Registered number: NI681185
For the year ended 30 September 2024
Breezemount Group Holdings Limited
Company Information
Breezemount Group Holdings Limited
Contents
Breezemount Group Holdings Limited
Group strategic report
For the year ended 30 September 2024
The directors present their Strategic report for the year ended 30 September 2024.
The principal activities of the Group was 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 Group also holds a number of properties for investment purposes.
The results for the Group show a pre-tax profit of £863,337 (2023: £764,116) for the year ended 30 September 2024 and turnover for the year of £20,903,074 (2023: £20,088,702). The Group’s net assets at 30 September 2024 were £10,063,147 (2023: £9,173,280). The directors consider the results for the year and the position of the Group at the year end to be satisfactory.
The results for the Group show a pre-tax profit of £863,337 (2023: £764,116) for the year ended 30 September 2024 and turnover for the year of £20,903,074 (2023: £20,088,702). The Group’s net assets at 30 September 2024 were £10,063,147 (2023: £9,173,280). The directors consider the results for the year and the position of the Group at the year end to be satisfactory.
The Group's operations expose it to a variety of financial risks including liquidity risk. The Group 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 Group, 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 Group's finance department.
Price risk
The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group'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 Group's operations change in size or nature. The Group 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 Group has implemented policies that require appropriate credit checks on potential 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 Group uses bank and group financing facilities as required.
Given the size of the Group, 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 Group's finance department.
Price risk
The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group'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 Group's operations change in size or nature. The Group 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 Group has implemented policies that require appropriate credit checks on potential 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 Group uses bank and group financing facilities as required.
The Group considers profit before tax to be an important indicator of underlying performance of the business which was £863,337 (2023: £764,116).
This report was approved by the board on 29 September 2025 and signed on its behalf.
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Breezemount Group Holdings Limited
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 Group strategic report, the Directors' report and the consolidated 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 Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £947,764 (2023: £508,215).
A dividend of £58,000 (2023: £Nil) has been paid during the year.
The directors who served during the year were:
Subsidiary entities within the Group have ceased trading post year end.
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Breezemount Group Holdings Limited
Directors' report (continued)
For the year ended 30 September 2024
Subsidiary entities within the Group have ceased trading on 31 March 2025 due to the decision to terminate a contract with a key customer.
The auditor, Sumer Auditco NI Limited, 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.
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Breezemount Group Holdings Limited
Independent auditor's report to the members of Breezemount Group Holdings Limited
We have audited the financial statements of Breezemount Group Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
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 or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Breezemount Group Holdings Limited
Independent auditor's report to the members of Breezemount Group Holdings Limited (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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Breezemount Group Holdings Limited
Independent auditor's report to the members of Breezemount Group Holdings Limited (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 Group 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.
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Breezemount Group Holdings Limited
Independent auditor's report to the members of Breezemount Group Holdings Limited (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
Statutory Auditors
Glendinning House
6 Murray Street
BT1 6DN
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Breezemount Group Holdings Limited
Consolidated statement of comprehensive income
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Registered number: NI681185
Consolidated 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 16 to 33 form part of these financial statements.
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Breezemount Group Holdings Limited
Registered number: NI681185
Company 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 16 to 33 form part of these financial statements.
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Breezemount Group Holdings Limited
Consolidated statement of changes in equity
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Company statement of changes in equity
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Consolidated statement of cash flows
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Consolidated statement of cash flows (continued)
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Consolidated analysis of net debt
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
Breezemount Group Holdings Limited is a private company, limited by shares, registered in Northern Ireland. The Group's registered address and 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
On 29 February 2024, the Company became the new holding company of the Breezemount Group Ltd group via a share for share exchange. The reorganisation has been accounted for as a group reconstruction and satisfies the criteria for applying merger accounting under FRS 102 Section 19.
The use of merger accounting reflects the substance of the business combination, which qualifies as a group reconstruction. In a group reconstruction, there is no substantive change to the ownership interests or control of the ultimate shareholders, and the combination is carried out for the purpose of reorganising existing entities within the group rather than acquiring a business.
Accordingly, the consolidated financial statements present the results of the Group as if the new holding company had always been the parent undertaking. The comparative figures are therefore presented as if the reorganisation had occurred at the beginning of the earliest period presented.
The use of merger accounting reflects the substance of the business combination, which qualifies as a group reconstruction. In a group reconstruction, there is no substantive change to the ownership interests or control of the ultimate shareholders, and the combination is carried out for the purpose of reorganising existing entities within the group rather than acquiring a business.
Accordingly, the consolidated financial statements present the results of the Group as if the new holding company had always been the parent undertaking. The comparative figures are therefore presented as if the reorganisation had occurred at the beginning of the earliest period presented.
In September 2024, the Group made the decision to terminate a contract with a key customer, which had historically represented 100% of its revenue. The trading operations ceased on 31 March 2025.
As a result of the this decision, the Group 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 reviewed the resources available to the Group and consider that they are sufficient to continue to meet their liabilities as they fall due and therefore consider it appropriate to prepare the financial statements on a going concern basis.
As a result of the this decision, the Group 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 reviewed the resources available to the Group and consider that they are sufficient to continue to meet their liabilities as they fall due and therefore consider it appropriate to prepare the financial statements on a going concern basis.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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Breezemount Group Holdings Limited
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.
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Breezemount Group Holdings Limited
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.
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 Group'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.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
2.Accounting policies (continued)
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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The 2024 valuations were made by the directors, on an open market value for existing use basis.
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
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Breezemount Group Holdings Limited
Notes to the financial statements
For the year ended 30 September 2024
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £220,111 (2023: £230,927). Contributions totaling £40,638 (2023: £40,821) were payable to the fund at the balance sheet date and are included in creditors.
The ultimate controlling party is the Shields Family Trust.
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