REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Business Supplies Group Limited |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
The Business Supplies Group Limited |
The Business Supplies Group Limited (Registered number: 13624537) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 8 |
Report of the Independent Auditors | 10 |
Statement of Income and Retained Earnings | 14 |
Statement of Financial Position | 15 |
Statement of Cash Flows | 17 |
Notes to the Statement of Cash Flows | 18 |
Notes to the Financial Statements | 20 |
The Business Supplies Group Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Suite 1 |
Liberty House |
South Liberty Lane |
Bristol |
BS3 2ST |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
The group operates within the business supplies and services industry which comprises the supply of office products, office interiors, and branded products alongside the manufacturing of our customers' print and workwear requirements and the management of their in-house printer fleets. The customers range from blue chip corporate customers and large public sector organisations to SME businesses. |
REVIEW OF BUSINESS |
The business has continued to perform well over the last 12 months with, in particular, some notable long-term contracted managed print service wins towards the end of the year. Alongside this the business has focused on building its foundations for continued future growth and made significant investments in its workwear manufacturing plant, MPS printer assets to support the new long-term contracts, and in product category specialists to support the wider sales team. |
The Group was fully consolidated, operating out of 8 sites across the South and Midlands servicing both local and national customers, with all trade through The Business Supplies Group Ltd. The Group achieved underlying sales and gross profit growth along with a higher gross margin than in the prior trading period as price increase pressures eased. Overheads increased in support of our planned future growth plans. The Directors consider that the group has traded very successfully in the period to 31 March 2024. |
Whilst no acquisitions were made during the reporting period, the trade of Talking Business Office Supplies Ltd was acquired on 1st April 2024. This business was fully integrated on completion of the acquisition and we were able to open new offices and a distribution centre in Slough to accommodate the team. |
Whilst the business remains focused on achieving strong organic growth through both new business wins and growing the number of categories that its customers buy, acquisitions that fit with our future growth plans remain a key focus of our growth strategy. The Directors anticipate making additional, aligned acquisitions in support of their growth strategy. |
The business continues to enjoy good relationships with its customers retaining all key customers and has also been successful in winning new tenders and increasing its customer base during the year. |
The business is well funded with limited reliance on external funding. Where funding is utilised it is either at a pre-agreed flat rate of interest, or linked to the Bank of England base rate. The Directors are continuing to reduce exposure to non-fixed interest rate funding but do anticipate an easing of the current interest rates over the next 12 months. |
Management accounts are prepared on a monthly basis with the Directors reviewing these and a number of other reports to review the group's key performance indicators. They remain aware of the external risks of a change in Government, inflation and an economic slow down, and continue to manage the business proactively with these risks in mind. However, with ongoing investment and a strong financial base, the group is well placed to continue its growth into next year and beyond. |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Trading conditions have stabilised during 2023 and 2024 following the National Lockdowns imposed as a result of the Coronavirus pandemic. There have been some changes in customer purchasing behaviour for example as a result of increased working from home although we are now seeing an increasing number of people return to work from offices. Due to its dynamic procurement and distribution infrastructure and ability to react to changes the group has been able to identify opportunities which have arisen as a result of these changes. |
Whilst the economic environment remains challenging the group is well placed to mitigate any risk to the business and the directors believe that there are significant opportunities for the group to increase its market share. |
During the year there have been impacts on the supply chain which have resulted in increases in costs of products also some shortages of supplies. Where possible the group has sought and achieved increases in prices to mitigate this in line with the terms of the contracts. |
With these risks and uncertainties we are constantly aware of the need to review our future development plans of the business and these can be subject to unforeseen future events outside of our control. |
However, the directors are confident of maintaining the gross profit margins and increasing market share. They are optimistic about the long term future of the group due to the following:- |
1) Large loyal customer base and increasing market share across all segments of the business. |
2) Benefits from the efficiencies and economies of scale as a result of the creation of the larger group following the merger. |
3) Continual ongoing review of the group business strategy regularly to suit changing market conditions |
4) Continuing to be pro-active in assessing further complimentary business acquisitions |
5) Strong and long established relationships with its customers |
6) Efficient well established distribution network and logistics systems |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
SECTION 172(1) STATEMENT |
The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Group has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and it's stakeholders. |
We have continued to secure contract tenders at competitive rates and continue to gain new customers. We have also invested heavily in our supply chain and delivery network. |
The group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint. |
The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the group are considered to be the employees, suppliers and customers. Their importance to the business is considered below. |
In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the group. |
Our highest key objective remains the preservation of our workforce. The Health Safety and Wellbeing of our workforce is paramount. |
Our supply chain remains robust and we continue to nurture and maintain strong relations. We are constantly monitoring purchase prices and margins in an environment where inflation effects the prices of our products across the board. |
We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across the group. Vehicles and vans have been updated and we have continued to introduce both fully electric and hybrid vehicles into the fleet during the year. |
Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective. |
Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the company. We must aspire to be the preferred supplier in the markets in which we operate and our staff are key to us achieving and maintaining this. |
AVAILABILITY OF RESOURCES |
As with most businesses there is a shortage of appropriately experienced staff and there is inflationary pressure on wage costs. The effects of Brexit have resulted in reduction in the driver and warehouse operative workforce. We seek to provide a collaborative and innovative environment where our employees can make a meaningful impact, develop professionally, enjoy work life balance and contribute to our business. There has also been some supply chain issues which the company has mitigated through its good relationships and a pro-active approach to procurement. |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
COMPETITION |
Competition is high and is always a threat to winning new customers. The group manages these risks by maintaining and developing very good working relationship with its clients and continuing to provide a market leading service level at a competitive price whilst maintaining margins due to its relationships with its principal suppliers and proactive purchasing policies. |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
ENVIRONMENTAL MATTERS |
Cutting our carbon emission and caring for our climate is high on our business agenda. One of the steps in our carbon management journey is carbon offsetting. |
Weve been working closely wit a company called Carbon Footprint to build our sustainability values. They recently completed and in-depth assessment of our business's carbon emission and we've selected three community projects from across the globe, to investing and offset our carbon emissions, which will make our operations carbon neutral. |
The projects we are supporting include: |
1. Mai Ndombe REDD+ Project in the Congo |
The Mai Ndombe REDD+ Project, located in western DRC, is an ecologically rich and diverse area previously zoned for commercial timber extraction. It is home to Chimpanzees, Bonobos and forest elephants, and includes some of the most important wetlands in the world. It is also home to some 50,000 people, most of whom live on the shores of Lake Mai Ndombe, and along the main roadway leading from the coastal city of Selenge towards the northwest project area boundary. |
The Mai Ndombe REDD+ Project will serve the community and protect the project area from deforestation through project activities. These activities are focused on four main themes: |
o Stopping planned legal and reducing unplanned illegal logging |
o Agricultural improvement activities |
o Village-centered capacity building through Local Development Committees (CLDs) |
o Infrastructure and socio-economic development activities. |
2. Zambia Western Province Safe Water project in Zambia |
Although progress has been made over the last decade, less than 50% of the rural Zambian population have access to safe water, with the majority having to rely on unsafe water sources such as hand dug wells or streams. The consumption and use of unsafe water have significant health impacts, with water borne and diarrheal diseases being the third highest cause of death and disability in the country. The high climatic variability in the region, resulting in frequent flooding and droughts, further compounds the stress on local communities. |
Nearly 90% of the rural population rely on wood as their primary energy source, and for those that have no choice but to boil water for purification, this contributes to a major source hazardous household air pollution as well as carbon emissions. |
Borehole handpumps offer communities a reliable means of accessing clean groundwater aquifers, and many have been installed over the past few decades. However, without regular maintenance they have often fallen into disrepair. The project rehabilitates and maintains these vital safe water sources, trains the communities on best WASH practices, and builds the capacity of local communities to manage and maintain the water sources into the future. |
The Business Supplies Group Limited (Registered number: 13624537) |
Strategic Report |
for the Year Ended 31 March 2024 |
3. Arca Hydro Electric Power Plant in Turkey |
Arca Hydroelectricity Power Plant (HEPP) is constructed on the Solakl River, at the downstream of the Arca Weir. The water is regulated upstream by Arca weir, which has been constructed at the 51.50m thalweg elevation of Solakl River. The water is transferred by means of a channel and a tunnel for 6 km to the head pond and reaches the powerhouse by means of three penstocks. |
The set capacity of Arca HEPP is 16.35 MWe, with 3 vertical axis Francis turbines of 5.45 MWe each. The construction and operation of Arca Hydroelectric Power Plant will be delaying the addition of conventional fossil fuel powered plants to the Turkish National Electricity Grid. The project activity is saving around 31,405 tonnes of CO2e per year. |
ON BEHALF OF THE BOARD: |
The Business Supplies Group Limited (Registered number: 13624537) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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), 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information. |
The Business Supplies Group Limited (Registered number: 13624537) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Stanley Joseph Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
The Business Supplies Group Limited |
Opinion |
We have audited the financial statements of The Business Supplies Group Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company 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 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. |
Report of the Independent Auditors to the Members of |
The Business Supplies Group Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 eight, 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
The Business Supplies Group 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: |
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the sector in which it operates to identify the key laws and regulations affecting the entity. The key laws and regulations we identified were employment and health and safety legislation. |
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102) , the Companies Act and the relevant tax compliance regulations in the UK. |
As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following: |
1) Reviewed legal and professional costs to identify legal costs in respect of non compliance; |
2) Enquiries with management whether there have been any known instances, allegations or suspicions of fraud or non compliance with laws and regulations; |
3) Review of board minutes or correspondence with regulators where available. |
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting. Our procedures involved the following; |
1) Review of nominal journal entries for reasonableness; |
2) Review of significant accounting estimates for bias; |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. |
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 |
The Business Supplies Group 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 |
Chartered Accountants and Statutory Auditors |
Suite 1 |
Liberty House |
South Liberty Lane |
Bristol |
BS3 2ST |
The Business Supplies Group Limited (Registered number: 13624537) |
Statement of Income and Retained Earnings |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
9,543,665 | 4,267,381 |
1,765,713 | 1,192,320 |
Other operating income |
OPERATING PROFIT | 4 |
Income from shares in group undertakings |
Interest receivable and similar income |
183,578 | 50,450 |
2,017,445 | 1,310,513 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
The Business Supplies Group Limited (Registered number: 13624537) |
Statement of Financial Position |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
The Business Supplies Group Limited (Registered number: 13624537) |
Statement of Financial Position - continued |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Business Supplies Group Limited (Registered number: 13624537) |
Statement of Cash Flows |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) |
Purchase of fixed asset investments | - | (307,871 | ) |
Hive up on fixed asset investments |
Transfer of tangible assets within group | - | (2,108,781 | ) |
Transfer of intangible assets within grp | ( |
) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
95,713 |
- |
Cash and cash equivalents at end of year |
2 |
140,965 |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 72,817 | 42,944 |
Finance income | (183,578 | ) | (50,450 | ) |
2,613,098 | 1,566,403 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
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 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 140,965 | 104,086 |
Bank overdrafts | ( |
) |
140,965 | 95,713 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 104,086 | - |
Bank overdrafts | ( |
) |
95,713 | - |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Statement of Cash Flows |
for the Year Ended 31 March 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 104,086 | 36,879 | 140,965 |
Bank overdrafts | (8,373 | ) | 8,373 | - |
95,713 | 140,965 |
Debt |
Finance leases | (694,147 | ) | (34,709 | ) | (728,856 | ) |
(694,147 | ) | (34,709 | ) | (728,856 | ) |
Total | (598,434 | ) | 10,543 | (587,891 | ) |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Business Supplies Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about The Business Supplies Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, The Business Supplies Group Holdings Limited, 107 Longmead Road Emerald Park East Emersons Green Bristol South Gloucs BS16 7FG. |
Turnover |
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom. |
Goodwill |
Goodwill, beng the amount paid in connection with the acquisition of various businesses over a number of years is being amortised evenly over its estimated useful life of between 5 and 10 years. |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment & MPS printer assets |
- |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 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. |
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. |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Admin,Sales, Management and Distribution |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest |
CID interest charges |
Interest on late tax |
Hire purchase |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
7. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Ordinary share of £1 |
Interim |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Computer |
equipment |
& MPS |
Motor | printer |
vehicles | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Computer |
equipment |
& MPS |
Plant and | Motor | printer |
machinery | vehicles | assets | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Transfer to ownership | - | (139,325 | ) | - | (139,325 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | - | (115,794 | ) | - | (115,794 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Hive up of subsidiaries | (306,867 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 107 Longmead Road, Emerald Park East, Emersons, Green, Bristol, BS16 7FG |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 107 Longmead Road, Emerald Park East, Emersons, Green, Bristol, BS16 7FG |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
During the year the balance sheet of the companies acquired were hived up into the parent company. The net assets acquired were for a total amount of £180,190 and the goodwill on acquisition was £126,677, so this amount had reduced the carrying value of the investments. |
11. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
Work-in-progress |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts receivable in respect of finance leases |
Other debtors |
Called up share capital not paid |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Amounts receivable in respect of finance leases |
Other debtors |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Invoice discounting creditor | (174,288 | ) | 705,509 |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 504,456 | 748,709 |
Pensions | 28,583 | 18,957 |
Deferred acquisition payments | - | 189,000 |
Accrued expenses |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts (see note 16) |
Amounts owed to group undertakings |
Deferred acquisition payments | 178,000 | 175,000 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
The Business Supplies Group Limited (Registered number: 13624537) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 466,739 | 341,319 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |