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COMPANY REGISTRATION NUMBER: 02830346
Britannia Services Group Limited
Filleted Unaudited Financial Statements
30 April 2024
Britannia Services Group Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
516,200
497,421
Current assets
Debtors
6
1,749,317
1,877,249
Cash at bank and in hand
582,257
259,369
------------
------------
2,331,574
2,136,618
Creditors: amounts falling due within one year
7
1,242,197
975,431
------------
------------
Net current assets
1,089,377
1,161,187
------------
------------
Total assets less current liabilities
1,605,577
1,658,608
Creditors: amounts falling due after more than one year
8
70,003
89,657
Provisions
Taxation including deferred tax
97,072
71,682
------------
------------
Net assets
1,438,502
1,497,269
------------
------------
Britannia Services Group Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
50,007
50,007
Capital redemption reserve
50,002
50,002
Other reserves
140,000
140,000
Profit and loss account
1,198,493
1,257,260
------------
------------
Shareholders funds
1,438,502
1,497,269
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 January 2025 , and are signed on behalf of the board by:
Mr D Shaw
Director
Company registration number: 02830346
Britannia Services Group Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Britannia House, 45 Britannia Way, Lichfield, Staffordshire, WS14 9UY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Plant & Machinery
-
10% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 845 (2023: 687 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
17,000
1,146,915
85,422
606,651
1,855,988
Additions
1,997
829
127,814
130,640
Disposals
( 29,125)
( 29,125)
--------
------------
--------
---------
------------
At 30 April 2024
17,000
1,148,912
86,251
705,340
1,957,503
--------
------------
--------
---------
------------
Depreciation
At 1 May 2023
8,500
896,642
73,036
380,389
1,358,567
Charge for the year
1,700
22,850
2,611
75,415
102,576
Disposals
( 19,840)
( 19,840)
--------
------------
--------
---------
------------
At 30 April 2024
10,200
919,492
75,647
435,964
1,441,303
--------
------------
--------
---------
------------
Carrying amount
At 30 April 2024
6,800
229,420
10,604
269,376
516,200
--------
------------
--------
---------
------------
At 30 April 2023
8,500
250,273
12,386
226,262
497,421
--------
------------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2024
163,002
---------
At 30 April 2023
132,169
---------
6. Debtors
2024
2023
£
£
Trade debtors
1,141,996
1,388,358
Other debtors
607,321
488,891
------------
------------
1,749,317
1,877,249
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
569,098
229,672
Corporation tax
80,095
58,009
Social security and other taxes
246,086
286,637
Other creditors
346,918
401,113
------------
---------
1,242,197
975,431
------------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
70,003
89,657
--------
--------
9. Financial instruments
Financial instruments comprise Cash at Bank and Debtors and Creditors all due within one year and under normal trading terms. These are not discounted to net present value. Creditors due in more than one year relate to the sale of share capital and the amount is not discounted to net present value as the difference in amount is not material.
10. Director's advances, credits and guarantees
A director has no loan from the company of which there was £0 (2023 - £0) outstanding at the year end.
11. Related party transactions
The company was under the control of Mr David Shaw throughout the current and previous year. Mr Shaw is the managing director and majority shareholder. The company is related by common shareholder to Britannia Services (UK) Limited, and during the year charged that company £35,600 facilities management fee (2023 - £36,900). As at 30 April 2024 the balance owed from Britannia Services (UK) Limited was £0 (2022 - £0). During the year the company made payments for expenses of £1050 (2023 - £0) on behalf of Lava Skull Limited (formerly known as Iceflame Limited), a company in which Mr David Shaw is a director. The balance owing at 30 April 2024 was £204,626 (2023 - £203,576). During the year the company made payment for expenses of £48,630 (2023 - £8,188) on behalf of Vita Brand Limited, a company in which Mr David Shaw is a director. The balance owing at 30 April 2024 was £69,693 (2023 - £21,063). The company paid rent of £55,825 (2023 - £48,033) to Vita Brand Limited in the year.