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Registered number: 00411552









BIZ ENGINEERING LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
BIZ ENGINEERING LIMITED
REGISTERED NUMBER: 00411552

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
710,858
686,217

Current assets
  

Stocks
 5 
337,766
285,638

Debtors: amounts falling due within one year
 6 
796,806
612,589

Cash at bank and in hand
 7 
216,570
227,151

  
1,351,142
1,125,378

Creditors: amounts falling due within one year
 8 
(1,190,433)
(1,007,538)

Net current assets
  
 
 
160,709
 
 
117,840

Total assets less current liabilities
  
871,567
804,057

Creditors: amounts falling due after more than one year
 9 
(32,968)
(104,784)

  

Net assets
  
838,599
699,273


Capital and reserves
  

Called up share capital 
 11 
90
90

Capital redemption reserve
  
4,743
4,743

Profit and loss account
  
833,766
694,440

  
838,599
699,273


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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 2 to 9 form part of these financial statements.

Page 1

 
BIZ ENGINEERING 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 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

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.
Having regard to the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

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.

 
2.4

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 2

 
BIZ ENGINEERING LIMITED
 

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

2.Accounting policies (continued)


2.4
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
-
10-25% 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.

 
2.5

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.

 
2.6

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.

 
2.7

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.
Page 3

 
BIZ ENGINEERING LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.

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.
Page 4

 
BIZ ENGINEERING LIMITED
 

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

2.Accounting policies (continued)


2.8
Financial instruments (continued)


 
2.9

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.

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Operating leases: the Company 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.

 
2.13

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.

 
2.14

Taxation

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 33 (2023 - 33).

Page 5

 
BIZ ENGINEERING LIMITED
 

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

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 May 2023
1,459,277


Additions
112,260


Disposals
(5,000)



At 30 April 2024

1,566,537



Depreciation


At 1 May 2023
773,060


Charge for the year on owned assets
85,574


Disposals
(2,955)



At 30 April 2024

855,679



Net book value



At 30 April 2024
710,858



At 30 April 2023
686,217

Page 6

 
BIZ ENGINEERING LIMITED
 

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

5.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
129,767
100,134

Finished goods and goods for resale
207,999
185,504

337,766
285,638



6.


Debtors

2024
2023
£
£


Trade debtors
384,542
352,125

Amounts owed by group undertakings
169,526
73,429

Other debtors
26,800
-

Prepayments and accrued income
215,938
187,035

796,806
612,589



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
216,570
227,151



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
551,346
435,303

Amounts owed to group undertakings
35,145
89,331

Other taxation and social security
424,746
323,572

Obligations under finance lease and hire purchase contracts
141,223
118,372

Other creditors
5,745
6,356

Accruals and deferred income
32,228
34,604

1,190,433
1,007,538


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

Page 7

 
BIZ ENGINEERING LIMITED
 

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

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
32,968
104,784



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
141,223
118,372

Between 1-5 years
32,968
104,784

174,191
223,156

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90 (2023 - 90) Ordinary shares of £1 each
90
90



12.


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).


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the Scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,464 (2023 - £31,672). Contributions totalling £5,745 (2023 - £6,356) were payable to the fund at the balance sheet date and are included within creditors. 

Page 8

 
BIZ ENGINEERING LIMITED
 

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

14.


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
29,200
22,296

Later than 1 year and not later than 5 years
20,697
23,424

49,897
45,720


15.


Related party transactions

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


16.


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


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 15 November 2024 by Richard Vass (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 9