REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
FOR |
BATES I.T. LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
FOR |
BATES I.T. LTD |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 January 2024 to 30 September 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BATES I.T. LTD |
COMPANY INFORMATION |
for the period 1 January 2024 to 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
8th Floor, Becket House |
36 Old Jewry |
London |
EC2R 8DD |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
ABRIDGED BALANCE SHEET |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 January 2024 to 30 September 2024 |
1. | STATUTORY INFORMATION |
Bates I.T. Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised based upon an internal assessment of the value of work carried out. This assessment is arrived at after due consideration of the performance against the programme of works, measurement of the works, evaluation of the costs incurred and comparison to certification of the work performed. |
Goodwill |
Goodwill arising on an acquisition of a business is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation is calculated on a straight-line basis over the useful economic life of 20 years. |
For the purposes of impairment testing, goodwill is allocated to each of the company's cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances 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. |
Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2024 to 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments |
Fixed asset investments are stated at cost less any provision for impairments. |
Investments in subsidiary undertakings are recognised at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or |
- the company and the party are subject to common control; or |
- the party is an associate of the company or a joint venture in which the company is a venturer; or |
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a close family member of a party referred to above or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or |
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independently administered fund. |
Provisions |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2024 to 30 September 2024 |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2024 |
and 30 September 2024 |
AMORTISATION |
At 1 January 2024 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 31 December 2023 |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2024 to 30 September 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
At 1 January 2024 | 493,456 |
Additions | 40,311 |
Disposals | (72,730 | ) |
At 30 September 2024 | 461,037 |
DEPRECIATION |
At 1 January 2024 | 209,023 |
Charge for period | 55,738 |
Eliminated on disposal | (28,364 | ) |
At 30 September 2024 | 236,397 |
NET BOOK VALUE |
At 30 September 2024 | 224,640 |
At 31 December 2023 | 284,433 |
6. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
The bank loan of £140,625 in the prior year was repaid in full on 9 May 2024 as part of the acquisition of Bates Consortium Limited, the 100% owner of Bates I.T. Limited. |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | 153,594 | 225,672 |
Invoice financing | - | 402,707 |
Hire purchases are secured by the underlying assets. |
BATES I.T. LTD (REGISTERED NUMBER: 04142113) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 January 2024 to 30 September 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
The company had no contingent liabilities at 30 September 2024 and 31 December 2023. |
10. | CAPITAL COMMITMENTS |
The company had no capital commitment at 30 September 2024 and 31 December 2023. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Included in debtors falling due within one year in the prior year was a balance of £nil (2023: £1,237,415) owed by Bates Real Estates Limited, a company with common directors. |
At the balance sheet date, the company owed Bates Property Services LLP £92,376 (2023: the company was owed £70,806). Mr B R Fuller and Mr C Fuller are members of Bates Property Services LLP. |
12. | ULTIMATE CONTROLLING PARTY |
On 9 May 2024, Spectre Bidco Limited acquired 100% of the share capital of Bates Consortium Limited. The immediate parent company of Spectre Bidco Limited is Spectre Topco Limited, for which consolidated accounts are prepared. Spectre Topco Limited's registered office is 41 Alston Drive, Bradwell Abbey, Milton Keynes, Buckinghamshire, MK13 9HA. |
The ultimate parent company of Spectre Topco Limited is Aliter Capital II LP. In the opinion of the directors there is no ultimate controlling party of Aliter Capital II LP. |