REGISTERED NUMBER: 09025723 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
for |
Bagforce Aggregates Group Ltd |
REGISTERED NUMBER: 09025723 (England and Wales) |
Report of the Directors and |
Unaudited Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
for |
Bagforce Aggregates Group Ltd |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Consolidated Statement of Changes in Equity | 8 |
Company Statement of Changes in Equity | 9 |
Notes to the Consolidated Financial Statements | 10 |
Bagforce Aggregates Group Ltd |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Pera Business Park |
Nottingham Road |
Melton Mowbray |
Leicestershire |
LE13 0PB |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Report of the Directors |
for the Year Ended 30 September 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the sale and distribution of bagged aggregates. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Consolidated Income Statement |
for the Year Ended 30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
TURNOVER | 3,405,431 | 3,614,074 |
Cost of sales | 2,812,197 | 2,736,768 |
GROSS PROFIT | 593,234 | 877,306 |
Administrative expenses | 486,224 | 747,842 |
OPERATING PROFIT | 4 | 107,010 | 129,464 |
Interest payable and similar expenses | 12,906 | 10,928 |
PROFIT BEFORE TAXATION | 94,104 | 118,536 |
Tax on profit | 14,936 | 49,275 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 79,168 | 69,261 |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Consolidated Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | - | - |
Tangible assets | 7 | 361,301 | 550,927 |
Investments | 8 | - | - |
361,301 | 550,927 |
CURRENT ASSETS |
Stocks | 134,092 | 138,327 |
Debtors | 9 | 251,692 | 392,595 |
Cash at bank and in hand | 543,492 | 555,842 |
929,276 | 1,086,764 |
CREDITORS |
Amounts falling due within one year | 10 | 676,175 | 783,239 |
NET CURRENT ASSETS | 253,101 | 303,525 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
614,402 |
854,452 |
CREDITORS |
Amounts falling due after more than one year |
11 |
(41,903 |
) |
(138,390 |
) |
PROVISIONS FOR LIABILITIES | (84,075 | ) | (131,482 | ) |
NET ASSETS | 488,424 | 584,580 |
CAPITAL AND RESERVES |
Called up share capital | 70 | 70 |
Capital redemption reserve | 30 | 30 |
Retained earnings | 488,324 | 584,480 |
488,424 | 584,580 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's 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 relating to financial statements, so far as applicable to the company and the group. |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Consolidated Balance Sheet - continued |
30 September 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by: |
Mrs S A Tucker - Director |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Company Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
Company's profit for the financial year | 196,456 | 174,037 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Company Balance Sheet - continued |
30 September 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 | 70 | 790,943 | 30 | 791,043 |
Changes in equity |
Dividends | - | (275,724 | ) | - | (275,724 | ) |
Total comprehensive income | - | 69,261 | - | 69,261 |
Balance at 30 September 2022 | 70 | 584,480 | 30 | 584,580 |
Changes in equity |
Dividends | - | (175,324 | ) | - | (175,324 | ) |
Total comprehensive income | - | 79,168 | - | 79,168 |
Balance at 30 September 2023 | 70 | 488,324 | 30 | 488,424 |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Company Statement of Changes in Equity |
for the Year Ended 30 September 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 September 2023 |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Bagforce Aggregates Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate those of Bagforce Aggregates Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Acquired goodwill is written off in equal annual instalments over its useful economic life which the directors believe is 4 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rental payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rental payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.9.23 | 30.9.22 |
£ | £ |
Depreciation - owned assets | 97,184 | 143,201 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 | 52,809 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 | 52,809 |
NET BOOK VALUE |
At 30 September 2023 | - |
At 30 September 2022 | - |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
7. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 | 25,000 | 876,305 | 901,305 |
Additions | - | 57,165 | 57,165 |
Disposals | - | (361,685 | ) | (361,685 | ) |
At 30 September 2023 | 25,000 | 571,785 | 596,785 |
DEPRECIATION |
At 1 October 2022 | 13,907 | 336,471 | 350,378 |
Charge for year | 1,664 | 95,520 | 97,184 |
Eliminated on disposal | - | (212,078 | ) | (212,078 | ) |
At 30 September 2023 | 15,571 | 219,913 | 235,484 |
NET BOOK VALUE |
At 30 September 2023 | 9,429 | 351,872 | 361,301 |
At 30 September 2022 | 11,093 | 539,834 | 550,927 |
Company |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Trade debtors | 250,162 | 373,412 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,530 | 19,183 |
251,692 | 392,595 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Hire purchase contracts (see note 12) | 67,248 | 139,724 |
Trade creditors | 234,541 | 313,246 |
Taxation and social security | 92,083 | 90,522 |
Other creditors | 282,303 | 239,747 |
676,175 | 783,239 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
30.9.23 | 30.9.22 | 30.9.23 | 30.9.22 |
£ | £ | £ | £ |
Hire purchase contracts (see note 12) | 41,903 | 138,390 |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
12. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30.9.23 | 30.9.22 |
£ | £ |
Gross obligations repayable: |
Within one year | 72,207 | 150,287 |
Between one and five years | 45,310 | 149,138 |
117,517 | 299,425 |
Finance charges repayable: |
Within one year | 4,959 | 10,563 |
Between one and five years | 3,407 | 10,748 |
8,366 | 21,311 |
Net obligations repayable: |
Within one year | 67,248 | 139,724 |
Between one and five years | 41,903 | 138,390 |
109,151 | 278,114 |
Company |
Hire purchase contracts |
30.9.23 | 30.9.22 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Bagforce Aggregates Group Ltd (Registered number: 09025723) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2023 |
12. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable | operating leases |
30.9.23 | 30.9.22 |
£ | £ |
Within one year | 18,510 | 17,178 |
Company |
Non-cancellable | operating leases |
30.9.23 | 30.9.22 |
£ | £ |
Within one year |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
30.9.23 | 30.9.22 |
£ | £ |
Hire purchase contracts | 109,151 | 278,114 |
Hire purchase contracts are secured on the assets to which they relate. |
14. | ULTIMATE CONTROLLING PARTY |
The group is controlled by the directors with no ultimate controlling party. |