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Registered number: 02189929









BIZ KARTS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BIZ KARTS LIMITED
 

COMPANY INFORMATION


DIRECTORS
M S Smith 
C Smith 
C Day 




COMPANY SECRETARY
C J Day



REGISTERED NUMBER
02189929



REGISTERED OFFICE
Millmarsh Lane
Brimsdown

Enfield

EN3 7QA




INDEPENDENT AUDITORS
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT





 
BIZ KARTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9 - 10
Notes to the Financial Statements
 
11 - 25


 
BIZ KARTS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
BIZ Karts Limited’s principal activities remain the manufacture of commercial Go Kart systems for the leisure Industry, who sell into the UK, European, North American and Middle East markets as well many other Countries around the World.

Business review
 
Karts sales saw increases of Q1 39%, Q2 25%, Q3 2% and Q4 6% giving an average of 17% up year on year. A year of continued growth.

Principal risks and uncertainties
 
Increasing costs of parts and materials coupled with labour shortages seem to be an ongoing issue, shipping costs from China are still significant but coming back to more steady normal levels. The electricity contract was renewed in October 2023 with a significant reduction in cost. However, the ongoing high inflation rate is causing our cost prices to rise and we are therefore having to increase our selling prices accordingly where competition allows. Exchange rates have stabilised which reduces the risk in currency exposure to our foreign customers and suppliers. 

Financial key performance indicators
 
By the end of this accounting period KPI were looking good. Our order books are looking very healthy. Margin is on target. The company is now performing as expected. The Management Team is energised and ready to continue the success of BIZ Karts in the future. 


This report was approved by the board and signed on its behalf.



M S Smith
Director

Date: 13 November 2024

Page 1

 
BIZ KARTS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors present their report and the financial statements for the year ended 30 April 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £877,544 (2023 - £647,029).

The Directors do not propose payment of a final dividend.

DIRECTORS

The Directors who served during the year were:

M S Smith 
C Smith 
C Day 

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

FUTURE DEVELOPMENTS

The Directors anticipate no significant changes in the company's activities in the foreseeable future.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
BIZ KARTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as Auditors 28 days after these financial statements were sent to Members or 28 days after the latest date prescribed for filing the accounts with the Registrar, whichever is earlier.

This report was approved by the Board on 13 November 2024 and signed on its behalf.
 





M S Smith
Director

Page 3

 
BIZ KARTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ KARTS LIMITED
 

OPINION


We have audited the financial statements of BIZ Karts Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 30 April 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 United Kingdom, including the Financial Reporting Council'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.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 4

 
BIZ KARTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ KARTS LIMITED (CONTINUED)


OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 2, 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 is 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.


Page 5

 
BIZ KARTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ KARTS LIMITED (CONTINUED)


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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management around actual and potential litigation and claims, and any known instances of non-compliance;
Reviewing minutes of meetings of those charged with governance;  
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing our work throughout the audit file for evidence of non-compliance.
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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, 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 Auditors' Report.


Page 6

 
BIZ KARTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ KARTS LIMITED (CONTINUED)


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 2006Our 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 an Auditors' Report 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.





Richard Vass (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Causeway House
1 Dane Street
Bishop's Stortford
Hertfordshire
CM23 3BT

15 November 2024
Page 7

 
BIZ KARTS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,574,810
12,424,226

Cost of sales
  
(10,370,445)
(8,787,293)

Gross profit
  
4,204,365
3,636,933

Distribution costs
  
(122,312)
(88,568)

Administrative expenses
  
(3,070,339)
(2,755,618)

Other operating income
 5 
458
692

Operating profit
  
1,012,172
793,439

Interest receivable and similar income
 9 
4,468
1,759

Interest payable and similar expenses
 10 
(11,720)
(8,208)

Profit before tax
  
1,004,920
786,990

Tax on profit
 11 
(127,376)
(139,961)

Profit after tax
  
877,544
647,029

  

  

Retained earnings at the beginning of the year
  
3,750,585
3,103,556

Profit for the year
  
877,544
647,029

Retained earnings at the end of the year
  
4,628,129
3,750,585

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
BIZ KARTS LIMITED
REGISTERED NUMBER: 02189929

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
94,072
156,789

Tangible assets
 13 
907,897
821,443

  
1,001,969
978,232

Current assets
  

Stocks
 14 
2,578,400
2,859,389

Debtors: amounts falling due within one year
 15 
2,410,547
2,276,357

Cash at bank and in hand
 16 
791,015
690,877

  
5,779,962
5,826,623

Creditors: amounts falling due within one year
 17 
(1,880,214)
(2,777,917)

Net current assets
  
 
 
3,899,748
 
 
3,048,706

Total assets less current liabilities
  
4,901,717
4,026,938

Creditors: amounts falling due after more than one year
 18 
(53,184)
(77,690)

Provisions for liabilities
  

Deferred tax
 20 
(220,304)
(198,563)

Net assets
  
4,628,229
3,750,685


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
  
4,628,129
3,750,585

  
4,628,229
3,750,685


Page 9

 
BIZ KARTS LIMITED
REGISTERED NUMBER: 02189929

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 




M S Smith
Director

Date: 13 November 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

BIZ Karts Limited is a private Company limited by shares and in incorpoated in England and Wales. The address of its registered office is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BIZ Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due.

Page 11

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed three years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
 
2.10

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 13

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Pounds Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 15

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.18

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

Page 16

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Karts
10,447,106
8,314,978

Spare Parts
4,127,704
4,109,248

14,574,810
12,424,226


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
9,729,405
8,958,233

Rest of Europe
800,681
283,280

Rest of the world
4,044,724
3,182,713

14,574,810
12,424,226



5.


Other operating income

2024
2023
£
£

Other income
458
692



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,750
16,750

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,498,370
2,167,276

Social security costs
262,360
236,833

Cost of defined contribution scheme
53,551
56,615

2,814,281
2,460,724


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Technology
6
7



Sales
11
10



Production
36
30

53
47


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
866,670
663,312

Company contributions to defined contribution pension schemes
8,970
8,970

875,640
672,282


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £480,000 (2023 - £345,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
4,468
1,759

Page 18

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
2,771
800

Finance leases and hire purchase contracts
7,817
7,408

Other interest payable
1,132
-

11,720
8,208


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
193,851
6,049

Adjustments in respect of previous periods
(88,216)
-

105,635
6,049

Deferred tax


Origination and reversal of timing differences
21,741
133,912


Taxation on profit on ordinary activities
127,376
139,961
Page 19

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,004,920
786,990


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
251,230
153,463

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
468
570

Capital allowances for year in excess of depreciation
-
(15,419)

Adjustments to tax charge in respect of prior periods
(88,216)
-

Remeasurement of deferred tax for changes in tax rates
-
29,436

Group relief
(36,106)
(28,089)

Total tax charge for the year
127,376
139,961


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Computer software

£



Cost


At 1 May 2023
156,789


Additions
15,455


Disposals
(35,000)



At 30 April 2024

137,244



Amortisation


Charge for the year on owned assets
43,172



At 30 April 2024

43,172



Net book value



At 30 April 2024
94,072



At 30 April 2023
156,789



Page 21

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
642,795
238,328
119,995
2,873
1,003,991


Additions
109,140
152,759
6,351
22,973
291,223


Disposals
(5,140)
(73,000)
-
-
(78,140)



At 30 April 2024

746,795
318,087
126,346
25,846
1,217,074



Depreciation


At 1 May 2023
79,038
53,621
49,769
120
182,548


Charge for the year on owned assets
73,221
70,473
11,260
614
155,568


Disposals
(8,665)
(20,274)
-
-
(28,939)



At 30 April 2024

143,594
103,820
61,029
734
309,177



Net book value



At 30 April 2024
603,201
214,267
65,317
25,112
907,897



At 30 April 2023
563,757
184,707
70,226
2,753
821,443

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
127,232
153,102


14.


Stocks

2024
2023
£
£

Raw materials and consumables
2,548,415
2,654,676

Work in progress (goods to be sold)
10,485
187,713

Finished goods and goods for resale
19,500
17,000

2,578,400
2,859,389


Page 22

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Debtors

2024
2023
£
£


Trade debtors
1,175,690
886,866

Amounts owed by group undertakings
909,714
897,442

Other debtors
180,765
382,959

Prepayments and accrued income
144,378
109,090

2,410,547
2,276,357



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
791,015
690,877



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
965,404
1,609,227

Amounts owed to group undertakings
410,373
831,992

Corporation tax
152,421
119,365

Other taxation and social security
154,428
126,624

Obligations under finance lease and hire purchase contracts
34,071
32,535

Other creditors
9,112
8,730

Accruals and deferred income
154,405
49,444

1,880,214
2,777,917


Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
53,184
77,690


Page 23

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
34,071
32,535

Between 1-5 years
53,184
77,690

87,255
110,225

20.


Deferred taxation




2024
2023


£

£






At beginning of year
198,563
64,651


Charged to profit or loss
21,741
133,912



At end of year
220,304
198,563

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
222,582
200,746

Pension surplus
(2,278)
(2,183)

220,304
198,563


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100



22.


Contingent liabilities

The Company has jointly guaranteed the bank borrowings of its parent Company.  At the year end the liabilities covered by this guarantee totalled £3,819,851 (2023 - £3,860,741).

Page 24

 
BIZ KARTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the Scheme are held separately from those of the Company is an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £53,551 (2023 - £56,615). Contributions totalling £9,112 (2023 - £8,730) were payable to the fund at the balance sheet date and are included within creditors.  


24.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
44,016
47,304

Later than 1 year and not later than 5 years
8,161
39,805

52,177
87,109


25.


Director's benefits: Advances, credit and guarantees

At 1 May 2023 director's current accounts totalled £285,636. During the year, advances of £NIL were paid, and repayments of £200,000 received, leaving balances totalling £85,636 as at 30 April 2024. No interest was charged on the current accounts during the period.


26.


Related party transactions

The Company has taken advantage of the exemption under FRS 102 (section 33.1A) not to disclose transactions with wholly owned group companies.


27.


Ultimate parent undertaking and controlling party

The Company's immediate parent company is BIZ Group Holdings Limited, a company registered in England and Wales. The Company's ultimate parent company is BIZ Holdings Limited, a company registered in England and Wales.  Copies of the consolidated financial statements of BIZ Holdings Limited are available from Companies House.
The ultimate controlling party is M S Smith.


Page 25