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Registered number: 09708816
BIASHARA HOLDINGS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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BIASHARA HOLDINGS LIMITED
REGISTERED NUMBER: 09708816
BALANCE SHEET
AS AT 31 DECEMBER 2016
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5 months ended 31 December 2015
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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BIASHARA HOLDINGS LIMITED
REGISTERED NUMBER: 09708816
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2016
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 August 2017.
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
Biashara Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 09708816. The registered office is The Leys, Hoxne, Eye, Suffolk, England, IP21 5BP.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Information on the impact of first-time adoption of FRS 102 is given in note 10.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits 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 from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 3
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
2.ACCOUNTING POLICIES (CONTINUED)
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Tax is recognised in the Statement of Comprehensive Income, except that a charge 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 balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 4
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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Investments in subsidiary companies
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At 31 December 5 months ended 31 December 2015
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Page 5
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
4.FIXED ASSET INVESTMENTS (CONTINUED)
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The following were subsidiary undertakings of the Company:
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Joseph Flach & Sons Limited
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The aggregate of the share capital and reserves as at 31 December 2016 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Joseph Flach & Sons Limited
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5 months ended 31 December 2015
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Other tax and social security
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CREDITORS: Amounts falling due within one year
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5 months ended 31 December 2015
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Amounts owed to group undertakings
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Page 6
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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CREDITORS: Amounts falling due after more than one year
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5 months ended 31 December 2015
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Bank loans and overdrafts
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Secured loans
Bank loans are secured by way of a fixed and floating charge over the whole of the company's assets.
Security is also given through an Unlimited Composite Company Guarantee which exists between the company and its subsidiary, Joseph Flach & Sons Limited, in which each will secure the liabilities of the other.
A Benton, a director of the company, also secures all liabilities of the company through a personal guarantee of £200,000.
An agreement is in place with the bank that any repayments of amounts outstanding to A Benton must be postponed untill the bank loan is fully repaid.
The company is also subject to covenants under the loan agreement which state that adjusted net cash from operating activities less dividends, net capital expenditure and taxation shall not be less than 130% of the bank debt repayments and interest paid in respect of the loan.
The covenants also state that any excess cash is to be split in the ratio 1:2 between the bank and A Benton.
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5 months ended 31 December 2015
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Shares classified as equity
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Allotted, called up and fully paid
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200 (2015 - 100) Ordinary shares of £1 each
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During the year, 100 ordinary £1 shares were issued for cash consideration.
Page 7
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BIASHARA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
The company was under the control of Mr A Benton throughout the current period. Mr A Benton is the managing director and majority shareholder.
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
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FIRST TIME ADOPTION OF FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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