Business South Group Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01604788 (England and Wales)

Financial Statements

for the Year Ended 31 March 2023

for

Business South Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

L S Timberlake

A Barnes

G M A Whittle

T Hancock

Z Huggins

P Bradly

L Lavis

M J Gaston

REGISTERED OFFICE:

343 Millbrook Road West

Southampton

Hampshire

SO15 0HW

REGISTERED NUMBER:

01604788 (England and Wales)

SENIOR STATUTORY AUDITOR:

Yvonne Miles FCCA

AUDITORS:

PKB Accountants Limited

Chartered Certified Accountants

Statutory Auditor

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

CURRENT ASSETS

Debtors

5

44,195

75,353

Cash at bank

168,723

212,028

212,918

287,381

CREDITORS

Amounts falling due within one year

6

36,504

63,559

NET CURRENT ASSETS

176,414

223,822

TOTAL ASSETS LESS CURRENT LIABILITIES

176,414

223,822

CREDITORS

Amounts falling due after more than one year

7

25,833

35,833

NET ASSETS

150,581

187,989

RESERVES

Income and expenditure account

150,581

187,989

150,581

187,989

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

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

The financial statements were approved the Board of Directors and authorised for issue on 24 November 2023 and were signed on its behalf by:

L S Timberlake - Director

1.	STATUTORY INFORMATION

Business South Group Limited is a private company, limited by guarantee , 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.

The following principal accounting policies have been applied:

Going Concern

The company has prepared budgets and forecasts to March 2024 . Management data has been prepared to September 2023 that indicates that the business is operating within the budgets forecast and the Directors are of the opinion that the twelve months to the date of signing the financial statements will be operating as anticipated. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Business South 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.

Turnover

Turnover represents grants, sponsorship, and donations received together with net invoiced sales of services excluding VAT. Where a service contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Contract Expenditure

Expenditure incurred relating to Champions costs is accounted for in the year of expense not over the term of the period of cost. This reflects the policy for income as accounted for by a subsidiary enterprise.

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 the management.

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives on the following basis:

Fixtures and fittings

- 25% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined ( net of depreciation ) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income

Taxation

The tax expense for the year comprises current tax. Tax is recognised in the Income statement, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Retirement benefits

The obligations for contributions to the defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independently administered fund.

Cash and cash equivalents

Cash is represented by cash equivalents and cash in hand 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 form the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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 the realise the asset and settle the liability simultaneously.

Receivables

Trade debtors with no stated interest rate and receivable within one year are recorded at a transaction price. Any losses arising from impairment are recognised in the income statement in any other administrative expenses.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income statement.

Derecognition of financial assets

Financial assets are decrocognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies are that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. if not, they are presented as non-current liabilities. Trade payables with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on physical condition and economic utilisation of the assets. See note 6 for the carrying amount of the assets and the accounting policies note Tangible Fixed Assets for the useful economic lives of each class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 7 for the net carrying amount of the debtors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

20,676

Disposals

(14,812

)

At 31 March 2023

5,864

DEPRECIATION

At 1 April 2022

20,676

Eliminated on disposal

(14,812

)

At 31 March 2023

5,864

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,690

11,456

Amounts owed by group undertakings

40,387

-

Other debtors

2,118

63,897

44,195

75,353

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

2,934

1,481

Amounts owed to group undertakings

-

7,849

Taxation and social security

15,623

19,654

Other creditors

7,947

24,575

36,504

63,559

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

25,833

35,833

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.23

31.3.22

£

£

Within one year

350

150

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

The Report of the Auditors was unqualified.

Yvonne Miles FCCA (Senior Statutory Auditor)

for and on behalf of PKB Accountants Limited

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

11.	COMPANY STATUS

The company is limited by guarantee and therefore does not have a share capital. The liability of members is limited by guarantee to £1 each. The company is a non-profit organisation and is an approved enterprise agency under Section 84 Income Tax (Trading and other income) Act 2005.