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REGISTERED NUMBER: OC335773 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Bagshaws LLP

Bagshaws LLP (Registered number: OC335773)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 5


Bagshaws LLP

General Information
for the Year Ended 31 March 2023







DESIGNATED MEMBERS: A W Sneddon
M Elliott
M G Gale
E D Lawley
C M Baggott
I O Lowe
R D R Clark
P Hulland





REGISTERED OFFICE: 69 Derby Road
Uttoxeter
Staffordshire
ST14 8EB





REGISTERED NUMBER: OC335773 (England and Wales)





ACCOUNTANTS: Bourne & Co
Chartered Accountants
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

Bagshaws LLP (Registered number: OC335773)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 88,286 132,222
Tangible assets 5 251,770 271,414
Investments 6 128,384 128,384
468,440 532,020

CURRENT ASSETS
Work in progress 158,452 223,215
Debtors 7 4,228,204 3,849,790
Cash in hand 7,724 11,632
4,394,380 4,084,637
CREDITORS
Amounts falling due within one year 8 2,382,840 2,105,286
NET CURRENT ASSETS 2,011,540 1,979,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,479,980

2,511,371

CREDITORS
Amounts falling due after more than
one year

9

110,000

110,000
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,369,980

2,401,371

Bagshaws LLP (Registered number: OC335773)

Balance Sheet - continued
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

12

1,801,338

1,832,729

MEMBERS' OTHER INTERESTS
Capital accounts 568,642 568,642
2,369,980 2,401,371

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 1,801,338 1,832,729
Members' other interests 568,642 568,642
Amounts due from members 7 (2,892 ) -
2,367,088 2,401,371

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Bagshaws LLP (Registered number: OC335773)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 5 October 2023 and were signed by:





M G Gale - Designated member

Bagshaws LLP (Registered number: OC335773)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Bagshaws LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Bagshaws LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.

The LLP recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the LLP's activities.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of two businesses in 2016 and a further acquisition in 2019, is being amortised evenly over the estimated useful life, one over five years, the other over six years.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings-15% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment-20% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less permanent diminution in value.

Stocks and work in progress
Work in progress is valued at the lower of cost and net realisable value.

Bagshaws LLP (Registered number: OC335773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pensions
The LLP operates two defined contribution pension schemes. Contributions payable for the period are charged in the profit and loss account.

Grant funding
Grant funding received in respect of capital expenditure is recognised as income in the profit and loss account directly proportionate to the depreciation policy applied to the capital expenditure to which it relates.

Job retention scheme income is recognised in the period to which the underlying furloughed staff cost relate. The payroll liability has been incurred by the entity and it has therefore met the conditions of the claim.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

3. EMPLOYEE INFORMATION

The average number of employees during the year was 81 (2022 - 77 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 270,762 20,567 291,329
AMORTISATION
At 1 April 2022 152,425 6,682 159,107
Charge for year 42,393 1,543 43,936
At 31 March 2023 194,818 8,225 203,043
NET BOOK VALUE
At 31 March 2023 75,944 12,342 88,286
At 31 March 2022 118,337 13,885 132,222

Bagshaws LLP (Registered number: OC335773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 558,885
Additions 51,167
Disposals (28,237 )
At 31 March 2023 581,815
DEPRECIATION
At 1 April 2022 287,471
Charge for year 66,383
Eliminated on disposal (23,809 )
At 31 March 2023 330,045
NET BOOK VALUE
At 31 March 2023 251,770
At 31 March 2022 271,414

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 103,384 25,000 128,384
NET BOOK VALUE
At 31 March 2023 103,384 25,000 128,384
At 31 March 2022 103,384 25,000 128,384

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 3,946,889 3,596,668
Other debtors 205,697 183,363
Prepayments 75,618 69,759
4,228,204 3,849,790

Bagshaws LLP (Registered number: OC335773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 1,178,558 481,499
Trade creditors 73,338 56,107
Taxation and social security 189,714 179,161
Other creditors 941,230 1,388,519
2,382,840 2,105,286

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors 110,000 110,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 113,824 127,442
Between one and five years 177,006 237,964
In more than five years 1,250 16,140
292,080 381,546

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 1,178,558 481,499

The bank overdraft is secured by fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.

Bagshaws LLP (Registered number: OC335773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.23 31.3.22
£    £   
Loans from members 6,701 17,280
Amounts owed to members in respect of profits 1,683,823 1,387,988
Taxation provision accounts 110,814 427,461
1,801,338 1,832,729

Falling due within one year 1,801,338 1,832,729

In the event of a winding up, the loans and debts due to members have no priority over other creditors.