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Registered number: 13912682 BIZ HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
BIZ HOLDINGS LIMITED COMPANY INFORMATION
Directors | M S Smith
| C C Smith
Company secretary | C J Day
Registered number | 13912682
Registered office | Millmarsh Lane
| Brimsdown
| Enfield
| Middlesex
| EN3 7QA
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Causeway House
| 1 Dane Street
| Bishop's Stortford
| Hertfordshire
| CM23 3BT
BIZ HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11 - 12
Company Statement of Changes in Equity | 13 - 14
Consolidated Statement of Cash Flows | 15 - 16
Consolidated Analysis of Net Debt | 17
Notes to the Financial Statements | 18 - 39
BIZ HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 APRIL 2025
Introduction
The Groups principle activities remain the manufacture of commercial Go Kart systems for the leisure industry via Biz Karts Limited, who sell into the UK, European, North American and Middle East markets as well as many other Countries around the World. Whilst Biz Engineering supply fine limit sheet metal fabrications to many customers in the UK.
Business review
The Group has had a mixed year of growth in turnover. Biz Karts sales saw an increase of Q1 11%, with reductions in Q2, Q3 and Q4 giving an average of 15% down year on year. Biz Engineering sales figures were hit by trading difficulties in the Building and Construction sector, however there is a steady growth in turnover of 6% year on year.
Principal risks and uncertainties
Increasing costs of parts, materials and transport seem to be an ongoing issue. The ongoing high inflation rate is causing our cost prices to rise, and we are therefore having to increase our selling prices accordingly where competition allows. The US tariff increases and the confusion around this has had a significant impact on Karts export business for the early part of 2025. Management took a decision to write down some US stock values being held in UK as a prudent measure. The increase in labour costs due to Government legislation increasing Employers’ NI and Minimum Wages have affected our UK customers as well as ourselves and have resulted in lower revenue. The result of these impacts mean that headcount has been reduced along with other cost saving initiatives to mitigate the impact on profits. The high utility costs are impacting our Engineering business mainly due to heavy usage. We have significantly invested in solar panels on our roof to mitigate these increases, but this is still having an impact on our costs. Exchange rates have stabilised which reduces the risk in currency exposure to our foreign customers and suppliers.
Financial key performance indicators
By the end of this accounting period KPI were looking good. Our order books are looking healthier as the tariffs and labour costs become more stable. Margin is on target. Both companies are now performing as expected. The Management Team is energised and ready to continue the success of BIZ Group in the future. This report was approved by the board on 23 January 2026 and signed on its behalf.
M S Smith Director
Page 1
BIZ HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 APRIL 2025 The Directors present their report and the financial statements for the year ended 30 April 2025.
Directors
The Directors who served during the year were:
M S Smith
C C Smith
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £63,887 (2024 - £567,693). The Directors do not propose a final dividend.
Auditors
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 2
BIZ HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
Directors' responsibilities statement
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. 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period. 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. This report was approved by the board and signed on its behalf.
M S Smith Director
Date: 23 January 2026
Page 3
BIZ HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS LIMITED
Opinion
We have audited the financial statements of BIZ Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2025, 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 our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 April 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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. Page 4
BIZ HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion on other matters prescribed by the Companies Act 2006
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.
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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
BIZ HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: Enquiry of management around actual and potential litigation and claims, and any known instances of non-compliance; Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and Reviewing our work throughout the audit file for evidence of non-compliance. 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 Auditors' Report. Page 6
BIZ HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIZ HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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. Richard Vass (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT 23 January 2026 Page 7
BIZ HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 APRIL 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,672,397 | 18,911,115
Cost of sales |  | (10,827,801) | (12,396,545)
Gross profit |  | 5,844,596 | 6,514,570
Distribution costs |  | (260,527) | (245,306)
Administrative expenses |  | (5,085,347) | (5,224,692)
Other operating income | 5 | 37,075 | 13,430
Operating profit | 6 | 535,797 | 1,058,002
Interest receivable and similar income | 10 | 5,698 | 4,468
Interest payable and similar expenses | 11 | (312,139) | (328,414)
Profit before taxation |  | 229,356 | 734,056
Tax on profit | 12 | (141,008) | (166,018)
Profit for the financial year |  | 88,348 | 568,038
Profit/(loss) on foreign exchange |  | 11,788 | 20,108
Other comprehensive income for the year |  | 11,788 | 20,108
Total comprehensive income for the year |  | 100,136 | 588,146
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 24,461 | 345
Owners of the parent Company |  | 63,887 | 567,693
|  | 88,348 | 568,038
The notes on pages 18 to 39 form part of these financial statements.
Page 8
BIZ HOLDINGS LIMITED REGISTERED NUMBER: 13912682 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 3,466,493 |  | 4,055,778
Tangible assets | 14 |  | 13,160,192 |  | 13,336,036
|  |  | 16,626,685 |  | 17,391,814
Current assets |  |  |  |  |
Stocks | 16 | 2,778,404 |  | 3,076,808 |
Debtors: amounts falling due within one year | 17 | 2,276,323 |  | 2,508,411 |
Current asset investments | 18 | 1,300 |  | 1,300 |
Cash at bank and in hand | 19 | 994,698 |  | 1,049,418 |
|  | 6,050,725 |  | 6,635,937 |
Creditors: amounts falling due within one year | 20 | (5,923,191) |  | (7,351,736) |
Net current assets/(liabilities) |  |  | 127,534 |  | (715,799)
Total assets less current liabilities |  |  | 16,754,219 |  | 16,676,015
Creditors: due after more than one year | 21 |  | (32,405) |  | (86,152)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 |  | (2,536,319) |  | (2,504,504)
Net assets |  |  | 14,185,495 |  | 14,085,359
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 500 |  | 500
Share premium account | 26 |  | 5,699,501 |  | 5,699,501
Revaluation reserve | 26 |  | 7,187,693 |  | 7,187,693
Foreign exchange reserve | 26 |  | 11,842 |  | 54
Profit and loss account | 26 |  | 1,247,050 |  | 1,183,163
Equity attributable to owners of the parent Company |  |  | 14,146,586 |  | 14,070,911
Non-controlling interests |  |  | 38,909 |  | 14,448
|  |  | 14,185,495 |  | 14,085,359
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M S Smith
Director
Date: 23 January 2026
The notes on pages 18 to 39 form part of these financial statements. Page 9
BIZ HOLDINGS LIMITED REGISTERED NUMBER: 13912682 COMPANY BALANCE SHEET AS AT 30 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 15 |  | 9,738,084 |  | 9,738,084
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 1 |  | 1 |
Cash at bank and in hand | 19 | 2,355 |  | 2,821 |
|  | 2,356 |  | 2,822 |
Creditors: amounts falling due within one year | 20 | (4,095,190) |  | (4,082,540) |
Net current liabilities |  |  | (4,092,834) |  | (4,079,718)
Net assets |  |  | 5,645,250 |  | 5,658,366
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 500 |  | 500
Share premium account | 26 |  | 5,699,501 |  | 5,699,501
Profit and loss account carried forward |  |  | (54,751) |  | (41,635)
|  |  | 5,645,250 |  | 5,658,366
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M S Smith
Director
Date: 23 January 2026
The notes on pages 18 to 39 form part of these financial statements. Page 10

|  | BIZ HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
|  | Called up share capital | Share premium account | Revaluation reserve | Foreign exchange reserve | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £ | £
| At 1 May 2024 | 500 | 5,699,501 | 7,187,693 | 54 | 1,183,163 | 14,070,911 | 14,448 | 14,085,359
| Comprehensive income for the year |  |  |  |  |  |  |  |
| Profit for the year | - | - | - | - | 63,887 | 63,887 | 24,461 | 88,348
| Foreign exchange movement | - | - | - | 11,788 | - | 11,788 | - | 11,788
| Other comprehensive income for the year | - | - | - | 11,788 | - | 11,788 | - | 11,788
| Total comprehensive income for the year | - | - | - | 11,788 | 63,887 | 75,675 | 24,461 | 100,136
| At 30 April 2025 | 500 | 5,699,501 | 7,187,693 | 11,842 | 1,247,050 | 14,146,586 | 38,909 | 14,185,495
| The notes on pages 18 to 39 form part of these financial statements.
Page 11

|  | BIZ HOLDINGS LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
|  | Called up share capital | Share premium account | Revaluation reserve | Foreign exchange reserve | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £ | £
| At 14 May 2023 | 500 | 5,699,501 | 7,187,693 | (20,054) | 615,470 | 13,483,110 | 14,103 | 13,497,213
| Comprehensive income for the year |  |  |  |  |  |  |  |
| Profit for the year | - | - | - | - | 567,693 | 567,693 | 345 | 568,038
| Foreign exchange movement | - | - | - | 20,108 | - | 20,108 | - | 20,108
| Other comprehensive income for the year | - | - | - | 20,108 | - | 20,108 | - | 20,108
| Total comprehensive income for the year | - | - | - | 20,108 | 567,693 | 587,801 | 345 | 588,146
| Total transactions with owners | - | - | - | - | - | - | - | -
| At 30 April 2024 | 500 | 5,699,501 | 7,187,693 | 54 | 1,183,163 | 14,070,911 | 14,448 | 14,085,359
| The notes on pages 18 to 39 form part of these financial statements.
Page 12

BIZ HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 May 2024 | 500 | 5,699,501 | (41,635) | 5,658,366
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (13,116) | (13,116)
Total comprehensive income for the year | - | - | (13,116) | (13,116)
Total transactions with owners | - | - | - | -
At 30 April 2025 | 500 | 5,699,501 | (54,751) | 5,645,250
| The notes on pages 18 to 39 form part of these financial statements.
Page 13
BIZ HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 APRIL 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 14 May 2023 | 500 | 5,699,501 | (41,256) | 5,658,745
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (379) | (379)
Total comprehensive income for the year | - | - | (379) | (379)
Total transactions with owners | - | - | - | -
At 30 April 2024 | 500 | 5,699,501 | (41,635) | 5,658,366
| The notes on pages 18 to 39 form part of these financial statements.
Page 14
BIZ HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 88,348 | 568,038
Adjustments for: |  |
Amortisation of intangible assets | 541,817 | 538,385
Depreciation of tangible assets | 241,910 | 241,142
Loss on disposal of tangible assets | - | 8,544
Interest paid | 312,139 | 328,414
Interest received | (5,698) | (4,468)
Taxation charge | 141,008 | 166,018
Decrease in stocks | 298,404 | 442,433
Decrease/(increase) in debtors | 232,088 | (381,972)
(Decrease) in creditors | (1,191,140) | (996,937)
Corporation tax (paid) | (153,315) | (137,436)
Net cash generated from operating activities | 505,561 | 772,161
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (7,700) | (15,455)
Sale of intangible assets | 55,168 | 35,000
Purchase of tangible fixed assets | (66,066) | (239,491)
Sale of tangible fixed assets | - | 42,703
Interest received | 5,698 | 4,468
Net cash from investing activities | (12,900) | (172,775)
Page 15
BIZ HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Repayment of loans | (71,736) | (40,890)
Repayment of/new finance leases | (175,294) | (226,622)
Interest paid | (312,139) | (328,414)
Net cash used in financing activities | (559,169) | (595,926)
Net (decrease)/increase in cash and cash equivalents | (66,508) | 3,460
Cash and cash equivalents at beginning of year | 1,049,418 | 1,025,850
Foreign exchange gains and losses | 11,788 | 20,108
Cash and cash equivalents at the end of year | 994,698 | 1,049,418
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 994,698 | 1,049,418
The notes on pages 18 to 39 form part of these financial statements.
Page 16
BIZ HOLDINGS LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 APRIL 2025
| At 1 May 2024 | Cash flows | At 30 April 2025
| £ | £ | £
Cash at bank and in hand | 1,049,418 | (54,720) | 994,698
Debt due within 1 year | (3,894,708) | 70,592 | (3,824,116)
Finance leases | (261,446) | 175,294 | (86,152)
| (3,106,736) | 191,166 | (2,915,570)
The notes on pages 18 to 39 form part of these financial statements.
Page 17
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
1. | General information
The Company is a private Company limited by shares and is incorporated in England and Wales. The address of its registered office is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). 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:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 November 2017.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis. In assessing the appropriateness of the going concern basis, the Directors have taken account of all relevant information covering a period of at least twelve months from the date of approval of the financial statements. The Directors consider it appropriate to continue to use the going concern assumption on the basis that the Company will have sufficient resources to enable it to meet its liabilities as they fall due. Page 18
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model 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. Page 19
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.6 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 10% Reducing balance
|  |  |  | Motor vehicles | - | 25% Reducing balance
|  |  |  | Fixtures and fittings | - | 10% - 25% Reducing balance
|  |  |  | Computer equipment | - | 10% - 25% Reducing balance
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.
| 2.7 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 20
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.12 | 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, 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. 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. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The Page 21
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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. 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. 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. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Page 22
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.15 | Finance costs
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.
| 2.16 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.17 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 23
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.19 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. 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.
| 2.20 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.21 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Pounds Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 24
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 2.Accounting policies (continued)
| 2.22 | Current and deferred taxation
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 balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. Page 25
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Manufacture of karts | 11,221,436 | 13,657,329
| Metal fabrications | 5,450,961 | 5,253,786
|  | 16,672,397 | 18,911,115
| In the opinion of the Directors, the disclosure of turnover by geographical segment would be seriously prejudicial to the interests of the Company and therefore this information has not been disclosed.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 2,520 | 11,103
| Sundry income | 34,555 | 2,327
|  | 37,075 | 13,430
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 19,544 | 36,651
| Other operating lease rentals | 34,596 | 68,886
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 8,415 | 7,550
| Audit of subsidaries | 35,573 | 32,575
| Taxation compliance services | 4,000 | 4,000
| Services relating to corporate finance transactions | - | 13,400
| All other services | 10,869 | 2,048
Page 26
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 3,921,110 | 4,172,314
| Social security costs | 420,803 | 490,320
| Cost of defined contribution scheme | 87,952 | 88,015
|  | 4,429,865 | 4,750,649
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Staff | 78 | 84
|  |  | 80 | 86
| The Company has no employees other than the Director, who did not receive any remuneration (2024 - £NIL).
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 654,659 | 698,838
| Group contributions to defined contribution pension schemes | 6,000 | 6,000
|  | 660,659 | 704,838
| During the year retirement benefits were accruing to 1 Director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £391,938 (2024 - £479,269).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2024 - £NIL).
Page 27
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 5,698 | 4,468
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 302,561 | 312,533
| Finance leases and hire purchase contracts | 9,578 | 14,749
| Other interest payable | - | 1,132
|  | 312,139 | 328,414
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 109,193 | 193,851
| Adjustments in respect of previous periods | - | (88,216)
|  | 109,193 | 105,635
| Foreign tax |  |
| Foreign tax on income for the year | - | 38,642
| Deferred tax |  |
| Origination and reversal of timing differences | 31,815 | 21,741
| Tax on profit | 141,008 | 166,018
Page 28
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 229,356 | 734,056
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 57,339 | 183,514
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | 123,803 | 123,803
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 760 | 532
| Higher rate taxes on overseas earnings | (24,461) | 28,636
| Adjustments to tax charge in respect of prior periods | - | (88,216)
| Changes in unrecognised deferred tax | (10,542) | (74,552)
| Other differences leading to an increase (decrease) in the tax charge | (5,891) | (7,699)
| Total tax charge for the year | 141,008 | 166,018
| Factors that may affect future tax charges
The Group has unrelieved tax losses of approximately £1,494,000 (2024 - £1,803,000) available to be set against future trading profits. No deferred tax has been provided on these losses given uncertainty over when the losses will be utilised Page 29
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
13. | Intangible assets
| Group
|  | Computer software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 May 2024 | 137,244 | 4,952,132 | 5,089,376
| Additions | 7,700 | - | 7,700
| Disposals | (144,944) | - | (144,944)
| At 30 April 2025 | - | 4,952,132 | 4,952,132
| Amortisation |  |  |
| At 1 May 2024 | 43,172 | 990,426 | 1,033,598
| Charge for the year on owned assets | 46,604 | 495,213 | 541,817
| On disposals | (89,776) | - | (89,776)
| At 30 April 2025 | - | 1,485,639 | 1,485,639
| Net book value |  |  |
| At 30 April 2025 | - | 3,466,493 | 3,466,493
| At 30 April 2024 | 94,072 | 3,961,706 | 4,055,778
Page 30

|  | BIZ HOLDINGS LIMITED |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
| 14. | Tangible fixed assets
|  | Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 May 2024 | 11,650,000 | 2,196,276 | 323,971 | 293,706 | 36,939 | 14,500,892
| Additions | - | 7,133 | 27,104 | 31,134 | 695 | 66,066
| Disposals | - | (17,450) | - | - | - | (17,450)
| At 30 April 2025 | 11,650,000 | 2,185,959 | 351,075 | 324,840 | 37,634 | 14,549,508
| Depreciation |  |  |  |  |  |
| At 1 May 2024 | - | 900,186 | 103,820 | 159,675 | 1,175 | 1,164,856
| Charge for the year on owned assets | - | 152,285 | 65,778 | 19,595 | 4,252 | 241,910
| Disposals | - | (17,450) | - | - | - | (17,450)
| At 30 April 2025 | - | 1,035,021 | 169,598 | 179,270 | 5,427 | 1,389,316
| Net book value |  |  |  |  |  |
| At 30 April 2025 | 11,650,000 | 1,150,938 | 181,477 | 145,570 | 32,207 | 13,160,192
| At 30 April 2024 | 11,650,000 | 1,296,090 | 220,151 | 134,031 | 35,764 | 13,336,036
Page 31

BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 14.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 11,650,000 | 11,650,000
Cost or valuation at 30 April 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 2,513,200
|  | At valuation: |
|  | 30 April 2023 | 9,136,800
|  |  | 11,650,000
| The 2025 valuations were made by the directors with reference to valuations provided in 2021 and 2023 by Levy Real Estate LLP and Gilmartin Ley Limited, prepared on an open market value for existing use basis.
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Group |  |
| Cost | 2,513,200 | 2,513,200
| Accumulated depreciation | (335,093) | (335,093)
| Net book value | 2,178,107 | 2,178,107
Page 32
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
15. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 May 2024 | 11,400,000
| At 30 April 2025 | 11,400,000
| Impairment |
| At 1 May 2024 | 1,661,916
| At 30 April 2025 | 1,661,916
| Net book value |
| At 30 April 2025 | 9,738,084
| At 30 April 2024 | 9,738,084
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| BIZ Karts Limited | Ordinary | 100%
| BIZ Engineering Limited | Ordinary | 100%
| BIZ Karts Inc. | Ordinary | 75%
| BIZ Group Holdings Limited | Ordinary | 100%
| The registered address of BIZ Karts Inc. is 3032 NW 25th Ave, Pompano Beach, Florida, 330369, USA. The registered address of all other companies is Millmarsh Lane, Brimsdown, Enfield, EN3 7QA.
Page 33
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
16. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Raw materials and consumables | 2,291,456 | 2,519,884 | - | -
| Work in progress | 139,889 | 140,252 | - | -
| Finished goods and goods for resale | 347,059 | 416,672 | - | -
|  | 2,778,404 | 3,076,808 | - | -
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,491,389 | 1,770,223 | - | -
| Other debtors | 353,618 | 359,113 | 1 | 1
| Prepayments and accrued income | 431,316 | 379,075 | - | -
|  | 2,276,323 | 2,508,411 | 1 | 1
18. | Current asset investments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Unlisted investments | 1,300 | 1,300 | - | -
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 994,698 | 1,049,418 | 2,355 | 2,821
Page 34
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 3,748,115 | 3,819,851 | - | -
| Trade creditors | 1,185,573 | 2,165,516 | - | -
| Amounts owed to group undertakings | - | - | 4,095,190 | 4,082,540
| Corporation tax | 108,299 | 152,421 | - | -
| Other taxation and social security | 521,405 | 621,651 | - | -
| Obligations under finance lease and hire purchase contracts | 53,747 | 175,294 | - | -
| Other creditors | 202,899 | 208,335 | - | -
| Accruals and deferred income | 103,153 | 208,668 | - | -
|  | 5,923,191 | 7,351,736 | 4,095,190 | 4,082,540
| The following liabilities were secured:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Bank loans | 3,748,115 | 3,819,851
| Obligations under finance lease and hire purchase contracts | 53,747 | 175,294
|  | 3,801,862 | 3,995,145
| Details of security provided:
The bank loans are secured against the freehold property and by an unlimited debenture incorporating a fixed and floating charge. Obligations under finance lease and hire purchase contracts are secured over the asset to which they relate.
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Net obligations under finance leases and hire purchase contracts | 32,405 | 86,152 | - | -
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BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
22. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 53,747 | 175,294
| Between 1-5 years | 32,405 | 86,152
|  | 86,152 | 261,446
| The Company did not have any hire purchase or finance lease balances.
23. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | 994,698 | 1,049,418 | 2,355 | 2,821
| Financial assets measured at fair value through profit or loss comprise cash at bank.
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BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
24. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (2,504,504) | (2,482,763)
| Charged to profit or loss | (31,815) | (21,741)
| At end of year | (2,536,319) | (2,504,504)
| Company
|  | 2025 £ | 2024 £
| At beginning of year | - | -
| Charged to profit or loss | - | -
| At end of year | - | -
| The provision for deferred taxation is made up as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (361,205) | (222,582)
| Tax losses carried forward | 105,086 | -
| Pension surplus | 4,000 | 2,278
| Property revaluation | (2,284,200) | (2,284,200)
|  | (2,536,319) | (2,504,504)
25. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 500 Ordinary shares of £1 each | 500 | 500
Page 37
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
26. | Reserves
Share premium account The share premium account records the amount above the nominal value received for shares issued, less any transaction costs. Revaluation reserve The revaluation reserve represents the surplus or deficit arising on the revaluation of freehold property, less associated deferred tax. Foreign exchange reserve The foreign exchange reserve records the foreign exchange differences arising due to translation rate differences. Profit and loss account The profit and loss reserve represents accumulated comprehensive income of the period and prior periods less any dividends paid.
27. | Capital commitments
| At 30 April 2025 the Group and Company had capital commitments as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Contracted for but not provided in these financial statements | 87,665 | -
28. | Pension commitments
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 by the Group to the fund and amounted to £87,952 (2024 - £88,015). Contributions totalling £16,001 (2024 - £14,857) were payable to the fund at the balance sheet date and are included within creditors. Page 38
BIZ HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
29. | Commitments under operating leases
| At 30 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 47,700 | 73,216
| Later than 1 year and not later than 5 years | 40,968 | 28,858
|  | 88,668 | 102,074
| The Company had no commitments under non-cancellable operating leases at the balance sheet date.
30. | Transactions with directors
At 1 May 2024 Director's current accounts totalled £160,260. During the year the Directors made withdrawals of £NIL and repayments of £NIL, leaving a balance of £160,260 due from them as at 30 April 2025. The loan was interest free and repayable on demand.
31. | Related party transactions
| Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
32. | Controlling party
The ultimate controlling party is M S Smith.
Page 39