REGISTERED NUMBER:
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BIL GROUP LIMITED |
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ABRIDGED AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2022 |
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REGISTERED NUMBER:
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BIL GROUP LIMITED |
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ABRIDGED AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2022 |
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BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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BIL GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Old Station House |
Station Approach |
Newport Street |
Swindon |
Wiltshire |
SN1 3DU |
BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 MAY 2022 |
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31/5/22 | 31/5/21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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Investments | 7 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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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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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings |
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BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2022 |
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1. | STATUTORY INFORMATION |
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BIL Group Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Preparation of consolidated financial statements |
The financial statements contain information about BIL Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. |
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Intangible assets |
Customer lists were amortised evenly over their estimated useful life. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks & work in progress |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. |
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Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2021 |
and 31 May 2022 |
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AMORTISATION |
At 1 June 2021 |
and 31 May 2022 |
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NET BOOK VALUE |
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At 31 May 2022 |
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At 31 May 2021 |
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6. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 June 2021 |
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Additions |
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Disposals | ( |
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At 31 May 2022 |
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DEPRECIATION |
At 1 June 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2022 |
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NET BOOK VALUE |
At 31 May 2022 |
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At 31 May 2021 |
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7. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 June 2021 |
and 31 May 2022 | 351 |
NET BOOK VALUE |
At 31 May 2022 | 351 |
At 31 May 2021 | 351 |
BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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Hire purchase contracts |
31/5/22 | 31/5/21 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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The company has future non-cancellable operating lease commitments of £213,907 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/5/22 | 31/5/21 |
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Bank loans | 1,043,111 | 1,188,944 |
Hire purchase | 27,278 | 61,989 |
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The bank loans, overdraft and invoice discounting loan are secured by fixed and floating charges over the land and property and all other assets present and future, of the company. |
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The hire purchase liability is secured against the machinery to which it relates. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021: |
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31/5/22 | 31/5/21 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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BIL GROUP LIMITED (REGISTERED NUMBER: 02603821) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2022 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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12. | POST BALANCE SHEET EVENTS |
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On 7 June 2022 a capital reduction demerger took place in order to: |
* establish a new holding company - Porte Marsh Properties Limited |
* transfer the company freehold property to Porte Marsh Properties Limited at net book value (£1.49m) as a dividend in specie |
* sell the Company to a third party |
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All charges over the Company's freehold property related to the bank loans were satisfied on 8 June 2022.. |
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The Company now leases its trading premises from Porte Marsh Properties Limited. |