Company registration number SC663972 (Scotland)
BXTR MCH LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BXTR MCH LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BXTR MCH LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,631,985
1,519,334
Current assets
Debtors
5
9,694
16
Cash at bank and in hand
2,741
7
12,435
23
Creditors: amounts falling due within one year
6
(1,585,243)
(1,351,536)
Net current liabilities
(1,572,808)
(1,351,513)
Total assets less current liabilities
59,177
167,821
Creditors: amounts falling due after more than one year
7
(262,199)
(262,199)
Net liabilities
(203,022)
(94,378)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(203,023)
(94,379)
Total equity
(203,022)
(94,378)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

 

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

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
A Maxwell
Director
Company registration number SC663972 (Scotland)
BXTR MCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

BXTR MCH Ltd is a private company limited by shares incorporated in Scotland. The registered office is House Of Gods, 233 Cowgate, Edinburgh, Scotland, EH1 1NQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. Despite the negative reserves and loss for the year, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future given the support by the Company’s ultimate parent undertaking, BXTR Services Limited.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

 

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are recognised in profit or loss in the period in which they are incurred.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BXTR MCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BXTR MCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors do not consider there to be any estimates and assumptions in connection with the preparation of the company's year ended 31 January 2024 financial statements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities at the balance sheet date of 31 January 2024.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023
1,519,334
Additions
112,651
At 31 January 2024
1,631,985
Depreciation and impairment
At 1 February 2023 and 31 January 2024
-
0
Carrying amount
At 31 January 2024
1,631,985
At 31 January 2023
1,519,334
BXTR MCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Tangible fixed assets
(Continued)
- 5 -

Land and buildings are represented by assets under construction. Assets under construction are in respect of a hotel that is under construction in Manchester. When the completed hotel is placed into service, the hotel's accumulated costs will be removed from assets under construction to freehold land and buildings. No depreciation has been charged in the year ended 31 January 2024 (charge for the period ended 31 January 2023: £NIL) because the hotel has not been placed into service at the balance sheet date.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,694
16
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
58,613
-
0
Amounts owed to group undertakings
1,526,630
1,338,001
Other creditors
-
0
13,535
1,585,243
1,351,536
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
262,199
262,199

The company does not have a bank overdraft. Oak North Bank PLC loans are secured by a floating charge over the assets of the group and specific security against the freehold and leasehold properties in the group. A share pledge is also in place whereby the shares of BXTR Holdings Ltd are held by the lender until the loans are repaid in full.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
BXTR MCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Material uncertainty related to going concern

We draw attention to note 1.2 headed going concern in the financial statements, which indicated that the company has made a deficit for the year, which has resulted in a net liability position. As stated in note 1.2 and the directors report, these events or conditions, along with other matters as set forth in note 1.2, indicate that the company has relied upon funding and support from the parent, and ultimately external organizations in reaching their going concern conclusion. Our opinion is not modified in respect of this matter.

 

Conclusions relating to going concern

 

In auditing the financial statements we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Senior Statutory Auditor:
Louise Casey
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
30 October 2024
10
Parent company

The company's ultimate parent company is BXTR Services Limited, a company registered in England. The financial statements of BXTR Services Ltd can be obtained from Companies House and its registered office is c/o Imbiba Growth LLP, The Loft, 1-3 Langley Court, London, England, WC2E 9JY.

2024-01-312023-02-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedR A BaxterR M BaxterA MaxwellS M A WongfalsefalseSC6639722023-02-012024-01-31SC6639722024-01-31SC6639722023-01-31SC663972core:LandBuildings2024-01-31SC663972core:LandBuildings2023-01-31SC663972core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-31SC663972core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-31SC663972core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-31SC663972core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-31SC663972core:CurrentFinancialInstruments2024-01-31SC663972core:CurrentFinancialInstruments2023-01-31SC663972core:ShareCapital2024-01-31SC663972core:ShareCapital2023-01-31SC663972core:RetainedEarningsAccumulatedLosses2024-01-31SC663972core:RetainedEarningsAccumulatedLosses2023-01-31SC663972bus:Director32023-02-012024-01-31SC6639722022-02-012023-01-31SC663972core:LandBuildings2023-01-31SC663972core:LandBuildings2023-02-012024-01-31SC663972core:WithinOneYear2024-01-31SC663972core:WithinOneYear2023-01-31SC663972core:Non-currentFinancialInstruments2024-01-31SC663972core:Non-currentFinancialInstruments2023-01-31SC663972bus:PrivateLimitedCompanyLtd2023-02-012024-01-31SC663972bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-31SC663972bus:FRS1022023-02-012024-01-31SC663972bus:Audited2023-02-012024-01-31SC663972bus:Director12023-02-012024-01-31SC663972bus:Director22023-02-012024-01-31SC663972bus:Director42023-02-012024-01-31SC663972bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP