Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C J Blackburn 22/06/2010 J Bryant 14/07/2010 M Dedman 13/09/2023 03/01/2023 J Emmins 13/09/2023 16/09/2021 R J Hitch 22/06/2010 03 December 2024 The principal activity of the company during the financial year was project management and consultancy for the property sector. 07291412 2024-03-31 07291412 bus:Director1 2024-03-31 07291412 bus:Director2 2024-03-31 07291412 bus:Director3 2024-03-31 07291412 bus:Director4 2024-03-31 07291412 bus:Director5 2024-03-31 07291412 2023-03-31 07291412 core:CurrentFinancialInstruments 2024-03-31 07291412 core:CurrentFinancialInstruments 2023-03-31 07291412 core:ShareCapital 2024-03-31 07291412 core:ShareCapital 2023-03-31 07291412 core:RetainedEarningsAccumulatedLosses 2024-03-31 07291412 core:RetainedEarningsAccumulatedLosses 2023-03-31 07291412 core:Goodwill 2023-03-31 07291412 core:Goodwill 2024-03-31 07291412 core:LandBuildings 2023-03-31 07291412 core:OtherPropertyPlantEquipment 2023-03-31 07291412 core:LandBuildings 2024-03-31 07291412 core:OtherPropertyPlantEquipment 2024-03-31 07291412 core:CostValuation 2023-03-31 07291412 core:CostValuation 2024-03-31 07291412 core:DeferredTaxation 2023-03-31 07291412 core:OtherProvisionsContingentLiabilities 2023-03-31 07291412 core:DeferredTaxation 2024-03-31 07291412 core:OtherProvisionsContingentLiabilities 2024-03-31 07291412 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 07291412 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 07291412 2023-04-01 2024-03-31 07291412 bus:FilletedAccounts 2023-04-01 2024-03-31 07291412 bus:SmallEntities 2023-04-01 2024-03-31 07291412 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07291412 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07291412 bus:Director1 2023-04-01 2024-03-31 07291412 bus:Director2 2023-04-01 2024-03-31 07291412 bus:Director3 2023-04-01 2024-03-31 07291412 bus:Director4 2023-04-01 2024-03-31 07291412 bus:Director5 2023-04-01 2024-03-31 07291412 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 07291412 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 07291412 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 07291412 2022-04-01 2023-03-31 07291412 core:LandBuildings 2023-04-01 2024-03-31 07291412 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07291412 core:DeferredTaxation 2023-04-01 2024-03-31 07291412 core:OtherProvisionsContingentLiabilities 2023-04-01 2024-03-31 07291412 core:DeferredTaxation 1 2023-04-01 2024-03-31 07291412 core:OtherProvisionsContingentLiabilities 1 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 07291412 (England and Wales)

BLACKBURN & CO. PROJECT SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BLACKBURN & CO. PROJECT SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BLACKBURN & CO. PROJECT SERVICES LIMITED

BALANCE SHEET

As at 31 March 2024
BLACKBURN & CO. PROJECT SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 25,280 50,946
Investments 6 112,500 112,500
137,780 163,446
Current assets
Debtors 7 1,305,704 897,137
Cash at bank and in hand 950,637 4,385,206
2,256,341 5,282,343
Creditors: amounts falling due within one year 8 ( 1,431,308) ( 2,102,114)
Net current assets 825,033 3,180,229
Total assets less current liabilities 962,813 3,343,675
Provision for liabilities 9 ( 464,321) ( 12,737)
Net assets 498,492 3,330,938
Capital and reserves
Called-up share capital 200 200
Profit and loss account 498,292 3,330,738
Total shareholder's funds 498,492 3,330,938

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Blackburn & Co. Project Services Limited (registered number: 07291412) were approved and authorised for issue by the Board of Directors on 03 December 2024. They were signed on its behalf by:

C J Blackburn
Director
BLACKBURN & CO. PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BLACKBURN & CO. PROJECT SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Blackburn & Co. Project Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is No 1 Clink Street, London, SE1 9DG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 20

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 600,000 600,000
At 31 March 2024 600,000 600,000
Accumulated amortisation
At 01 April 2023 600,000 600,000
At 31 March 2024 600,000 600,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

5. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 214,635 167,819 382,454
Additions 0 4,581 4,581
At 31 March 2024 214,635 172,400 387,035
Accumulated depreciation
At 01 April 2023 200,508 131,000 331,508
Charge for the financial year 14,127 16,120 30,247
At 31 March 2024 214,635 147,120 361,755
Net book value
At 31 March 2024 0 25,280 25,280
At 31 March 2023 14,127 36,819 50,946

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 112,500 112,500
At 31 March 2024 112,500 112,500
Carrying value at 31 March 2024 112,500 112,500
Carrying value at 31 March 2023 112,500 112,500

7. Debtors

2024 2023
£ £
Trade debtors 1,162,404 819,672
Other debtors 143,300 77,465
1,305,704 897,137

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 38,586 97,953
Corporation tax 236,400 180,599
Other taxation and social security 512,828 498,860
Other creditors 643,494 1,324,702
1,431,308 2,102,114

9. Provision for liabilities

Deferred taxation Other Total
£ £ £
At 01 April 2023 12,737 0 12,737
Charged/(credited) to the Profit and Loss Account ( 6,416) 0 ( 6,416)
Employee Ownership Trust Contributions 0 458,000 458,000
At 31 March 2024 6,321 458,000 464,321

The provision for Employee Ownership Trust Contributions represents the unpaid contribution due at the year end.

Deferred tax

2024 2023
£ £
Accelerated capital allowances 6,321 12,737
Provision for deferred tax 6,321 12,737

10. Financial commitments

Other financial commitments

2024 2023
£ £
Within one year 193,154 193,154
Between 2 -5 years 579,463 772,617
772,617 965,771

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the periods.

Pensions

The Company operates a defined contributions 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 £46,431 (2023 - £58,461). Contributions totalling £16,674 (2023 - £5,026) were payable to fund at the balance sheet date and are included in creditors.

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to directors 461,578 1,100,201

The loan mentioned above are unsecured, interest free and payable on demand.

The directors hold a fixed and floating charge over all the property and undertakings of the company.

12. Employee Ownership Trust Contributions

2024 2023
£ £
Employee Ownership Trust Contributions 4,160,395 0

Contributions paid and payable during the year (excluding those for which a liability existed at the end of the prior year) are shown above.

13. Ultimate controlling party

On 15th November 2023, the shareholders of the company's immediate parent, Blackburn & Co. Holdings Limited ("Holdings") sold their shares to an Employee Ownership Trust ("EOT"). B&CO Trustees Limited, a company limited by guarantee, was incorporated to undertake the acquisition of Holdings by the EOT. The consideration for the acquisition, comprised of a sum of £3,702,395, paid at completion and a remaining balance payable by instalments. The company, will settle the payments due by the EOT through contributions to the EOT. The company will guarantee the liability owed to the selling shareholders.