Company registration number 14800538 (England and Wales)
PROJECT CROWN BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PROJECT CROWN BIDCO LIMITED
COMPANY INFORMATION
Directors
Mr I Gould
(Appointed 9 June 2023)
Mr S Knight
(Appointed 9 June 2023)
Mr E J Hill
(Appointed 16 September 2023)
Mr M Ramzan
(Appointed 12 August 2024)
Mr D J Baldwin
(Appointed 9 June 2023)
Mr R C Thomas
(Appointed 16 September 2023)
Mr M J Ward
(Appointed 16 September 2023)
Mr T H Hustler
(Appointed 16 September 2023)
Company number
14800538
Registered office
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
Auditor
Langard Lifford Hall Limited
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
PROJECT CROWN BIDCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
PROJECT CROWN BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the period ended 31 March 2024.

 

The directors, in preparing the strategic report, have complied with S414C of the Companies Act 2006.

Review of the business

During the financial year, the company’s principal activity was the provision of management services to other parts of the group.

In September 2023, the company acquired BK Plus Ltd.

Principal risks and uncertainties

The principal risks and uncertainties identified below, highlight potential factors that, in the opinion of the Board, could significantly impact the company’s future performance or reputation. To address these risks, the company employs a robust risk management framework that ensures effective control and oversight as we continue to grow as a business. Principally, this is centred around a risk register which is regularly reviewed by the Board to ensure it remains appropriate to emerging risks.

The company continues to monitor all aspects of risk including economic risk, competition and changes in market conditions, financial risk and customer dependencies. The company has a large number of clients that reduces the risk that it is overly dependent on a single customer.

Financial Risk

The company faces exposure to a number of financial risks. These have been outlined below.

The principal financial risk facing the company is the financial impact of delayed customer payments, particularly for acquired entities. The risk is mitigated by the implementation of consistent and robust credit control procedures with director oversight.

Wage inflation has been identified as a risk, which is managed by focusing on efficiency improvements

The company is reliant upon its immediate parent for funding of acquisitions. The company actively manages its working capital requirements to ensure it has sufficient funds for its operations.

Regulatory and Compliance Risk

The accountancy, audit, and taxation sectors are subject to stringent regulations. Beyond standard government guidelines and regulations, the company is also regulated by the ACCA and the Information Commissioners Office (ICO). Failure to comply with these regulations could harm the company’s reputation and potentially lead to financial consequences.

The company continues to operate closely with its regulator, the ACCA, to ensure ongoing compliance with all professional and regulatory duties. The company conducts frequent internal reviews across all service lines to ensure ongoing compliance.

The company has continued to strengthen its internal compliance and regulatory team during the financial year to ensure ongoing compliance with regulations. The Board receives regular updates from this team to ensure it is well-informed as to progress as the company continues to strive for stronger controls over regulatory compliance.

The company maintains a wide portfolio of insurance products to mitigate its risks including professional indemnity insurance. The company operates rigorous quality control procedures, to ensure that no claims arise from our advice, although some risk is inherent due to the nature of services provided.

PROJECT CROWN BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -

Reputation

As the company continues on its acquisitive journey, the brand and reputation attached to BK Plus will continue to grow. Any damage to this reputation could adversely impact the future success of the business.

As outlined the previous section, the company places significant effort on ongoing compliance the regulatory environment to ensure risk to reputation is mitigated to the fullest extent possible.

Due to the nature of the industry that the company operates within, the business is dependent upon retaining and recruiting qualified and talented individuals. The company retains a flexible workforce with the emphasis placed on employing high quality individuals and investing in training and development, led by an experienced HR team. The company provides its employees with an environment that allows our talented employees to thrive and deliver excellent client service.

Other information and explanations

Future developments

Key Personnel

The Board was delighted to welcome a number of personnel to the business after the year end into strategic positions within the business. Mohammed Ramzan has joined in the position of Chief Financial Officer whilst Kevin Brevitt has joined in the position of Chief Technology Officer.

Project Crown Bidco Limited will continue to strengthen in key management positions whenever this is either deemed necessary, or individuals become available who will significantly strengthen the business.

On behalf of the board

Mr S Knight
Director
27 September 2024
PROJECT CROWN BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of intermediary holding company.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr I Gould
(Appointed 9 June 2023)
Mr S Knight
(Appointed 9 June 2023)
Mr E J Hill
(Appointed 16 September 2023)
Mr M Ramzan
(Appointed 12 August 2024)
Mr D J Baldwin
(Appointed 9 June 2023)
Mr R C Thomas
(Appointed 16 September 2023)
Mr M J Ward
(Appointed 16 September 2023)
Mr T H Hustler
(Appointed 16 September 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Knight
Director
27 September 2024
PROJECT CROWN BIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

PROJECT CROWN BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PROJECT CROWN BIDCO LIMITED
- 5 -
Opinion

We have audited the financial statements of Project Crown Bidco Limited (the 'company') for the period ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. 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).

In our opinion the financial statements:

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 Auditor's 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 UK, including 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PROJECT CROWN BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PROJECT CROWN BIDCO LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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.

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.

From the preliminary of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risks; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PROJECT CROWN BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PROJECT CROWN BIDCO LIMITED (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

David Hanby
Senior Statutory Auditor
For and on behalf of Langard Lifford Hall Limited
27 September 2024
Chartered Certified Accountants and Statutory Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
PROJECT CROWN BIDCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
ended
31 March
2024
Notes
£
Turnover
-
Administrative expenses
(162,361)
Other operating income
260,769
Operating profit
2
98,408
Interest payable and similar expenses
4
(1,904,943)
Loss before taxation
(1,806,535)
Tax on loss
5
-
0
Loss for the financial period
(1,806,535)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PROJECT CROWN BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 9 -
Period
ended
31 March
2024
£
Loss for the period
(1,806,535)
Other comprehensive income
-
Total comprehensive income for the period
(1,806,535)
PROJECT CROWN BIDCO LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
6
24,581,216
Current assets
Debtors
8
12,762,620
Cash at bank and in hand
2,450
12,765,070
Creditors: amounts falling due within one year
9
(1,095,018)
Net current assets
11,670,052
Total assets less current liabilities
36,251,268
Creditors: amounts falling due after more than one year
10
(37,927,571)
Net liabilities
(1,676,303)
Capital and reserves
Called up share capital
12
1,302
Share premium account
128,930
Profit and loss reserves
(1,806,535)
Total equity
(1,676,303)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Mr S Knight
Director
Company registration number 14800538 (England and Wales)
PROJECT CROWN BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 14 April 2023
-
0
-
0
-
0
-
Period ended 31 March 2024:
Loss and total comprehensive income
-
-
(1,806,535)
(1,806,535)
Issue of share capital
12
1,302
128,930
-
130,232
Balance at 31 March 2024
1,302
128,930
(1,806,535)
(1,676,303)
PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Project Crown Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Azzurri House, Walsall Road, Aldridge, Walsall, England, WS9 0RB.

1.1
Reporting period

The reporting period presented in the financial statements is a 11 month and 16 day period, the year end was shortened to align with the companies subsidiaries acquired in the period. This is the companies first period of accounts and therefore there are no comparative figures.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Project Crown Bidco Limited is a wholly owned subsidiary of Project Crown Topco Limited and the results of Project Crown Bidco Limited are included in the consolidated financial statements of Project Crown Topco which are available from Azzurri House, Walsall Road, Aldridge, Walsall, England, WS9 0RB.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Operating profit
2024
Operating profit for the period is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
-
0
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Directors
5
4
Interest payable and similar expenses
2024
£
Other interest on financial liabilities
1,904,943
PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 16 -
5
Taxation

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2024
£
Loss before taxation
(1,806,535)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(451,634)
Tax effect of expenses that are not deductible in determining taxable profit
353,886
Group relief
97,748
Taxation charge for the period
-
6
Fixed asset investments
2024
Notes
£
Investments in subsidiaries
7
24,581,216
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 14 April 2023
-
Additions
24,581,216
At 31 March 2024
24,581,216
Carrying amount
At 31 March 2024
24,581,216
PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 17 -
7
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
BK PLUS (CHELTENHAM) LIMITED
1
Ordinary
0
100.00
ATKINS FERRIE SERVICES LIMITED
1
Ordinary
0
100.00
RILEY & CO LIMITED
1
Ordinary
0
100.00
WRIGLEY PARTINGTON LIMITED
1
Ordinary
0
100.00
BK PLUS LIMITED
1
Ordinary
100.00
-
BK PLUS (SOLIHULL) LIMITED
1
Ordinary
0
100.00
BK PLUS (STOKE) LIMITED
1
Ordinary
0
100.00
BK PLUS (ST HELENS) LIMITED
1
Ordinary
0
100.00
BURROWS & LEWIS LIMITED
1
Ordinary
0
100.00
GILPIN & HARDING LIMITED
1
Ordinary
0
100.00
BLUEPRINT ASSOCIATES LTD
1
Ordinary
0
100.00
PROJECT CROWN TRUSTEE LIMITED
1
Ordinary
100.00
-
CHAPMAN NASH ACCOUNTANCY LIMITED
1
Ordinary
0
100.00
ABRAMS ASHTON HOLDINGS LIMITED
1
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Azzurri House, Walsall Road, Aldridge, Walsall, England, WS9 0RB
8
Debtors
2024
Amounts falling due within one year:
£
Amounts owed by group undertakings
12,762,620

Amounts owed by group undertakings are interest free and repayable on demand.

9
Creditors: amounts falling due within one year
2024
Notes
£
Other borrowings
11
1,000,000
Amounts owed to group undertakings
95,018
1,095,018

Amounts owed to group undertakings are interest free and repayable on demand.

10
Creditors: amounts falling due after more than one year
2024
Notes
£
Other borrowings
11
37,927,571
PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
11
Loans and overdrafts
2024
£
Loans from related parties
27,642,571
Other loans
11,285,000
38,927,571
Payable within one year
1,000,000
Payable after one year
37,927,571

The company, together with other members of the group, holds a debenture dated 16/09/2023 with Shawbrook Bank Limited, with fixed and floating charges over its assets, as security for liabilities as they fall due. Included within other loans above is £11,285,000 relating to Shawbrook Bank Limited.

 

The company, together with its parent Project Crown Topco Limited, holds a guarantee and debenture dated 16/09/2023 with Palatine Private Equity LLP, with fixed and floating charges over its assets, as security for liabilities as they fall due. Included within loans from related parties above is £15,628,568 relating to Palatine Private Equity LLP.

The Shawbrook loan of £10,285,000 is for a term of 6 years with the capital being paid at the end of the term. Interest is charged at 6% above SONIA, however this is subject to change based on the amount of leverage in the business.

 

The £1,000,000 liability relates to a rolling credit facility with Shawbrook which is payable on demand. Interest is charged at 6% above SONIA, however this is subject to change based on the amount of leverage in the business.

 

The loans from related parties relate to loan notes in issue which accrue interest at 10% and are repayable in 2030.

12
Share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
130,232
1,302

The ordinary shares are non redeemable hold one vote per share and are entitled to dividend payments.

On the 16th September 2023 there was a cash issue of 130231 Ordinary shares with an aggregate nominal value of £1302.31, the consideration received being £130,231.

13
Related party transactions

The company has taken advantage of the exemption available under section 33.1A of FRS102 from disclosing related party transactions and balances with other companies that are wholly owned as part of the group.

 

There are no transactions to disclose with companies outside of the group.

PROJECT CROWN BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 19 -
14
Ultimate controlling party

The parent and ultimate parent company of Project Crown Bidco Limited is Project Crown Topco Limited and its registered office is Azzurri House Walsall Road, Aldridge, Walsall, England, WS9 0RB.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Project Crown Topco Limited
Smallest group
Project Crown Topco Limited

Consolidated accounts can be obtained from the registered office, Azzurri House Walsall Road, Aldridge, Walsall, England, WS9 0RB,

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