Company registration number SC469497 (Scotland)
BXTR LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
BXTR LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
BXTR LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
35,665
8,797
Tangible assets
5
1,997,394
2,100,042
2,033,059
2,108,839
Current assets
Stocks
110,319
56,353
Debtors
6
3,062,569
269,270
Cash at bank and in hand
80,186
925,668
3,253,074
1,251,291
Creditors: amounts falling due within one year
7
(5,281,400)
(2,593,140)
Net current liabilities
(2,028,326)
(1,341,849)
Total assets less current liabilities
4,733
766,990
Creditors: amounts falling due after more than one year
8
(998,978)
(1,062,481)
Net liabilities
(994,245)
(295,491)
Capital and reserves
Called up share capital
9
20
20
Profit and loss reserves
(994,265)
(295,511)
Total equity
(994,245)
(295,491)
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 SC469497 (Scotland)
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
BXTR 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 positive operations post year end, cash generative forecasts for the coming 12 months, and the continued support by the Company’s ultimate parent undertaking, BXTR Services Limited.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Trademarks
20% straight line
Web design
20% straight line
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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:
Leasehold improvements
10% straight line
Plant and equipment
33% straight line
Fixtures and fittings
33% straight line
Computers
33% straight line
Motor vehicles
25% straight line
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.
Freehold land is not depreciated.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments
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, 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.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Coronavirus job retention scheme grants are recognised as income in the company's profit or loss. Such grants are in respect of claims made to Her Majesty Revenue and Customs for employees furloughed in accordance with the Coronavirus Job Retention Scheme which are recognised on a receivable basis.
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
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.
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as how frequently the asset is used, product life cycles of the assets and their maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
67
70
4
Intangible fixed assets
Trademarks
Web design
Total
£
£
£
Cost
At 1 February 2023
3,529
5,560
9,089
Additions
34,466
34,466
At 31 January 2024
3,529
40,026
43,555
Amortisation and impairment
At 1 February 2023
292
292
Amortisation charged for the year
7,598
7,598
At 31 January 2024
7,890
7,890
Carrying amount
At 31 January 2024
3,529
32,136
35,665
At 31 January 2023
3,529
5,268
8,797
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
2,309,909
414,635
2,724,544
Additions
2,339
126,896
129,235
At 31 January 2024
2,312,248
541,531
2,853,779
Depreciation and impairment
At 1 February 2023
466,824
157,678
624,502
Depreciation charged in the year
161,482
70,401
231,883
At 31 January 2024
628,306
228,079
856,385
Carrying amount
At 31 January 2024
1,683,942
313,452
1,997,394
At 31 January 2023
1,843,085
256,957
2,100,042
Included within plant and machinery tangible fixed assets above are plant and machinery assets which are held under hire purchase contracts and whose net book values at 31 January 2024 collectively amounted to £NIL (2023: £NIL).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
903
Amounts owed by group undertakings
2,514,618
Other debtors
547,951
268,367
3,062,569
269,270
7
Creditors: amounts falling due within one year
as restated
2024
2023
Bank loans
60,000
60,000
Obligations under finance leases
1,110
2,008
Trade creditors
421,754
187,196
Amounts owed to group undertakings
3,849,186
1,634,774
Taxation and social security
186,009
78,304
Other creditors
763,341
630,858
5,281,400
2,593,140
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Creditors: amounts falling due within one year
(Continued)
- 8 -
Obligations under finance leases are represented by hire purchase contracts and are secured on the assets to which they relate.
The company does not have a bank overdraft. OakNorth 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. The company's loan notes are secured by way of a fixed and floating charge created on 19 June 2023 by BXTR Services Limited in favour of Imbiba Growth LLP as trustee for the Note Holders. BXTR Services Limited is the company's ultimate parent company.
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
995,978
1,055,978
Obligations under finance leases
837
Other creditors
3,000
5,666
998,978
1,062,481
Obligations under finance leases are represented by hire purchase contracts and are secured on the assets to which they relate.
The company does not have a bank overdraft. OakNorth 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.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
10
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
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 10 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
497,726
712,500
12
Related party transactions
Included in other debtors are amounts recoverable from two company directors as at 31 January 2024 collectively amounted to £368,595 (2023: £101,441). The loans made by the company to two company directors are interest free and the highest overdrawn balances during the year ended 31 January 2024 collectively amounted to £368,595 (2023: £101,441).
13
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 Imbiba Growth LLP, The Loft, 1-3 Langley Court, London, England, WC2E 9JY.
BXTR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
14
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Total adjustments
-
Loss as previously reported
(210,933)
Loss as adjusted
(210,933)
Notes to reconciliation
Cash at bank and in hand and Creditors: amounts falling due within one year
The prior period adjustment in the amount of £264,468 arose as a result of an error in connection with the company's year ended 31 January 2023 financial statements at its balance sheet date regarding cut-off. The effect of this prior period adjustment as at 31 January 2023 is an increase to the company's cash at bank and in hand balance of £264,468 together with a corresponding increase to the company's "other creditors" (creditors: amounts falling due within one year). The tax effect of this adjustment is £NIL. This relates to monies collected, not remitted until post year end.
The company's restated cash at bank and in hand balance as at 31 January 2023 amounted to £925,668. The company's restated overall creditors: amounts falling due within one year as at 31 January 2023 amounted to £2,593,140.
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