REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Bagshaws LLP |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Work in progress |
Debtors | 7 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
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 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 |
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 |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 128,384 |
NET BOOK VALUE |
At 31 March 2023 | 128,384 |
At 31 March 2022 | 128,384 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors | 205,697 | 183,363 |
Prepayments |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank overdrafts |
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. |