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REGISTERED NUMBER: 03194808 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

BRITISH INTERNATIONAL INDUSTRIES LIMITED

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


BRITISH INTERNATIONAL INDUSTRIES LIMITED

COMPANY INFORMATION
For The Year Ended 30 June 2024







DIRECTORS: F C R Cradock
N Messer
H Cradock
J S Blockley





SECRETARY: F C R Cradock





REGISTERED OFFICE: Star Industrial Estate
Star Road
Partridge Green
West Sussex
RH13 8RA





REGISTERED NUMBER: 03194808 (England and Wales)

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

STRATEGIC REPORT
For The Year Ended 30 June 2024


The Directors present their strategic report along with audited financial statements for the year ended 30 June 2024.

REVIEW OF BUSINESS
The business is engaged in the supply of certified aircraft spare parts to the commercial aviation industry. Bii is a global supplier with customers in over 50 countries worldwide. The business' focus on quality and customer service, makes it a trusted supplier for airlines, lessors and associated suppliers.

In the past year we have strengthened our position with an expansion of our warehousing facility, directly adjacent to Gatwick airport. The expanded warehouse provides the business with the additional capacity to provide a wider range of products and to its customer base, and to attract new customers for the provision of storage and associated inventory management services.

Sales performance continued to grow in the last year, rising to a total £18,404,283 through YE 30.06.2024, up from £17,793,026 the previous year (an increase of 3%). Pleasingly, profitability also improved, with net profit before tax rising to £1,371,763, up from £1,220,734 the previous year, and this in spite of significant bad debts.

The financial KPIs demonstrate the business' strong performance, with an increase in revenue and profitability whilst also investing in inventory and infrastructure, all with the view of providing a foundation for future growth.

MARKET OVERVIEW
The commercial aviation sector is fully recovered since Covid, and commercial air traffic grew again in 2023 over 2022. These macroeconomic tailwinds continue to drive strong demand for aircraft spare parts. Supply chain delays continue to persist, which in turn offer further strength to the market. Extended lead times for production of new and overhaul of removed parts have contributed to an increase in value of parts. Delays to the delivery of new aircraft from major suppliers Boeing and Airbus have caused the extension of operation of older aircraft, with higher failure rate parts.

The extension of aircraft leases has led to a decline in the number of redeliveries and or lessor led maintenance events in the last year, and in turn a drop off in business with lessor customers. However, once new aircraft deliveries begin to climb, demand is expected to surge in 2025 by way of a 'bull whip effect.'

KEY FINANCIAL PERFORMANCE INDICATORS
2024 2023 % change
Revenue 18,404,283 17,793,026 3%
Gross Profit 4,614,319 3,376,226 37%
Gross Profit Margin % 25% 19%
Net Pre Tax Profit 1,371,763 1,220,734 12%
Net Pre Tax Profit Margin % 7% 7%
Inventory 2,547,336 2,351,922 8%

RISKS & MANAGEMENT
The business faces various risks associated with global trading activities. Primary amongst these are: the potential for fast evolving geo-political situations, international trade restrictions, and currency fluctuations. Credit control risks also remain present and require careful management to avoid bad debt.

The ongoing Ukraine - Russia war continues to affect the market for aviation spares, resulting in frequently updated sanction lists as Western governments closely monitor the unauthorised supply of parts to Russian operators, directly or via third party suppliers. A focus on KYC procedures remains crucial to protect the business against any liability for supply of parts that are trans shipped to sanctioned parties.

The business trades almost exclusively in US Dollars, whilst payroll and other infrastructural business expenses are all payable in GB Pounds. This leaves the business exposed to fluctuation of the exchange rate between the two currencies, which has experienced volatility as a result of the economic fallout since the Covid pandemic. In recent times the US Dollar has been strong versus historic pricing, resulting in stronger cashflow and profitability for the business. Any strengthening of the Dollar poses a risk to the business' performance by way of the associated relative increase in the cost of overheads. Whilst prediction of exchange rate fluctuations is commonly difficult, the business takes steps to reduce its exposure to a rapidly weakening Dollar by hedging a percentage of its forecast FX requirements. This allows the Directors to forecast business performance with more confidence and therefore make better educated decisions.

Credit control poses a continual risk to the business as even larger customers can experience financial difficulties that may result in delayed payments and in some cases bad debt. In the last year the business has moved to expand its credit insurance coverage and build out its credit control procedures. This includes setting hard credit limits for customers, and requirement for either full or partial payment in advance of release of goods, as well as the retention of security deposits where appropriate.


BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

STRATEGIC REPORT
For The Year Ended 30 June 2024

FUTURE PLANS
With the continued strong performance and growth of the business, the Directors have undertaken careful consideration as to how the business may be grown further and in a sustainable manner so as to capitalise on the significant headroom within the market.

Significant time has been devoted to refinement of the company structure and strengthening key positions within the business. With a solid foundation of staff, quality control / processes, infrastructure and customer base, the business now seeks growth capital investment in order to realise its growth ambitions.

Key areas of potential growth have been identified with a view to efficient implantation of any funding raised, with a focus on efficiency of revenue generation. The business has allocated targets for deployment of funding which aims to significantly grow revenues and profit whilst requiring relatively lower increase in overhead costs.

If successful in onboarding funding as currently under discussion, the Directors expect to achieve transformative growth in the next 12 - 18 months.

ON BEHALF OF THE BOARD:





F C R Cradock - Director


5 March 2025

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

REPORT OF THE DIRECTORS
For The Year Ended 30 June 2024


The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £570,000.

DIRECTORS
F C R Cradock has held office during the whole of the period from 1 July 2023 to the date of this report.

Other changes in directors holding office are as follows:

C R Cradock - resigned 21 November 2023
N Messer - appointed 9 February 2024
H Cradock - appointed 2 February 2024
J S Blockley - appointed 2 February 2024

POLITICAL DONATIONS AND EXPENDITURE
During the year ended 30 June 2024, the company made donations totalling £1,340. No donations of a political nature were made.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Caldwell Penn Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F C R Cradock - Director


5 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH INTERNATIONAL INDUSTRIES LIMITED


Opinion
We have audited the financial statements of British International Industries Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the company's affairs as at 30 June 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other matters
This is the first year that the company has required a full statutory audit. Therefore the comparative figures, for the year ended 30 June 2023, are unaudited. However, as the directors were able to anticipate the for requirement for an audit, we were appointed as auditors during the year ended 30 June 2023. As a result we were able to attend the stocktake at that date and undertake sufficient work on the comparative figures to enable us to obtain sufficient appropriate audit evidence that the opening balances did not contain material misstatements which would materially affect the current period's financial statements.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH INTERNATIONAL INDUSTRIES LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRITISH INTERNATIONAL INDUSTRIES LIMITED


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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- ensuring that the team collectively had appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations;
- considering the nature of the industry and control environment affecting the company;
- undertaking a review of business performance including consideration of key drivers for directors’ remuneration, commission, bonus levels and performance targets;
- enquiring of management about their identification and assessment of risks, how they detect and respond to risk, the internal controls established to mitigate risks of fraud or non-compliance with laws and whether they have any knowledge of actual, suspected or alleged fraud;
- identification of laws and regulations impacting the company and enquiring of management whether they were aware of any instances of non-compliance;
- reviewing the company’s documentation of their policies and procedures relevant to the above.

In addition to the above, our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and undertaking testing to assess compliance with provisions of relevant laws and regulations;
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
- testing the appropriateness of journal entries and other adjustments;
- performing analytical procedures to identify large, unusual or unexpected transactions and investigating any large variances from the prior year;
- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, no key audit matters were identified that related to the potential risk of fraud.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Katharine Halsall (Senior Statutory Auditor)
for and on behalf of Caldwell Penn Limited, Statutory Auditor
7a Abbey Business Park
Monks Walk
Farnham
Surrey
GU9 8HT

5 March 2025

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

STATEMENT OF INCOME AND RETAINED EARNINGS
For The Year Ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 18,404,283 17,793,026

Cost of sales 13,789,964 14,416,800
GROSS PROFIT 4,614,319 3,376,226

Administrative expenses 3,230,828 2,156,806
1,383,491 1,219,420

Other operating income 32,622 40,039
OPERATING PROFIT 5 1,416,113 1,259,459

Interest receivable and similar income 151 -
1,416,264 1,259,459

Interest payable and similar expenses 6 44,501 38,725
PROFIT BEFORE TAXATION 1,371,763 1,220,734

Tax on profit 7 426,726 234,637
PROFIT FOR THE FINANCIAL YEAR 945,037 986,097

Retained earnings at beginning of year 717,484 98,887

Dividends 8 (570,000 ) (367,500 )

RETAINED EARNINGS AT END OF YEAR 1,092,521 717,484

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 94,681 119,941
Tangible assets 10 73,717 84,007
168,398 203,948

CURRENT ASSETS
Stocks 11 2,547,336 2,351,922
Debtors 12 907,324 4,988,197
Cash at bank and in hand 1,588,921 843,209
5,043,581 8,183,328
CREDITORS
Amounts falling due within one year 13 3,745,508 6,212,040
NET CURRENT ASSETS 1,298,073 1,971,288
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,466,471

2,175,236

CREDITORS
Amounts falling due after more than one year 14 (234,934 ) (441,960 )

PROVISIONS FOR LIABILITIES 18 (39,016 ) (15,692 )
NET ASSETS 1,192,521 1,717,584

CAPITAL AND RESERVES
Called up share capital 19 100,000 1,000,100
Retained earnings 20 1,092,521 717,484
SHAREHOLDERS' FUNDS 1,192,521 1,717,584

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





F C R Cradock - Director


BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

CASH FLOW STATEMENT
For The Year Ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,356,940 825,670
Interest paid (44,501 ) (38,725 )
Tax paid (211,035 ) (41,480 )
Net cash from operating activities 2,101,404 745,465

Cash flows from investing activities
Purchase of intangible fixed assets (4,930 ) (109,008 )
Purchase of tangible fixed assets (6,863 ) (51,560 )
Sale of intangible fixed assets - 176
Sale of tangible fixed assets - 264
Interest received 151 -
Net cash from investing activities (11,642 ) (160,128 )

Cash flows from financing activities
Loan repayments in year (194,000 ) (194,000 )
Capital repayments in year (13,026 ) 27,499
Amount introduced by directors 378,076 -
Amount withdrawn by directors (45,000 ) (15,779 )
Capital reduction (900,100 ) -
Equity dividends paid (570,000 ) (367,500 )
Net cash from financing activities (1,344,050 ) (549,780 )

Increase in cash and cash equivalents 745,712 35,557
Cash and cash equivalents at beginning of year 2 843,209 807,652

Cash and cash equivalents at end of year 2 1,588,921 843,209

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 30 June 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 1,371,763 1,220,734
Depreciation charges 47,343 38,744
Loss on disposal of fixed assets - 2,393
Finance costs 44,501 38,725
Finance income (151 ) -
1,463,456 1,300,596
(Increase)/decrease in stocks (195,414 ) 403,943
Decrease/(increase) in trade and other debtors 4,065,094 (1,316,227 )
(Decrease)/increase in trade and other creditors (2,976,196 ) 437,358
Cash generated from operations 2,356,940 825,670

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 1,588,921 843,209
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 843,209 871,135
Bank overdrafts - (63,483 )
843,209 807,652


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 843,209 745,712 1,588,921
843,209 745,712 1,588,921
Debt
Finance leases (50,819 ) 13,026 (37,793 )
Debts falling due within 1 year (194,000 ) - (194,000 )
Debts falling due after 1 year (404,167 ) 194,000 (210,167 )
(648,986 ) 207,026 (441,960 )
Total 194,223 952,738 1,146,961

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2024


1. STATUTORY INFORMATION

British International Industries Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional currency of the company is USD ($) which the directors consider to be most appropriate as the main currency in which the company conducts its business. However, for the purposes of preparing and presenting these financial statements, the results are translated into GBP (£) at the balance sheet date.

Critical accounting judgements and key sources of estimation uncertainty
The company makes accounting estimates and judgements, which are reliant upon assumptions regarding the future of the business. These estimates and judgements are based on historical experience and expectations of future events that are believed to be reasonable in light of knowledge available at the time these are made. Actual results may differ from these estimates.

These estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision only affects that year, or in the year of revision and subsequent years if impacting both current and future periods.

The following are the critical judgments, apart from those involving estimations, made by directors during the application of the company's accounting policies and that have the most significant impact on the amounts recognised in the financial statements:

Impairment of Tangible and Intangible assets

In the process of the evaluation of the potential impairment of tangible and intangible assets, the company is required to make subjective judgement in determining the independent cash flows, useful lives, expected future revenue and expenses related to the specific asset groups.

Valuation of Inventory

Inventories are stated at the lower of net realisable value and cost, and the company uses judgement and estimate to determine the net realisable value of inventory at the end of each reporting period.

At the end of the reporting period, the company estimates the net realisable value of inventory for obsolete and unmarketable items, subsequently adjusting the inventory cost to reflect this value. Determination of the net realizable value primarily relies on assumptions regarding future demand within a specified time frame.

Provision for Bad Debts

In the process of the evaluation of the bad debt provision, the involved company is required to make subjective judgments regarding the recoverability of trade debtors.

Turnover
Turnover represents corporate aircraft component parts sales, service and repair, excluding value added tax. Revenue in respect of parts supplied both as outright sales and on part exchanges is recognised when control passes on shipment to the customer. Revenue from servicing and repair is recognised once the work has been completed.

Intangible assets
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Leasehold improvements-20% on cost

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-15% reducing balance
Fixtures and fittings-15% reducing balance
Computer equipment-25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value.

Net realisable value is based on the estimated selling price in the ordinary course of business less the estimated costs to bring the stock item into a saleable condition, which include service and repair costs.

Impairment
Once stock becomes 3 years old, the likelihood of selling becomes almost nil and therefore the company policy is to include a provision for all stock once it reaches 3 years old.

The company also makes provision for other specific categories of stock where there is sufficient evidence to indicate that these categories will not be sold in the future.

At each reporting date, an impairment assessment is undertaken. This assessment works in two ways. Firstly, to undertake a re-assessment of items which have previously been impaired as above to consider whether there are any reasons why the impairment no longer applies. Secondly, to undertake an assessment of other items or categories of stock where evidence has come to light to suggest that an impairment provision has become necessary.

An adjustment to the impairment provision will then be made as a result.

Financial instruments
The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods.

Current and deferred tax assets and liabilities are not discounted and are recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
The functional currency of the company is USD ($) which the directors consider to be most appropriate as the main currency in which the company conducts its business. Transactions which occur in currencies other than $ are translated into $ at the rate of exchange ruling at the date of the transaction.
For the purposes of preparing and presenting the financial statements, balances are translated into GBP (£ sterling) at the balance sheet date, using the rate of exchange at that date.

Hire purchase and leasing commitments
Assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. Payments are apportioned between the finance charge and the capital amount and the related obligations, net of future finance charges, are included in creditors.

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

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,007,162 2,943,448
Europe 4,504,008 2,848,805
United States of America 8,419,226 6,391,932
Asia 4,430,637 5,608,841
Africa 43,250 -
18,404,283 17,793,026

4. EMPLOYEES AND DIRECTORS

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

20242023

Employees2015
Directors42
2417

2024 2023
£    £   
Directors' remuneration 16,623 8,400

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 8,955 11,027
Depreciation - assets on hire purchase contracts 8,198 6,762
Loss on disposal of fixed assets - 2,393
Leasehold improvements amortisation 30,190 20,955
Foreign exchange differences 27,359 105,474
Auditors remuneration - Audit 20,000 12,600
Auditors remuneration - Non-audit 21,855 6,806

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 2,160 1,899
Bank loan interest 38,252 36,826
Interest on late HMRC payment 4,089 -
44,501 38,725

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 403,402 240,184

Deferred tax 23,324 (5,547 )
Tax on profit 426,726 234,637

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,371,763 1,220,734
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
20.500%)

342,941

250,250

Effects of:
Expenses not deductible for tax purposes 28,695 19,715
Depreciation in excess of capital allowances 31,766 (29,781 )
Deferred tax charge 23,324 (5,547 )
Total tax charge 426,726 234,637

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 570,000 367,500

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


9. INTANGIBLE FIXED ASSETS
Leasehold
improvements
£   
COST
At 1 July 2023 148,868
Additions 4,930
At 30 June 2024 153,798
AMORTISATION
At 1 July 2023 28,927
Amortisation for year 30,190
At 30 June 2024 59,117
NET BOOK VALUE
At 30 June 2024 94,681
At 30 June 2023 119,941

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 87,969 40,547 41,948 170,464
Additions 390 1,182 5,291 6,863
At 30 June 2024 88,359 41,729 47,239 177,327
DEPRECIATION
At 1 July 2023 29,111 28,264 29,082 86,457
Charge for year 8,868 1,986 6,299 17,153
At 30 June 2024 37,979 30,250 35,381 103,610
NET BOOK VALUE
At 30 June 2024 50,380 11,479 11,858 73,717
At 30 June 2023 58,858 12,283 12,866 84,007

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 62,283
DEPRECIATION
At 1 July 2023 7,627
Charge for year 8,198
At 30 June 2024 15,825
NET BOOK VALUE
At 30 June 2024 46,458
At 30 June 2023 54,656

11. STOCKS
2024 2023
£    £   
Stocks 2,547,336 2,351,922

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 467,507 3,287,920
Other debtors 171,527 686,323
Directors' loan accounts - 15,779
Prepayments and accrued income 268,290 998,175
907,324 4,988,197

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 194,000 194,000
Hire purchase contracts (see note 16) 13,026 13,026
Trade creditors 2,350,076 3,785,079
Corporation tax 489,586 297,219
Social security and other taxes 19,624 17,856
Other creditors 4,230 9,773
Directors' loan accounts 317,297 -
Accruals and deferred income 357,669 1,895,087
3,745,508 6,212,040

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 210,167 404,167
Hire purchase contracts (see note 16) 24,767 37,793
234,934 441,960

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 194,000 194,000

Amounts falling due between one and two years:
Bank loans - More than 1 year 210,167 404,167

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 13,026 13,026
Between one and five years 24,767 37,793
37,793 50,819

Non-cancellable operating leases
2024 2023
£    £   
Within one year 354,630 235,953
Between one and five years 934,272 695,517
1,288,902 931,470

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 404,167 598,167

A charge over all the undertaking, property and assets of the company was created on 17 June 2020, by Barclays Security Trustees Limited to secure all moneys and liabilities due.

Fixed and floating charges have been raised on the property and undertaking of the company.

A charge over all the undertaking, property and assets of the company was created on 19 December 2022 by Cynergy Business Finance Limited to secure all moneys and liabilities due.

Fixed and floating charges have been raised on the property and undertaking of the company.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 39,016 15,692

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 15,692
Provided during year 23,324
Balance at 30 June 2024 39,016

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary £1 100,000 1,000,100

During the year ended 30 June 2024, the company passed a special resolution, under section 641 of the Companies Act 2006, to undertake a reduction of share capital. As a result, the company's share capital was reduced from £1,000,100 shares to £100,000 by repaying the amount paid up on £900,100 shares.

20. RESERVES
Retained
earnings
£   

At 1 July 2023 717,484
Profit for the year 945,037
Dividends (570,000 )
At 30 June 2024 1,092,521

21. RELATED PARTY DISCLOSURES

During the year, total dividends of £570,000 were paid to the directors .

BRITISH INTERNATIONAL INDUSTRIES LIMITED (REGISTERED NUMBER: 03194808)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2024


21. RELATED PARTY DISCLOSURES - continued

During the year, the company undertook transactions with a number of companies which are deemed to be related parties because they are owned by one or more of the directors of this company. Details of these are as follows:

BII Pipe Limited
Consultancy fees paid since 2 February 2024 - £55,000
Amount owed by British International Industries Limited at 30 June 2024 - £nil

Commercial Freehold & Investments Limited
Rental charges paid - £127,025
Amount owed by British International Industries Limited at 30 June 2024 - £24,800

Dunsfold Services Limited
Amount owing at 1 July 2023 - £15,228
Amounts repaid - £15,228
Amount owing to British International Industries Limited at 30 June 2024 - £nil

Jets United Limited
Consultancy fees paid since 2 February 2024 - £13,500
Amount owed by British International Industries Limited at 30 June 2024 - £nil

Lonestar Aviation Limited
Consultancy fees paid since 2 February 2024 - £280,000
Amount owed by British International Industries Limited at 30 June 2024 - £nil

MRO Services Limited
Goods and services provided since 9 February 2024 - £411,467
Amount owed by British International Industries Limited at 30 June 2024 - £16,691