Company registration number 06923308 (England and Wales)
B S PROPERTY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
B S PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr A D Wallington
Secretary
Mrs B Wallington
Company number
06923308
Registered office
Richard House
9 Winckley Square
Preston
PR1 3HP
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
B S PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 36
B S PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Review of the business
Business Environment
The group is located in the North West. The subsidiary company and group's principal market is the sale of clothing, both wholesale and web-based retail throughout Europe. There is considerable competition within this market place from other providers in the region, on the internet and internationally.
Strategy
To maintain and increase our market share in an increasingly competitive market.
Product Range
As a group we continue to provide a varied range of products to ensure our customers are able to be offered a range of attire. We offer the full range of clothing products including jeans, sportswear and footwear.
Review of current year performance
The main trading arm of the group enjoyed a buoyant year in 2024 which has carried on post year end despite the turbulent global economy. With the Fraser Group PLC absorption of sports and fashion retailers continuing in the year under review, this resulted in further stock opportunities which enabled us to find many deals within our off price clothing market. In turn, this gave us buoyant profitability, despite the reduction in sales.
With so many years experience and a customer and supplier base built up over 30 years we are confident that our business will continue consistently into the foreseeable future.
Key performance indicators
The key performance indicators are turnover, which decreased to £19,235,619 (2023: £20,270,230), operating profit, which increased to £969,967 (2023: £455,989) and net assets, which decreased to £2,120,054 (2023: £2,197,248). The director considers the group to be in a strong financial position.
Future outlook
The group continues to focus on its core business activity, wholesale supply of clothing, whilst developing its ever increasing web presence. Trading since the year end has continued to be profitable at group level, with demand having returned along with there being several new opportunities for the group. The group is looking to grow the customer base, both in the UK and overseas, and further grow its B2C business online. The online businesses continue to grow and we see this continuing in the current year adding more brands and expanding the customer base.
Whilst the current outlook for the economy in general is weak, as a supplier mainly to discounters, whose business typically grows in a recession, we believe we are well positioned to exploit any opportunities presented. This would be through the increased availability of stock from mainline retailers, as their trade weakens, and our connections with those discounters who are able to sell the stock at more affordable prices. We have also had the support of our bankers and financiers through difficult times, and are confident in their continued support going forward.
Consequently, we have confidence that the group has sufficient funds to continue to trade as a going concern for the foreseeable future, and for at least the next 12 months.
B S PROPERTY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties
The management of the business and the execution of the group strategy are subject to a number of risks. These risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.
The key business risk affecting the group are set out below:
Stock authenticity
The group deals in branded clothing within the secondary market and there is a risk that stock acquired may be counterfeit or not approved for sale by the labels in the group's market. The group mitigates this risk through extensive due diligence prior to acquisition, obtaining manufactures certificates of authenticity where relevant.
Stock amortisation
Due to the business model of the group stock is purchased in bulk to meet the demands of customers. This means that the group necessarily carries high quantities of stock which may go out of fashion. To mitigate this risk the group seeks feedback from customers and potential customers before acquiring product, obtaining advance orders wherever possible. The group, its board and staff have also developed extensive knowledge of the industry, its suppliers, customers and products over 30 years in the business as this knowledge and expertise is fully utilised and consulted before acquiring product.
Foreign currency
The group deals with businesses throughout Europe, therefore they can be affected by fluctuations in exchange rates. The group does not purchase hedging rate products but seeks to mitigate the risk by, wherever possible, buying and selling in the same currency.
Competition
The group acknowledges that the principal risk to its business is competition. The group constantly reviews its performance to ensure the level of service and products offered is second to none. In addition the group continues to actively market and promote its products and services.
Funding
The group has a working capital cycle that necessarily requires significant funding. This is provided in the form of equity, through profits retained in the business and debt finance provided through the group's facilities with HSBC bank, which are reviewed annually. The group operates within the facilities provided by its bankers and maintains good relationships with them. All significant security is provided through group property and other assets.
Mr A D Wallington
Director
25 June 2025
B S PROPERTY HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the group continued to be that of a clothing wholesaler, with a secondary principal activity of owning property for rental income.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £401,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr A D Wallington
Financial instruments
Financial risk management
The group has an established, structured approach to risk management. The group's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow risks. The group has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the group to financial risk consist primarily of cash and trade and other debtors. Financial liabilities that expose the group to financial risk consist primarily of trade creditors.
The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and a provision is made for doubtful debts where necessary.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Information referred to in the strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
B S PROPERTY HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr A D Wallington
Director
25 June 2025
B S PROPERTY HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements 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 and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
B S PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B S PROPERTY HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of B S Property Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 September 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.
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 Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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.
B S PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B S PROPERTY HOLDINGS LIMITED
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
Matters on which we are required to report by exception
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.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with management about any known or suspected instances of non-compliance with laws and regulations;
Enquires with management about any known or suspected instances of fraud;
Auditing the risk of fraud in revenue, including through the testing of income cut off at the period end and through sales transaction testing to provide comfort that revenue is completely stated in the financial statements;
Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls; and
Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.
B S PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B S PROPERTY HOLDINGS LIMITED
- 8 -
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's 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.
Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
25 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
B S PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
19,235,618
20,270,230
Cost of sales
(15,679,337)
(17,592,460)
Gross profit
3,556,281
2,677,770
Distribution costs
(356,152)
(324,593)
Administrative expenses
(2,290,614)
(2,152,347)
Other operating income
60,452
255,159
Operating profit
4
969,967
455,989
Interest receivable and similar income
7
314
133
Interest payable and similar expenses
8
(524,699)
(317,934)
Profit before taxation
445,582
138,188
Tax on profit
9
(121,776)
(43,023)
Profit for the financial year
323,806
95,165
Other comprehensive income
Revaluation of tangible fixed assets
490,125
Tax relating to other comprehensive income
4,451
Total comprehensive income for the year
323,806
589,741
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
B S PROPERTY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,000
5,000
Tangible assets
12
2,323,095
2,413,570
Investment property
13
485,000
485,000
Investments
14
11,384
11,384
2,824,479
2,914,954
Current assets
Stocks
16
3,366,590
3,960,626
Debtors
17
2,088,758
1,411,474
Cash at bank and in hand
89,706
90,033
5,545,054
5,462,133
Creditors: amounts falling due within one year
18
(5,528,476)
(5,226,549)
Net current assets
16,578
235,584
Total assets less current liabilities
2,841,057
3,150,538
Creditors: amounts falling due after more than one year
19
(683,444)
(906,027)
Provisions for liabilities
Deferred tax liability
22
37,559
47,263
(37,559)
(47,263)
Net assets
2,120,054
2,197,248
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
1,062,527
1,072,785
Profit and loss reserves
1,057,427
1,124,363
Total equity
2,120,054
2,197,248
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
25 June 2025
Mr A D Wallington
Director
Company registration number 06923308 (England and Wales)
B S PROPERTY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,000
5,000
Tangible assets
12
2,142,285
2,204,050
Investment property
13
485,000
485,000
Investments
14
11,485
11,485
2,643,770
2,705,535
Current assets
Debtors
17
225,183
230,410
Cash at bank and in hand
43,725
9,608
268,908
240,018
Creditors: amounts falling due within one year
18
(345,237)
(426,676)
Net current liabilities
(76,329)
(186,658)
Total assets less current liabilities
2,567,441
2,518,877
Creditors: amounts falling due after more than one year
19
(347,193)
(388,300)
Provisions for liabilities
Deferred tax liability
22
11,205
16,721
(11,205)
(16,721)
Net assets
2,209,043
2,113,856
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
1,062,527
1,072,785
Profit and loss reserves
1,146,416
1,040,971
Total equity
2,209,043
2,113,856
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £496,186 (2023 - £8,178 loss).
The financial statements were approved and signed by the director and authorised for issue on 25 June 2025
25 June 2025
Mr A D Wallington
Director
Company registration number 06923308 (England and Wales)
B S PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100
742,053
1,328,804
2,070,957
Year ended 30 September 2023:
Profit for the year
-
-
95,165
95,165
Other comprehensive income:
Revaluation of tangible fixed assets
-
490,125
-
490,125
Tax relating to other comprehensive income
-
4,451
4,451
Total comprehensive income
-
494,576
95,165
589,741
Dividends
10
-
-
(463,450)
(463,450)
Transfers
-
(163,844)
163,844
-
Balance at 30 September 2023
100
1,072,785
1,124,363
2,197,248
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
323,806
323,806
Dividends
10
-
-
(401,000)
(401,000)
Transfers
-
(10,258)
10,258
-
Balance at 30 September 2024
100
1,062,527
1,057,427
2,120,054
B S PROPERTY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100
742,053
1,348,756
2,090,909
Year ended 30 September 2023:
Loss for the year
-
-
(8,179)
(8,179)
Other comprehensive income:
Revaluation of tangible fixed assets
-
490,125
-
490,125
Tax relating to other comprehensive income
-
4,451
4,451
Total comprehensive income
-
494,576
(8,179)
486,397
Dividends
10
-
-
(463,450)
(463,450)
Transfers
-
(163,844)
163,844
-
Balance at 30 September 2023
100
1,072,785
1,040,971
2,113,856
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
496,187
496,187
Dividends
10
-
-
(401,000)
(401,000)
Transfers
-
(10,258)
10,258
-
Balance at 30 September 2024
100
1,062,527
1,146,416
2,209,043
B S PROPERTY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,070,282
1,573,308
Interest paid
(524,699)
(317,934)
Income taxes refunded/(paid)
36,686
(97,611)
Net cash inflow from operating activities
582,269
1,157,763
Investing activities
Purchase of tangible fixed assets
(30,519)
(11,132)
Proceeds from disposal of tangible fixed assets
-
1,474,878
Proceeds from disposal of investment property
-
437,940
Interest received
314
133
Net cash (used in)/generated from investing activities
(30,205)
1,901,819
Financing activities
Proceeds from borrowings
-
300,000
Repayment of borrowings
(60,000)
-
Repayment of bank loans
(128,585)
(1,073,064)
Payment of finance leases obligations
(35,241)
(164,902)
Dividends paid to equity shareholders
(401,000)
(463,450)
Net cash used in financing activities
(624,826)
(1,401,416)
Net (decrease)/increase in cash and cash equivalents
(72,762)
1,658,166
Cash and cash equivalents at beginning of year
(2,497,121)
(4,155,287)
Cash and cash equivalents at end of year
(2,569,883)
(2,497,121)
Relating to:
Cash at bank and in hand
89,706
90,033
Bank overdrafts included in creditors payable within one year
(2,659,589)
(2,587,154)
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information
B S Property Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The place of business is Telleholme Cottage, Tollgate Road, Burscough, Ormskirk, L40 8LD.
The group consists of B S Property Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The 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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being the parent member of a group which prepares these consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. This company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within these consolidated financial statements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts of financial instruments;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company B S Property Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The director has prepared and made reference to financial budgets covering more than twelve months from the date of approving these financial statements. The budgets support the view that the company and group will have sufficient liquid resources to discharge all liabilities as they fall due for payment. Consequently the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover represents amounts receivable from property rental income and the sale of clothing and branded merchandise, net of VAT and trade discounts. Turnover in respect of property rental income is recognised based on the date of rental. Turnover in respect of the sale of clothing and branded merchandise is recognised on despatch of the goods.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other intangible fixed assets
No depreciation charged
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold improvements
20% straight line
Fixtures, fittings & equipment
10% straight line or 15% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Property rented to a group entity is accounted for as tangible fixed assets.
1.10
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.12
Stocks
Stocks are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.14
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.17
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Classification of property
Freehold land and buildings that are wholly used in the course of the group's business or are earmarked for future group use are held in the parent company for administrative purposes rather than for its investment potential. Consequently, the directors are of the opinion that such freehold land and buildings should be classified as tangible fixed assets rather than as investment property. Freehold land and buildings that are held purely for their investment potential are classified as investment property.
Classification of finance and operating leases
At the inception of each lease, management undertake an assessment of the terms of the lease including payments to be made over the life of the lease, the fair value of the asset subject to the lease, the length of the lease and whether the terms of the lease transfer substantially all of the risks and rewards of ownership.
Based on this assessment, management will determine whether the lease should be classified as a finance or operating lease.
Stock valuation
As detailed in the accounting policies, the company values stock at the lower of cost and net realisable value. The calculations of the recoverable value of product lines requires judgements to be made by management based on current and expected market conditions and trends.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investment property valuation
Investment properties are measured using the fair value model and stated and their fair value as at the reporting date.
At each reporting date the director considers the fair value of the investment properties by reference to current market conditions and yields, and with reference to any recent external valuations completed.
Stock provision
At each balance sheet date, management will review the stock listing and identify balances that are considered to be obsolete based upon their knowledge of the products and the ageing of the stock. Balances considered obsolete are provided for.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Attributable to the principal activities
19,235,618
20,270,230
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,861,463
13,395,346
Rest of World
5,374,155
6,874,884
19,235,618
20,270,230
2024
2023
£
£
Other revenue
Interest income
314
133
Commissions received
1,003
172,417
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(40,179)
(3,866)
Fees payable to the group's auditor for the audit of the group's financial statements
3,250
2,950
Depreciation of owned tangible fixed assets
55,983
69,316
Depreciation of tangible fixed assets held under finance leases
65,011
44,548
Profit on disposal of tangible fixed assets
-
(28,759)
Operating lease charges
32,491
25,626
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales
7
7
-
-
Warehouse and distribution
8
8
-
-
Administrative
6
6
1
1
Total
21
21
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
813,654
735,935
Social security costs
82,856
70,906
-
-
Pension costs
14,823
13,600
911,333
820,441
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
11,880
10,543
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
278
133
Other interest income
36
-
Total income
314
133
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
270,706
238,531
Other interest on financial liabilities
142,845
7,860
Interest on finance leases and hire purchase contracts
15,131
17,933
Other interest
96,017
53,610
Total finance costs
524,699
317,934
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
131,480
3,898
Deferred tax
Origination and reversal of timing differences
(9,324)
34,443
Changes in tax rates
4,682
Adjustment in respect of prior periods
(380)
Total deferred tax
(9,704)
39,125
Total tax charge
121,776
43,023
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
445,582
138,188
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
111,396
30,413
Tax effect of expenses that are not deductible in determining taxable profit
2,828
1,492
Effect of change in corporation tax rate
-
4,682
Permanent capital allowances in excess of depreciation
-
(63)
Depreciation on assets not qualifying for tax allowances
7,932
6,975
Deferred tax adjustments in respect of prior years
(380)
Tax at marginal rate
(476)
Taxation charge
121,776
43,023
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 25 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
(4,451)
The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023. This policy was substantively enacted on 25 May 2021.
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
401,000
463,450
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Other intangible fixed assets
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
138,515
(7,067)
5,000
136,448
Amortisation and impairment
At 1 October 2023 and 30 September 2024
138,515
(7,067)
131,448
Carrying amount
At 30 September 2024
5,000
5,000
At 30 September 2023
5,000
5,000
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Intangible fixed assets
(Continued)
- 26 -
Company
Goodwill
Other intangible fixed assets
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
138,515
5,000
143,515
Amortisation and impairment
At 1 October 2023 and 30 September 2024
138,515
138,515
Carrying amount
At 30 September 2024
5,000
5,000
At 30 September 2023
5,000
5,000
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
2,115,000
14,576
175,741
13,437
309,520
2,628,274
Additions
3,075
22,200
5,244
30,519
At 30 September 2024
2,115,000
17,651
197,941
18,681
309,520
2,658,793
Depreciation and impairment
At 1 October 2023
23,794
2,593
105,100
8,789
74,428
214,704
Depreciation charged in the year
31,725
3,479
16,398
4,381
65,011
120,994
At 30 September 2024
55,519
6,072
121,498
13,170
139,439
335,698
Carrying amount
At 30 September 2024
2,059,481
11,579
76,443
5,511
170,081
2,323,095
At 30 September 2023
2,091,206
11,983
70,641
4,648
235,092
2,413,570
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 27 -
Company
Freehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,115,000
30,025
137,430
2,282,455
Depreciation and impairment
At 1 October 2023
23,794
20,253
34,358
78,405
Depreciation charged in the year
31,725
2,553
27,487
61,765
At 30 September 2024
55,519
22,806
61,845
140,170
Carrying amount
At 30 September 2024
2,059,481
7,219
75,585
2,142,285
At 30 September 2023
2,091,206
9,772
103,072
2,204,050
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
170,081
235,092
75,585
103,072
Land and buildings with a carrying amount of £2,115,000 were revalued at June 2023 by Fitton Estates Limited, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties, as well as in relation to current rental yields.
If the assets were measured using the cost model, the carrying amounts would be as follows:
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 28 -
Land and buildings
2024
2023
£
£
Group
Cost
1,431,133
1,431,133
Accumulated depreciation
(327,402)
(305,935)
Carrying value
1,103,731
1,125,198
Company
Cost
1,431,133
1,431,133
Accumulated depreciation
(327,402)
(305,935)
Carrying value
1,103,731
1,125,198
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
485,000
485,000
Investment properties with a carrying amount of £485,000 were revalued in June 2023 by Fitton Estates, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties, as well as in relation to current rental yields. Other items of investment property have been reviewed by the director in line with reference to market evidence of transaction prices for similar properties and current rental yields at the year end date, with no material change in market valuation in the view of the director.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
358,066
358,066
358,066
358,066
Accumulated depreciation
-
-
-
-
Carrying amount
358,066
358,066
358,066
358,066
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
101
101
Listed investments
11,384
11,384
11,384
11,384
11,384
11,384
11,485
11,485
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2023 and 30 September 2024
11,384
Carrying amount
At 30 September 2024
11,384
At 30 September 2023
11,384
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023 and 30 September 2024
101
11,384
11,485
Carrying amount
At 30 September 2024
101
11,384
11,485
At 30 September 2023
101
11,384
11,485
15
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Brand Search Limited
Richard House, 9 Winckley Square, Preston, PR1 3HP
Ordinary
100.00
Brand Search Workwear Distribution Limited
Richard House, 9 Winckley Square, Preston, PR1 3HP
Ordinary
100.00
Designerwear International Limited
Richard House, 9 Winckley Square, Preston, PR1 3HP
Ordinary
100.00
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,366,590
3,960,626
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,650,775
946,615
4,128
Corporation tax recoverable
12,808
53,825
12,808
12,585
Other debtors
225,543
271,685
212,375
213,697
Prepayments and accrued income
199,632
139,349
2,088,758
1,411,474
225,183
230,410
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
2,772,378
2,699,943
7,789
7,789
Obligations under finance leases
21
35,526
36,769
17,522
17,522
Other borrowings
20
60,000
60,000
Trade creditors
1,242,044
1,503,492
19,985
12,682
Amounts owed to group undertakings
222,000
357,938
Corporation tax payable
131,480
4,331
11,488
4,331
Other taxation and social security
431,739
77,406
5,243
3,134
Other creditors
704,658
679,908
52,376
13,850
Accruals and deferred income
150,651
164,700
8,834
9,430
5,528,476
5,226,549
345,237
426,676
Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the group.
Obligations under hire purchase are secured on the assets to which they relate.
Other borrowings are secured by way of a fixed and floating charge over the assets of one of the subsidiary companies.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
348,169
476,754
278,169
301,754
Obligations under finance leases
21
155,275
189,273
69,024
86,546
Other borrowings
20
180,000
240,000
683,444
906,027
347,193
388,300
Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the group.
Obligations under hire purchase contracts are secured on the assets to which they relate.
Other borrowings are secured by way of a fixed and floating charge over the assets of one of the subsidiary companies.
Amounts included above which fall due after five years are as follows:
Payable by instalments
171,990
194,605
171,990
194,605
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
460,958
589,543
285,958
309,543
Bank overdrafts
2,659,589
2,587,154
Other loans
240,000
300,000
3,360,547
3,476,697
285,958
309,543
Payable within one year
2,832,378
2,759,943
7,789
7,789
Payable after one year
528,169
716,754
278,169
301,754
Bank loans are repayable in monthly instalments, with an interest rate of 3.84% above base rate ending in May 2026 and with an interest rate of 2.6% above base rate ending in July 2036. Bank overdrafts consist of bank overdrafts, invoice discount facilities and stock loans and are all repayable within one year. Other loans are repayable in monthly instalments, with an interest rate of 12%.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
50,657
51,900
24,197
24,197
In two to five years
169,405
220,073
73,474
97,672
220,062
271,973
97,671
121,869
Less: future finance charges
(29,261)
(45,931)
(11,125)
(17,801)
190,801
226,042
86,546
104,068
Finance lease payments represent rentals payable by the company or group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
15,832
25,832
Revaluations
21,727
21,727
Short term timing differences
-
(296)
37,559
47,263
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
(10,522)
(5,006)
Revaluations
21,727
21,727
11,205
16,721
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Deferred taxation
(Continued)
- 33 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
47,263
16,721
Credit to profit or loss
(9,324)
(5,516)
Other
(380)
-
Liability at 30 September 2024
37,559
11,205
As at the signing date of these financial statements, the group has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of accelearted capital allowances cannot be made. All of the short term timing differences are expected to return in the next 12 months.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
14,823
13,600
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
76
76
76
76
Ordinary 'B' shares of £1 each
8
8
8
8
Ordinary 'C' shares of £1 each
16
16
16
16
100
100
100
100
Each class of shares has full voting rights and ranks pari passu in all other respects, other than having different rights to dividends.
25
Financial commitments, guarantees and contingent liabilities
The group is a party to an inter company guarantee in respect of the borrowings of group companies. The companies involved are BS Property Holdings Limited, Brand Search Limited and Designerwear International Limited.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
25,407
80,359
2,062
16,692
Between two and five years
2,751
23,480
-
2,062
28,158
103,839
2,062
18,754
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
118,375
113,325
178,505
173,455
Between two and five years
190,489
276,693
295,717
442,051
308,864
390,018
474,222
615,506
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
11,880
10,543
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
87,277
413,709
98,459
-
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
27
Related party transactions
(Continued)
- 35 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
14,079
14,691
Other related parties
391,727
386,333
Company
Key management personnel
13,850
13,850
Other related parties
38,526
-
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
173,776
171,127
Company
Other related parties
212,374
213,697
Other information
During the year dividends of £401,000 (2023: £463,450) were paid by the group to its director and his close family members.
Guarantees have been given on behalf of the company's subsidiary companies Brand Search Limited and Designerwear International Limited, the details of such guarantees can be found in note 25.
28
Controlling party
The company was under the control of the director throughout the current and previous period.
B S PROPERTY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
323,806
95,165
Adjustments for:
Taxation charged
121,776
43,023
Finance costs
524,699
317,934
Investment income
(314)
(133)
Gain on disposal of tangible fixed assets
-
(28,759)
Depreciation and impairment of tangible fixed assets
120,994
113,864
Movements in working capital:
Decrease in stocks
594,036
1,248,329
(Increase)/decrease in debtors
(656,691)
527,604
Increase/(decrease) in creditors
41,976
(743,719)
Cash generated from operations
1,070,282
1,573,308
30
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
90,033
(327)
89,706
Bank overdrafts
(2,587,154)
(72,435)
(2,659,589)
(2,497,121)
(72,762)
(2,569,883)
Borrowings excluding overdrafts
(889,543)
188,585
(700,958)
Obligations under finance leases
(226,042)
35,241
(190,801)
(3,612,706)
151,064
(3,461,642)
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