Balreed Digitec (Group) Ltd - Period Ending 2019-10-31

Registration number: 06858748

Balreed Digitec (Group) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2019

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

Balreed Digitec (Group) Ltd

Contents

Company Information	1
Directors' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 6

Balreed Digitec (Group) Ltd

Company Information

Directors

Mr James Alexander Clark Mr Robin James Stanton-Gleaves

Registered office

Nimbus House Liphook Way 20/20 Business Park Maidstone Kent ME16 0FZ

Accountants

DSK Partners LLP Chartered Accountants D S House 306 High Street Croydon Surrey CR0 1NG

Page 1

Balreed Digitec (Group) Ltd

Directors' Report for the Year Ended 31 October 2019

The directors present their report and the financial statements for the year ended 31 October 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr James Alexander Clark (appointed 1 November 2018)

Mr Robin James Stanton-Gleaves

Mr Martin Keith Randall (resigned 15 March 2019)

Mr Jason Patrick Collins (resigned 25 April 2019)

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 15 June 2020 and signed on its behalf by:

.........................................
Mr Robin James Stanton-Gleaves
Director

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Balreed Digitec (Group) Ltd

(Registration number: 06858748)
Balance Sheet as at 31 October 2019

	Note	2019 £	2018 £
Fixed assets
Investments	3	5,826,400	5,826,400
Current assets
Debtors	4	439,213	439,213
Creditors: Amounts falling due within one year	5	(6,259,614)	(6,259,614)
Net current liabilities		(5,820,401)	(5,820,401)
Net assets		5,999	5,999
Capital and reserves
Called up share capital	6	872	872
Capital redemption reserve	7	128	128
Profit and loss account	7	4,999	4,999
Total equity		5,999	5,999

For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 15 June 2020 and signed on its behalf by:
 

.........................................

Mr Robin James Stanton-Gleaves
Director

Page 3

Balreed Digitec (Group) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Nimbus House
Liphook Way
20/20 Business Park
Maidstone
Kent
ME16 0FZ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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Balreed Digitec (Group) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2019 (continued)

2	Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Fixed asset investments

	2019 £	2018 £
Investments in subsidiaries	5,826,400	5,826,400

Subsidiaries	£
Cost or valuation
At 1 November 2018	5,826,400
Provision
Carrying amount
At 31 October 2019	5,826,400
At 31 October 2018	5,826,400

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018

Subsidiary undertakings
Balreed Digitec (UK) Limited			100%	100%
Balreed Digitec (North) Limited			100%	100%
Balreed Digitec (SE) Limited			100%	100%
Balreed Digitec (Midlands) Limited			100%	100%

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Balreed Digitec (Group) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2019 (continued)

4

Debtors

	Note	2019 £	2018 £
Amounts owed by group undertakings		439,213	439,213
		439,213	439,213

5

Creditors

	Note	2019 £	2018 £
Due within one year
Amounts owed to group undertakings		6,259,614	6,259,614

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £0.10 each	8,396	839.60	8,396	839.60
Ordinary C shares of £0.10 each	325	32.50	325	32.50
	8,721	872	8,721	872

7	Ultimate parent company

The company's immediate parent company is Apogee Group Limited, a company incorporated in England and Wales.

Following the acquisition of the company on 2 November 2018, the ultimate parent company is HP Inc, a company incorporated in United Sates of America.

The smallest group in which the results of the company were consolidated is that headed by Manzana Bidco Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House.

The largest group in which the results of the company were consolidated is that headed by HP Inc. The consolidated accounts of this company are available to the public and may be obtained from the company's head office, 1501 Page Mill Road, Palo Alto, CA 94304, United States.

 

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