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REGISTERED NUMBER: 11890616 (England and Wales)















BUSINESS RATES HUB LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BUSINESS RATES HUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: S Hughes
A S Hughes





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
Great Manchester
BL9 ODN





REGISTERED NUMBER: 11890616 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 160,394 -
Property, plant and equipment 5 13,125 -
173,519 -

CURRENT ASSETS
Debtors 6 767,598 -
Cash at bank and in hand 152,876 10
920,474 10
CREDITORS
Amounts falling due within one year 7 (879,775 ) -
NET CURRENT ASSETS 40,699 10
TOTAL ASSETS LESS CURRENT
LIABILITIES

214,218

10

PROVISIONS FOR LIABILITIES (3,281 ) -
NET ASSETS 210,937 10

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 210,927 -
210,937 10

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





S Hughes - Director


BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Business Rates Hub Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11890616 and its registered office address is The Exchange, 5 Bank Street, Bury, Greater Manchester, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:-

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Estimating the useful economic life of goodwill and the anticipated residual value are considered the key judgement in calculating an appropriate amortisation charge.

Revenue
Revenue represents the aggregate of the fair value of services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:-

Service revenue is recognised as those services are provided to customers. Contracted managed service revenue is recognised over the contract period on a pro-rata basis, which represents the level of completion of an individual contract. The unrecognised contracted revenue is included as provision for deferred income in the statement of financial position.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance


BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 192,473
At 31 March 2024 192,473
AMORTISATION
Charge for year 32,079
At 31 March 2024 32,079
NET BOOK VALUE
At 31 March 2024 160,394

BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
Additions 15,000
At 31 March 2024 15,000
DEPRECIATION
Charge for year 1,875
At 31 March 2024 1,875
NET BOOK VALUE
At 31 March 2024 13,125

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 510,156 -
Other debtors 257,442 -
767,598 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 94,346 -
Taxation and social security 379,419 -
Other creditors 406,010 -
879,775 -

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 48,000 -

BUSINESS RATES HUB LIMITED (REGISTERED NUMBER: 11890616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice financing 220,870 -

The invoice financing liability is secured by a fixed and floating charge over all assets of the company.

10. FINANCIAL INSTRUMENTS

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
S Hughes
Balance outstanding at start of year - -
Amounts advanced 69,046 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 69,046 -

This loan is interest free, unsecured and repayable on demand.