300 | 3,319,292 | 3,319,592 |
Changes in equity |
Dividends | - | (5,000 | ) | (5,000 | ) |
Total comprehensive income | - | 571,079 | 571,079 |
Balance at 31 December 2023 | 300 | 3,885,371 | 3,885,671 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
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 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Consolidated Statement of Cash Flows |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,157,814 | 1,165,744 |
Interest paid | (115,866 | ) | (195,035 | ) |
Interest element of hire purchase payments paid |
(27,482 |
) |
(19,041 |
) |
Amortisation on goodwill | - | 27,169 |
Tax paid | (2,596 | ) | 37,708 |
Net cash from operating activities | 1,011,870 | 1,016,545 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (129,727 | ) | (178,378 | ) |
Sale of tangible fixed assets | 18,677 | 20,684 |
Net cash from investing activities | (111,050 | ) | (157,694 | ) |
Cash flows from financing activities |
New loans in year | - | 797,101 |
Loan repayments in year | (613,301 | ) | (933,612 | ) |
HP Capital repayments in year | (206,564 | ) | (178,627 | ) |
Amount introduced by directors | - | 361,132 |
Amount withdrawn by directors | (227,427 | ) | (528,529 | ) |
Equity dividends paid | (5,000 | ) | (100,000 | ) |
Net cash from financing activities | (1,052,292 | ) | (582,535 | ) |
(Decrease)/increase in cash and cash equivalents | (151,472 | ) | 276,316 |
Cash and cash equivalents at beginning of year |
2 |
501,638 |
225,322 |
Cash and cash equivalents at end of year |
2 |
350,166 |
501,638 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Statement of Cash Flows |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 779,686 | 706,304 |
Depreciation charges | 338,422 | 325,356 |
Profit on disposal of fixed assets | (6,208 | ) | (483 | ) |
Movement in other provisions | 26,508 | - |
Finance costs | 143,348 | 214,076 |
1,281,756 | 1,245,253 |
(Increase)/decrease in stocks | (332,209 | ) | 114,522 |
Increase in trade and other debtors | (119,380 | ) | (305,316 | ) |
Increase in trade and other creditors | 327,647 | 111,285 |
Cash generated from operations | 1,157,814 | 1,165,744 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 691,718 | 878,710 |
Bank overdrafts | (341,552 | ) | (377,072 | ) |
350,166 | 501,638 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 878,710 | 963,419 |
Bank overdrafts | (377,072 | ) | (738,097 | ) |
501,638 | 225,322 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 878,710 | (186,992 | ) | 691,718 |
Bank overdrafts | (377,072 | ) | 35,520 | (341,552 | ) |
501,638 | (151,472 | ) | 350,166 |
Debt |
Finance leases | (579,376 | ) | 32,294 | (547,082 | ) |
Debts falling due within 1 year | (558,839 | ) | 361,640 | (197,199 | ) |
Debts falling due after 1 year | (618,760 | ) | 251,661 | (367,099 | ) |
(1,756,975 | ) | 645,595 | (1,111,380 | ) |
Total | (1,255,337 | ) | 494,123 | (761,214 | ) |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
BLS Holdings Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is GBP sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis under the historical cost convention. The accounting policies outlined below have been applied consistently throughout the year as presented: |
Basis of consolidation |
The consolidated financial statements include the financial statements of the holding company and |
all its subsidiary Companies made up to 31 December 2023. |
Intercompany transactions, balances, income and expenses on transactions between Group |
companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements in accordance with generally accepted accounting |
principles requires management to make estimates, judgements and assumptions that affect the |
reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual |
results could differ from those estimates. Therefore, management believe the critical accounting |
policies where estimates, judgements and assumptions are necessarily applied are summarised |
below: |
Work in Progress: |
Work in Progress is valued on the basis of direct costs plus attributable overheads based on normal activity. Provisions are made for any foreseeable losses where appropriate. Management review the status of contracts on a regular basis in order to identify those contracts deemed to be loss making. No element of profit is included in the valuation of Work in Progress. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods: |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the significant risks and rewards of ownership have been transferred to the buyer; |
- the Group retains no continuing involvement or control over the goods; |
- the amount of revenue can be measured reliably; |
- it is probable that future economic benefits will flow through the Group; |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services and contracting |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Group will receive consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Purchased goodwill rising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the idenitifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its useful economic life of 20 years, which is estimated to be the period during which the benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business. |
Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
Property, plant and equipment |
Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows; |
Plant and machinery | 12.5% straight line |
Fixtures & Fittings | 25% straight line |
Motor Vehicles | 12.5% straight line |
The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Property, plant and equipment held under leasing and hire purchase arrangements which transfer |
substantially all risks and rewards of ownership to the Group are capitalised and included in the |
Statement of Financial Position at their cost or valuation, less depreciation. The corresponding |
commitments are recorded as liabilities. Payments in respect of these obligations are treated as |
consisting of capital and interest elements, with interest charged to the Income Statement. Rentals |
payable under operating leases are dealt with in the Income Statement as incurred over the period |
of the rental agreement. |
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. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company and Group have chosen to adopt Sections 11 and 12 of FRS 102 in respect of |
financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and amounts |
owed by Group companies 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. |
At the end of each reporting period financial assets measured at amortised cost are assessed for |
objective evidence of impairment. If an asset is impaired the impairment loss is the difference |
between the carrying amount and the present value of the estimated cash flows discounted at the |
asset's original effective interest rate. The impairment loss is recognised in the income statement. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment |
was recognised, the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been had the impairment not previously |
been recognised. The impairment reversal is recognised in the Income Statement. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset |
are transferred to another party or (c) despite having retained some significant risks and rewards |
of ownership, control of the asset has been transferred to another party who has the practical |
ability to unilaterally sell the asset to an unrelated third party without imposing additional |
restrictions. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire |
purchase contracts 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. Debt instruments are subsequently carried at |
amortised cost, using the effective interest rate method. Fees paid on the establishment of loan |
facilities are recognised as transaction costs of the loan to the extent that it is probable that some |
or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down |
occurs. To the extent there is no evidence that it is probable that some or all of the facility will be |
drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the |
period of the facility to which it relates. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Accounts payable are classified as current liabilities if payment |
is due within one year or less. If not, they are presented as non-current liabilities. Trade payables |
are recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
(iii) Offsetting |
Financial assets and liabilities are offset and the net amounts presented in the financial statements |
when there is a legally enforceable right to set off the recognised amounts and there is an |
intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new |
ordinary shares or options are shown in equity as deductions, net of tax, from the proceeds. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Finance costs |
Finance costs are charged to the Income Statement over the term of the debt. |
4. | TURNOVER |
An analysis of revenue by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudicial to the Group's interest. |
5. | EMPLOYEES AND DIRECTORS |
Staff costs, including directors' remuneration, were as follows: |
2023 | 2022 |
£ | £ |
Wages and salaries | 1,930,538 | 1,671,619 |
Social security costs | 168,180 | 144,255 |
Other pension costs | 49,878 | 77,172 |
2,148,596 | 1,893,046 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct | 45 | 46 |
Administrative | 26 | 27 |
71 | 73 |
2023 | 2022 |
£ | £ |
Emoluments etc | 229,815 | 86,799 |
Pension contributions | 6,000 | 6,000 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 127,334 | 10,610 |
Operating leases | 73,300 | 77,000 |
Depreciation | 311,255 | 25,356 |
(Profit)/loss on disposal of fixed assets | (6,208 | ) | (483 | ) |
Goodwill amortisation | 27,167 | 27,169 |
Auditors' remuneration | 22,595 | 22,595 |
Tax compliance services | 2,740 | 2,740 |
Foreign exchange differences | 7,921 | (25,890 | ) |
7. | FINANCE COSTS |
2023 | 2022 |
£ | £ |
Bank interest | 111,607 | 195,035 |
Bank loan interest | 4,259 | - |
Hire purchase interest | 27,482 | 19,041 |
143,348 | 214,076 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 46,100 | 1,769 |
Prior year adjustment | - | (54,786 | ) |
Total current tax | 46,100 | (53,017 | ) |
Deferred tax | 162,507 | (92,374 | ) |
Tax on profit | 208,607 | (145,391 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 779,686 | 706,304 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
183,382 |
134,198 |
Effects of: |
Expenses not deductible for tax purposes | 49 | 285 |
Income not taxable for tax purposes | - | (8,740 | ) |
Capital allowances in excess of depreciation | - | (9,229 | ) |
Adjustments to tax charge in respect of previous periods | 11,500 | (54,786 | ) |
Deferred tax charge | - | (92,374 | ) |
Consolidation Adjustments/Losses carried forward | - | (51,775 | ) |
Research & Development | - | (62,970 | ) |
Marginal relief | (253 | ) | - |
Impact of rate change | 8,938 | - |
Impact of super deduction | (1,399 | ) | - |
Non-relevant amortisation | 6,390 | - |
Total tax charge/(credit) | 208,607 | (145,391 | ) |
9. | 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. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary Share Capital shares of 1 each |
Interim | 5,000 | 100,000 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 696,914 |
AMORTISATION |
At 1 January 2023 | 669,747 |
Amortisation for year | 27,167 |
At 31 December 2023 | 696,914 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | 27,167 |
12. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 3,125,643 | 41,823 | 207,622 | 3,375,088 |
Additions | 272,594 | - | 31,403 | 303,997 |
Disposals | (198,794 | ) | - | (37,000 | ) | (235,794 | ) |
At 31 December 2023 | 3,199,443 | 41,823 | 202,025 | 3,443,291 |
DEPRECIATION |
At 1 January 2023 | 1,939,558 | 39,514 | 88,779 | 2,067,851 |
Charge for year | 292,139 | 983 | 18,133 | 311,255 |
Eliminated on disposal | (186,325 | ) | - | (37,000 | ) | (223,325 | ) |
At 31 December 2023 | 2,045,372 | 40,497 | 69,912 | 2,155,781 |
NET BOOK VALUE |
At 31 December 2023 | 1,154,071 | 1,326 | 132,113 | 1,287,510 |
At 31 December 2022 | 1,186,085 | 2,309 | 118,843 | 1,307,237 |
The company had no property, plant or equipment at 31 December 2023 (2022: None). |
Included above are assets held under finance leases or hire purchase contracts as follows: |
2023 | 2023 | 2022 | 2022 |
Carrying Amount |
Depreciation Charge |
Carrying Amount |
Depreciation Charge |
£ | £ | £ | £ |
Plant and machinery | 636,089 | 124,154 | 613,625 | 165,058 |
Motor vehicles | 113,416 | 14,757 | 67,024 | 8,002 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | FIXED ASSET INVESTMENTS |
The Group or the Company's investments at the Statement of Financial Position date in the share capital of the companies include the following: |
Subsidiaries |
Brendan Loughran & Sons Ltd |
Registered Office: 134 Termon Road, Carrickmore, Co. Tyrone, BT79 9HW |
Nature of Business: Building and Civil Engineering Contractors |
Class of Shares: |
Ordinary | 100% |
Omagh Aluminium Systems Ltd |
Registered Office: Unit 1, Gortrush Industrial Estate, Omagh, Co. Tyrone, BT78 5EJ |
Nature of Business: Manufacturer of Doors and Windows of Metal |
Class of Shares: |
Ordinary | 100% |
Prospect Investments Limited |
Registered Office: 134 Termon Road, Carrickmore, Co. Tyrone, BT79 9HW |
Nature of Business: Property investments and rental |
Class of Shares: |
Ordinary | 100% |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 357,429 | 239,228 |
Work-in-progress | 937,934 | 723,926 |
Finished goods | 750,000 | 750,000 |
2,045,363 | 1,713,154 |
The Company had no stocks held at 31 December 2023 (2022: None). |
15. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade receivables | 3,118,200 | 3,254,663 |
Other receivables | 196,829 | 37,264 | - | - |
Amounts owed by group undertakings | - | - |
Amounts owed by related parties | 73,356 | 78,156 |
Directors' current accounts | 113,129 | - | 113,129 | - |
VAT | 197,588 | 200,326 |
Deferred tax asset | - | - | - | 1,805 |
Prepayments and accrued income | 191,142 | 87,326 |
3,890,244 | 3,657,735 |
The amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 538,751 |
935,911 |
Hire purchase contracts (see note 19) | 202,979 | 159,436 |
Trade payables | 1,878,667 | 1,758,878 |
Amounts owed to group undertakings | - | - |
Tax | 51,029 | 2,610 |
Social security and other taxes | 82,211 | 72,154 |
Other payables | 12,468 | 7,197 |
Directors' current accounts | - | 114,298 | - | 114,298 |
Accruals and deferred income | 273,694 | 86,079 |
3,039,799 | 3,136,563 |
The amounts owed to group undertakings are unsecured, interest free and repayable on demand. |
17. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 18) | 367,099 | 618,760 |
Hire purchase contracts (see note 19) | 344,103 | 419,940 |
711,202 | 1,038,700 |
The Company held no amounts falling due after one year at year end (2022: £NIL). |
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 overdrafts | 341,552 | 377,072 |
Bank loans | 197,199 | 558,839 |
538,751 | 935,911 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 136,215 | 181,532 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 196,754 | 437,228 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 34,130 | - |
The Group bank loans are secured under a fixed and floating charge on the assets of the Group and an all monies charge over 101-109 high street, Bangor, Northern Ireland. |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
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 | 202,979 | 159,436 |
Between one and five years | 344,103 | 419,940 |
547,082 | 579,376 |
Hire purchase liabilities are secured on the assets to which they relate. |
20. | FINANCIAL INSTRUMENTS |
2023 | 2022 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade receivables | 3,118,200 | 3,254,663 |
Amounts owed by related parties | 73,356 | 78,156 |
Directors' Current Account | 113,129 | - |
3,304,685 | 3,332,819 |
Financial liabilities measured at amortised cost |
Bank loans and overdrafts | 905,850 | 1,554,671 |
Trade Payables | 1,878,667 | 1,758,878 |
Other Payables | 12,468 | 7,197 |
Accruals | 273,694 | 86,079 |
Directors' Current Account | - | 114,298 |
Hire purchase | 547,082 | 579,376 |
3,617,761 | 4,100,499 |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 251,655 | 89,148 |
Other provisions | 26,508 | - |
Aggregate amounts | 278,163 | 89,148 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2023 | 89,148 | - |
Provided during year | 162,507 | 26,508 |
Balance at 31 December 2023 | 251,655 | 26,508 |
BLS HOLDINGS LTD (REGISTERED NUMBER: NI648488) |
Notes to the Consolidated Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred tax |
£ |
Balance at 1 January 2023 | ( |
) |
Charge to Income Statement during year |
Balance at 31 December 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Share Capital | 1 | 300 | 300 |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 3,319,292 |
Profit for the year | 571,079 |
Dividends | (5,000 | ) |
At 31 December 2023 | 3,885,371 |
24. | ULTIMATE PARENT COMPANY |
BLS Holdings Ltd is regarded by the directors as being the Company's immediate and ultimate |
parent company. The shareholders of BLS Holdings Ltd are considered to be the ultimate |
controlling party. |
25. | 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. |
The Group has identified the following transactions, which must be disclosed under the terms of FRS 102 'Related Party Disclosures': |
The balance outstanding at year owing from the directors to the Group, to which there was common directorship, was £113,129 (as disclosed in note 15). At 31 December 2022, the amounts owing from the Group to the directors was £114,298. The amounts advanced to directors are interest free and repayable no later than nine months after the year end. The amounts owed by related parties relates to BLS Partnership £73,356 (2022: £78,156). |