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Registered number: 03352929









BATES OFFICE SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
BATES OFFICE SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
C Barrett 
J Edmonds 
M Edmonds 
R Edmonds 
M Garside 
S Osborne 
D S Taylor 




Company secretary
J Edmonds



Registered number
03352929



Registered office
Units A1-A4
Knights Park Industrial Estate

Knight Road

Rochester

Kent

ME2 2LS




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA





 
BATES OFFICE SERVICES LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of comprehensive income
 
8
Balance sheet
 
9 - 10
Statement of changes in equity
 
11
Statement of cash flows
 
12 - 13
Notes to the financial statements
 
14 - 28


 
BATES OFFICE SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 30 April 2024.

Business review
 
We have continued to develop our customer base and to integrate the businesses acquired over recent years to provide greater coverage in the business supplies and office furniture markets. Following the supply of PPE during the pandemic, business returned to normal levels and has continued to grow.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy continue to be dealt with by the directors. The key business risks and uncertainties affecting the company are considered to relate to competition and rising operating costs.

Financial key performance indicators
 
Given the straightforward nature of the business, the company's directors are of the opinion that turnover and profitability can be considered the key performance indicators of the company.


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



J Edmonds
Director

Date: 7 February 2025

Page 1

 
BATES OFFICE SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,801,595 (2023 - £1,094,872).

Dividends voted during the year amounted to £1,626,100 (2023: 1,021,100).

Directors

The directors who served during the year were:

C Barrett 
J Edmonds 
M Edmonds 
R Edmonds 
M Garside 
S Osborne 
D S Taylor 

Future developments

The company continues to trade profitably and to pursue opportunities to improve its performance and financial position.

Page 2

 
BATES OFFICE SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

Post year end on 7th May 2024, the company has transferred its freehold and leasehold properties to MJS300 Properties Limited, a company with common directors. The total consideration for the properties was £4,825,000 (exclusive of VAT).

Auditors

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

This report was approved by the board on 7 February 2025 and signed on its behalf.
 





J Edmonds
Director

Page 3

 
BATES OFFICE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATES OFFICE SERVICES LIMITED
 

Opinion


We have audited the financial statements of Bates Office Services Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BATES OFFICE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATES OFFICE SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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.


Page 5

 
BATES OFFICE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATES OFFICE SERVICES LIMITED (CONTINUED)


Auditors' 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 Auditors' 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence,
 capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the company through discussion with directors and
other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, are as follows;
o Companies Act 2006.
o FRS102.
o ISO standards 9001, 14001, 27001 & 45001.
o ISO/IEC 27001.
o Health and Safety legislation.
o Employment legislation.
o Tax legislation.
We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit; and
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their
 knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,
were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
company’s usual course of business.
Page 6

 
BATES OFFICE SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BATES OFFICE SERVICES LIMITED (CONTINUED)



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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mario Cientanni (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditors
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
11 February 2025
Page 7

 
BATES OFFICE SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,610,883
37,581,571

Cost of sales
  
(26,889,157)
(27,257,361)

Gross profit
  
11,721,726
10,324,210

Administrative expenses
  
(8,943,191)
(8,592,977)

Operating profit
 5 
2,778,535
1,731,233

Interest payable and similar expenses
 9 
(346,968)
(266,363)

Profit before tax
  
2,431,567
1,464,870

Tax on profit
 10 
(629,972)
(369,998)

Profit for the financial year
  
1,801,595
1,094,872

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
330,209
505,957

Total comprehensive income for the year
  
2,131,804
1,600,829

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 14 to 28 form part of these financial statements.

Page 8

 
BATES OFFICE SERVICES LIMITED
REGISTERED NUMBER: 03352929

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
-

Tangible assets
 13 
5,786,646
5,672,014

  
5,786,646
5,672,014

Current assets
  

Stocks
 14 
914,221
910,044

Debtors: amounts falling due within one year
 15 
8,015,297
9,443,904

Cash at bank and in hand
 16 
8,452
23,195

  
8,937,970
10,377,143

Creditors: amounts falling due within one year
 17 
(9,747,275)
(10,977,448)

Net current liabilities
  
 
 
(809,305)
 
 
(600,305)

Total assets less current liabilities
  
4,977,341
5,071,709

Creditors: amounts falling due after more than one year
 18 
-
(637,297)

Provisions for liabilities
  

Deferred tax
 20 
(722,031)
(684,806)

  
 
 
(722,031)
 
 
(684,806)

Net assets
  
4,255,310
3,749,606


Capital and reserves
  

Called up share capital 
 21 
100
100

Revaluation reserve
  
2,061,746
1,737,794

Profit and loss account
  
2,193,464
2,011,712

  
4,255,310
3,749,606


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




J Edmonds
Director

Date: 7 February 2025

The notes on pages 14 to 28 form part of these financial statements.
Page 9

 
BATES OFFICE SERVICES LIMITED
REGISTERED NUMBER: 03352929
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Page 10

 
BATES OFFICE SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
100
1,737,794
2,011,712
3,749,606



Profit for the year
-
-
1,801,595
1,801,595

Surplus on revaluation of leasehold property
-
330,209
-
330,209

Dividends: Equity capital
-
-
(1,626,100)
(1,626,100)

Transfer to/from profit and loss account
-
(6,257)
6,257
-


At 30 April 2024
100
2,061,746
2,193,464
4,255,310



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
100
1,137,867
2,031,910
3,169,877



Profit for the year
-
-
1,094,872
1,094,872

Surplus on revaluation of leasehold property
-
505,957
-
505,957

Dividends: Equity capital
-
-
(1,021,100)
(1,021,100)

Transfer to/from profit and loss account
-
93,970
(93,970)
-


At 30 April 2023
100
1,737,794
2,011,712
3,749,606


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
BATES OFFICE SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,801,595
1,094,872

Adjustments for:

Depreciation of tangible assets
469,749
457,568

(Profit) on disposal of tangible assets
(9,830)
(13,215)

Interest paid
346,968
266,363

Taxation charge
629,972
369,998

(Increase)/decrease in stocks
(4,177)
5,209

Decrease/(increase) in debtors
1,428,607
(1,108,633)

(Decrease)/increase in creditors
(235,537)
545,372

Corporation tax (paid)
(683,363)
(67,453)

Net cash generated from operating activities

3,743,984
1,550,081


Cash flows from investing activities

Purchase of tangible fixed assets
(156,059)
(152,834)

Sale of tangible fixed assets
10,280
42,242

HP interest paid
-
(3,534)

Net cash from investing activities

(145,779)
(114,126)
Page 12

 
BATES OFFICE SERVICES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£


Cash flows from financing activities

Repayment of loans
(62,315)
(94,598)

Repayment of/new finance leases
-
(3,348)

Dividends paid
(1,626,100)
(1,021,100)

Interest paid
(346,968)
(262,829)

Net cash used in financing activities
(2,035,383)
(1,381,875)

Net increase in cash and cash equivalents
1,562,822
54,080

Cash and cash equivalents at beginning of year
(3,959,484)
(4,013,564)

Cash and cash equivalents at the end of year
(2,396,662)
(3,959,484)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,452
23,195

Bank overdrafts
(2,405,114)
(3,982,679)

(2,396,662)
(3,959,484)


The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Bates Office Services Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Units A1 - A4 Knights Park Industrial Estate, Knight Road, Rochester, Kent, ME2 2LS. The principal activity of the company during the year has been that of the supply of stationery, office supplies, computer equipment, office furniture and personal protection equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 15

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.9

Invoice Discounting

The company discounts is trade debts. The accounting policy is to include trade debtors discounted with recourse under trade debtors due within one year and to record the funds advanced within bank loan and overdrafts. Discount fees are charged to the Statement of comprehensive income when payable. Bad debts are borne by the company and charged to the Statement of comprehensive income when reasonably foreseeable. 

 
2.10

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the company's share of its identifiable assets and the liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases:


Freehold and leasehold property
-
1% - 10% straight-line
Motor vehicles
-
25% straight-line
Fixtures and fittings
-
15% - 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.19

Dividends

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies:
There were no significant judgements exercised by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions:
The company has made key accounting estimates regarding the useful economic life and the revaluation of tangible fixed assets, with this being further described in note 2.11 and 2.12.

Page 18

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

The whole of the turnover is attributable to the company's principal activity of stationary and office supplies. All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
445,932
457,568

Staff pension costs
118,650
263,362

Other operating lease rentals
78,860
66,867


6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the company's auditor in respect of the audit of the company's financial statements
25,975
25,600

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,229,815
4,956,265

Social security costs
506,916
457,769

Cost of defined contribution scheme
118,650
263,362

5,855,381
5,677,396


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management and administration
149
141

Page 19

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
363,722
249,010

Company contributions to defined contribution pension schemes
7,538
161,158

371,260
410,168


During the year retirement benefits were accruing to 5 directors (2023 - 6) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
65,323
21,618

Finance leases and hire purchase contracts
-
3,534

Other interest payable
281,645
241,211

346,968
266,363


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
691,310
350,488


Deferred tax


Origination and reversal of timing differences
(61,338)
19,510


Tax on profit
629,972
369,998
Page 20

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,431,567
1,464,870


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
607,892
285,549

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,883
(770)

Depreciation for the year in excess of capital allowances
78,535
63,448

Capital gains
-
2,261

Deferred tax movement
(61,338)
19,510

Total tax charge for the year
629,972
369,998


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid
1,626,100
1,021,100

1,626,100
1,021,100

Page 21

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
1,211,423



At 30 April 2024

1,211,423



Amortisation


At 1 May 2023
1,211,423



At 30 April 2024

1,211,423



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 22

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Tangible fixed assets





Freehold property
Long-term leasehold property
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
795,000
3,630,523
1,324,457
1,657,207
7,407,187


Additions
-
-
125,000
31,059
156,059


Disposals
-
-
(21,627)
-
(21,627)


Revaluations
105,000
300,000
-
-
405,000



At 30 April 2024

900,000
3,930,523
1,427,830
1,688,266
7,946,619



Depreciation


At 1 May 2023
3,975
24,153
609,177
1,097,868
1,735,173


Charge for the year on owned assets
17,125
38,055
327,025
64,157
446,362


Charge for the year on financed assets
-
-
3,255
20,132
23,387


Disposals
-
-
(21,177)
-
(21,177)


On revalued assets
(10,522)
(13,250)
-
-
(23,772)



At 30 April 2024

10,578
48,958
918,280
1,182,157
2,159,973



Net book value



At 30 April 2024
889,422
3,881,565
509,550
506,109
5,786,646



At 30 April 2023
791,025
3,606,370
715,280
559,339
5,672,014

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Motor vehicles
-
3,255

Furniture, fittings and equipment
114,080
134,211

114,080
137,466

Page 23

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Long-term leasehold property was revalued during the year on an open market basis at 13th October 2023 by Fisher German LLP. The firm is a chartered surveyor and a RICS registered firm of property agents and valuers.
Cost or valuation as at 30 April 2024 is as follows:

£


At cost
2,629,960
At valuation:

Market value: 13 October 2023
2,200,563



4,830,523

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
2,629,960
2,629,960

Accumulated depreciation
(128,214)
(93,912)

Net book value
2,501,746
2,536,048


14.


Stocks

2024
2023
£
£

Raw materials and consumables
914,221
910,044

914,221
910,044



15.


Debtors

2024
2023
£
£


Trade debtors
7,590,759
8,420,264

Other debtors
403,765
982,522

Prepayments and accrued income
20,773
41,118

8,015,297
9,443,904


Page 24

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,452
23,195

Less: bank overdrafts
(2,405,114)
(3,982,679)

(2,396,662)
(3,959,484)



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,405,114
3,982,679

Bank loans
672,167
97,185

Trade creditors
4,402,969
4,366,436

Corporation tax
358,435
350,488

Other taxation and social security
736,073
672,504

Other creditors
1,109,395
1,457,508

Accruals and deferred income
63,122
50,648

9,747,275
10,977,448


Secured loans
Bank loans and overdrafts are secured by a fixed charge over the company's freehold and leasehold properties and a floating charge over all assets.
The net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
637,297

-
637,297


Page 25

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
672,167
97,185

Amounts falling due 1-2 years

Bank loans
-
99,940

Amounts falling due 2-5 years

Bank loans
-
537,357


672,167
734,482



20.


Deferred taxation




2024
2023


£

£






At beginning of year
(684,806)
(447,477)


Charged to profit or loss
61,338
(19,510)


Charged to other comprehensive income
(98,563)
(217,819)



At end of year
(722,031)
(684,806)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
234,636
295,974

Unrealised surplus on revaluation
487,395
388,832

722,031
684,806

Page 26

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



62 (2023 - 62) Ordinary "A" Shares shares of £1.00 each
62
62
22 (2023 - 22) Ordinary "B" Shares shares of £1.00 each
22
22
16 (2023 - 16) Ordinary "C" Shares shares of £1.00 each
16
16

100

100



22.


Pension commitments

The company operates defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £118,650 (2023 - £263,362).


23.


Commitments under operating leases

At 30 April 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and buildings


Not later than 1 year
48,750
48,750

Later than 1 year and not later than 5 years
69,063
117,813

117,813
166,563

2024
2023

£
£

Motor vehicles


Not later than 1 year
142,637
179,103

Later than 1 year and not later than 5 years
159,636
226,502

302,273
405,605

Page 27

 
BATES OFFICE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Related party transactions

Included within other creditors due within one year are balances owed to the the directors of £73,126 (2023 - £585,636 owed by the directors). These loans are non interest bearing and are repayable on demand.
The directors have an interest in dividends voted in the year of £1,626,100
 (2023 - £1,021,100). M Edmonds, J Edmonds and S Osborne have provided guarantees to HSBC Bank plc in respect of loan and overdraft facilities limited to £500,000.


25.


Post balance sheet events

Post year end on 7th May 2024, the company has transferred its freehold and leasehold properties to MJS300 Properties Limited, a company with common directors. The total consideration for the properties was £4,825,000 (exclusive of VAT).


26.


Controlling party

The controlling party is M Edmonds.

 
Page 28