Company registration number 09687640 (England and Wales)
B.I.P. (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
B.I.P. (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr R L Burges
Mr S Burges
Mrs C Burges
Secretary
Mrs L M Andrews
Company number
09687640
Registered office
Pacific House
Pacific Way
Salford
Lancashire
United Kingdom
M50 1DR
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
Bankers
Barclays
60 Kingston Street
Glasgow
G5 8BJ
Solicitors
Burness Paull LLP
120 Bothwell Street
Glasgow
G2 7JL
B.I.P. (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8 - 9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
B.I.P. (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

Turnover increased 5.6% over the prior year with growth in each of our three core areas of Business Intelligence, E-sourcing & Supply Chain and Media & Marketing Solutions.

 

The core of our business is our license and subscription-based products. We continued with our investment programme into our own brand products with a number of key product launches during the year.

 

The directors would like to thank our staff and customers for their continued support and enthusiasm over the past year. We maintained a strong focus on employee development and engagement in support of our core values of Passion, Integrity and Respect.

 

The company maintains a strong balance and excellent financial liquidity and continued to invest cash in both term deposits and quoted share investments.

Principal risks and uncertainties

The group operates in a competitive environment, therefore there is a risk that the investments will not deliver the expected returns. Uncertainties continue over inflation, procurement reform and the political landscape as well as the ongoing challenges around Cyber Security. We continue to invest in security measures such as Cyber Essentials and system monitoring.

Future developments

We continue to focus on developing our own products with regular enhancement upgrades across the product set but are continually reviewing where additional value add from the data that we maintain can be gained including through the use of Machine Learning and Artificial Intelligence.

Financial key performance indicators

The key indicators for the business are customer yield which has improved in the financial year and customer retention which remains steady; and revenue/profit per employee.

Financial risk management

The directors believe that the financial risks the group could potentially be exposed to principally relate to credit risk within working capital. The group is exposed to the risk of default by its trade debtors. The directors manage this risk through:

 

 

The trade debtors presented in the balance sheet are stated net of provision for doubtful debts. Provision is made where the directors consider there to be a risk that the full amount of the outstanding balance will not be recoverable.

On behalf of the board

Mr S Burges
Director
23 January 2025
B.I.P. (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group continued to be the provision of a variety of procurement and supply chain solutions to companies and organisations across the public and private sector.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £360,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr R L Burges
Mr S Burges
Mrs C Burges
Research and development

The company specialises in the development and operation of information technology systems that enable various aspects of the public and private sector supply chain process. Its products are used widely within the industry by government organisations, individual buyers and suppliers, companies of all sizes and are generally regarded as the best-in-class solutions. The company has a rich history of innovation in this highly competitive field through the research and development of a number of different large scale and efficient products. In this vein, it has continued to develop its core Delta and Tracker systems including the development of Artificial Intelligence and Machine Learning.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
Mr S Burges
Director
23 January 2025
B.I.P. (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

B.I.P. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B.I.P. (HOLDINGS) LIMITED
- 4 -
Opinion

We have audited the financial statements of B.I.P. (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent 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:

B.I.P. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.I.P. (HOLDINGS) LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent 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 parent 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 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.

B.I.P. (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.I.P. (HOLDINGS) LIMITED
- 6 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 2006. Our 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

David Samborek (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 January 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
B.I.P. (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,672,768
11,997,390
Cost of sales
(6,625,248)
(6,175,598)
Gross profit
6,047,520
5,821,792
Administrative expenses
(5,683,717)
(6,325,813)
Other operating income
3,783
63,627
Operating profit/(loss)
4
367,586
(440,394)
Other interest receivable and similar income
8
376,932
121,632
Loss on disposal of fixed asset investments
9
(17,452)
-
Fair value gains and losses on fixed asset investments
34,086
24,911
Profit/(loss) before taxation
761,152
(293,851)
Tax on profit/(loss)
10
135,797
98,950
Profit/(loss) for the financial year
896,949
(194,901)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 14 to 31 form part of these financial statements.

B.I.P. (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
426,651
969,864
Other intangible assets
13
692,283
1,105,605
Total intangible assets
1,118,934
2,075,469
Tangible assets
12
484,400
533,566
Investments
14
726,978
730,515
2,330,312
3,339,550
Current assets
Debtors
17
4,764,138
4,508,457
Investments
18
4,462,015
4,008,364
Cash at bank and in hand
6,004,231
5,288,314
15,230,384
13,805,135
Creditors: amounts falling due within one year
19
(7,264,379)
(6,967,099)
Net current assets
7,966,005
6,838,036
Total assets less current liabilities
10,296,317
10,177,586
Creditors: amounts falling due after more than one year
20
(2,411,869)
(1,838,214)
Provisions for liabilities
Provisions
22
2,903
2,903
Deferred tax liability
21
93,076
309,949
(95,979)
(312,852)
Net assets
7,788,469
8,026,520
Capital and reserves
Called up share capital
24
81
81
Share premium account
14,199,999
14,199,999
Revaluation reserve
57,689
60,738
Profit and loss reserves
(3,710,300)
(4,250,298)
Equity attributable to owners of the parent company
10,547,469
10,010,520
Non-controlling interests
(2,759,000)
(1,984,000)
7,788,469
8,026,520
B.I.P. (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 9 -
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
Mr S Burges
Director
Company registration number 09687640 (England and Wales)
B.I.P. (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
14,200,000
14,200,000
Current assets
Cash at bank and in hand
1,058,435
1,015,909
Creditors: amounts falling due within one year
19
(9,394)
-
Net current assets
1,049,041
1,015,909
Net assets
15,249,041
15,215,909
Capital and reserves
Called up share capital
24
81
81
Share premium account
14,199,999
14,199,999
Profit and loss reserves
1,048,961
1,015,829
Total equity
15,249,041
15,215,909

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £393,132 (2023 - £357,639 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
Mr S Burges
Director
Company registration number 09687640 (England and Wales)
B.I.P. (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
81
14,199,999
63,787
(3,708,446)
10,555,421
(1,134,000)
9,421,421
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
-
(194,901)
(194,901)
-
(194,901)
Dividends
11
-
-
-
(350,000)
(350,000)
(850,000)
(1,200,000)
Transfers
-
-
(3,049)
3,049
-
-
-
Balance at 30 April 2023
81
14,199,999
60,738
(4,250,298)
10,010,520
(1,984,000)
8,026,520
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
896,949
896,949
-
896,949
Dividends
11
-
-
-
(360,000)
(360,000)
(775,000)
(1,135,000)
Transfers
-
-
(3,049)
3,049
-
-
-
Balance at 30 April 2024
81
14,199,999
57,689
(3,710,300)
10,547,469
(2,759,000)
7,788,469
B.I.P. (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
81
14,199,999
1,008,190
15,208,270
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
357,639
357,639
Dividends
11
-
-
(350,000)
(350,000)
Balance at 30 April 2023
81
14,199,999
1,015,829
15,215,909
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
393,132
393,132
Dividends
11
-
-
(360,000)
(360,000)
Balance at 30 April 2024
81
14,199,999
1,048,961
15,249,041
B.I.P. (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,206,811
2,110,050
Income taxes refunded/(paid)
29,758
(300)
Net cash inflow from operating activities
2,236,569
2,109,750
Investing activities
Purchase of intangible assets
(260,154)
(470,179)
Purchase of tangible fixed assets
(68,950)
(108,524)
Purchase of fixed asset investments
(14,607)
(15,008)
Proceeds from disposal of investments
34,778
-
Movement in current asset investments
(453,651)
(1,413,325)
Interest received
361,697
107,652
Dividends received
15,235
13,980
Net cash used in investing activities
(385,652)
(1,885,404)
Financing activities
Dividends paid to equity shareholders
(360,000)
(350,000)
Dividends paid to non-controlling interests
(775,000)
(850,000)
Net cash used in financing activities
(1,135,000)
(1,200,000)
Net increase/(decrease) in cash and cash equivalents
715,917
(975,654)
Cash and cash equivalents at beginning of year
5,288,314
6,263,968
Cash and cash equivalents at end of year
6,004,231
5,288,314
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
1
Accounting policies
Company information

B.I.P. (Holdings) Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pacific House, Pacific Way, Salford, Lancashire, United Kingdom, M50 1DR.

 

The group consists of B.I.P. (Holdings) Ltd and all of its subsidiaries.

1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company B.I.P. (Holdings) Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.  In satisfaction of this responsibility the directors have considered the group's ability to meet its liabilities as they fall due.

 

The group meets its day to day working capital requirements through cash generated from operations and existing cash reserves.  Management information tools including budgets and cash flow forecasts are used to monitor and manage current and future liquidity.

 

The company acknowledges that economic pressures, political change and public sector procurement practices could change the economic environment in which we operate. We do not believe that individually any of these would result in operations being unable to continue. However, the group acknowledges this could change depending on how the situation evolves and whether there are interruptions to business or demand as detailed above.

 

The current and future financial position of the company, its cash flows and liquidity position has been reviewed by the directors.

 

Following this review, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. This includes ensuring the group has sufficient headroom to meet any additional forecast cash requirements that would be contingent on an extended downturn in economic activity.

 

As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

Amounts receivable in respect of subscription services sold by the company are billed in advance to customers at the start of the subscription period. Revenue on these sales is deferred in the balance sheet at the point of subscription, and released to the profit and loss account monthly on a straight line basis over the subscription period. A specific provision is made for anticipated cancellations.

 

All other revenues generated, including advertising, events management, software licences and consultancy, are recognised on delivery of the service.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 8 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 years
Development costs
4 years
Customer relationships
7 years (range from 3 to 7)
Brand
5 years
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% per annum
Fixtures and fittings
25% per annum
Software development
25% per annum
Motor vehicles
33% per annum

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 recognised in the profit and loss account.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

 

Investments in unlisted company shares, whose market value can be reliably determined, are carried at fair value and the changes in fair value are recognised in profit or loss. Where market value cannot be reliably determined, such investments are stated at cost less impairment.

 

Investments in listed company shares are held at fair value, with movements in fair value being recognised in profit or loss.

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

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
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.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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 group 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 group after deducting all of its liabilities.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.19
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 21 -
1.21

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of four years.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investments

Judgements are made relating to the determination of carrying value of unlisted investments at fair value through the statement of comprehensive income. In determining this amount, the company applies the overriding concept that the fair value is the amount for which an asset can be exchanged between knowledge willing parties in an arm's length transaction. The nature, facts and circumstance of the investment drives the valuation methodology.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
12,282,823
11,559,204
Rest of Europe
186,556
273,525
Rest of the World
203,389
164,661
12,672,768
11,997,390
2024
2023
£
£
Other revenue
Interest income
361,697
107,652
Dividends received
15,235
13,980
Rental income
-
29,107
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
4
Operating profit/(loss)
2024
2023
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange losses/(gains)
6,553
(12,792)
Depreciation of owned tangible fixed assets
118,116
141,613
Amortisation of intangible assets
1,216,689
1,926,026
Operating lease charges
552,972
552,973
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,750
3,500
Audit of the financial statements of the company's subsidiaries
23,550
22,500
27,300
26,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
132
133
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,738,182
5,447,469
-
0
-
0
Social security costs
601,394
584,734
-
-
Pension costs
204,829
183,100
-
0
-
0
6,544,405
6,215,303
-
0
-
0

At the Balance Sheet date, there were outstanding pension contributions of £46,072 (2023: £35,965)

 

Included in the above are wages and salaries of £203,680 (2023: £287,937) which were capitalised as software development costs (note 13).

B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
154,754
151,194
Company pension contributions to defined contribution schemes
7,438
7,438
162,192
158,632
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42,526
7,639
Other interest income
319,171
100,013
Total interest revenue
361,697
107,652
Other income from investments
Dividends received
15,235
13,980
Total income
376,932
121,632
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
376,932
121,632
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
42,526
7,639
9
Loss on disposal of fixed asset investments
2024
2023
£
£
Loss on disposal of fixed asset investments
(17,452)
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
110,834
-
0
Adjustments in respect of prior periods
(29,758)
-
0
Total current tax
81,076
-
0
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
37,170
(27,042)
Adjustment in respect of prior periods
(224,312)
-
0
Other adjustments
(29,731)
(71,908)
Total deferred tax
(216,873)
(98,950)
Total tax credit
(135,797)
(98,950)

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

2024
2023
£
£
Profit/(loss) before taxation
761,152
(293,851)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
190,288
(57,272)
Tax effect of expenses that are not deductible in determining taxable profit
64,816
186,290
Tax effect of income not taxable in determining taxable profit
(4,159)
(4,856)
Research and development tax credit
(180,257)
(115,788)
Other permanent differences
-
0
148
Deferred tax adjustments in respect of prior years
(224,312)
-
0
Fixed asset differences
86,585
93,873
Deferred tax movement on intangible assets recognised on business combinations
(29,731)
(71,908)
Group income
(3,809)
(2,725)
Marginal relief
(1,238)
-
Movement in deferred tax not recognised
(33,980)
(154,869)
Remeasurement of deferred tax for change in rates
-
28,157
Taxation credit
(135,797)
(98,950)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
360,000
350,000
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Software development
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
345,000
1,094,923
66,484
75,097
1,581,504
Additions
-
0
68,950
-
0
-
0
68,950
At 30 April 2024
345,000
1,163,873
66,484
75,097
1,650,454
Depreciation and impairment
At 1 May 2023
34,500
911,491
66,484
35,463
1,047,938
Depreciation charged in the year
8,626
84,460
-
0
25,030
118,116
At 30 April 2024
43,126
995,951
66,484
60,493
1,166,054
Carrying amount
At 30 April 2024
301,874
167,922
-
0
14,604
484,400
At 30 April 2023
310,500
183,432
-
0
39,634
533,566
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.

The group's freehold property was externally valued in 2019 by Grant Stanley, Chartered Surveyors, on an open market existing use basis. The directors are satisfied that the net book value at the balance sheet date is not materially different to the current market value.

 

The carrying value of the freehold land and buildings had they not been revalued was £193,378 represented by original cost of £223,036 and accumulated depreciation of £29,658.

13
Intangible fixed assets
Group
Goodwill
Software
Development costs
Customer relationships
Brand
Total
£
£
£
£
£
£
Cost
At 1 May 2023
7,674,178
326,079
4,044,234
6,099,927
230,414
18,374,832
Additions - internally developed
-
0
-
0
260,154
-
0
-
0
260,154
At 30 April 2024
7,674,178
326,079
4,304,388
6,099,927
230,414
18,634,986
Amortisation and impairment
At 1 May 2023
6,704,314
326,079
2,960,893
6,077,663
230,414
16,299,363
Amortisation charged for the year
543,213
-
0
651,212
22,264
-
0
1,216,689
At 30 April 2024
7,247,527
326,079
3,612,105
6,099,927
230,414
17,516,052
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 30 April 2024
426,651
-
0
692,283
-
0
-
0
1,118,934
At 30 April 2023
969,864
-
0
1,083,341
22,264
-
0
2,075,469
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
14,200,000
14,200,000
Listed investments
453,284
461,332
-
0
-
0
Other investments
273,694
269,183
-
0
-
0
726,978
730,515
14,200,000
14,200,000
Movements in fixed asset investments
Group
Investments
Other
Total
£
£
£
Cost or valuation
At 1 May 2023
461,332
269,183
730,515
Additions
9,997
4,610
14,607
Revaluations
34,185
(99)
34,086
Disposals
(52,230)
-
(52,230)
At 30 April 2024
453,284
273,694
726,978
Carrying amount
At 30 April 2024
453,284
273,694
726,978
At 30 April 2023
461,332
269,183
730,515
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
14,200,000
Carrying amount
At 30 April 2024
14,200,000
At 30 April 2023
14,200,000
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
BiP Solutions Limited
Medius, 60 Pacific Quay, Glasgow, G51 1DZ
Ordinary
99.99
-
ProMark Media Limited
Pacific House, Pacific Way, Salford, England, M50 1DR
Ordinary
-
100.00
UK Construction Media Limited
Pacific House, Pacific Way, Salford, England, M50 1DR
Ordinary
100.00
-
Ingenium IDS Limited
Pacific House, Pacific Way, Salford, England, M50 1DR
Ordinary
-
100.00

 

ProMark Media Limited and Ingenium IDS Limited are wholly owned subsidiaries of BiP Solutions Limited.

16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
982,484
461,332
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,435,828
2,933,572
-
0
-
0
Other debtors
581,977
831,946
-
0
-
0
Prepayments and accrued income
746,333
742,939
-
0
-
0
4,764,138
4,508,457
-
-
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Fixed term deposits
4,462,015
4,008,364
-
-
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
708,638
633,882
-
0
-
0
Corporation tax payable
110,834
-
0
9,394
-
0
Other taxation and social security
832,507
844,001
-
-
Other creditors
558,407
642,944
-
0
-
0
Accruals and deferred income
5,053,993
4,846,272
-
0
-
0
7,264,379
6,967,099
9,394
-
0
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
2,411,869
1,838,214
-
0
-
0

 

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
192,536
326,487
Deferred tax on business combinations
-
29,731
Short term timing differences
(99,460)
(46,269)
93,076
309,949
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
309,949
-
Credit to profit or loss
(216,873)
-
Liability at 30 April 2024
93,076
-
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Onerous lease provision
2,903
2,903
-
-
Deferred tax liabilities
21
93,076
309,949
-
0
-
0
95,979
312,852
-
0
-
0
Movements on provisions apart from deferred tax liabilities:
Onerous lease provision
Group
£
At 1 May 2023 and 30 April 2024
2,903
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
204,829
183,100

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
8,080
8,080
81
81
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
25
Reserves

The group and company's capital and reserves are as follows:

 

Called up share capital

 

Called up share capital represents the nominal value of the shares issued.

 

Share premium

 

The share premium account includes the premium on issue of equity shares, net of any issue costs.

 

Revaluation reserve

 

The revaluation reserve comprises the cumulative unrealised surpluses on revaluation of freehold land and buildings.

 

Profit and loss account

 

Reflects the retained earnings of the group and company less dividends paid or payable.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
554,920
554,920
-
-
Between two and five years
1,928,932
2,215,224
-
-
In over five years
-
270,148
-
-
2,483,852
3,040,292
-
-
B.I.P. (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
27
Related party transactions

B.I.P. (Holdings) Limited is the ultimate parent entity that heads the Group and has taken advantage of the exemption conferred by FRS 102 Section 33 - Related Party disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.

 

The group paid rent of £436,480 (2023: £400,647) to the BiP Retirement Plan and £44,516 (2023: £44,516) to R L Burges, a director of the company. At 30 April 2024 there was a prepaid amount of £nil (2023: £459) in respect of rent paid to the BiP Retirement Plan.

 

Included within other debtors is a balance receivable from Medius Suites Limited of £577,636 (2023: £805,645), interest of £22,979 (2023 - £23,692) was charged on this balance in the year. RL Burges and S Burges are directors of Medius Suites Limited. During the year a rent expense of £92,142 (2023: £78,434) was paid to this company. The group also recharged salaries of £15,563 (2023: £15,563) to Medius Suites Limited in the year.

 

Key management personnel include all directors and certain senior managers of the group who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group in the period was £647,333 (2023: £638,160).

28
Controlling party

The ultimate controlling party is R L Burges who owns 55% of the issued share capital.

29
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
896,949
(194,901)
Adjustments for:
Taxation credited
(135,797)
(98,950)
Investment income
(376,932)
(121,632)
Fair value gains and losses on fixed asset investments
(34,086)
(24,911)
Amortisation and impairment of intangible assets
1,216,689
1,926,026
Depreciation and impairment of tangible fixed assets
118,116
141,613
Loss on sale of investments
17,452
-
Movements in working capital:
(Increase) in debtors
(255,681)
(276,091)
Increase in creditors
760,101
758,896
Cash generated from operations
2,206,811
2,110,050
30
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
5,288,314
715,917
6,004,231
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