0
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
2020-07-01
Sage Accounts Production Advanced 2020 - FRS102_2019
2,500
1,700,000
2,062,550
2,062,550
2,062,550
xbrli:pure
xbrli:shares
iso4217:GBP
11929634
2020-07-01
2021-06-30
11929634
2021-06-30
11929634
2019-07-01
2020-06-30
11929634
2020-06-30
11929634
bus:RegisteredOffice
2020-07-01
2021-06-30
11929634
bus:LeadAgentIfApplicable
2020-07-01
2021-06-30
11929634
bus:Director1
2020-07-01
2021-06-30
11929634
bus:Director2
2020-07-01
2021-06-30
11929634
bus:Director3
2020-07-01
2021-06-30
11929634
core:WithinOneYear
2021-06-30
11929634
core:ShareCapital
2019-07-01
2020-06-30
11929634
core:RetainedEarningsAccumulatedLosses
2019-07-01
2020-06-30
11929634
core:RetainedEarningsAccumulatedLosses
2020-07-01
2021-06-30
11929634
core:ShareCapital
2021-06-30
11929634
core:ShareCapital
2020-06-30
11929634
core:RetainedEarningsAccumulatedLosses
2021-06-30
11929634
core:RetainedEarningsAccumulatedLosses
2020-06-30
11929634
core:RestatedAmount
2020-06-30
11929634
core:CostValuation
core:Non-currentFinancialInstruments
2021-06-30
11929634
core:Non-currentFinancialInstruments
2021-06-30
11929634
core:Non-currentFinancialInstruments
2020-06-30
11929634
bus:LeadAgentIfApplicable
2019-07-01
2020-06-30
11929634
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2020-07-01
2021-06-30
11929634
bus:Audited
2020-07-01
2021-06-30
11929634
bus:FullAccounts
2020-07-01
2021-06-30
11929634
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
11929634
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
COMPANY REGISTRATION NUMBER:
11929634
Year ended 30 June 2021
Independent auditor's report to the members
|
3
|
|
|
Statement of comprehensive income
|
8
|
|
|
Statement of financial position
|
9
|
|
|
Statement of changes in equity
|
10
|
|
|
Notes to the financial statements
|
11
|
|
|
Year ended 30 June 2021
The directors present their report and the financial statements of the company for the year ended
30 June 2021
.
Principal activities
The principal activity of the company during the year was the activities of a holding company.
Directors
The directors who served the company during the year were as follows:
Mr N A L Whitbread
|
|
Mr D Hampson
|
|
Mr P A York
|
|
|
|
Directors' responsibilities statement
The directors are responsible for preparing the directors' report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
24 March 2022
and signed on behalf of the board by:
Registered office:
|
Belle Vue Works
|
Boundary Street
|
Manchester
|
M12 5NG
|
|
Independent Auditor's Report to the Members of
PBSI Holdings Limited
|
|
Year ended 30 June 2021
Opinion
We have audited the financial statements of PBSI Holdings Limited (the 'company') for the year ended 30 June 2021 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 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 company's affairs as at 30 June 2021 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in 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, or returns adequate for our audit have not been received from branches not visited by us; or - the 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; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with legal advisors, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
NICOLAUS JENKINS FCA
|
(Senior Statutory Auditor)
|
|
For and on behalf of
|
UHY Hacker Young
|
Chartered accountants & statutory auditor
|
St John's Chambers
|
Love Street
|
Chester
|
Cheshire
|
CH1 1QN
|
|
24 March 2022
Statement of Comprehensive Income
|
|
Year ended 30 June 2021
Administrative expenses
|
2,500
|
–
|
|
--------
|
--------
|
Operating loss
|
(
2,500)
|
–
|
|
|
|
Income from shares in group undertakings
|
–
|
1,700,000
|
|
--------
|
--------------
|
(Loss)/profit before taxation
|
(
2,500)
|
1,700,000
|
|
|
|
Tax on (loss)/profit
|
–
|
–
|
|
--------
|
--------------
|
(Loss)/profit for the financial year and total comprehensive income
|
(
2,500)
|
1,700,000
|
|
--------
|
--------------
|
|
|
|
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Statement of Financial Position
|
|
30 June 2021
Fixed assets
Investments
|
5
|
2,062,550
|
2,062,550
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
2,500
|
–
|
|
--------
|
--------
|
Net current liabilities
|
2,500
|
–
|
|
--------------
|
--------------
|
Total assets less current liabilities
|
2,060,050
|
2,062,550
|
|
--------------
|
--------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
362,550
|
362,550
|
Profit and loss account
|
1,697,500
|
1,700,000
|
|
--------------
|
--------------
|
Shareholders funds
|
2,060,050
|
2,062,550
|
|
--------------
|
--------------
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2022
, and are signed on behalf of the board by:
Company registration number:
11929634
Statement of Changes in Equity
|
|
Year ended 30 June 2021
|
Called up share capital
|
Profit and loss account
|
Total
|
|
£
|
£
|
£
|
At 1 July 2019
|
–
|
–
|
–
|
|
|
|
|
Profit for the year
|
|
1,700,000
|
1,700,000
|
|
--------
|
--------------
|
--------------
|
Total comprehensive income for the year
|
–
|
1,700,000
|
1,700,000
|
|
|
|
|
Issue of shares
|
362,550
|
–
|
362,550
|
|
-----------
|
--------------
|
--------------
|
Total investments by and distributions to owners
|
362,550
|
–
|
362,550
|
|
|
|
|
At 30 June 2020
|
362,550
|
1,700,000
|
2,062,550
|
|
|
|
|
Loss for the year
|
|
(
2,500)
|
(
2,500)
|
|
-----------
|
--------------
|
--------------
|
Total comprehensive income for the year
|
–
|
(
2,500)
|
(
2,500)
|
|
|
|
|
|
-----------
|
--------------
|
--------------
|
At 30 June 2021
|
362,550
|
1,697,500
|
2,060,050
|
|
-----------
|
--------------
|
--------------
|
|
|
|
|
Notes to the Financial Statements
|
|
Year ended 30 June 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Belle Vue Works, Boundary Street, Manchester, M12 5NG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Auditor's remuneration
|
2021
|
2020
|
|
£
|
£
|
Fees payable for the audit of the financial statements
|
2,500
|
2,500
|
|
--------
|
--------
|
|
|
|
5.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 July 2020 and 30 June 2021
|
2,062,550
|
|
--------------
|
Impairment
|
|
At 1 July 2020 and 30 June 2021
|
–
|
|
--------------
|
|
|
Carrying amount
|
|
At 30 June 2021
|
2,062,550
|
|
--------------
|
At 30 June 2020
|
2,062,550
|
|
--------------
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
2,500
|
–
|
|
--------
|
--------
|
|
|
|