Registered number: NI635503
For the year ended 30 September 2024
Breezemount Services Ltd
Company Information
Breezemount Services Ltd
Contents
Breezemount Services Ltd
Strategic report
For the year ended 30 September 2024
The Directors present their Strategic Report for the year ended 30 September 2024.
The principal activity of the Company is the provision of logistics and home delivery services for both retail and e-commerce clients throughout the UK, operating from a number of distribution locations.
The results for the Company show a pre-tax loss of £1,060,465 (2023: profit of £344,708) for the year ended 30 September 2024 and turnover for the year of £20,230,000 (2023: £19,135,495). The company’s net assets at 30 September 2024 were £100,121 (2023: £2,191,277). The directors consider the results for the year and the position of the Company at the year end to be satisfactory.
The results for the Company show a pre-tax loss of £1,060,465 (2023: profit of £344,708) for the year ended 30 September 2024 and turnover for the year of £20,230,000 (2023: £19,135,495). The company’s net assets at 30 September 2024 were £100,121 (2023: £2,191,277). The directors consider the results for the year and the position of the Company at the year end to be satisfactory.
The Company's operations expose it to a variety of financial risks that include the effects of changes in commodity prices, credit risk and liquidity risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Given the size of the Company, the directors have not delegated the responsibility of monitoring the financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature. The Company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The Company has implemented policies that require appropriate credit checks on ootential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future development, the Company uses bank and group financing facilities as required.
Given the size of the Company, the directors have not delegated the responsibility of monitoring the financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Company's finance department.
Price risk
The Company is exposed to commodity price risk as a result of its operations. However, given the size of the Company's operations, the costs of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the Company's operations change in size or nature. The Company has no exposure to equity securities price risk as it holds no listed or other equity investments.
Credit risk
Credit risk arises from cash and cash equivalents with banks and financial institutions, as well as credit exposure to customers. The Company has implemented policies that require appropriate credit checks on ootential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board. The financial position of banks and financial institutions utilised is regularly assessed by the board of directors.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future development, the Company uses bank and group financing facilities as required.
Page 1
Breezemount Services Ltd
Strategic report (continued)
For the year ended 30 September 2024
The Company considers turnover and operating loss to be the main key performance indicators of the business which were £20,230,000 (2023: £19,135,495) and £1,050,919 (2023: operating profit of £328,255) respectively.
This report was approved by the board on 29 September 2025 and signed on its behalf.
Page 2
Breezemount Services Ltd
Directors' report
For the year ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £976,038 (2023 - profit £78,808).
A dividend of £1,000,000 (2023: £1,000,000) was paid during the year.
The directors who served during the year were:
Page 3
Breezemount Services Ltd
Directors' report (continued)
For the year ended 30 September 2024
The Company ceased trading on 31 March 2025 due to the decision of its fellow group undertaking to terminate the contract with a key customer.
The auditor, Sumer Auditco NI Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 29 September 2025 and signed on its behalf.
Page 4
Breezemount Services Ltd
Independent auditor's report to the members of Breezemount Services Ltd
We have audited the financial statements of Breezemount Services Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We draw attention to note 2.3 in the financial statements, which indicates that the Company ceased trading on 31 March 2025 following a decision taken in September 2024, by a fellow group undertaking, to terminate a contract with a key customer. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included a review of post year end management accounts and the receipt of a letter of financial support from the Company's ultimate parent company.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5
Breezemount Services Ltd
Independent auditor's report to the members of Breezemount Services Ltd (continued)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Page 6
Breezemount Services Ltd
Independent auditor's report to the members of Breezemount Services Ltd (continued)
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which they operate, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to revenue.
We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, revenue cut off testing and agreeing a sample of revenue items to dispatch documentation.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Page 7
Breezemount Services Ltd
Independent auditor's report to the members of Breezemount Services Ltd (continued)
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.
for and on behalf of
Glendinning House
6 Murray Street
Co. Antrim
BT1 6DN
Page 8
Breezemount Services Ltd
Statement of comprehensive income
For the year ended 30 September 2024
Page 9
Breezemount Services Ltd
Registered number: NI635503
Balance sheet
As at 30 September 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025 .
The notes on pages 12 to 29 form part of these financial statements.
Page 10
Breezemount Services Ltd
Statement of changes in equity
For the year ended 30 September 2024
Page 11
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
Breezemount Services Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company information page.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Breezemount Group Holdings Limited as at 30 September 2024 and these financial statements may be obtained from Registry of Companies, Crown Way, Cardiff, CF14 3UZ.
Page 12
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
As a result of the Company's decision to cease trading, the Company has posted a number of adjustments to the financial statements, including:
Impairment of fixed assets
Following a review of the carrying values of certain fixed assets, an impairment charge of £460,470 has been recognised to reflect reduced recoverable amounts.
Redundancy costs and contract liabilities
Restructuring activities, including an assessment of various contracts with suppliers, have led to the recognition of additional provisions of £1,210,408.
The directors have prepared the financial statements on a going concern basis on the assumption that the Company will continue to be able to meet its liabilities when they fall due. However, we note that the Company has no on-going revenue stream as it was solely reliant on providing services to a fellow group party which has terminated it contract with its key customer.
These circumstances indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.
Notwithstanding these uncertainties, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include the adjustments that would arise if the company were unable to continue as a going concern.
Page 13
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 14
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Page 15
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 16
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Page 17
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 18
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 19
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
Page 20
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
Page 21
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
11.Taxation (continued)
Page 22
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
Page 23
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
||||||
|
|
Page 24
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
13.Tangible fixed assets (continued)
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 25
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
13.Tangible fixed assets (continued)
Page 26
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
Page 27
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
|||||
|
|
Page 28
Breezemount Services Ltd
Notes to the financial statements
For the year ended 30 September 2024
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £204,898 (2023: £209,987) . Contributions totaling £38,971 (2023: £36,226) were payable to the fund at the balance sheet date and are included in creditors.
The immediate parent undertaking of the Company is Breezemount Group Ltd, a company
incorporated in Northern Ireland.
The ultimate parent undertaking of the Company is Breezemount Group Holdings Limited, a company incorporated in Northern Ireland.
The largest and smallest group in which the results of Breezemount Services Ltd are consolidated is that headed by Breezemount Group Holdings Limited. Copes of the group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is the Shields Family Trust.
incorporated in Northern Ireland.
The ultimate parent undertaking of the Company is Breezemount Group Holdings Limited, a company incorporated in Northern Ireland.
The largest and smallest group in which the results of Breezemount Services Ltd are consolidated is that headed by Breezemount Group Holdings Limited. Copes of the group financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is the Shields Family Trust.
Page 29