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Registered number: 13775428
BIDVEST PROPERTIES UK LIMITED
Financial statements
Information for filing with the registrar
For the Year Ended 30 June 2025
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BIDVEST PROPERTIES UK LIMITED
Registered number: 13775428
Statement of financial position
As at 30 June 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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BIDVEST PROPERTIES UK LIMITED
Registered number: 13775428
Statement of financial position (continued)
As at 30 June 2025
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 August 2025.
The notes on pages 3 to 17 form part of these financial statements.
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BIDVEST PROPERTIES UK LIMITED
Statement of changes in equity
For the Year Ended 30 June 2025
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 3 to 17 form part of these financial statements.
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BIDVEST PROPERTIES UK LIMITED
Statement of changes in equity
For the Year Ended 30 June 2024
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 17 form part of these financial statements.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
Bidvest Properties UK Limited is a Private company, limited by shares, incorporated and domiciled in England & Wales with the registered office in 809 Salisbury House, 29 Finsbury Circus, London, EC2M 7AQ. The principal activity of the company during the year has been the letting and operating of own or leased real estate.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
The Company's functional and presentational currency is GBP.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the directors report.
In evaluating the going concern status of the company, the Directors have taken into account the amounts owed to The Bidvest Group (UK) Plc, repayable in September 2026. A letter of support has been obtained from the parent, confirming its intention to provide financial support as required to enable the company to meet its obligations as they fall due. In addition, the parent will not seek repayment of the loan unless adequate alternative financing has been secured.
In considering the ability and intent of its parent to provide continued support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
The following principal accounting policies have been applied consistently throughout the year and all the periods presented:
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payment
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held For Sale and Discontinued Operations
∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
- paragraph 50 of IAS 41 Agriculture
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙ the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36
impairment of Assets.
∙ the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.
The Company's ultimate parent undertaking, The Bidvest Group Limited, includes the Company in its consolidated financial statements.
The consolidated financial statements of The Bidvest Group Limited are prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the International Accounting Standards Board. These are publicly available and may be obtained from Bidvest House, 18 Crescent Drive, Melrose Arch, 2196, South Africa.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions (continued)
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New standards, amendments and IFRIC interpretations
There are no new IFRS accounting standards, no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 30 June 2025 that are applicable to the Company or have had a material impact on the Company’s financial statements.
The company has applied the following standards and amendments for the first time for its annual reporting period commencing 1 July 2024:
- International Tax Reform – Pillar Two Model Rules – amendments to IAS 12.
The amendments listed above did not have any material impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods.
Rental income from operating leases, which have fixed determinable escalation, is recognised in the statement of profit or loss and other comprehensive income on a straight-line basis.
The Company as a lessor
Leases for which the company is a lessor are classified as operating leases.
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
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Leased assets: the Company as lessee
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The Company assesses whether a contract is or contains a lease: at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax assets and liabilities
A deferred tax liability is recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from the initial recognition of an asset or liability in a transaction which at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised. A deferred tax asset is not recognised when it arises from the initial recognition of an asset or liability in a transaction at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss).
A deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current and deferred taxes are recognised as income or an expense and included in profit or loss for the period, except to the extent that the tax arises from:
• a transaction or event which is recognised, in the same or a different period, to other comprehensive income, or
• a business combination.
Current tax and deferred taxes are charged or credited to other comprehensive income if the tax relates to items that are credited or charged, in the same or a different period, to other comprehensive income.
Current tax and deferred taxes are charged or credited directly to equity if the tax relates to items that are credited or charged, in the same or a different period, directly in equity.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
The company assesses at each end of the reporting period whether there is any indication that an asset may be impaired. If any such indication exists, the company estimates the recoverable amount of the asset.
The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
If the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is an impairment loss.
An impairment loss of assets carried at cost less any accumulated depreciation or amortisation is recognised immediately in profit or loss.
In respect of trade receivables, receivables with a short duration are not discounted. Receivables that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables and banking advances, where the carrying amount is reduced through the use of an impairment allowance account. When a trade receivable or banking advance is considered uncollectable, it is written off against the impairment allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the impairment allowance account are recognised in the statement of profit or loss and other comprehensive income.
Impairment losses are reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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Long-term leasehold property
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This will be depreciated over the lease term of
the property.
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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.
The company applies the cost model in accounting for investment property.
Investment properties are recognised as an asset when, and only when, it is probable that the future economic benefits that are associated with the investment properties will flow to the Company, and the cost of the investment properties can be measured reliably.
Investment properties are initially recognised at cost. Transaction costs are included in the initial measurement. Land is stated at cost on acquisition and is not depreciated.
Buildings are reflected at historical cost less accumulated depreciation and accumulated impairment losses. Buildings are depreciated on the straight-line basis over their estimated useful lives, taking into account any residual values.
Subsequent expenditure relating to investment properties is capitalised when it is probable that future economic benefits will be increased. All other subsequent expenditure is recognised as an expense in the period in which it is incurred.
Profit or loss on the sale of investment properties is recognised in the statement of profit or loss and other comprehensive income.
In line with company policy, a formal valuation of the properties by an independent valuer is obtained every three years.
A financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Financial instruments held by the company are classified in accordance with the provisions of IFRS 9 Financial Instruments.
The specific accounting policies for the classification, recognition and measurement of each type of
financial instrument held by the company are presented below:
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade and other receivables
Classification
Trade and other receivables, excluding, when applicable, VAT and prepayments, are classified as financial assets subsequently measured at amortised cost.
Recognition and Measurement
Trade and other receivables are recognised when the company becomes a party to the contractual provisions of the receivables. They are measured, at initial recognition, at fair value plus transaction costs, if any.
Trade receivables without a significant financing component are initially measured at the transaction price.
Impairment
The company recognises a loss allowance for expected credit losses on trade and other receivables, excluding VAT and prepayments. The amount of expected credit losses is updated at each reporting date.
The company measures the loss allowance for trade and other receivables at an amount equal to lifetime expected credit losses (lifetime ECL), which represents the expected credit losses that will result from all possible default events over the expected life of the receivable.
Measurement and recognition of expected credit losses
The company makes use of a provision matrix as a practical expedient to the determination of expected credit losses on trade and other receivables. The provision matrix is based on historic credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current and forecast direction of conditions at the reporting date, including the time value of money, where appropriate.
De-recognition policy
The company derecognises a receivable when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Receivables written off may still be subject to enforcement activities under the company recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Borrowings and loans from related parties
Classification
Amounts owing by (to) group companies (note 16) are classified as financial liabilities subsequently measured at amortised cost.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Trade and other Payables
Classification
Trade and other payables (note 16), excluding VAT and amounts received in advance, are classified as financial liabilities subsequently measured at amortised cost.
Cash and cash equivalents
Cash and cash equivalents are stated at carrying amount which is deemed to be fair value.
For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held on call with banks net of bank overdrafts and investment in money market instruments, all of which are available for use by the Company unless otherwise stated.
Derecognition
Financial assets
The company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.
Financial Liabilities
The company derecognises financial liabilities when and only when, the company obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
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Distributions to shareholder
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Distributions to the shareholder are accounted for once they have been approved by the board of directors.
The cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as paid vacation leave and sick leave, bonuses, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted.
Leave benefits due to employees are recognised as a liability in the financial statements.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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The average monthly number of employees, including the directors, during the year was as follows:
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Long-term leasehold property
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Charge for the year on owned assets
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The net book value of land and buildings may be further analysed as follows:
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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Freehold investment property
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In relation to its investment properties, the company has taken the decision to apply the cost model to such assets. In line with company policy, a formal valuation of the properties by an independent valuer is obtained every three years. In the interim period, management is deemed to have sufficient experience and skill to perform this valuation. At 30 June 2025, the total valuation of the investment property portfolio made by Drake & Partners LLP on an open market value for existing use basis was £19,490,000. Values were between 1% and 114% above the cost across the portfolio. Sensitivity has been disclosed within Note 3. At 30 June 2024, the valuation of the investment properties was £17,666,457. These valuations have been determined with regard to experience of the market and rental yields, and is classified as Level 3 as defined by IFRS 13. An exemption has been taken under FRS 101 from disclosing the valuation techniques and inputs used for fair value measurements.
Investment properties are depreciated on the straight-line basis over their estimated useful lives, taking into account any residual values. Since the residual value exceeds or is equal to the carrying value of the assets, no depreciation has been charged.
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Amounts owed by group undertakings
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Prepayments and accrued income
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
7.Debtors (continued)
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The amount of £100 owed by group undertakings are interest-free and repayable on demand.
Trade debtors are stated after provisions of impairments of £14,236 (2024:£14,236) .
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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An amount owed to the Bidvest Group (UK) Plc of £16,623,936 (2024: £16,623,936) is unsecured, interest is charged at a fixed rate of 4.3% and repayable on or before 23 September 2026 which is just outside the official going concern assessment period, the Directors have been given no indication that the facility would not be extended on similar terms, and have therefore obtained a letter of support from the lender.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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The company rents its investment properties under operating leases.
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The following table summarises the undiscounted lease payments receivable after the reporting date.
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Between one and two years
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Between two and three years
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Between three and four years
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Between four and five years
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Total undiscounted lease payments receivable
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The present value of minimum lease payments is analysed as follows:
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Impact of finance expenses
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During the year, depreciation of £97 (2024:£97) and interest of £147 (2024:£148) charged in the income statements and the total cash outflow for leases was £190 (2024:£190).
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At year end, the company has neither financial assets measured at fair value through profit or loss (FVTPL) nor those measured at fair value through other comprehensive income (FVOCI). Financial assets measured at fair value through profit or loss comprise cash at the bank.
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Accelerated capital allowances
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Charged to the income statement
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Charged to the income statement
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Allotted, called up and fully paid
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100 (2024 - 100) Ordinary shares of £1.00 each
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BIDVEST PROPERTIES UK LIMITED
Notes to the financial statements
For the Year Ended 30 June 2025
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Related party transactions
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Included in creditors more than one year is a loan amount of £16,623,936 (2024:£16,623,936) owed to group undertaking. During the year, the company paid interest at the rate of 4.30% per annum totalling to £714,335 (2024:£695,174) on the loan. The loan is repayable on or before 23 September 2026.
During the year, the company charged rents totalling £979,053 (2024:£859,701) to a group undertaking. During the year, the company purchased professional services (Administration Services) of £25,821 (2024:£24,404) from the related party.
Included in Accruals and deferred income due within one year is an amount of £202,069 (2024:£183,187) owed to a group undertaking. The amount is interest-free and repayable on demand.
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Post balance sheet events
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There are no material post balance sheet events that require disclosure.
The immediate parent and controlling company is The Bidvest Group (UK) Plc and ultimate parent company is The Bidvest Group Limited, a company based in South Africa.
The ultimate holding company, controlling party and parent of the smallest and largest group of which the company is a member and for which consolidated financial statements are prepared is The Bidvest Group Limited, which is incorporated and registered in South Africa. Copies of the group financial statements are publicly available from 18 Crescent Drive, Melrose Arch, 2196, South Africa.
The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 6 August 2025 by Ian Dudley (Senior statutory auditor) on behalf of PricewaterhouseCoopers LLP.
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