Company registration number 09090506 (England and Wales)
BISN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BISN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P D Deutch
Mr P J Carragher
Mr D Gupta
Mr J L Hand
Company number
09090506
Registered office
713 Cavendish Avenue
Birchwood
Warrington
Cheshire
England
WA3 6DE
Auditor
Xeinadin Audit Limited
100 Barbirolli Square
Manchester
Greater Manchester
United Kingdom
M2 3BD
BISN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
BISN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

PRINCIPAL ACTIVITIES

BiSN designs, develops, manufactures and markets a range of patented, down-hole sealing solutions for the global oil and gas industry.

2024 was another significant year in BiSN’s continuing development. Further substantial investment was made in the Group’s patented technologies, and major new global customers were added to the customer base. The facilities established in Perth, Western Australia, and Macae, Brazil during 2023 to meet the demand for BiSN’s patented down-hole sealing technologies in these geographies performed well in 2024. Additional new facilities were established in Stavanger, Norway, and Aberdeen, Scotland during 2024, further increasing BiSN’s global coverage and local presence. Further investment has been made in BiSN’s senior management and business development teams in the APAC, Middle Eastern, North American, and European regions. BiSN delivered a record number of major contracts in 2024, deploying the Group’s advanced technologies in Africa, Australia, the Gulf of Mexico, the Middle East, Norway, and South America. BiSN continues to focus on opportunities in the CCS and Gas Storage markets, and it is pleasing to note that the Group’s patented Production Enhancement technology continues to account for an increasing proportion of total revenue.

 

 

 

 

FINANCIAL KEY PERFORMANCE INDICATORS

We use the following key performance indicators to measure and track performance:

 

 

 

KPI

2024

2023

 

$000

$000

Turnover

34,105

27,833

EBITDA*

7,701

7,778

Profit before tax

7,675

5,319

Net Assets

34,337

29,235

Net Cash

14,311

7,058

 

 

*EBITDA is calculated after adjusting for foreign exchange differences

 

BISN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

BiSN's operations expose it to a limited number of financial risks, primarily credit risk, liquidity risk and currency risk:

Credit Risk - Credit checks are undertaken on customers as appropriate and exposures monitored to ensure bad debts are minimised.

 

Liquidity Risk - BiSN regularly forecasts cash flow to ensure that sufficient funds are available for operational requirements.

 

Currency Risk - The group has operations in the US, UK, Brazil, Australia, Canada, and Norway, and trades globally. Oil and gas industry transactions are primarily denominated in US Dollars but not exclusively. The board monitors the level of foreign currency exposure arising from currency fluctuations and looks to mitigate any risk , where possible. The group does not have any forward foreign exchange contracts.

 

Non-financial risks are monitored on a regular basis by the Board. The principal risks and how they are mitigated are set out below:

 

HSE - BiSN has an active health and safety program covering all testing and manufacturing facilities as well as field operations. BiSN actively promotes a safety-first workplace for all employees and operates a stop work policy.

 

Loss of business due to a fall in demand or deterioration in economic climate - the Directors review prospects and sales forecasts on a regular basis.

 

Loss of suppliers - BiSN maintains strong relationships with its suppliers and actively manages its supplier base to ensure that supplies are always available to the group.

RESEARCH AND DEVELOPMENT

BiSN is a technology business and invests significant amounts each year to further the development of the products and solutions that it offers to its customers. BiSN also invests to patent the technology it develops.

 

POLICY ON PAYMENT TO SUPPLIERS

It is BiSN's policy to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided the goods and services in accordance with agreed terms and conditions.

 

OUR PEOPLE

BiSN believes that its people are a real asset to the group and are key to long term success. We have continued to invest in the development of talent within the business. BiSN values the involvement of its employees and keeps them informed on issues affecting them as employees, and on the various factors affecting the group.

 

DISABLED EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of employees becoming disabled every effort is made to ensure that their employment with BiSN continues and that appropriate and relevant training is arranged. It is BiSN's policy that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

On behalf of the board

Mr P J Carragher
Director
11 August 2025
BISN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs A Assarat
(Resigned 19 July 2024)
Mr P D Deutch
Mr P J Carragher
Mr D Gupta
Mr J L Hand
Mr C J Brown
(Resigned 24 May 2024)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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. They are 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.

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.

BISN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr P J Carragher
Director
11 August 2025
BISN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BISN HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of BISN Holdings Limited - USD (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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:

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 Auditor's 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BISN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BISN HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BISN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BISN HOLDINGS LIMITED
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, foreign currency translation, value of stocks and provisions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

 

 

BISN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BISN HOLDINGS LIMITED
- 8 -

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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 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.

(Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
100 Barbirolli Square
Manchester
Greater Manchester
M2 3BD
United Kingdom
11 August 2025
BISN HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
$
$
Turnover
3
34,104,883
27,833,247
Cost of sales
(15,224,436)
(9,292,019)
Gross profit
18,880,447
18,541,228
Administrative expenses
(12,573,742)
(13,240,335)
Operating profit
4
6,306,705
5,300,893
Interest receivable and similar income
8
208,879
17,743
Interest payable and similar expenses
9
(2,447)
-
0
Profit before taxation
6,513,137
5,318,636
Tax on profit
10
(775,396)
(1,239,047)
Profit for the financial year
5,737,741
4,079,589
Profit for the financial year is all attributable to the owners of the parent company.
BISN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
$
$
Profit for the year
5,737,741
4,079,589
Other comprehensive income
Currency translation (loss)/gain arising in the year
(636,258)
1,355,664
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
5,101,483
5,435,253
Total comprehensive income for the year is all attributable to the owners of the parent company.
BISN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
$
$
$
$
Fixed assets
Intangible assets
11
1,739,873
1,661,659
Tangible assets
12
2,150,326
2,714,166
3,890,199
4,375,825
Current assets
Stocks
15
8,525,666
8,919,173
Debtors
16
13,407,502
14,807,515
Cash at bank and in hand
14,311,148
7,058,243
36,244,316
30,784,931
Creditors: amounts falling due within one year
17
(5,797,679)
(5,925,403)
Net current assets
30,446,637
24,859,528
Net assets
34,336,836
29,235,353
Capital and reserves
Called up share capital
20
3,025
3,025
Share premium account
11,279,164
11,279,164
Other reserves
(967,870)
(331,613)
Profit and loss reserves
24,022,517
18,284,777
Total equity
34,336,836
29,235,353
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr P J Carragher
Director
Company registration number 09090506 (England and Wales)
BISN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
13
70,684
60,821
Current assets
Debtors
16
10,467,323
10,581,181
Cash at bank and in hand
52,732
44,182
10,520,055
10,625,363
Creditors: amounts falling due within one year
17
(47,886)
(59,748)
Net current assets
10,472,169
10,565,615
Net assets
10,542,853
10,626,436
Capital and reserves
Called up share capital
20
3,025
3,025
Share premium account
11,279,164
11,279,164
Other reserves
(803,234)
(639,949)
Profit and loss reserves
63,898
(15,804)
Total equity
10,542,853
10,626,436

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 $79,702 (2023 - $14,200 loss).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr P J Carragher
Director
Company registration number 09090506 (England and Wales)
BISN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Share based payment reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
$
Balance at 1 January 2023
3,011
11,242,082
88,465
(1,775,742)
14,205,188
23,763,004
Year ended 31 December 2023:
Profit for the year
-
-
-
-
4,079,589
4,079,589
Other comprehensive income:
Currency translation differences
-
-
-
1,355,664
-
0
1,355,664
Total comprehensive income
-
-
-
1,355,664
4,079,589
5,435,253
Issue of share capital
20
14
37,082
-
-
-
37,096
Balance at 31 December 2023
3,025
11,279,164
88,465
(420,078)
18,284,777
29,235,353
Year ended 31 December 2024:
Profit for the year
-
-
-
-
5,737,741
5,737,741
Other comprehensive income:
Currency translation differences
-
-
-
(636,258)
-
0
(636,258)
Total comprehensive income
-
-
-
(636,258)
5,737,741
5,101,483
Balance at 31 December 2024
3,025
11,279,164
88,465
(1,056,335)
24,022,517
34,336,836
BISN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Currency translation reserve
Profit and loss reserves
Total
Notes
$
$
$
$
$
$
Balance at 1 January 2023
3,011
11,242,082
88,465
(1,291,444)
(1,603)
10,040,511
Year ended 31 December 2023:
Loss for the year
-
-
-
-
(14,201)
(14,201)
Other comprehensive income:
Currency translation differences
-
-
-
563,030
-
0
563,030
Total comprehensive income
-
-
-
563,030
(14,201)
548,829
Issue of share capital
20
14
37,082
-
-
-
37,096
Balance at 31 December 2023
3,025
11,279,164
88,465
(728,414)
(15,804)
10,626,436
Year ended 31 December 2024:
Profit for the year
-
-
-
-
79,703
79,703
Other comprehensive income:
Currency translation differences
-
-
-
(163,285)
-
0
(163,285)
Total comprehensive income
-
-
-
(163,285)
79,703
(83,582)
Balance at 31 December 2024
3,025
11,279,164
88,465
(891,699)
63,898
10,542,853
BISN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
8,571,239
(4,543,669)
Interest paid
(2,447)
-
0
Income taxes (paid)/refunded
(184,355)
387,905
Net cash inflow/(outflow) from operating activities
8,384,437
(4,155,764)
Investing activities
Purchase of intangible assets
(387,299)
(387,514)
Purchase of tangible fixed assets
(324,965)
(927,394)
Proceeds from disposal of tangible fixed assets
(19,287)
-
Repayment of loans
(26,255)
(55,771)
Interest received
208,879
17,743
Net cash used in investing activities
(548,927)
(1,352,936)
Financing activities
Proceeds from issue of shares
-
37,096
Net cash generated from financing activities
-
37,096
Net increase/(decrease) in cash and cash equivalents
7,835,510
(5,471,604)
Cash and cash equivalents at beginning of year
7,058,243
11,283,348
Effect of foreign exchange rates
(582,605)
1,246,499
Cash and cash equivalents at end of year
14,311,148
7,058,243
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

BiSN Holdings Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09090506. The address of the registered office is 713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE.

 

The address of the principal places of business are:

 

713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE

4514 Brittmoore Road, Houston, Texas, 77041.

18 Bellows street, Welshpool, Perth,WA,6106 Australia

R José Cândido Marcillo, Macaé , 27933-400, Brazil

Finnestadsvingen 1,4029,Stavanger, Rogaland,Norway

 

The group consists of BISN Holdings Limited and all of its subsidiaries as listed in Note 14.

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.

Due to the location of the principal activity of the business, the directors consider it appropriate to prepare the accounts in USD$. The functional currency of the group is USD$.

The financial statements have been prepared under the historical cost convention,modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company BISN 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 31 December 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Specifically, revenue from the sale of goods relates to commercial tools used in the application of downhole sealing technology. Revenue is recognised upon completion of assembly of the tools.

Revenue from sales of services relates to:

 

 

Service charges are recognised in the period to which the service relates. Development testing revenue is recognised based on a percentage of the testing performed.

1.6
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.

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:

Software
33.33% straight line
Patents & licences
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation 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:

Leasehold improvements
20% straight Line
Plant and equipment
20% reducing balance and 33.33% straight line
Computers
33.33% straight line
Motor vehicles
25% reducing balance

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.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.8
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, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

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.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
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.

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, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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.

1.18
Foreign exchange

Assets and liabilities in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

 

 

There have been no material accounting judgements nor estimations of uncertainty during the year.

3
Turnover and other revenue
2024
2023
$
$
Turnover analysed by class of business
Testing and qualifying
6,381,419
5,519,863
Sealing Solutions
27,723,464
22,313,384
34,104,883
27,833,247
2024
2023
$
$
Turnover analysed by geographical market
Rest of the world
29,071,969
23,975,482
UK
5,032,914
3,857,765
34,104,883
27,833,247
2024
2023
$
$
Other revenue
Interest income
208,879
17,743
4
Operating profit
2024
2023
$
$
Operating profit for the year is stated after charging:
Exchange losses
172,867
1,445,495
Depreciation of owned tangible fixed assets
859,340
817,315
Loss on disposal of tangible fixed assets
19,287
-
Amortisation of intangible assets
284,898
226,043
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
19,747
6,216
Audit of the financial statements of the company's subsidiaries
99,000
39,830
118,747
46,046
For other services
Taxation compliance services
19,747
404
6
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
Manufacturing and administration
111
93
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
$
$
$
$
Wages and salaries
13,276,836
11,532,536
-
0
-
0
Pension costs
348,825
408,265
-
0
-
0
13,625,661
11,940,801
-
0
-
0
7
Directors' remuneration
2024
2023
$
$
Remuneration for qualifying services
603,724
753,834
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
$
$
Remuneration for qualifying services
573,724
723,834
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
8
Interest receivable and similar income
2024
2023
$
$
Interest income
Interest on bank deposits
208,879
-
0
Other interest income
-
17,743
Total income
208,879
17,743
9
Interest payable and similar expenses
2024
2023
$
$
Interest on bank overdrafts and loans
2,447
-
10
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
1,279,285
1,238,600
Adjustments in respect of prior periods
(526,974)
-
0
Total current tax
752,311
1,238,600
Deferred tax
Origination and reversal of timing differences
23,085
447
Total tax charge
775,396
1,239,047

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
6,513,137
5,318,636
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
1,628,284
1,250,943
Tax effect of expenses that are not deductible in determining taxable profit
(74,501)
1,067
Adjustments in respect of prior years
(686,645)
-
0
Permanent capital allowances in excess of depreciation
10,500
(893)
Overseas profits
210,394
(12,517)
Deferred tax movement
23,085
447
Patent box relief
(335,721)
-
0
Taxation charge
775,396
1,239,047
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
11
Intangible fixed assets
Group
Software
Patents & licences
Total
$
$
$
Cost
At 1 January 2024
348,928
2,304,038
2,652,966
Additions
97,913
289,386
387,299
Exchange adjustments
-
0
(35,280)
(35,280)
At 31 December 2024
446,841
2,558,144
3,004,985
Amortisation and impairment
At 1 January 2024
266,839
724,468
991,307
Amortisation charged for the year
43,155
241,743
284,898
Exchange adjustments
-
0
(11,093)
(11,093)
At 31 December 2024
309,994
955,118
1,265,112
Carrying amount
At 31 December 2024
136,847
1,603,026
1,739,873
At 31 December 2023
82,089
1,579,570
1,661,659
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

 

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Computers
Motor vehicles
Total
$
$
$
$
$
Cost
At 1 January 2024
870,909
4,892,851
591,410
26,896
6,382,066
Additions
54,165
205,335
65,465
-
0
324,965
Exchange adjustments
(10,308)
(28,994)
(6,484)
(412)
(46,198)
At 31 December 2024
914,766
5,069,192
650,391
26,484
6,660,833
Depreciation and impairment
At 1 January 2024
450,261
2,759,611
442,652
15,376
3,667,900
Depreciation charged in the year
142,655
632,479
81,370
2,835
859,339
Exchange adjustments
(1,809)
(13,081)
(1,607)
(235)
(16,732)
At 31 December 2024
591,107
3,379,009
522,415
17,976
4,510,507
Carrying amount
At 31 December 2024
323,659
1,690,183
127,976
8,508
2,150,326
At 31 December 2023
420,648
2,133,240
148,758
11,520
2,714,166
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
$
$
$
$
Investments in subsidiaries
14
-
0
-
0
70,684
60,821
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 January 2024
60,821
Additions
9,863
At 31 December 2024
70,684
Carrying amount
At 31 December 2024
70,684
At 31 December 2023
60,821
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BiSN Oil Tools Limited
713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE
Ordinary
100.00
BiSN Oil Tools LLC
45143 Brittmore Road, Houston, Texas, 77,041
Ordinary
100.00
BiSN Australia PTY Limited
18 Bellows Street, Welshpool, WA 6106
Ordinary
100.00
BiSN Tec Limited
713 Cavendish Avenue, Birchwood, Warrington, WA3 6DE
Ordinary
100.00
BiSN Holdings Limited (Brazil)
R. José Cândido Marcillo, Macáe, Brazil 27933-400.
Ordinary
100.00
BiSN Norway AS
Troneshagen, 18B 4317, Sandness,Norway.
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
$
$
$
$
Finished goods and goods for resale
8,525,666
8,919,173
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
$
$
$
$
Trade debtors
10,942,681
11,813,053
-
0
-
0
Corporation tax recoverable
20,881
16,570
-
0
-
0
Amounts owed by group undertakings
-
-
10,456,278
10,575,137
Other debtors
1,550,633
729,459
4,640
86
Prepayments and accrued income
826,125
2,044,902
6,405
5,958
13,340,320
14,603,984
10,467,323
10,581,181
Deferred tax asset (note 18)
67,182
203,531
-
0
-
0
13,407,502
14,807,515
10,467,323
10,581,181
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
$
$
$
$
Trade creditors
2,153,641
1,549,370
16,177
7,926
Amounts owed to group undertakings
-
0
-
0
31,709
45,454
Corporation tax payable
1,552,934
1,093,931
-
0
-
0
Other taxation and social security
350,468
341,011
-
-
Other creditors
113,179
102,323
-
0
-
0
Accruals and deferred income
1,627,457
2,838,768
-
0
6,368
5,797,679
5,925,403
47,886
59,748
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
$
$
Accelerated capital allowances
331,924
355,009
Other
(264,742)
(151,478)
67,182
203,531
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
$
$
Asset at 1 January 2024
(203,531)
-
Charge to profit or loss
136,349
-
Asset at 31 December 2024
(67,182)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
348,825
408,265
BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Retirement benefit schemes
(Continued)
- 30 -

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary of 0.1p each
1,047,875
1,047,875
1,375
1,375
A Shares of 0.1p each
235,295
235,295
370
370
B Shares of 0.1p each
440,000
440,000
599
599
B2 Shares of 0.1p each
500,000
500,000
681
681
2,223,170
2,223,170
3,025
3,025
21
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
920,747
855,242
-
-
Between two and five years
2,011,944
2,408,441
-
-
In over five years
91,478
-
-
-
3,024,169
3,263,683
-
-
22
Directors' transactions

During the 2021, the company made a loan to Mr P Carragher of $250,000. The company charged interest on amounts owed by Mr P Carragher at bank base rate plus 1%. The interest accrued in the year is $17,044 (2023:$14,982) The full amount is outstanding at the reporting date is $290,615(2023:$ 273.570)

 

Mr P Carragher had a separate loan balance owed to the company of $79,792 (2024 $39,150) at the reporting date.

BISN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
23
Cash generated from/(absorbed by) group operations
2024
2023
$
$
Profit after taxation
5,737,741
4,079,589
Adjustments for:
Taxation charged
775,396
1,239,047
Finance costs
2,447
-
0
Investment income
(208,879)
(17,743)
Loss on disposal of tangible fixed assets
19,287
-
Amortisation and impairment of intangible assets
284,898
226,043
Depreciation and impairment of tangible fixed assets
859,339
817,315
Movements in working capital:
Decrease/(increase) in stocks
393,507
(5,186,497)
Decrease/(increase) in debtors
1,294,230
(7,675,319)
(Decrease)/increase in creditors
(586,727)
1,973,896
Cash generated from/(absorbed by) operations
8,571,239
(4,543,669)
24
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
$
$
$
Cash at bank and in hand
7,058,243
7,252,905
14,311,148
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200No description of principal activityMrs A AssaratMr P D DeutchMr P J CarragherMr D GuptaMr J L HandMr C J 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