13 false false false false false false false false false true false false false false true true true true No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,905 4,905 11,000 xbrli:pure xbrli:shares iso4217:GBP 10379740 2022-10-01 2023-09-30 10379740 2023-09-30 10379740 2022-09-30 10379740 2021-10-01 2022-09-30 10379740 2022-09-30 10379740 core:MotorVehicles 2022-10-01 2023-09-30 10379740 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 10379740 bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 10379740 bus:Director2 2022-10-01 2023-09-30 10379740 core:MotorVehicles 2022-09-30 10379740 core:MotorVehicles 2023-09-30 10379740 core:WithinOneYear 2023-09-30 10379740 core:WithinOneYear 2022-09-30 10379740 core:AfterOneYear 2023-09-30 10379740 core:AfterOneYear 2022-09-30 10379740 core:UKTax 2022-10-01 2023-09-30 10379740 core:UKTax 2021-10-01 2022-09-30 10379740 bus:AllOrdinaryShares 2022-10-01 2023-09-30 10379740 bus:AllOrdinaryShares 2021-10-01 2022-09-30 10379740 core:ShareCapital 2023-09-30 10379740 core:ShareCapital 2022-09-30 10379740 core:RetainedEarningsAccumulatedLosses 2023-09-30 10379740 core:RetainedEarningsAccumulatedLosses 2022-09-30 10379740 core:DeferredTaxation 2022-10-01 2023-09-30 10379740 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 10379740 core:AcceleratedTaxDepreciationDeferredTax 2022-09-30 10379740 core:MotorVehicles 2022-09-30 10379740 core:DeferredTaxation 2022-09-30 10379740 core:DeferredTaxation 2023-09-30 10379740 bus:SmallEntities 2022-10-01 2023-09-30 10379740 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 10379740 bus:FullAccounts 2022-10-01 2023-09-30 10379740 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 10379740 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 10379740 bus:OrdinaryShareClass1 2023-09-30 10379740 bus:OrdinaryShareClass1 2022-09-30 10379740 bus:Director1 2022-10-01 2023-09-30 10379740 core:AllAssociates 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: 10379740
Bagri Services Ltd
Filleted Unaudited Financial Statements
30 September 2023
Bagri Services Ltd
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Bagri Services Ltd
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bagri Services Ltd
Year ended 30 September 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 September 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
6 March 2024
Bagri Services Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
7
80,799
186,639
Current assets
Debtors
8
311,216
326,767
Cash at bank and in hand
70,658
55,043
---------
---------
381,874
381,810
Creditors: amounts falling due within one year
9
220,377
244,457
---------
---------
Net current assets
161,497
137,353
---------
---------
Total assets less current liabilities
242,296
323,992
Creditors: amounts falling due after more than one year
10
34,287
96,700
Provisions
11
11,000
15,905
---------
---------
Net assets
197,009
211,387
---------
---------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
196,909
211,287
---------
---------
Shareholders funds
197,009
211,387
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bagri Services Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
Mr K Singh
Director
Company registration number: 10379740
Bagri Services Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Hamblin Crescent, Sinfin, Derby, DE24 9PL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% straight line
Equipment
-
15 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 13 ).
5. Tax on profit/(loss)
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
UK current tax expense
15,149
1,795
Deferred tax:
Origination and reversal of timing differences
( 4,905)
( 10,204)
--------
--------
Tax on profit/(loss)
10,244
( 8,409)
--------
--------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 22 % (2022: 19 %).
2023
2022
£
£
Profit/(loss) on ordinary activities before taxation
26,866
( 44,971)
--------
--------
Profit/(loss) on ordinary activities by rate of tax
5,510
( 8,544)
Effect of expenses not deductible for tax purposes
275
Effect of capital allowances and depreciation
9,639
10,204
Utilisation of tax losses
( 140)
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
( 4,905)
( 10,204)
--------
--------
Tax on profit/(loss)
10,244
( 8,409)
--------
--------
6. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
31,000
5,000
--------
-------
7. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 October 2022
313,095
6,716
319,811
Additions
18,000
18,000
Disposals
( 120,000)
( 120,000)
---------
-------
---------
At 30 September 2023
211,095
6,716
217,811
---------
-------
---------
Depreciation
At 1 October 2022
130,751
2,421
133,172
Charge for the year
50,424
917
51,341
Disposals
( 47,501)
( 47,501)
---------
-------
---------
At 30 September 2023
133,674
3,338
137,012
---------
-------
---------
Carrying amount
At 30 September 2023
77,421
3,378
80,799
---------
-------
---------
At 30 September 2022
182,344
4,295
186,639
---------
-------
---------
8. Debtors
2023
2022
£
£
Trade debtors
42,051
56,846
Other debtors
269,165
269,921
---------
---------
311,216
326,767
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,080
41,080
Trade creditors
7,751
17,380
Amounts owed to group undertakings and undertakings in which the company has a participating interest
125,289
125,289
Corporation tax
15,127
1,795
Social security and other taxes
15,422
28,588
Other creditors
31,708
30,325
---------
---------
220,377
244,457
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,287
96,700
--------
--------
11. Provisions
Deferred tax (note 12)
£
At 1 October 2022
15,905
Charge against provision
( 4,905)
--------
At 30 September 2023
11,000
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 11)
11,000
15,905
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
11,000
15,905
--------
--------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
14. Directors' advances, credits and guarantees
At 30th September 2023, other creditors include the following amounts due to the director:- Mrs N.K. Johal £708 (2022 - £2,235) The loans are interest free and repayable on demand
15. Related party transactions
Included within creditors due within 1 year is an amount of £125,289 (2022 - £107,716) due from an associated Company, Bagri Construction Ltd. The loan is interest free and for an indefinite period, however it is repayable on demand.