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REGISTERED NUMBER: 04349577 (England and Wales)















BRADGATE CONTAINERS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17 to 29


BRADGATE CONTAINERS (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: D Gallacher
P N Stapleton



SECRETARY: D Gallacher



REGISTERED OFFICE: C/O Bradgate Containers Limited
Leicester Road
Shepshed
Loughborough
Leicestershire
LE12 9EG



REGISTERED NUMBER: 04349577 (England and Wales)



SENIOR STATUTORY AUDITOR: Ian Phillips FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their strategic report of the company and the group for the year ended 31 August 2023.

REVIEW OF BUSINESS
Overall revenue has increased by £7.4m in the year to 31 August 2023 to £33.7m and net assets have increased by £3.1m to £10.2m. Gross profit has increased by 6.4% to 33.6%

During this financial year we have in many ways seen the fruits of our labour from the changes and restructuring that has gradually been implemented over the previous two financial years. We have created a constant improvement strategy in all area of the business and put in place significant investment in additional machinery and upgrades.

We have seen considerable interest in our product ranges over all group companies, proving us with a growing potential pipeline of order and a healthy order book going forward.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is continuing to see stabilisation of raw material prices with more acceptable increases on an annual basis. However, wages costs have had to increase to cover general cost of living increases being experienced by our employees and to ensure staff and labour retention. As a group, turnover from the EEC has increased by £4.5m, the UK turnover has also increased by £3.4m although, turnover in the rest of the world has decreased by £526k.

The group has seen a number or retirees over the year. However where needed, replacements have been employed and in many cases we have been able to restructure so replacements were found not to be required, saving on overhead costs.

We have continued to act on energy costs and purchase this on a daily, weekly, or monthly basis to mitigate the problem of fixing at too high a rate. This has proved efficient, although costs are still significantly higher than previous years which must be factored into our overhead cost regime and selling prices.

The group continues to quote in Sterling and as a result has not suffered significant currency fluctuations. However, there is the ability to buy forward and protect our prices if other currencies are requested.

DEVELOPMENT AND PERFORMANCE
The group is geared to a highly bespoke and niche marketplace product, which requires a high level of certification and documentation. The high level of specification requires continuous training for personnel, updating procedures and certifications, that is required by our client base. The group continues to invest in maintaining our edge within the market place in personnel, equipment and software where appropriate, with the aim always to maintain growth and profitability in all market sectors.

Bradgate Containers Limited has had a significantly improved financial year which has been directly the result of all the changes and efficiencies made during recent years, all as we had predicted in the previous strategic report. We see this continuing in the new financial year.

Industrial & Marine Silencers Limited has seen a dramatic increase in revenues and profitability and we see this continuing with their range of emission reducing products, which are in high demand on a global basis. To this end, we are investing in additional manufacturing space for the new financial year.

Bradgate Industrial Properties Limited is a property management company. The properties owned by the company are all leased to the group. The directors are looking to restructure this company to put all properties under this company going forward.


BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

KEY PERFORMANCE INDICATORS


2023


2022

% inc /
(dec)
£'000 £'000

Revenue 33,690 26,269 28.3%
Gross Profit 11,320 7,141 58.5%
Gross Profit % 33.6% 27.2%
Net Profit Before Taxation 4,081 398 925.4%
Net Profit % 12.1% 1.5%
Earnings Before Interest, Tax, Depreciation and
Amortisation

4,656


1,001


365.1%

ON BEHALF OF THE BOARD:





P N Stapleton - Director


7 February 2024

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2023.

PRINCIPAL ACTIVITIES
The Group's principal activities during the year were:-

CompanyNature of business
Bradgate Containers (Holdings) LimitedHolding company
Bradgate Containers LimitedManufacturer of bespoke containers and modules
Industrial and Marine Silencers LimitedDesign and manufacture of industrial and marine exhaust silencers
Bradgate Industrial Properties LimitedProperty management and rental

DIVIDENDS
No dividends will be distributed for the year ended 31 August 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

D Gallacher
P N Stapleton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





P N Stapleton - Director


7 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADGATE CONTAINERS (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of Bradgate Containers (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADGATE CONTAINERS (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADGATE CONTAINERS (HOLDINGS) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements such as depreciation of property, plant and equipment, valuation of work in progress and amounts recoverable on contracts, as well as the risk of inappropriate journal entries to manipulate reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates such as residual values, expected asset replacement cycles and percentage completion and job profitability for contracts, reperforming the calculation, reviewing the outcome of prior year estimates, and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: ISO14001 and ISO9001 regulations, Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review to ensure that the ISO9001 and ISO14001 certifications were valid and up to date. Health and safety requirements were reviewed for any evidence of non-compliance, in addition to an assessment of the group's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BRADGATE CONTAINERS (HOLDINGS) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ian Phillips FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3 Princes Court
Royal Way
Loughborough
Leicestershire
LE11 5XR

12 February 2024

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £    £   

REVENUE 4 33,689,853 26,268,624

Cost of sales 22,370,317 19,127,180
GROSS PROFIT 11,319,536 7,141,444

Administrative expenses 7,205,564 6,709,594
4,113,972 431,850

Other operating income 10,038 16,068
OPERATING PROFIT 6 4,124,010 447,918

Interest receivable and similar income - 1,674
4,124,010 449,592

Interest payable and similar expenses 8 43,139 51,122
PROFIT BEFORE TAXATION 4,080,871 398,470

Tax on profit 9 952,780 85,033
PROFIT FOR THE FINANCIAL YEAR 3,128,091 313,437
Profit attributable to:
Owners of the parent 3,128,091 313,437

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 3,128,091 313,437


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,128,091 313,437

Total comprehensive income attributable to:
Owners of the parent 3,128,091 313,437

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 180,616 210,718
Property, plant and equipment 12 6,841,966 6,643,514
Investments 13 - -
7,022,582 6,854,232

CURRENT ASSETS
Inventories 14 965,129 1,373,317
Debtors 15 9,211,683 8,233,455
Cash at bank and in hand 5,897,415 2,850,858
16,074,227 12,457,630
CREDITORS
Amounts falling due within one year 16 10,989,000 10,203,096
NET CURRENT ASSETS 5,085,227 2,254,534
TOTAL ASSETS LESS CURRENT LIABILITIES 12,107,809 9,108,766

CREDITORS
Amounts falling due after more than one year 17 (1,032,245 ) (1,224,673 )

PROVISIONS FOR LIABILITIES 22 (875,310 ) (811,930 )
NET ASSETS 10,200,254 7,072,163

CAPITAL AND RESERVES
Called up share capital 23 18,176 18,176
Non-distributable reserve 24 422,318 423,545
Capital redemption reserve 24 6,824 6,824
Retained earnings 24 9,752,936 6,623,618
SHAREHOLDERS' FUNDS 10,200,254 7,072,163

The financial statements were approved by the Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:





P N Stapleton - Director


BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

COMPANY STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Property, plant and equipment 12 - -
Investments 13 2,657,618 2,657,618
2,657,618 2,657,618

CURRENT ASSETS
Debtors 15 635,769 985,769
Cash at bank 3,699 3,473
639,468 989,242
CREDITORS
Amounts falling due within one year 16 3,025,496 3,374,626
NET CURRENT LIABILITIES (2,386,028 ) (2,385,384 )
TOTAL ASSETS LESS CURRENT LIABILITIES 271,590 272,234

CREDITORS
Amounts falling due after more than one year 17 1,032,245 1,212,364
NET LIABILITIES (760,655 ) (940,130 )

CAPITAL AND RESERVES
Called up share capital 23 18,176 18,176
Capital redemption reserve 6,824 6,824
Retained earnings (785,655 ) (965,130 )
SHAREHOLDERS' FUNDS (760,655 ) (940,130 )

Company's profit for the financial year 179,475 287,497

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 7 February 2024 and were signed on its behalf by:





P N Stapleton - Director


BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023

Called up Capital
share Retained Non-distributable redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 September 2021 18,176 6,308,954 424,772 6,824 6,758,726

Changes in equity
Total comprehensive income - 314,664 (1,227 ) - 313,437
Balance at 31 August 2022 18,176 6,623,618 423,545 6,824 7,072,163

Changes in equity
Total comprehensive income - 3,129,318 (1,227 ) - 3,128,091
Balance at 31 August 2023 18,176 9,752,936 422,318 6,824 10,200,254

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2021 18,176 (1,252,627 ) 6,824 (1,227,627 )

Changes in equity
Total comprehensive income - 287,497 - 287,497
Balance at 31 August 2022 18,176 (965,130 ) 6,824 (940,130 )

Changes in equity
Total comprehensive income - 179,475 - 179,475
Balance at 31 August 2023 18,176 (785,655 ) 6,824 (760,655 )

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,024,149 593,428
Interest element of hire purchase payments paid (2,168 ) (2,168 )
Tax paid (106,124 ) (13,422 )
Net cash from operating activities 3,915,857 577,838

Cash flows from investing activities
Purchase of tangible fixed assets (747,621 ) (445,331 )
Sale of tangible fixed assets 114,949 247,656
Interest received - 1,674
Net cash from investing activities (632,672 ) (196,001 )

Cash flows from financing activities
Loan repayments in year (174,558 ) (280,598 )
Interest paid (40,971 ) (48,954 )
Capital repayments in year (21,099 ) (21,100 )
Net cash from financing activities (236,628 ) (350,652 )

Increase in cash and cash equivalents 3,046,557 31,185
Cash and cash equivalents at beginning of year 2 2,850,858 2,819,673

Cash and cash equivalents at end of year 2 5,897,415 2,850,858

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 4,080,871 398,470
Depreciation charges 532,122 551,841
Profit on disposal of fixed assets (67,800 ) (91,823 )
Finance costs 43,139 51,122
Finance income - (1,674 )
4,588,332 907,936
Decrease/(increase) in inventories 408,188 (141,270 )
(Increase)/decrease in trade and other debtors (978,228 ) 176,367
Increase/(decrease) in trade and other creditors 5,857 (349,605 )
Cash generated from operations 4,024,149 593,428

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 5,897,415 2,850,858
Year ended 31 August 2022
31.8.22 1.9.21
£    £   
Cash and cash equivalents 2,850,858 2,819,673


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.22 Cash flow At 31.8.23
£    £    £   
Net cash
Cash at bank and in hand 2,850,858 3,046,557 5,897,415
2,850,858 3,046,557 5,897,415
Debt
Finance leases (33,408 ) 21,099 (12,309 )
Debts falling due within 1 year (174,177 ) (5,561 ) (179,738 )
Debts falling due after 1 year (1,212,364 ) 180,119 (1,032,245 )
(1,419,949 ) 195,657 (1,224,292 )
Total 1,430,909 3,242,214 4,673,123

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. GENERAL INFORMATION

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The nature of the company's operations and principal activities are detailed in the report of the directors on page four.

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

2. STATUTORY INFORMATION

Bradgate Containers (Holdings) Limited is a private company, limited by shares, registered in England and Wales. The company's registed number and registered office address can be found on the company information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Basis of consolidation
The consolidated accounts comprise those of Bradgate Containers (Holdings) Limited and its subsidiaries for the year ended 31 August 2023.

Except where otherwise stated, the acquisition of accounting has been adopted. Under this method, the results of the subsidiary acquired or disposed of in the year are included in the consolidated income statement from the date of acquisition or up to the date of disposal.

The group used the merger accounting method of consolidation on the original formation of the holding company.

Orrmac Coatings Limited went into administration in November 2021. We have not consolidated the company's figures up to the date of administration for the year to 31 August 2022 as they were immaterial to the group.

Financial reporting standard 102 - reduced disclosure exemptions

The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;

The disclosure above is incorporated within these consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) Amounts recoverable on contracts

The level of revenue for any particular contract in progress at the year end is based on an estimated percentage complete, as determined by the directors.

Revenue
Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is generally recognised on short term contracts as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not yet invoiced is included in amounts recoverable on contracts and payments on account in excess of the relevant amount of revenue are included in creditors.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Goodwill
Goodwill arising on the acquisition of a subsidiary represents the excess of the fair value of the consideration given over the aggregate of the fair values of the identifiable net assets required.

The goodwill is being written off over a period of ten years.

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. ACCOUNTING POLICIES - continued

Property, plant and equipment
Property, plant and equipment assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold properties2% straight line
Leasehold properties2% straight line
Plant and machinery15% reducing balance & 25% straight line
Fixtures and fittings15% reducing balance & 25% straight line & 50% straight line
Motor vehicles25% reducing balance & 25% straight line

Investment properties owned by a subsidiary company and leased to fellow group companies are accounted for in accordance with Sections 16 & 17 of FRS102 at group level.

In the subsidiary’s own financial statements they are shown as investment property measured at fair value at each reporting date, with changes in fair value recognised in the income statement and the non-distributable reserve. No depreciation is provided in respect of investment properties.

In the consolidated financial statements they are shown as freehold property measured at the cost of acquisition to the group. This was supported by a professional valuation prior to acquisition. Depreciation is charged at 2% per annum straight line on the buildings element.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Inventories
Inventories and work in progress are valued at the lower of cost and fair value less costs to complete and sell. Cost includes direct materials, labour and manufacturing overheads incurred in bringing each product to its present location and condition. Inventories are accounted for on a first-in-first-out basis.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

3. 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 26,702,151 23,261,645
EEC 6,071,268 1,565,039
Rest of the world 916,434 1,441,940
33,689,853 26,268,624

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 10,469,305 9,553,891
Social security costs 1,190,513 1,087,147
Other pension costs 289,665 277,352
11,949,483 10,918,390

The average number of employees during the year was as follows:
2023 2022

Office and management 77 80
Manufacturing and services 170 160
247 240

2023 2022
£    £   
Directors' remuneration 873,279 829,352

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 493,912 470,811

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 600,682 403,734
Depreciation - owned assets 492,303 510,306
Depreciation - assets on hire purchase contracts 9,719 11,434
Profit on disposal of fixed assets (67,802 ) (91,823 )
Goodwill amortisation 30,102 30,102
Auditors' remuneration 43,710 40,388
Foreign exchange differences 24,663 19,545
Government grants received - (3,275 )

7. LOSS ON DISPOSAL OF SUBSIDIARY
2023 2022
£    £   
Loss on disposal of subsidiary - (133,560 )

As explained further in note 13, Orrmac Coatings Limited entered into administration in November 2021. The company's results up to the date of administration were not material and have not been consolidated. The subsidiary has been disposed of in the consolidated financial statements in the prior year.

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 40,971 48,954
Hire purchase interest 2,168 2,168
43,139 51,122

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 901,994 118,694
Adjustment re previous years (12,594 ) (14,186 )
Group loss relief - 20,303
Total current tax 889,400 124,811

Deferred tax 63,380 (39,778 )
Tax on profit 952,780 85,033

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 4,080,871 398,470
Profit multiplied by the standard rate of corporation tax in the UK of 21.500 %
(2022 - 19 %)

877,387

75,709

Effects of:
Expenses not deductible for tax purposes (8,650 ) (13,505 )
Capital allowances in excess of depreciation (22,499 ) -
Depreciation in excess of capital allowances - 31,113
Utilisation of tax losses (3,126 ) -
Adjustments to tax charge in respect of previous periods (12,570 ) (14,186 )
Other adjustments 58,858 25,377
Deferred tax 63,380 (39,778 )
Group relief - 20,303

Total tax charge 952,780 85,033

The expected reversal of deferred tax liabilities during the year ended 31 August 2024 is not considered to be significant based on the group's planned capital expenditure.

10. 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.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 301,024
AMORTISATION
At 1 September 2022 90,306
Amortisation for year 30,102
At 31 August 2023 120,408
NET BOOK VALUE
At 31 August 2023 180,616
At 31 August 2022 210,718

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

12. PROPERTY, PLANT AND EQUIPMENT

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 September 2022 5,761,501 93,256 3,270,994
Additions 18,538 82,557 245,175
Disposals - (140 ) (197,075 )
At 31 August 2023 5,780,039 175,673 3,319,094
DEPRECIATION
At 1 September 2022 631,988 27,892 2,479,350
Charge for year 105,574 2,387 124,719
Eliminated on disposal - (33 ) (189,829 )
At 31 August 2023 737,562 30,246 2,414,240
NET BOOK VALUE
At 31 August 2023 5,042,477 145,427 904,854
At 31 August 2022 5,129,513 65,364 791,644

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 September 2022 509,364 1,456,024 11,091,139
Additions 20,769 380,582 747,621
Disposals (10,019 ) (318,023 ) (525,257 )
At 31 August 2023 520,114 1,518,583 11,313,503
DEPRECIATION
At 1 September 2022 423,294 885,101 4,447,625
Charge for year 22,042 247,300 502,022
Eliminated on disposal (9,977 ) (278,271 ) (478,110 )
At 31 August 2023 435,359 854,130 4,471,537
NET BOOK VALUE
At 31 August 2023 84,755 664,453 6,841,966
At 31 August 2022 86,070 570,923 6,643,514

Included in cost of land and buildings is freehold land of £182,615 (2022 - £182,615) which is not depreciated.

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

12. PROPERTY, PLANT AND EQUIPMENT - continued

Group

The group applied the transitional arrangements of section 35 of FRS102 and used a previous valuation as the deemed cost for certain group assets:

Freehold property
One of the group properties is held at deemed cost and is depreciated from the valuation date. As the property is depreciated or sold, an appropriate transfer is made from the non-distributable reserve to retained earnings. The carrying value of the property in the accounts is £1,344,776 (deemed cost £1,588,528 less accumulated depreciation £243,752).

If freehold property had not been revalued it would have been included at the following historic cost:

2023 2022
£    £   

Cost 1,527,158 1,525,408
Aggregate depreciation 604,700 577,812
Aggregate carrying amount 922,458 947,596

Freehold land and buildings were valued on an open market basis on 1 September 2014 by Mather Jamie, qualified independent valuers. The methods and assumptions used to ascertain the fair value are in accordance with RICS standards, and the valuation was prepared having regard to the market based evidence for similar properties sold in the local area.

The net book value of tangible fixed assets includes £55,071 (2022 - £64,790) in respect of assets held under hire purchase contracts.

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 2,657,618
NET BOOK VALUE
At 31 August 2023 2,657,618
At 31 August 2022 2,657,618

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Bradgate Containers Limited
Registered office: England and Wales
Nature of business: Manufacture of containerised equipment
%
Class of shares: holding
Ordinary 100.00

Industrial & Marine Silencers Limited
Registered office: England and Wales
Nature of business: Manufacture of exhaust silencers
%
Class of shares: holding
Ordinary 100.00

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

13. FIXED ASSET INVESTMENTS - continued

Bradgate Industrial Properties Limited
Registered office: England and Wales
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00


Orrmac Coatings Limited entered into administration in November 2021. The shares are still owned by Bradgate Containers (Holdings) Limited, however, they no longer have control and therefore the subsidiary was disposed of in the prior year. The results up to the appointment of the administrators were not material to the group hence were not consolidated. A loss on disposal of the subsidiary of £133,560 has been reported in the consolidated income statement in the prior year.

14. INVENTORIES

Group
2023 2022
£    £   
Raw materials 965,129 1,373,317

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 6,806,808 5,171,724 - -
Amounts owed by related
parties - 282,221 - -
Amounts owed by group undertakings - - 635,769 985,769
Amounts recoverable on contract 1,975,385 2,580,956 - -
Other debtors 2,100 2,100 - -
Prepayments 427,390 196,454 - -
9,211,683 8,233,455 635,769 985,769

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 179,738 174,177 179,738 174,177
Hire purchase contracts (see note 19) 12,309 21,099 - -
Payments on account 1,983,897 2,102,079 - -
Trade creditors 3,499,343 3,369,854 - -
Corporation tax 901,970 118,694 - -
Other taxes and social security 321,187 282,117 - -
VAT 629,333 581,677 - -
Other creditors 1,250,578 1,626,498 1,181,895 1,528,403
Directors' current accounts 1,715,762 1,741,857 1,651,008 1,672,046
Accrued expenses 494,883 185,044 12,855 -
10,989,000 10,203,096 3,025,496 3,374,626

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 1,032,245 1,212,364 1,032,245 1,212,364
Hire purchase contracts (see note 19) - 12,309 - -
1,032,245 1,224,673 1,032,245 1,212,364

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 179,738 174,177 179,738 174,177
Amounts falling due between one and two years:
Bank loans - 1-2 years 185,464 179,726 185,464 179,726
Amounts falling due between two and five years:
Bank loans - 2-5 years 592,598 574,264 592,598 574,264
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years by instalments 254,183 458,374 254,183 458,374

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 12,309 21,099
Between one and five years - 12,309
12,309 33,408

The hire purchase contract relates to a specialist machine for the manufacture of exhaust silencers. The remaining lease term is shown above. At the end of the lease, the title of the asset passes to the group for a nominal fee.

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,211,983 1,386,541 1,211,983 1,386,541
Hire purchase contracts 12,309 33,408 - -
1,224,292 1,419,949 1,211,983 1,386,541

The bank loans are secured against the freehold property owned by the subsidiary companies, Industrial and Marine Silencers Limited, by a legal charge dated 3 July 2012 and Bradgate Industrial Properties Limited as well as a company guarantee from the group companies.

The loans are being repaid over a period of 10 years by 120 monthly instalments. Interest is charged at 4.53% pa and 3.14% pa.

Hire purchase liabilities are secured over the asset they relate to.

21. FINANCIAL INSTRUMENTS

The group has no financial assets or financial liabilities measured at fair value through profit or loss.

The total interest income and interest expense for financial assets and financial liabilities that are not measured as fair value through profit or loss was £nil (2022 - £1,674) and £43,139 (2022 - £51,122) respectively.

22. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 519,968 437,972
Revalued assets 355,342 373,958
875,310 811,930

Group
Deferred
tax
£   
Balance at 1 September 2022 811,930
Charge to Income Statement during year 63,380
Balance at 31 August 2023 875,310

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
18,176 Ordinary £1 18,176 18,176

BRADGATE CONTAINERS (HOLDINGS) LIMITED (REGISTERED NUMBER: 04349577)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

24. RESERVES

Group
Capital
Retained Non-distributable redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 September 2022 6,623,618 423,545 6,824 7,053,987
Profit for the year 3,128,091 3,128,091
Excess depreciation transfer 1,227 (1,227 ) - -
At 31 August 2023 9,752,936 422,318 6,824 10,182,078

Called up share capital - represents the nominal value of shares that have been issued.

Non-distributable reserve - the aggregate surplus on re-measurement of freehold properties, net of associated deferred tax, is transferred to a separate non-distributable reserve in order to assist with the identification of profits available for distribution.

Retained earnings - includes all current and prior period retained profits and losses.

25. CONTINGENT LIABILITIES

The company has an unlimited composite intercompany guarantee to secure the bank borrowings of other group companies.

26. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Amount due to related party 1,715,762 1,741,857

Amounts due to key management personnel are unsecured and repayable on demand.

Key management personnel compensation amounted to £981,285 (2022 - £934,312).

Amounts owed to shareholders at the year end amounted to £1,181,222 (2022 - £1,528,403).

Amounts due to shareholders are unsecured and repayable on demand.

27. ULTIMATE CONTROLLING PARTY

The group is jointly controlled by the directors.