Batson Midco Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09948064 (England and Wales)

Financial Statements for the Year Ended 31 January 2019

for

Batson Midco Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G M Stevens

S J Wynne

D J Zanker

J D R Twining

REGISTERED OFFICE:

9 Miller Court

Severn Drive

Tewkesbury Business Park

Tewkesbury

Gloucestershire

GL20 8DN

REGISTERED NUMBER:

09948064 (England and Wales)

SENIOR STATUTORY AUDITOR:

Charles Hinitt FCCA

AUDITORS:

Charles Hinitt & Associates Limited

Chartered Certified Accountants &

Statutory Auditors

48 Belle Vue Terrace

Malvern

Worcestershire

WR14 4QG

FIXED ASSETS

Investments

3

1

CURRENT ASSETS

Debtors

28,461,999

29,111,999

CREDITORS

Amounts falling due within one year

7,346,804

4,783,233

NET CURRENT ASSETS

21,115,195

24,328,766

TOTAL ASSETS LESS CURRENT
LIABILITIES

21,115,196

24,328,767

CREDITORS

Amounts falling due after more than one
year

27,560,558

28,210,558

NET LIABILITIES

(6,445,362

)

(3,881,791

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(6,445,363

)

(3,881,792

)

SHAREHOLDERS' FUNDS

(6,445,362

)

(3,881,791

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 October 2019 and were signed on its behalf by:

J D R Twining - Director

A G M Stevens - Director

1.	STATUTORY INFORMATION

Batson Midco Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Batson Midco Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400

of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate

holding company Kingsbridge Group Limited, 9 Miller Court, Severn Drive, Tewkesbury Business Park,

Tewkesbury GL20 8DN.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Non-basic financial instruments are initially recorded at cost and thereafter at fair value with changes recognised

in the profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

3.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2018

and 31 January 2019

1

NET BOOK VALUE

At 31 January 2019

1

At 31 January 2018

1

4.	SECURED DEBTS

DCG Nominees Limited as Security Trustee for Dunedin LLP holds a fixed and floating charge over the assets

of the company in respect of 'A' Loan notes amounting to £6,000,000 originally issued in Batson Bidco Limited

and 'B' Loan notes amounting to £20,821,726 issued in Batson Midco Limited. The debenture was created on 7

October 2016 and was registered at Companies House on 17 October 2016.

Royal Bank of Scotland holds a fixed and floating charge over the assets of the company in respect of a

£6,000,000 loan in the books of Batson Bidco Limited. The debenture was created on 9 November 2016 and

registered as a charge at Companies House on 21 November 2016.

Royal Bank of Scotland also holds a fixed and floating charge over the assets of the company together with

certain intellectual property and trademarks owned by the Kingsbridge Group. The debenture was created on 14

February 2019 and registered as a charge at Companies House on 27 February 2019.

5.	FINANCIAL INSTRUMENTS

On 31 May 2016 the Company received funding by way of Loan Notes and totalling £28,210,558. These Loan

Notes carry an interest rate of 8% per annum and rolled into and compounded with the principal loan note

balance on each interest payment date being the anniversary of the original loan note instrument.

The final repayment date of the loan notes is 31 May 2023.

Key Management held loan notes to the value of £6,988,832 (2018: £7,388,832) at the year end.

Loan Note interest for the year is £2,563,571 (2018 : £2,377,232).

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Charles Hinitt FCCA (Senior Statutory Auditor)

for and on behalf of Charles Hinitt & Associates Limited

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

8.	POST BALANCE SHEET EVENTS

After the year end, the Company made a repayment to the Loan Note Holders of £16,252,131 including rolled up

interest of £4,725,484.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Kingsbridge Group Limited.

Batson Midco Limited - Accounts to registrar (filleted) - small 18.2

Batson Midco Limited - Accounts to registrar (filleted) - small 18.2