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Registered number: 12016718










BIZZY25 HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
BIZZY25 HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J Thorpe 
S Harley 
M Harley 




Registered number
12016718



Registered office
Century House
1 The Lakes

Northampton

NN4 7HD




Independent auditors
Constantin
Chartered Accountants and Statutory Auditors

25 Hosier Lane

London

EC1A 9LQ




Accountants
MHA
Moorgate House

201 Silbury Boulevard

Milton Keynes

MK9 1LZ





 
BIZZY25 HOLDINGS 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
Notes to the Financial Statements
 
 
10 - 16


 
BIZZY25 HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

Introduction
 
The Directors present the strategic report for the period ended 31 December 2023.

Business review
 
On the 23rd November 2022 Bizzy25 Holdings Limited, was acquired by Bechtle E-Commerce Holding AG, a 100% subsidiary of Bechtle AG. Bechtle AG is a company listed on the German stock exchange. It was subsequently decided during the current period that ACS systems UK Limited, would be merged into the UK trading company Bechtle Limited. On the 1st October 2023 ACS Systems UK Limited was merged into Bechtle Limited. All assets and liabilities of ACS Systems UK Limited were transferred into Bechtle Limited at net book value. 

Principal risks and uncertainties
 
The principal financial risk faced by the Group, and the Group's objectives and policies in relation to those risks are as follows:
Cash flow risk
The Group closely monitors and manages cash flow. Cash flow forecasts are prepared with the objective of alerting the Directors to potential future risks. It is the Group's policy to ensure that forecast funding requirements can be met with available committed facilities.
Credit risk
Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the Group if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigates this risk.


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



................................................
J Thorpe
Director

Date: 26 November 2024

Page 1

 
BIZZY25 HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

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 judgments 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.

Results and dividends

The loss for the period, after taxation, amounted to £1,894,134 (2023 - loss £23,148).

Directors

The directors who served during the period were:

J Thorpe 
S Harley 
M Harley 

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

 
BIZZY25 HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023

Auditors

The auditorsConstantinwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
J Thorpe
Director

Date: 26 November 2024

Page 3

 
BIZZY25 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZZY25 HOLDINGS LIMITED
 

Report on the audit of the financial statements
 
Opinion


In our opinion the financial statements of Bizzy25 Holdings Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its loss for the period then ended; 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
the statement of income and retained earnings;
the balance sheet;
the statement of accounting policies; and
the related notes 1 to 11.

The 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).


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 (the 'FRC'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.


Page 4

 
BIZZY25 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZZY25 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.


Responsibilities of directors
 

As explained more fully in the directors’ responsibilities statement, 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.


Auditor’s 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 auditor's 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.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


Page 5

 
BIZZY25 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZZY25 HOLDINGS LIMITED (CONTINUED)


Extent to which the audit was considered capable of detecting irregularities, including fraud
 



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. 

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: 
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, tax legislation; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance.  


Page 6

 
BIZZY25 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZZY25 HOLDINGS LIMITED (CONTINUED)


Report on other legal and regulatory requirements
 

Opinions 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 period 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.

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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
 
Under the Companies Act 2006 we are required to report in respect of the following matters 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.

We have nothing to report in respect of these matters.


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.





Mark Bathgate FCA (Senior Statutory Auditor)
  
for and on behalf of
Constantin
 
Chartered Accountants and Statutory Auditors
  
25 Hosier Lane
London
EC1A 9LQ

 
Date: 
26 November 2024
Page 7

 
BIZZY25 HOLDINGS LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9 months ended
31 December
Year ended
31 March
2023
2023
Note
£
£

  

Administrative expenses
  
(9,265)
(19,978)

Fixed assets investment impairment
 8 
(2,772,332)
-

Operating loss
  
(2,781,597)
(19,978)

Income from fixed assets investments
 5 
887,463
-

Interest payable and similar expenses
 6 
-
(3,170)

Loss before tax
  
(1,894,134)
(23,148)

Loss after tax
  
(1,894,134)
(23,148)

  

  

Retained earnings at the beginning of the period
  
171,905
195,053

  
171,905
195,053

Loss for the period
  
(1,894,134)
(23,148)

Retained earnings at the end of the period
  
(1,722,229)
171,905
The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
BIZZY25 HOLDINGS LIMITED
REGISTERED NUMBER: 12016718

BALANCE SHEET
AS AT 31 DECEMBER 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Investments
 8 
1,227,668
4,000,000

  
1,227,668
4,000,000

Current assets
  

Cash at bank and in hand
  
1,361
1,420

 9 
1,361
1,420

Creditors: amounts falling due within one year
 10 
(251,258)
(1,129,515)

Net current liabilities
  
 
 
(249,897)
 
 
(1,128,095)

Total assets less current liabilities
  
977,771
2,871,905

  

Net assets
  
977,771
2,871,905


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Merger reserve
  
2,690,000
2,690,000

Profit and loss account
  
(1,722,229)
171,905

  
977,771
2,871,905


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




................................................
J Thorpe
Director

Date: 26 November 2024

The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Bizzy25 Holdings Limited is a private Company, limited by shares, domiciled in England and Wales.
The registered number of the Company is 12016718 and registered office is at Century House, 1 The Lakes, Northampton, NN4 7HD. The principal place of business of the company is ACS House, Oxwich Close, Brackmills, Northampton, NN4 7BH.
The principal activity is that of a holding company.
The functional and presentational currency of the Company is GBP, rounded to the nearest whole £.

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 management to exercise judgment in applying the Company's accounting policies.

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.

This information is included in the consolidated financial statements of Bechtle AG as at 31 December 2023 and these financial statements may be obtained from Kanzleistrasse 17, D-74405, Gaildorf, Germany..

 
2.3

Going concern

The directors have considered the relevant budgets and forecasts as well as post year end results to date and consider the Company to be a going concern.

 
2.4

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 10

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

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.

 
2.7

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.

Page 11

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
•           at fair value with changes recognised in the Statement of comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;
•           at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Auditors' remuneration

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 12

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Employees

Staff costs were as follows:





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


5.


Income from investments

9 months ended
31 December
Year ended
31 March
2023
2023
£
£





Dividends received from unlisted investments
(887,463)
-

(887,463)
-



6.


Interest payable and similar expenses

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Loan interest
-
3,170

Page 13

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Taxation


9 months ended
31 December
Year ended
31 March
2023
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Tax on loss
-
-

Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 23.52% (2023 - 19%). The differences are explained below:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Loss on ordinary activities before tax
(1,894,134)
(23,148)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2023 - 19%)
(445,500)
(4,398)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
652,053
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,180
3,796

Dividends from UK companies
(208,733)
-

Unrelieved tax losses carried forward
-
602

Total tax charge for the period/year
-
-


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 14

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

8.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
4,000,000



At 31 December 2023

4,000,000



Impairment


Charge for the period
2,772,332



At 31 December 2023

2,772,332



Net book value



At 31 December 2023
1,227,668



At 31 March 2023
4,000,000


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

ACS Systems UK Limited
Bechtle House, Oxwich Close, Brackmills, Northampton, NN4 7BH
Ordinary shares
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

ACS Systems UK Limited
1,227,668
(80,161)

Page 15

 
BIZZY25 HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Cash and cash equivalents

31 December
31 March
2023
2023
£
£

Cash at bank and in hand
1,361
1,420



10.


Creditors: Amounts falling due within one year

31 December
31 March
2023
2023
£
£

Amounts owed to group undertakings
251,258
1,129,515



11.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



12.


Share-based payments

On 28th January 2021 the group granted new share options to 2 employees of ACS Systems UK Limited with the right to purchase 500 ordinary shares in the ultimate parent undertaking, Bizzy25 Holdings Limited. 
The exercise price on all options was set at £48.60 per share and the options can only be exercised on the sale or disposal of the Company. The options will lapse on the earlier of termination of the individual's contract of employment or 10 years from the date of grant issue. 
The share options were recognised in the year ended 31 March 2023. 


13.


Controlling party

Bechtle AG is the ultimate parent undertaking and ultimate controlling party a company incorporated in Germany. The consolidated financial statements for Bechtle AG are available to the public and may be obtained from Kanzleistrasse 17, D-74405, Gaildorf, Germany.

 
Page 16