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COMPANY REGISTRATION NUMBER: 05637350
Business Services Group Limited
Filleted Unaudited Financial Statements
31 December 2023
Business Services Group Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Business Services Group Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
352,935
323,484
Investments
6
25,446
2,172
---------
---------
378,381
325,656
Current assets
Debtors
7
2,529,730
2,390,750
Cash at bank and in hand
33,332
34,351
------------
------------
2,563,062
2,425,101
Creditors: amounts falling due within one year
8
2,186,059
2,139,306
------------
------------
Net current assets
377,003
285,795
---------
---------
Total assets less current liabilities
755,384
611,451
Creditors: amounts falling due after more than one year
9
193,510
187,375
Provisions
Taxation including deferred tax
72,471
65,254
---------
---------
Net assets
489,403
358,822
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
489,401
358,820
---------
---------
Shareholders funds
489,403
358,822
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Business Services Group Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr J A J Dye
Director
Company registration number: 05637350
Business Services Group Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Maltings, Forest Road, Wokingham, United Kingdom, RG40 5QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually when the work is complete, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
Over the term of the lease
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2022: 29 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
109,108
106,447
83,486
331,883
630,924
Additions
14,370
9,383
172,829
196,582
Disposals
( 25,000)
( 27,742)
( 66,541)
( 37,147)
( 156,430)
---------
---------
--------
---------
---------
At 31 December 2023
98,478
78,705
26,328
467,565
671,076
---------
---------
--------
---------
---------
Depreciation
At 1 January 2023
3,220
54,633
77,616
171,971
307,440
Charge for the year
29,679
17,107
3,641
90,741
141,168
Disposals
( 6,667)
( 27,742)
( 66,541)
( 29,517)
( 130,467)
---------
---------
--------
---------
---------
At 31 December 2023
26,232
43,998
14,716
233,195
318,141
---------
---------
--------
---------
---------
Carrying amount
At 31 December 2023
72,246
34,707
11,612
234,370
352,935
---------
---------
--------
---------
---------
At 31 December 2022
105,888
51,814
5,870
159,912
323,484
---------
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
33,035
161,363
194,398
--------
---------
---------
At 31 December 2022
49,552
74,545
124,097
--------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
2,172
Additions
25,446
--------
At 31 December 2023
27,618
--------
Impairment
At 1 January 2023
Disposals
2,112
Other movements
60
--------
At 31 December 2023
2,172
--------
Carrying amount
At 31 December 2023
25,446
--------
At 31 December 2022
2,172
--------
At the balance sheet date, the company's investments consisted of the ownership of 100% of the ordinary share capital of Brandair Limited and Business Services Group (BSG) GmbH.
7. Debtors
2023
2022
£
£
Trade debtors
1,459,393
1,596,633
Other debtors
1,070,337
794,117
------------
------------
2,529,730
2,390,750
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,000
28,910
Payments received on account
479,871
482,165
Trade creditors
891,267
629,074
Accruals and deferred income
99,228
417,534
Corporation tax
50,896
33,281
Social security and other taxes
263,678
258,585
Obligations under finance leases and hire purchase contracts
75,888
41,288
Other creditors
295,231
248,469
------------
------------
2,186,059
2,139,306
------------
------------
Payments received on account are secured by a fixed charge on all the assets of the company and by personal guarantees of £30,000 in total provided by the directors.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
75,000
104,566
Obligations under finance leases and hire purchase contracts
118,510
82,809
---------
---------
193,510
187,375
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
190,000
184,000
Later than 1 year and not later than 5 years
522,500
712,500
---------
---------
712,500
896,500
---------
---------
11. Directors' advances, credits and guarantees
At the start of the year a director owed the company £7,943. Advances of £2,000 were made during the year and no repayments were made. At the balance sheet date the director owed the company £9,943 (2022: £7,943). No interest was charged on the balance outstanding (2022: £nil).
12. Related party transactions
During the year the following transactions with related parties took place:-
2023 2022
£ £
Debtor amounts due from connected company 468,414 90,748
Creditor amounts owed to connected company 406,680 115,524
Amounts due to directors 9,407 9,407
Amounts due from and to associated companies and other related parties are not subject to interest and are payable in under one year. Amounts due from an associated company amounting to £24,712 (2022: £0) were written off.