| REGISTERED NUMBER: 14971962 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 30 JUNE 2023 TO 31 MARCH 2024 |
| FOR |
| BKS GROUP HOLDINGS LTD |
| REGISTERED NUMBER: 14971962 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE PERIOD 30 JUNE 2023 TO 31 MARCH 2024 |
| FOR |
| BKS GROUP HOLDINGS LTD |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Period 30 June 2023 to 31 March 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| BKS GROUP HOLDINGS LTD |
| COMPANY INFORMATION |
| For The Period 30 June 2023 to 31 March 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Equinox House |
| Clifton Park, Shipton Road |
| York |
| Yorkshire |
| YO30 5PA |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| GROUP STRATEGIC REPORT |
| For The Period 30 June 2023 to 31 March 2024 |
| The directors present their strategic report of the company and the group for the period 30 June 2023 to 31 March 2024. |
| REVIEW OF BUSINESS |
| The board has appointed Chris Kerfoot and Kelly Langstaff to join its ranks. Both individuals have extensive experience within the company, making them valuable additions at the board level. Chris contributes numerous years of operational expertise, while Kelly offers knowledge in administrative and organizational matters, ensuring the company remains compliant within the ever evolving and challenging legal landscape. |
| The last financial year yielded positive outcomes, with turnover aligning with the previous year. Gross profit margins were also in line with previous year, and post-tax profits exceeded our expectations, showing a return on our investment in research and development. Our key performance indicators emphasize the idea that turnover is vanity while profit is sanity, and this enhancement has brought us great satisfaction. |
| A return of 6.4% of turnover reflects strong performance, and we aim to build on this in the 2025 accounts by increasing turnover while maintaining this margin. |
| The outlook for 2025 is very promising, and we are confident we will build on these results. |
| Regarding the trading company balance sheet (B&K Systems Limited), the net asset position increased by over £1.2 million, bringing total net assets to approximately £7.91 million. A robust balance sheet enables the company to secure financing for daily cash flow management, as well as attract medium and long-term financing essential for our strategic growth objectives. Retaining profits is crucial to this strategy, providing the board with assurance that both short-term cash flow demands and medium to long-term goals can be met. |
| All of this is achieved within a strict reporting environment at both micro and macro levels, with clearly defined lines of responsibility extending to the myself and the board. This framework ensures robust accountability throughout all operational levels and facilitates timely, fact-based decision-making. |
| ON BEHALF OF THE BOARD: |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| REPORT OF THE DIRECTORS |
| For The Period 30 June 2023 to 31 March 2024 |
| The directors present their report with the financial statements of the company and the group for the period 30 June 2023 to 31 March 2024. |
| INCORPORATION |
| The group was incorporated on 30 June 2023 and commenced trading on 28 September 2023. |
| DIVIDENDS |
| An interim dividend of 15.44 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid. |
| The total distribution of dividends for the period ended 31 March 2024 will be £ 26,250 . |
| DIRECTORS |
| The directors who have held office during the period from 30 June 2023 to the date of this report are as follows: |
| Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the company. This includes consideration of the future developments of the company. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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). 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| REPORT OF THE DIRECTORS |
| For The Period 30 June 2023 to 31 March 2024 |
| AUDITORS |
| The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BKS GROUP HOLDINGS LTD |
| Opinion |
| We have audited the financial statements of Bks Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the period 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
| BKS GROUP HOLDINGS LTD |
| 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 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 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. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BKS GROUP HOLDINGS LTD |
| 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| 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: |
| As part of the audit, we gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We considered the group’s compliance with laws and regulations that have a direct impact on the financial statements including, but not limited to, UK company law and UK tax legislation, and we have considered the extent to which non-compliance might have a material effect on the company financial statements. |
| Based on our understanding, we designed our audit procedures to identify instances of non-compliance with such laws and regulations. Our procedures included inquiries of management and of the directors, reviewing the financial statement disclosures, agreeing to underlying supporting documentation where necessary, review of Board meeting minutes and review of any applicable correspondence with legal counsel or tax authorities. |
| We considered the susceptibility of the financial statements to fraud through the risk of management override and inappropriate revenue recognition. In respect of management override, we tested journal entries processed during the year, and subsequent to the year end, and considered bias in accounting estimates, including provisions of trade debtors and stock. We specifically reviewed manual journal postings to revenue and cash to assess for any evidence of manipulation of account balances. Our risk assessment in respect of the potential for fraud in revenue identified specific areas of focus including recognition of revenue in relation to recognition of accrued and deferred income, cut-off, manual invoices and manual journals posted to revenue nominal codes. |
| Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| BKS GROUP HOLDINGS LTD |
| 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. |
| for and on behalf of |
| Equinox House |
| Clifton Park, Shipton Road |
| York |
| Yorkshire |
| YO30 5PA |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONSOLIDATED |
| INCOME STATEMENT |
| For The Period 30 June 2023 to 31 March 2024 |
| Notes | £ |
| TURNOVER | 3 | 7,450,058 |
| Cost of sales | 5,299,853 |
| GROSS PROFIT | 2,150,205 |
| Administrative expenses | 1,139,011 |
| 1,011,194 |
| Other operating income | 26,550 |
| OPERATING PROFIT | 5 | 1,037,744 |
| Interest payable and similar expenses | 6 | 117,886 |
| PROFIT BEFORE TAXATION | 919,858 |
| Tax on profit | 7 | (238,705 | ) |
| PROFIT FOR THE FINANCIAL PERIOD |
| Profit attributable to: |
| Owners of the parent | 1,158,563 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| For The Period 30 June 2023 to 31 March 2024 |
| Notes | £ |
| PROFIT FOR THE PERIOD | 1,158,563 |
| OTHER COMPREHENSIVE INCOME | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,158,563 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,158,563 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONSOLIDATED BALANCE SHEET |
| 31 March 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 | 378,689 |
| Tangible assets | 11 | 1,349,330 |
| Investments | 12 | - |
| Investment property | 13 | 749,593 |
| 2,477,612 |
| CURRENT ASSETS |
| Stocks | 14 | 46,443 |
| Debtors | 15 | 3,274,048 |
| Cash at bank | 1,054,758 |
| 4,375,249 |
| CREDITORS |
| Amounts falling due within one year | 16 | 3,860,737 |
| NET CURRENT ASSETS | 514,512 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 2,992,124 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(1,607,616 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (249,495 | ) |
| NET ASSETS | 1,135,013 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 2,700 |
| Retained earnings | 22 | 1,132,313 |
| SHAREHOLDERS' FUNDS | 1,135,013 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by: |
| A J Langstaff - Director |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| COMPANY BALANCE SHEET |
| 31 March 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 26,250 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| For The Period 30 June 2023 to 31 March 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | 2,700 | - | 2,700 |
| Dividends | - | (26,250 | ) | (26,250 | ) |
| Total comprehensive income | - | 1,158,563 | 1,158,563 |
| Balance at 31 March 2024 | 2,700 | 1,132,313 | 1,135,013 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| For The Period 30 June 2023 to 31 March 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2024 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| CONSOLIDATED CASH FLOW STATEMENT |
| For The Period 30 June 2023 to 31 March 2024 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 418,226 |
| Interest paid | (101,702 | ) |
| Interest element of hire purchase payments paid |
(16,184 |
) |
| Tax paid | 218,370 |
| Net cash from operating activities | 518,710 |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | (398,620 | ) |
| Purchase of tangible fixed assets | (631,850 | ) |
| Sale of tangible fixed assets | 58,724 |
| Net cash from investing activities | (971,746 | ) |
| Cash flows from financing activities |
| Issue of loan notes | 2,800,000 |
| repayment of loan notes | (1,234,096 | ) |
| Capital repayments in year | (31,860 | ) |
| Equity dividends paid | (26,250 | ) |
| Net cash from financing activities | 1,507,794 |
| Increase in cash and cash equivalents | 1,054,758 |
| Cash and cash equivalents at beginning of period |
2 |
- |
| Cash and cash equivalents at end of period |
2 |
1,054,758 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| For The Period 30 June 2023 to 31 March 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| £ |
| Profit before taxation | 919,858 |
| Depreciation charges | 181,915 |
| Government grants | (4,050 | ) |
| Finance costs | 117,886 |
| 1,215,609 |
| Increase in stocks | (46,443 | ) |
| Increase in trade and other debtors | (3,120,736 | ) |
| Increase in trade and other creditors | 2,369,796 |
| Cash generated from operations | 418,226 |
| 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: |
| Period ended 31 March 2024 |
| 31.3.24 | 30.6.23 |
| £ | £ |
| Cash and cash equivalents | 1,054,758 | - |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 30.6.23 | Cash flow | At 31.3.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | - | 1,054,758 | 1,054,758 |
| - | 1,054,758 | 1,054,758 |
| Debt |
| Finance leases | - | (664,438 | ) | (664,438 | ) |
| Debts falling due within 1 year | - | (1,366,735 | ) | (1,366,735 | ) |
| Debts falling due after 1 year | - | (1,203,501 | ) | (1,203,501 | ) |
| - | (3,234,674 | ) | (3,234,674 | ) |
| Total | - | (2,179,916 | ) | (2,179,916 | ) |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| For The Period 30 June 2023 to 31 March 2024 |
| 1. | STATUTORY INFORMATION |
| Bks Group Holdings Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements are prepared in sterling, which is the functional currency of the company. |
| Monetary amounts in these financial statements are rounded to the nearest £. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| In preparing the financial statements of the parent company, advantage has been taken of the |
| following disclosure exemptions under FRS 102: |
| - No cash flow statement has been prepared for the parent company. |
| - No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company, as their remuneration is included in the total for the group as a whole. |
| 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. |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| 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 Statement of Financial Position date and the amounts reported for the revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates. |
| The major areas of estimation and judgements within the financial statements are as follows: |
| a) Impairment of goodwill |
| The group reviews, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the choice of a discount rate in order to calculate the present value of the cash flows. Actual outcomes may vary. |
| (b) Useful lives of property, plant and equipment |
| Property, plant and equipment is depreciated over its useful life. Useful lives are based on the |
| management's estimates of the periods within which the assets will generate revenue and which are periodically reviewed for continued appropriateness. Changes to judgements can result in significant variations in the carrying value and amounts charged to the Consolidated Statement of |
| Comprehensive Income. |
| (c) Contract accounting |
| When the group recognises revenue as a construction contract or rendering of a service, where |
| revenue straddles a year-end, the group recognises revenue with reference to the stage of completion of the transaction or contract at the reporting period date. The company determines the stage of completion of a transaction or contract using a method that reliably measures the work performed, together with the associated costs. |
| 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 represents revenue recognised in the accounts. Revenue comprises the fair value of the consideration received or receivable, net of value added tax. |
| Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is measured by surveys of work performed to date. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. |
| Work in progress is stated at cost plus profit recognised to date less provision for foreseeable losses and less progress billings. Work in progress is classified as Amounts recoverable on contracts within the balance sheet. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The company 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 and loans to related parties. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is 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. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 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. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| Turnover originates from the sole principal activity and entirely from the United Kingdom. |
| 4. | EMPLOYEES AND DIRECTORS |
| £ |
| Wages and salaries | 1,222,628 |
| Social security costs | 129,688 |
| Other pension costs | 42,678 |
| 1,394,994 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 4. | EMPLOYEES AND DIRECTORS - continued |
| The average number of employees during the period was as follows: |
| Directors and senior management | 5 |
| Administration | 36 |
| Direct | 29 |
| The average number of employees by undertakings that were proportionately consolidated during the period was 70 . |
| £ |
| Directors' remuneration | 28,452 |
| Key management personnel remuneration amounted to £82,194. |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| £ |
| Hire of plant and machinery | 497,361 |
| Other operating leases | 74,007 |
| Depreciation - owned assets | 105,882 |
| Depreciation - assets on hire purchase contracts | 56,102 |
| Goodwill amortisation | 19,931 |
| Auditors' remuneration | 7,500 |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| £ |
| Bank loan interest | 86,863 |
| Interest payable | 14,839 |
| Hire purchase | 16,184 |
| 117,886 |
| 7. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the profit for the period was as follows: |
| £ |
| Current tax: |
| UK corporation tax | (216,511 | ) |
| Deferred tax | (22,194 | ) |
| Tax on profit | (238,705 | ) |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 8. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 9. | DIVIDENDS |
| £ |
| Ordinary shares of 1 each |
| Interim | 26,250 |
| 10. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 398,620 |
| At 31 March 2024 | 398,620 |
| AMORTISATION |
| Amortisation for period | 19,931 |
| At 31 March 2024 | 19,931 |
| NET BOOK VALUE |
| At 31 March 2024 | 378,689 |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| Additions | 253,605 | 492,472 | 10,693 |
| Disposals | - | (27,500 | ) | - |
| At 31 March 2024 | 253,605 | 464,972 | 10,693 |
| DEPRECIATION |
| Charge for period | 29,295 | 46,497 | 1,069 |
| At 31 March 2024 | 29,295 | 46,497 | 1,069 |
| NET BOOK VALUE |
| At 31 March 2024 | 224,310 | 418,475 | 9,624 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| Additions | 808,949 | 4,319 | 1,570,038 |
| Disposals | (31,224 | ) | - | (58,724 | ) |
| At 31 March 2024 | 777,725 | 4,319 | 1,511,314 |
| DEPRECIATION |
| Charge for period | 84,691 | 432 | 161,984 |
| At 31 March 2024 | 84,691 | 432 | 161,984 |
| NET BOOK VALUE |
| At 31 March 2024 | 693,034 | 3,887 | 1,349,330 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| Additions | 218,050 | 341,876 | 559,926 |
| At 31 March 2024 | 218,050 | 341,876 | 559,926 |
| DEPRECIATION |
| Charge for period | 21,805 | 34,297 | 56,102 |
| At 31 March 2024 | 21,805 | 34,297 | 56,102 |
| NET BOOK VALUE |
| At 31 March 2024 | 196,245 | 307,579 | 503,824 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2024 |
| NET BOOK VALUE |
| At 31 March 2024 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 12. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| BKS Holdings Limited |
| Registered office: Unit S Gildersome Spur, Morley, Leeds, LS27 7JZ |
| Nature of business: Holding Company |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| B&K Systems Limited |
| Registered office: Unit S Gildersome Spur, Morley, Leeds, LS27 7JZ |
| Nature of business: Specialised construction activities |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 13. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 30 June 2023 |
| and 31 March 2024 | 749,593 |
| NET BOOK VALUE |
| At 31 March 2024 | 749,593 |
| At 29 June 2023 | 749,593 |
| Investment property was valued during the year on an open market value basis by the Directors, |
| based on a report received from AWS Limited, an independent valuer. |
| 14. | STOCKS |
| Group |
| £ |
| Stocks | 46,443 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group |
| £ |
| Amounts recoverable on contract | 2,816,380 |
| Corporation tax | 83,588 |
| No description | 26,000 |
| VAT | 122,290 |
| Prepayments and accrued income | 225,790 |
| 3,274,048 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans and overdrafts (see note 18) | 291,830 |
| Other loans (see note 18) | 1,074,905 |
| Hire purchase contracts (see note 19) | 260,323 |
| Trade creditors | 1,721,234 |
| Amounts owed to group undertakings | - |
| Corporation tax | 1,859 |
| Social security and other taxes | 101,346 |
| No description | 21,825 | - |
| Directors' current accounts | 171,776 | - |
| Accrued expenses | 215,639 |
| 3,860,737 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans (see note 18) | 712,501 |
| Other loans (see note 18) | 491,000 |
| Hire purchase contracts (see note 19) | 404,115 |
| 1,607,616 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank loans | 291,830 |
| Other loans | 1,074,905 |
| 1,366,735 |
| Amounts falling due between one and | two years: |
| Bank loans - 1-2 years | 291,829 |
| Other loans - 1-2 years | 262,500 | 262,500 |
| 554,329 |
| Amounts falling due between two and | five years: |
| Bank loans - 2-5 years | 242,799 |
| Other loans - 2-5 years | 228,500 |
| 471,299 |
| Amounts falling due in more than five | years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 177,873 | - |
| Other loans relate to loan notes issued on 28 September 2023 and repayable by 31 March 2027. |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire |
| purchase |
| contracts |
| £ |
| Net obligations repayable: |
| Within one year | 260,323 |
| Between one and five years | 404,115 |
| 664,438 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 19. | LEASING AGREEMENTS - continued |
| Group |
| Non- | cancellable | operating | leases |
| £ |
| Within one year | 148,131 |
| Between one and five years | 405,429 |
| 553,560 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| £ |
| Deferred tax | 249,495 |
| Group |
| Deferred |
| tax |
| £ |
| On acquisition | 271,689 |
| Released in the year | (22,194 | ) |
| Balance at 31 March 2024 | 249,495 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| Ordinary | 1 | 2,700 |
| 2,700 Ordinary shares of 1 each were allotted and fully paid for |
| 22. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| Profit for the period | 1,158,563 |
| Dividends | (26,250 | ) |
| At 31 March 2024 | 1,132,313 |
| BKS GROUP HOLDINGS LTD (REGISTERED NUMBER: 14971962) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| For The Period 30 June 2023 to 31 March 2024 |
| 22. | RESERVES - continued |
| Company |
| Retained |
| earnings |
| £ |
| Profit for the period |
| Dividends | ( |
) |
| At 31 March 2024 |