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Registered number: 13912682









BIZ HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BIZ HOLDINGS LIMITED
 

COMPANY INFORMATION


Directors
M S Smith 
C C Smith 




Company secretary
C J Day



Registered number
13912682



Registered office
Millmarsh Lane
Brimsdown

Enfield

Middlesex

EN3 7QA




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Causeway House

1 Dane Street

Bishop's Stortford

Hertfordshire

CM23 3BT





 
BIZ HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9
Company Balance Sheet
 
10
Consolidated Statement of Changes in Equity
 
11 - 12
Company Statement of Changes in Equity
 
13 - 14
Consolidated Statement of Cash Flows
 
15 - 16
Consolidated Analysis of Net Debt
 
17
Notes to the Financial Statements
 
18 - 41


 
BIZ HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The Group's principle activities remain the manufacture of commercial Go Kart systems for the leisure Industry via Biz Karts Ltd, who sell into the UK, European, North American and Middle East markets as well many other Countries around the World. Whilst Biz Engineering supply fine limit sheet metal fabrications to many customers in the UK.

Business review
 
The Group has had a year of steady growth in Turnover. Karts sales saw increases of Q1 39%, Q2 25%, Q3 2% and Q4 6% giving an average of 17% up year on year. Biz Engineering sales figures were hit by trading difficulties in the Building and Construction sector, however there is a steady growth in Turnover of 9% year on year. 

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. Both companies are now performing as expected. The Management Team is energised and ready to continue the success of BIZ Group in the future. 


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



M S Smith
Director

Page 1

 
BIZ HOLDINGS 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.

Directors

The Directors who served during the year were:

M S Smith 
C C Smith 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £567,693 (2023 - £615,470).

The Directors do not propose a final dividend.

Future developments

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

Post balance sheet events

There have been no significant events affecting the Group 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.

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 and the Group'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 and the Group's auditors are aware of that information.

Page 2

 
BIZ HOLDINGS LIMITED
 

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

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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





M S Smith
Director

Page 3

 
BIZ HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of BIZ Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's 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 Group 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 Group's or the parent 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.


Page 4

 
BIZ HOLDINGS LIMITED
 

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


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BIZ HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS 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 Group 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 HOLDINGS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS 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 HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

Year ended
30 April
14 months ended
30 April
2024
2023
Note
£
£

  

Turnover
 4 
18,911,115
17,661,535

Cost of sales
  
(12,396,545)
(11,532,855)

Gross profit
  
6,514,570
6,128,680

Distribution costs
  
(245,306)
(204,033)

Administrative expenses
  
(5,224,692)
(4,874,019)

Other operating income
 5 
13,430
31,896

Operating profit
 6 
1,058,002
1,082,524

Interest receivable and similar income
 10 
4,468
6,764

Interest payable and similar expenses
 11 
(328,414)
(236,275)

Profit before taxation
  
734,056
853,013

Tax on profit
 12 
(166,018)
(157,147)

Profit for the financial year
  
568,038
695,866

  

Unrealised surplus on revaluation of tangible fixed assets
  
-
9,471,893

Deferred tax movement
  
-
(2,284,200)

Profit/(loss) on foreign exchange
  
20,108
(20,054)

Other comprehensive income for the year
  
20,108
7,167,639

Total comprehensive income for the year
  
588,146
7,863,505

Profit for the year attributable to:
  

Non-controlling interests
  
345
80,396

Owners of the parent Company
  
567,693
615,470

  
568,038
695,866

The notes on pages 18 to 41 form part of these financial statements.

Page 8

 
BIZ HOLDINGS LIMITED
REGISTERED NUMBER: 13912682

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,055,778
4,613,708

Tangible assets
 14 
13,336,036
13,234,247

  
17,391,814
17,847,955

Current assets
  

Stocks
 16 
3,076,808
3,519,241

Debtors: amounts falling due within one year
 17 
2,508,411
2,126,483

Current asset investments
 18 
1,300
1,300

Cash at bank and in hand
 19 
1,049,418
1,025,850

  
6,635,937
6,672,874

Creditors: amounts falling due within one year
 20 
(7,351,736)
(4,545,853)

Net current (liabilities)/assets
  
 
 
(715,799)
 
 
2,127,021

Total assets less current liabilities
  
16,676,015
19,974,976

Creditors: due after more than one year
 21 
(86,152)
(3,995,000)

Provisions for liabilities
  

Deferred taxation
 25 
(2,504,504)
(2,482,763)

Net assets
  
14,085,359
13,497,213


Capital and reserves
  

Called up share capital 
 26 
5,700,001
5,700,001

Revaluation reserve
 27 
7,187,693
7,187,693

Foreign exchange reserve
 27 
54
(20,054)

Profit and loss account
 27 
1,183,163
615,470

Equity attributable to owners of the parent Company
  
14,070,911
13,483,110

Non-controlling interests
  
14,448
14,103

  
14,085,359
13,497,213


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 18 to 41 form part of these financial statements.

Page 9

 
BIZ HOLDINGS LIMITED
REGISTERED NUMBER: 13912682

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
9,738,084
9,738,084

Current assets
  

Debtors: amounts falling due within one year
 17 
1
14,201

Cash at bank and in hand
 19 
2,821
-

  
2,822
14,201

Creditors: amounts falling due within one year
 20 
(4,082,540)
(4,093,540)

Net current liabilities
  
 
 
(4,079,718)
 
 
(4,079,339)

  

Net assets
  
5,658,366
5,658,745


Capital and reserves
  

Called up share capital 
 26 
5,700,001
5,700,001

Profit and loss account
  
(41,635)
(41,256)

  
5,658,366
5,658,745


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 18 to 41 form part of these financial statements.

Page 10

 

 
BIZ HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 May 2023
5,700,001
7,187,693
(20,054)
615,470
13,483,110
14,103
13,497,213



Comprehensive income for the year


Profit for the year

-
-
-
567,693
567,693
345
568,038


Foreign exchange movement
-
-
20,108
-
20,108
-
20,108



Other comprehensive income for the year
-
-
20,108
-
20,108
-
20,108



Total comprehensive income for the year
-
-
20,108
567,693
587,801
345
588,146



At 30 April 2024
5,700,001
7,187,693
54
1,183,163
14,070,911
14,448
14,085,359



The notes on pages 18 to 41 form part of these financial statements.

Page 11

 

 
BIZ HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023



Called up share capital
Revaluation reserve
Foreign exchange reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



Comprehensive income for the period


Profit for the period

-
-
-
615,470
615,470
80,396
695,866


Surplus on revaluation of freehold property
-
9,471,893
-
-
9,471,893
-
9,471,893


Deferred tax movement
-
(2,284,200)
-
-
(2,284,200)
-
(2,284,200)


Foreign exchange movement
-
-
(20,054)
-
(20,054)
-
(20,054)



Other comprehensive income for the period
-
7,187,693
(20,054)
-
7,167,639
-
7,167,639



Total comprehensive income for the period
-
7,187,693
(20,054)
615,470
7,783,109
80,396
7,863,505



Contributions by and distributions to owners


Shares issued during the period
5,700,001
-
-
-
5,700,001
-
5,700,001


Acquisition of subsidiary
-
-
-
-
-
(66,293)
(66,293)



Total transactions with owners
5,700,001
-
-
-
5,700,001
(66,293)
5,633,708



At 30 April 2023
5,700,001
7,187,693
(20,054)
615,470
13,483,110
14,103
13,497,213



The notes on pages 18 to 41 form part of these financial statements.

Page 12

 
BIZ HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2023
5,700,001
(41,256)
5,658,745


Comprehensive income for the period

Loss for the year
-
(379)
(379)
Total comprehensive income for the year
-
(379)
(379)


Total transactions with owners
-
-
-


At 30 April 2024
5,700,001
(41,635)
5,658,366


The notes on pages 18 to 41 form part of these financial statements.

Page 13

 
BIZ HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the period

Loss for the period
-
(41,256)
(41,256)
Total comprehensive income for the period
-
(41,256)
(41,256)


Contributions by and distributions to owners

Shares issued during the period
5,700,001
-
5,700,001


Total transactions with owners
5,700,001
-
5,700,001


At 30 April 2023
5,700,001
(41,256)
5,658,745


The notes on pages 18 to 41 form part of these financial statements.

Page 14

 
BIZ HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
568,038
695,866

Adjustments for:

Amortisation of intangible assets
538,385
495,213

Depreciation of tangible assets
241,142
160,920

Loss on disposal of tangible assets
8,544
28,090

Interest paid
328,414
236,275

Interest received
(4,468)
(6,764)

Taxation charge
166,018
157,147

Decrease/(increase) in stocks
442,433
(1,092,491)

(Increase)/decrease in debtors
(381,972)
1,973,627

(Decrease)/increase in creditors
(996,937)
829,470

Corporation tax (paid)
(137,436)
(89,664)

Net cash generated from operating activities

772,161
3,387,689


Cash flows from investing activities

Purchase of intangible fixed assets
(15,455)
(156,789)

Sale of intangible assets
35,000
-

Purchase of tangible fixed assets
(239,491)
(563,375)

Sale of tangible fixed assets
42,703
31,162

Purchase of unlisted and other investments
-
(4,003,288)

Interest received
4,468
6,764

Cash on acquisition of subsidiaries
-
2,927,242

Net cash from investing activities

(172,775)
(1,758,284)
Page 15

 
BIZ HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
1

Repayment of loans
(40,890)
(174,594)

Repayment of/new finance leases
(226,622)
(172,633)

Interest paid
(328,414)
(236,275)

Net cash used in financing activities
(595,926)
(583,501)

Net increase in cash and cash equivalents
3,460
1,045,904

Cash and cash equivalents at beginning of year
1,025,850
-

Foreign exchange gains and losses
20,108
(20,054)

Cash and cash equivalents at the end of year
1,049,418
1,025,850


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,049,418
1,025,850


The notes on pages 18 to 41 form part of these financial statements.

Page 16

 
BIZ HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

1,025,850

23,568

1,049,418

Debt due after 1 year

(3,812,526)

29,836

(3,782,690)

Debt due within 1 year

(123,301)

11,283

(112,018)

Finance leases

(333,381)

71,935

(261,446)


(3,243,358)
136,622
(3,106,736)

The notes on pages 18 to 41 form part of these financial statements.

Page 17

 
BIZ HOLDINGS LIMITED
 

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

1.


General information

The Company is a private Company limited by shares and is incorporated 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2017.

 
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 18

 
BIZ HOLDINGS 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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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 ten 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.

Page 19

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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 first in, first out 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.

Page 20

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 21

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

Page 22

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Interest income

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

 
2.15

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.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.18

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.

 
2.19

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 23

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.20

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.21

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 24

 
BIZ HOLDINGS LIMITED
 

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

2.Accounting policies (continued)

 
2.22

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


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 25

 
BIZ HOLDINGS 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:


Year ended
30 April
14 months ended
30 April
2024
2023
£
£

Manufacture of karts
13,657,329
15,258,681

Metal fabrications
5,253,786
2,402,854

18,911,115
17,661,535


In the opinion of the Directors, the disclosure of turnover by geographical segment would be seriously prejudicial to the interests of the Company and therefore this information has not been disclosed.


5.


Other operating income

Year ended
30 April
14 months ended
30 April
2024
2023
£
£

Other operating income
11,103
11,213

Net rents receivable
-
9,302

Sundry income
2,327
11,381

13,430
31,896



6.


Operating profit

The operating profit is stated after charging:

Year ended
30 April
14 months ended
30 April
2024
2023
£
£

Research & development charged as an expense
-
27,871

Exchange differences
36,651
(64,229)

Other operating lease rentals
68,886
45,574

Page 26

 
BIZ HOLDINGS LIMITED
 

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

7.


Auditors' remuneration

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


Year ended
30 April
14 months ended
30 April
2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
7,550
7,000

Audit of subsidaries
32,575
30,800

Taxation compliance services
4,000
4,000

Services relating to corporate finance transactions
13,400
11,500

All other services
2,048
25,143


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
4,172,314
3,754,331

Social security costs
490,320
456,155

Cost of defined contribution scheme
88,015
92,287

4,750,649
4,302,773


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


      Year ended
       30 April
   14 months ended
        30 April
        2024
        2023
            No.
            No.







Directors
2
2



Staff
84
77

86
79

The Company has no employees other than the Director, who did not receive any remuneration (2023 - £NIL).
Page 27

 
BIZ HOLDINGS LIMITED
 

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

9.


Directors' remuneration

Year ended
30 April
14 months ended
30 April
2024
2023
£
£

Directors' emoluments
818,838
657,955

Group contributions to defined contribution pension schemes
6,000
9,500

824,838
667,455


During the year retirement benefits were accruing to 1 Director (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £599,269 (2023 - £474,392).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £4,000).


10.


Interest receivable

Year ended
30 April
14 months ended
30 April
2024
2023
£
£


Other interest receivable
4,468
6,764


11.


Interest payable and similar expenses

Year ended
30 April
14 months ended
30 April
2024
2023
£
£


Bank interest payable
312,533
228,867

Finance leases and hire purchase contracts
14,749
7,408

Other interest payable
1,132
-

328,414
236,275

Page 28

 
BIZ HOLDINGS LIMITED
 

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

12.


Taxation


Year ended
30 April
14 months ended
30 April
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

Foreign tax


Foreign tax on income for the year
38,642
17,186

Deferred tax


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


Tax on profit
166,018
157,147
Page 29

 
BIZ HOLDINGS LIMITED
 

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


Factors affecting tax charge for the year/period

The tax assessed for the year/period 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:

Year ended
30 April
14 months ended
30 April
2024
2023
£
£


Profit on ordinary activities before tax
734,056
853,013


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
183,514
166,338

Effects of:


Non-tax deductible amortisation of goodwill and impairment
123,803
96,567

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
532
8,664

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

Higher rate taxes on overseas earnings
28,636
(48,874)

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

Changes in unrecognised deferred tax
(74,552)
(23,296)

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

Other differences leading to an increase (decrease) in the tax charge
(7,699)
(28,180)

Group relief
-
(28,089)

Total tax charge for the year/period
166,018
157,147


Factors that may affect future tax charges

The Group has unrelieved tax losses of approximately £1,083,000 (2023 - £1,934,000) available to be set against future trading profits. No deferred tax has been provided on these losses given uncertainty over when the losses will be utilised

Page 30

 
BIZ HOLDINGS LIMITED
 

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

13.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 May 2023
156,789
4,952,132
5,108,921


Additions
15,455
-
15,455


Disposals
(35,000)
-
(35,000)



At 30 April 2024

137,244
4,952,132
5,089,376



Amortisation


At 1 May 2023
-
495,213
495,213


Charge for the year on owned assets
43,172
495,213
538,385



At 30 April 2024

43,172
990,426
1,033,598



Net book value



At 30 April 2024
94,072
3,961,706
4,055,778



At 30 April 2023
156,789
4,456,919
4,613,708



Page 31

 


 
BIZ HOLDINGS LIMITED


 

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


14.


Tangible fixed assets


Group







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
11,650,000
1,995,267
248,528
282,163
13,897
14,189,855


Additions
-
211,149
148,443
11,543
23,042
394,177


Disposals
-
(10,140)
(73,000)
-
-
(83,140)



At 30 April 2024

11,650,000
2,196,276
323,971
293,706
36,939
14,500,892



Depreciation


At 1 May 2023
-
761,692
53,621
140,113
182
955,608


Charge for the year on owned assets
-
150,114
70,473
19,562
993
241,142


Disposals
-
(11,620)
(20,274)
-
-
(31,894)



At 30 April 2024

-
900,186
103,820
159,675
1,175
1,164,856



Net book value



At 30 April 2024
11,650,000
1,296,090
220,151
134,031
35,764
13,336,036



At 30 April 2023
11,650,000
1,233,575
194,907
142,050
13,715
13,234,247

Page 32

 
BIZ HOLDINGS LIMITED
 

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

           14.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
11,650,000
11,650,000


Cost or valuation at 30 April 2024 is as follows:

Land and buildings
£


At cost
2,513,200
At valuation:

30 April 2023
9,136,800



11,650,000

The 2024 valuations were made by the directors with reference to valuations provided in 2021 and 2023 by Levy Real Estate LLP and Gilmartin Ley Limited, prepared on an open market value for existing use basis.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
2,513,200
2,513,200

Accumulated depreciation
(335,093)
(335,093)

Net book value
2,178,107
2,178,107

Page 33

 
BIZ HOLDINGS LIMITED
 

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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
11,400,000



At 30 April 2024

11,400,000



Impairment


At 1 May 2023
1,661,916



At 30 April 2024

1,661,916


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

BIZ Karts Limited
Ordinary
100%
BIZ Engineering Limited
Ordinary
100%
BIZ Karts Inc.
Ordinary
75%
Garage Door Fascias Limited
Ordinary
100%
BIZ Group Holdings Limited
Ordinary
100%

The registered address of BIZ Karts Inc. is 3032 NW 25th Ave, Pompano Beach, Florida, 330369, USA.
The registered address of all other companies is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.


16.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
2,519,884
2,631,597
-
-

Work in progress
140,252
287,847
-
-

Finished goods and goods for resale
416,672
599,797
-
-

3,076,808
3,519,241
-
-


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 34

 
BIZ HOLDINGS LIMITED
 

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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,770,223
1,273,477
-
-

Other debtors
359,113
529,865
1
14,201

Prepayments and accrued income
379,075
323,141
-
-

2,508,411
2,126,483
1
14,201



18.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Unlisted investments
1,300
1,300
-
-



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,049,418
1,025,850
2,821
-


Page 35

 
BIZ HOLDINGS LIMITED
 

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

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
3,819,851
48,215
-
-

Trade creditors
2,165,516
3,452,023
-
-

Amounts owed to group undertakings
-
-
4,082,540
4,093,540

Corporation tax
152,421
145,624
-
-

Other taxation and social security
621,651
492,827
-
-

Obligations under finance lease and hire purchase contracts
175,294
150,907
-
-

Other creditors
208,335
135,604
-
-

Accruals and deferred income
208,668
120,653
-
-

7,351,736
4,545,853
4,082,540
4,093,540



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
3,819,851
48,215

Obligations under finance lease and hire purchase contracts
175,294
150,907

3,995,145
199,122

Details of security provided:

The bank loans are secured against the freehold property and by an unlimited debenture incorporating a fixed and floating charge. Obligations under finance lease and hire purchase contracts are secured over the asset to which they relate.


21.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
-
3,812,526
-
-

Net obligations under finance leases and hire purchase contracts
86,152
182,474
-
-

86,152
3,995,000
-
-




Page 36

 
BIZ HOLDINGS LIMITED
 

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

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
3,819,851
48,215
-
-

Amounts falling due 1-2 years

Bank loans
-
47,729
-
-

Amounts falling due 2-5 years

Bank loans
-
3,764,797
-
-


3,819,851
3,860,741
-
-



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
175,294
150,907

Between 1-5 years
86,152
182,474

261,446
333,381

The Company did not have any hire purchase or finance lease balances.

Page 37

 
BIZ HOLDINGS LIMITED
 

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

24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,049,418
1,025,850
-
-

Financial assets that are debt instruments measured at amortised cost
1,825,386
1,321,874
2,822
14,201

2,874,804
2,347,724
2,822
14,201


Financial liabilities

Other financial liabilities measured at amortised cost
6,402,370
7,569,021
4,082,540
4,093,540


Financial assets measured at fair value through profit or loss comprise cash at bank.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed to group and associated undertakings and certain other debtors.


Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, amounts owed to group undertakings, certain other creditors and accruals.

Page 38

 
BIZ HOLDINGS LIMITED
 

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

25.


Deferred taxation


Group



2024
2023


£

£



At beginning of year
2,482,763
-


Charged to profit or loss
21,741
133,912


Charged to other comprehensive income
-
2,284,200


Arising on business combinations
-
64,651



At end of year
2,504,504
2,482,763

Company


2024
£
2023
£


At beginning of year
-
-


Charged to profit or loss
-
-



At end of year
-
-

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
222,582
200,746

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

Property revaluation
2,284,200
2,284,200

2,504,504
2,482,763

The Company did not have a deferred taxation balance.


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,700,001 Ordinary shares of £1 each
5,700,001
5,700,001


Page 39

 
BIZ HOLDINGS LIMITED
 

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

27.


Reserves

Share premium account

The share premium account records the amount above the nominal value received for shares issued, less any transaction costs.

Revaluation reserve

The revaluation reserve represents the surplus or deficit arising on the revaluation of freehold property, less associated deferred tax.

Foreign exchange reserve

The foreign exchange reserve records the foreign exchange differences arising due to translation rate differences.

Profit and loss account

The profit and loss reserve represents accumulated comprehensive income of the period and prior periods less any dividends paid.


28.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions by the Group to the fund and amounted to £88,015 (2023 - £92,287). Contributions totalling £14,857 (2023 - £15,086) were payable to the fund at the balance sheet date and are included within creditors.


29.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
73,216
69,600

Later than 1 year and not later than 5 years
28,858
63,229

102,074
132,829

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


30.


Transactions with directors

At 1 May 2023 Director's current accounts totalled £360,260.  During the year the Directors made withdrawals of £NIL and repayments of £200,000, leaving a balance of £160,260 due from them as at 30 April 2024.
The loan was interest free and repayable on demand.

Page 40

 
BIZ HOLDINGS LIMITED
 

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

31.


Related party transactions

Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.


32.


Controlling party

The ultimate controlling party is M S Smith.


Page 41