Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302024-06-30false4false2023-07-01false1false 12319416 2023-07-01 2024-06-30 12319416 2022-07-01 2023-06-30 12319416 2024-06-30 12319416 2023-06-30 12319416 2022-07-01 12319416 c:CompanySecretary1 2023-07-01 2024-06-30 12319416 c:Director1 2023-07-01 2024-06-30 12319416 c:Director2 2023-07-01 2024-06-30 12319416 c:Director2 2024-06-30 12319416 c:Director3 2023-07-01 2024-06-30 12319416 c:Director3 2024-06-30 12319416 c:Director4 2023-07-01 2024-06-30 12319416 c:Director4 2024-06-30 12319416 c:Director5 2023-07-01 2024-06-30 12319416 c:Director5 2024-06-30 12319416 c:RegisteredOffice 2023-07-01 2024-06-30 12319416 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 12319416 d:PlantMachinery 2023-07-01 2024-06-30 12319416 d:OfficeEquipment 2023-07-01 2024-06-30 12319416 d:ComputerEquipment 2023-07-01 2024-06-30 12319416 d:CurrentFinancialInstruments 2024-06-30 12319416 d:CurrentFinancialInstruments 2023-06-30 12319416 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12319416 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 12319416 d:ShareCapital 2024-06-30 12319416 d:ShareCapital 2022-07-01 2023-06-30 12319416 d:ShareCapital 2023-06-30 12319416 d:ShareCapital 2022-07-01 12319416 d:SharePremium 2024-06-30 12319416 d:SharePremium 2022-07-01 2023-06-30 12319416 d:SharePremium 2023-06-30 12319416 d:SharePremium 2022-07-01 12319416 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 12319416 d:RetainedEarningsAccumulatedLosses 2024-06-30 12319416 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 12319416 d:RetainedEarningsAccumulatedLosses 2023-06-30 12319416 d:RetainedEarningsAccumulatedLosses 2022-07-01 12319416 c:OrdinaryShareClass1 2023-07-01 2024-06-30 12319416 c:OrdinaryShareClass1 2024-06-30 12319416 c:OrdinaryShareClass1 2023-06-30 12319416 c:FRS102 2023-07-01 2024-06-30 12319416 c:Audited 2023-07-01 2024-06-30 12319416 c:FullAccounts 2023-07-01 2024-06-30 12319416 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 12319416 d:Subsidiary1 2023-07-01 2024-06-30 12319416 d:Subsidiary1 1 2023-07-01 2024-06-30 12319416 d:Subsidiary2 2023-07-01 2024-06-30 12319416 d:Subsidiary2 1 2023-07-01 2024-06-30 12319416 d:Subsidiary3 2023-07-01 2024-06-30 12319416 d:Subsidiary3 1 2023-07-01 2024-06-30 12319416 d:Subsidiary4 2023-07-01 2024-06-30 12319416 d:Subsidiary4 1 2023-07-01 2024-06-30 12319416 d:Subsidiary5 2023-07-01 2024-06-30 12319416 d:Subsidiary5 1 2023-07-01 2024-06-30 12319416 d:Subsidiary6 2023-07-01 2024-06-30 12319416 d:Subsidiary6 1 2023-07-01 2024-06-30 12319416 d:Subsidiary7 2023-07-01 2024-06-30 12319416 d:Subsidiary7 1 2023-07-01 2024-06-30 12319416 d:Subsidiary8 2023-07-01 2024-06-30 12319416 d:Subsidiary8 1 2023-07-01 2024-06-30 12319416 d:Subsidiary9 2023-07-01 2024-06-30 12319416 d:Subsidiary9 1 2023-07-01 2024-06-30 12319416 c:Consolidated 2024-06-30 12319416 c:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 12319416 2 2023-07-01 2024-06-30 12319416 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12319416









BSQ GROUP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BSQ GROUP LTD
 
 
COMPANY INFORMATION


Directors
G C Donnelly 
N J Campion (appointed 9 August 2023)
J C Carpenter (appointed 9 August 2023)
B Marsay-Smith (appointed 12 September 2023)
E J Slaiding (appointed 29 August 2024)




Company secretary
N J Campion



Registered number
12319416



Registered office
71-75 Shelton Street
Covent Garden

London

WC2H 9JQ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
BSQ GROUP LTD
 

CONTENTS



Page
Group strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditors' report
 
 
4 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated statement of financial position
 
 
10 - 11
Company statement of financial position
 
 
12 - 13
Consolidated statement of changes in equity
 
 
14
Company statement of changes in equity
 
 
15
Consolidated statement of cash flows
 
 
16
Notes to the financial statements
 
 
17 - 37


 
BSQ GROUP LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The principal activity of the company is that of a holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.

Business review
 
The financial year to 30 June 2024 was strong for BSQ Group Ltd and its subsidiary companies. Development of its services and brands continued organically with positive results as listed below under “Financial Key Performance Indicators”. The Group extended its range of services offered to its customers and increased its market share resulting in continued growth. This resulted in the Group increasing its net assets, and agreeing a significant long-term lease of its premises and substantial capital investment into the improvements of these premises.  
On a subsidiary level, this year saw the increased scale of the formations companies. There were no material changes to the operations of the Group during the year.. 

Principal risks and uncertainties
 
There are no risks or uncertainties known to the Group that would be considered material. The Group has continued to expand its operations post year end, and this is expected to do so for the foreseeable future. 

Financial key performance indicators
 
The Group’s key aim is to increase sales and as such the primary Key Performance Indicator is revenue growth while ensuring profit margins remain healthy. Net profit margin decreased in the financial year as a result of significant spend with a medium-to-long-term mindset; increasing the staff base across business development, operations, and sales support, together with the development of software to improve internal processes. The Directors of the Group are also aware that as it scales, net assets need to increase to manage inherent risk as its fixed costs grow. Key Performance Indicators are listed below alongside the comparative figure:
                                                            
 Restated
                                2024 (£m)              2023 (£m)            Change %
Revenue                   13.24                     10.77                      23
Profit before tax         0.87                       1.34                      (39)
Net assets                 3.98                       3.38                       18


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



G C Donnelly
Director

Date: 27 March 2025

Page 1

 
BSQ GROUP LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of BSQ Group Limited ("the Company") is that of a holding company supporting the activities of both established and newly formed subsidiaries, associated companies and other investments.
The principal activity of the Group is that of formation agents and company secretarial service provider.

Results and dividends

The profit for the year, after taxation, amounted to £794,912 (2023 - £1,009,771).

Dividends of £71,900 (2023: £166,062) were declared and paid during the year.

Directors

The directors who served during the year were:

G C Donnelly 
N J Campion (appointed 9 August 2023)
J C Carpenter (appointed 9 August 2023)
B Marsay-Smith (appointed 12 September 2023)

Page 2

 
BSQ GROUP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

There are currently no plans to materially alter the operations of the Group in the near future. The Group has continued its growth trajectory post year-end, and this is envisaged to continue throughout the remainder of FY24-25 and FY25-26.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

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





G C Donnelly
Director

Date: 27 March 2025

Page 3

 
BSQ GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSQ GROUP LTD
 

Opinion


We have audited the financial statements of BSQ Group Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 Group 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 Group's or the 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.


Page 4

 
BSQ GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSQ GROUP LTD (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 5

 
BSQ GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSQ GROUP LTD (CONTINUED)


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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BSQ GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSQ GROUP LTD (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 Group 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:
enquiring of management and those charged with governance around actual and potential litigation and
claims;

enquiring of management and those charged with governance to identify any instances of non compliance with laws and regulations;
reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
reviewing the general ledger in detail for all transactions with related parties;
performing walk through testing to ensure systems and controls are operating as recorded where
appropriate;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


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.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


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. 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.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we
Page 7

 
BSQ GROUP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSQ GROUP LTD (CONTINUED)


conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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.







Nick Bishop FCA (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

28 March 2025
Page 8

 
BSQ GROUP LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
13,242,342
10,777,001

Cost of sales
  
(2,332,774)
(1,740,060)

Gross profit
  
10,909,568
9,036,941

Administrative expenses
  
(10,073,816)
(7,754,001)

Other operating income
 5 
119,821
53,616

Operating profit
 6 
955,573
1,336,556

Interest receivable and similar income
  
78,537
108

Interest payable and similar expenses
  
(111)
(725)

Profit before taxation
  
1,033,999
1,335,939

Tax on profit
 10 
(239,087)
(326,168)

Profit for the financial year
  
794,912
1,009,771

Profit for the year attributable to:
  

Owners of the parent Company
  
794,912
1,009,771

  
794,912
1,009,771

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 37 form part of these financial statements.

Page 9

 
BSQ GROUP LTD
REGISTERED NUMBER: 12319416

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
488,722
-

Tangible assets
 13 
2,478,827
2,153,361

  
2,967,549
2,153,361

Current assets
  

Debtors: amounts falling due within one year
 15 
570,266
751,388

Cash at bank and in hand
  
6,609,278
5,000,666

  
7,179,544
5,752,054

Creditors: amounts falling due within one year
 16 
(5,786,907)
(4,229,090)

Net current assets
  
 
 
1,392,637
 
 
1,522,964

Total assets less current liabilities
  
4,360,186
3,676,325

Provisions for liabilities
  

Deferred taxation
 17 
(260,347)
(299,498)

  
 
 
(260,347)
 
 
(299,498)

Net assets
  
4,099,839
3,376,827


Capital and reserves
  

Called up share capital 
 18 
900
900

Share premium account
 20 
3,101
3,101

Capital redemption reserve
 20 
2
2

Profit and loss account
 20 
4,095,836
3,372,824

  
4,099,839
3,376,827


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




G C Donnelly
Director

Date: 27 March 2025

The notes on pages 17 to 37 form part of these financial statements.
Page 10

 
BSQ GROUP LTD
REGISTERED NUMBER: 12319416
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024


Page 11

 
BSQ GROUP LTD
REGISTERED NUMBER: 12319416

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments

 14 
3,105
3,105

Current assets
  

Debtors: amounts falling due within one year
 15 
9,815
7,375

  
9,815
7,375

Creditors: amounts falling due within one year
 16 
(8,719)
(6,279)

Net current assets
  
 
 
1,096
 
 
1,096

Total assets less current liabilities
  
4,201
4,201

  

  

Net assets
  
4,201
4,201


Capital and reserves
  

Called up share capital 
 18 
900
900

Share premium account
 20 
3,101
3,101

Profit and loss account brought forward
  
200
-

Profit for the year
  
71,900
166,262

Other changes in the profit and loss account

  

(71,900)
(166,062)

Profit and loss account carried forward
  
200
200

  
4,201
4,201


Page 12

 
BSQ GROUP LTD
REGISTERED NUMBER: 12319416
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

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






G C Donnelly
Director

Date: 27 March 2025

The notes on pages 17 to 37 form part of these financial statements.

Page 13

 
BSQ GROUP LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022 (as previously stated)
5
3,101
2
1,381,947
1,385,055

Prior year adjustment - change in accounting policy
-
-
-
1,147,168
1,147,168


At 1 July 2022 (as restated)
5
3,101
2
2,529,115
2,532,223


Comprehensive income for the year

Profit for the year (as restated)
-
-
-
1,009,771
1,009,771

Dividends: Equity capital
-
-
-
(166,062)
(166,062)

Shares issued during the year
895
-
-
-
895



At 1 July 2023 (as restated)
900
3,101
2
2,117,164
2,121,167

Prior year adjustment - change in accounting policy
-
-
-
1,255,660
1,255,660


At 1 July 2023 (as restated)
900
3,101
2
3,372,824
3,376,827


Comprehensive income for the year

Profit for the year
-
-
-
794,912
794,912

Dividends: Equity capital
-
-
-
(71,900)
(71,900)


At 30 June 2024
900
3,101
2
4,095,836
4,099,839


The notes on pages 17 to 37 form part of these financial statements.

Page 14

 
BSQ GROUP LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
5
3,101
-
3,106


Comprehensive income for the year

Profit for the year
-
-
166,262
166,262

Dividends
-
-
(166,062)
(166,062)

Shares issued during the year
895
-
-
895



At 1 July 2023
900
3,101
200
4,201


Comprehensive income for the year

Profit for the year
-
-
71,900
71,900

Dividends
-
-
(71,900)
(71,900)


At 30 June 2024
900
3,101
200
4,201


The notes on pages 17 to 37 form part of these financial statements.

Page 15

 
BSQ GROUP LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
794,912
1,009,771

Adjustments for:

Amortisation of intangible assets
56,043
4,501

Depreciation of tangible assets
366,574
153,422

Impairments of fixed assets
156,208
100,185

Interest paid
111
725

Interest received
(78,537)
(108)

Taxation charge
239,087
326,168

Decrease/(increase) in debtors
181,128
(121,256)

Increase in creditors
1,686,606
1,358,893

Corporation tax (paid)
(407,037)
(173,631)

Net cash generated from operating activities

2,995,095
2,658,670


Cash flows from investing activities

Purchase of intangible fixed assets
(544,762)
(102,756)

Purchase of tangible fixed assets
(848,247)
(2,040,359)

Interest received
78,537
108

Net cash from investing activities

(1,314,472)
(2,143,007)

Cash flows from financing activities

Issue of ordinary shares
-
895

Dividends paid
(71,900)
(166,062)

Interest paid
(111)
(725)

Net cash used in financing activities
(72,011)
(165,892)

Net increase in cash and cash equivalents
1,608,612
349,771

Cash and cash equivalents at beginning of year
5,000,666
4,650,895

Cash and cash equivalents at the end of year
6,609,278
5,000,666


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,609,278
5,000,666

6,609,278
5,000,666


Page 16

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The principal activity of the Group during the year was that of formation agents and company secretarial service provider.
The company is a private Company limited by shares and is incorporated in England and Wales. 
The address of its Registered Office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.
Based on the results to date and future projections, the directors are confident that the Group will continue to meet its liabilities as they fall due, looking forward at least twelve months from the date of signing these financial statements. As a result, the directors have prepared the financial statements on a going concern basis.

Page 17

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

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

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

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.

Page 18

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.


Page 19

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.11

Internally generated intangible assets

Recognition and Initial Measurement:
Internally generated intangible assets are recognised in accordance with FRS 102, Section 18, when all of the following criteria are met:
 
The asset is identifiable, meaning it is capable of being separated or divided from the entity and sold, transferred, licensed, or rented.
The company has the technical ability and resources to complete the asset and use or sell it.
It is probable that the asset will generate future economic benefits, which can be reliably measured.
The company has the intention to complete the asset and use or sell it.
The company has the ability to measure the expenditure attributable to the asset during its development phase reliably.

Expenditure on internally generated intangible assets is capitalised when the project reaches the development phase. These include costs directly attributable to the development of the asset, such as direct labour costs, materials, and external services used in the development process. The Group evaluates whether the criteria for capitalising development costs are met.
Costs incurred during the research phase are expensed as incurred and are typically include those aimed at gaining new scientific or technical knowledge and understanding.
Subsequent Measurement:
Internally generated intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses. The cost of an internally generated intangible asset includes all directly attributable costs necessary to bring the asset into use.
Internally generated intangible assets are amortised on a systematic basis over their estimated useful lives.
An impairment loss is recognised if the carrying amount of the asset exceeds its recoverable amount. Internally generated intangible assets are subject to impairment testing whenever there is an indication that the asset may be impaired.
The company discloses the carrying amount of capitalised internally generated intangible assets and provides details of the amortisation method and useful lives. Any impairment losses or reversals are disclosed separately, along with the reasons for those adjustments.

 
2.12

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 20

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.12
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 straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
10%
Straight-line method
Plant and machinery
-
25%
Straight-line method
Office equipment
-
25%
Straight-line method
Computer equipment
-
25%
Straight-line method

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.

  
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 Consolidated 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 Group's cash management.

 
2.15

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.
 
Page 21

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
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.

 
2.16

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.

Page 22

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Consolidated Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the tangible fixed assets, and note 2.12 for the useful economic lives for each class of assets.
(ii) Capitalisation of development costs
The company incurs costs in the development of new products and technologies. Under Section 18 (Intangible Assets other than Goodwill) of FRS 102, development costs can be capitalised if specific criteria are met. These criteria include demonstrating that the project is technically feasible, the company intends to complete the project, and the company has the ability and resources to use or sell the developed asset.
In determining whether development costs should be capitalised, the company exercises significant judgement based on the project’s progress, the availability of skilled resources and the technical challenges involved, among other factors: The following factors are considered:
 
Technical Feasibility: The company assesses whether the development project has reached a stage where it is technically feasible to complete and use or sell the product. This judgement is based on the project’s progress, the availability of skilled resources, and the technical challenges involved.
Probable Future Economic Benefits: The company evaluates the likelihood that the development project will result in future economic benefits. This requires an estimate of future cash flows expected from the sale or use of the product.
Ability to Complete the Project: The company evaluates whether it has the technical, financial, and other resources to complete the project. This judgement is based on the company’s current financial position, available expertise, and other ongoing projects.

As of the year end, £156,208 of development costs have been capitalised, reflecting management’s judgement that the criteria for capitalisation under FRS 102 have been met. This includes estimates regarding future economic benefits, technical feasibility, and the ability to complete the project.
See note 12 for the carrying amount of the intangible fixed assets, and note 2.11 for the accounting policy. 

Page 23

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


As restated
2024
2023
£
£

Company formation, address and company services
12,241,293
10,208,887

Commission income
904,999
568,114

Virtual office income
96,050
-


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rents receivable
119,821
51,543

Sundry income
-
2,073

119,821
53,616



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
584,489
596,442

Deprecation and amortisation
422,618
157,923

1,007,107
754,365

Page 24

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
40,000
27,500

Fees payable to the Company's auditors in respect of:

Accounts preparation and Taxation compliance services
24,750
18,250


8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
5,033,400
3,935,248

Social security costs
515,955
409,164

Cost of defined contribution scheme
88,542
68,444

5,637,897
4,412,856


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
4
1
4
1



Employees
109
88
-
-

113
89
4
1

Page 25

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
514,373
413,766

Group contributions to defined contribution pension schemes
3,453
-

517,826
413,766


The highest paid director received remuneration of £268,106 (2023 - £276,266).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
278,238
62,460


Total current tax
278,238
62,460

Deferred tax


Origination and reversal of timing differences
(39,151)
263,708

Total deferred tax
(39,151)
263,708


Tax on profit
239,087
326,168
Page 26

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower 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
1,033,999
1,335,939


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
258,500
333,986


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,575
1,674

Capital allowances for year in excess of depreciation
(22,428)
(7,273)

Short-term timing difference leading to an increase (decrease) in taxation
2,020
2,560

Other differences leading to an increase (decrease) in the tax charge
(580)
(4,779)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends paid on Ordinary Shares
71,900
166,062

Page 27

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Intangible assets

Group 





Other intangible assets

£



Cost


At 1 July 2023
241,090


Additions
544,763


Disposals
(72,907)



At 30 June 2024

712,946



Amortisation


At 1 July 2023
241,090


Charge for the year on owned assets
56,042


On disposals
(72,907)



At 30 June 2024

224,225



Net book value



At 30 June 2024
488,721



At 30 June 2023
-



Page 28

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Tangible fixed assets

Group






Leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment

£
£
£
£
£



Cost 


At 1 July 2023
2,231,333
396,974
142,309
357,963
159,027


Additions
589,862
-
49,686
52,491
-


Disposals
-
-
(45,798)
(79,936)
-



At 30 June 2024

2,821,195
396,974
146,197
330,518
159,027



Depreciation


At 1 July 2023
503,218
216,123
135,076
137,428
142,399


Charge for the year on owned assets
224,912
-
55,493
84,236
1,933


Disposals
-
-
(45,799)
(79,936)
-



At 30 June 2024

728,130
216,123
144,770
141,728
144,332



Net book value



At 30 June 2024
2,093,065
180,851
1,427
188,790
14,695



At 30 June 2023
1,728,114
180,851
7,233
220,535
16,627
Page 29

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           13.Tangible fixed assets (continued)


Total

£



Cost 


At 1 July 2023
3,287,606


Additions
692,039


Disposals
(125,734)



At 30 June 2024

3,853,911



Depreciation


At 1 July 2023
1,134,244


Charge for the year on owned assets
366,574


Disposals
(125,735)



At 30 June 2024

1,375,083



Net book value



At 30 June 2024
2,478,828



At 30 June 2023
2,153,360

Page 30

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 July 2023
3,105


Additions
1


Disposals
(1)



At 30 June 2024
3,105




Page 31

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Rapid Formations Limited *
71-75 Shelton Street,Covent Garden, London
Formation agents and company secretarial service provider
Ordinary
100%
1st Formations Limited *
71-75 Shelton Street,Covent Garden, London
Formation agents and company secretarial service provider
Ordinary
100%
Quality Formations Limited *
71-75 Shelton Street,Covent Garden, London
Formation agents and company secretarial service provider
Ordinary
100%
Blue Square Offices Limited *
272 Bath Street,Glasgow, G2 4JR
Company secretarial and other business services
Ordinary
100%
Linnear Limited *
71-75 Shelton Street,Covent Garden, London
Company secretarial and other business services
Ordinary
100%
71-75 Ltd*
71-75 Shelton Street,Covent Garden, London
Company secretarial and other business services
Ordinary
100%
Bizik Ltd*
11-15 Betterton Street, London
Company secretarial and other business services
Ordinary
100%
BSQ Solutions Ltd
71-75 Shelton Street,Covent Garden, London
Dormant
Ordinary
100%
Kira Tech Ltd
71-75 Shelton Street,Covent Garden, London
Dormant
Ordinary
100%

* Subsidiary companies for which the parent company has provided a parental company guarantee to exemption to audit as per S479A of the Companies Act 2006.

Page 32

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
140,284
53,318
-
-

Amounts owed by group undertakings
-
-
819
7,375

Other debtors
271,641
432,301
8,996
-

Prepayments and accrued income
158,341
173,519
-
-

Tax recoverable
-
92,250
-
-

570,266
751,388
9,815
7,375



16.


Creditors: Amounts falling due within one year

Group

Group
Company

Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
1,107,913
435,354
-
-

Amounts owed to group undertakings
-
-
8,719
4

Corporation tax
316,051
444,850
-
-

Other taxation and social security
800,163
509,510
-
-

Other creditors
68,105
32,895
-
3,775

Accruals and deferred income
3,494,675
2,806,481
-
2,500

5,786,907
4,229,090
8,719
6,279



17.


Deferred taxation


Group



2024


£






At beginning of year
(299,498)


Charged to profit or loss
39,151



At end of year
(260,347)

Page 33

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
17.Deferred taxation (continued)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(260,347)
(299,498)

(260,347)
(299,498)


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



900 (2023 - 900) Ordinary shares of £1.00 each
900
900


Page 34

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Prior year adjustment

During the year the directors conducted a review of the company’s revenue and deferred income accounting policies to ensure revenue was being recognised in alignment with the time of delivery of services and the appropriate income was being deferred, across all its services.
This review resulted in an adjustment to prior period reported figures related to the timing of service delivery of Confirmation Statement filing services, Dormant Company Accounts filing services, Business Address Services, and Package services.
In accordance with FRS 102, the financial statements have been restated at the earliest date practicable, being 30 June 2022. The company’s opening brought forward retained earnings position has been restated as at 1 July 2022, with an equal adjustment to the opening deferred income liability, as follows:ole4435.png



20.


Reserves

Profit and loss account

Includes all current retained profits and losses.

Page 35

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Contingent liabilities

The Group is currently involved in a legal dispute with a supplier which arose from negligent and incomplete construction work. The case is ongoing and being handled by the Group's legal team. At the reporting date, the outcome of the dispute is uncertain and remains under litigation.
In accordance with FRS 102 s21, a contingent liability is disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group. Based on the available information, the Group believes that the likelihood of an unfavourable outcome is possible, and as such no provision has been recognised. The Group will continue to monitor the situation.


22.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £85,171 (2023 - £68,444). Contributions totalling £19,327 (2023 - £15,392) were payable to the fund at the reporting date and are included in creditors.


23.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
295,154
295,154

Later than 1 year and not later than 5 years
2,189,057
1,795,519

Later than 5 years
4,673,268
5,263,575

7,157,479
7,354,248

24.


Transactions with directors

Included within other debtors is a balance of £8,996 due from a director, this is made up of an opening balance of -£3,775, advances of £90,995 and repayments of £78,223. This balance is unsecured with no repayment date. These loans bear no interest. 


25.


Related party transactions

Where possible the company has taken advantage of the exemption conferred by section 33.1A of FRS 102 from the requirement to disclose transactions with other wholly owned group undertakings.
The directors are considered key management and their remuneration is disclosed in note 9 to the accounts. 

Page 36

 
BSQ GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Controlling party

The ultimate controlling party is G Donnelly by virtue of his 100% shareholding.

 
Page 37