Company registration number 05160717 (England and Wales)
BANDON HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BANDON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
J G Murphy
J P Lynch
Secretary
J P Lynch
Company number
05160717
Registered office
Building 2
30 Friern Park
North Finchley
London
N12 9DA
Accountants
Newton & Garner Limited
Building 2
30 Friern Park
North Finchley
London
N12 9DA
BANDON HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Accountants' report
3
Profit and loss account
4
Group balance sheet
5
Company balance sheet
6
Group statement of changes in equity
7
Company statement of changes in equity
8
Group statement of cash flows
9
Notes to the financial statements
10 - 22
BANDON HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of Business
Group performance turned around this year as confidence started to return to world markets and consequently the financial investments of the group performed well. This impacted very positively on overall group performance.
Principal Risks and Uncertainties
Whilst the threat posed by inflation has decreased significantly and markets have responded positively, there is still significant global uncertainty as the war in Ukraine sees no sign of ending, the Middle East has the potential to escalate into a wider conflict and the result of presidential election in America could inject further instability. So 2024 may still be a challenging year and the directors will continue to monitor developments carefully and take corrective action when required.
Development and Performance
Adequate finance is retained within the group to enable it to take advantage of business opportunities as they arise.
Key Performance Indicators
The key financial highlights for the group are as follows:-
2023 2022
Turnover £31,172 £91,747
Profit / (loss) on ordinary activities before taxation £1,140,152 £(387,619)
Shareholders' funds £21,150,746 £20,503,589
Net cash from operating activities £67,128 £2,226,028
J G Murphy
Director
16 July 2024
BANDON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company and group continued to be that of building, electrical and civil engineering contractors.
Results and dividends
The results for the year are set out on page 4.
Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J G Murphy
J P Lynch
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J G Murphy
Director
16 July 2024
BANDON HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BANDON HOLDINGS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BANDON HOLDINGS LIMITED for the year ended 31 December 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.
It is your duty to ensure that BANDON HOLDINGS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BANDON HOLDINGS LIMITED. You consider that BANDON HOLDINGS LIMITED is exempt from the statutory audit requirement for the year.
Newton & Garner Limited
16 July 2024
Chartered Accountants
Building 2
30 Friern Park
North Finchley
London
N12 9DA
BANDON HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
2022
Notes
£
£
Turnover
3
31,172
91,747
Cost of sales
(27,072)
(7,367)
Gross profit
4,100
84,380
Administrative expenses
(411,484)
(394,322)
Other operating income
522,781
475,697
Operating profit
4
115,397
165,755
Share of results of associates and joint ventures
15,215
19,877
Interest receivable and similar income
7
579,098
77,839
Interest payable and similar expenses
8
(266)
(3)
Profit or (loss) on fixed asset investments
9
430,708
(651,087)
Profit/(loss) before taxation
1,140,152
(387,619)
Tax on profit/(loss)
10
(142,995)
(35,019)
Profit/(loss) for the financial year
997,157
(422,638)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
BANDON HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
258,009
257,935
Investment property
13
2,990,000
2,840,000
Investments
14
7,221,499
6,365,675
10,469,508
9,463,610
Current assets
Debtors
17
285,255
341,532
Cash at bank and in hand
10,717,368
10,989,783
11,002,623
11,331,315
Creditors: amounts falling due within one year
18
(321,385)
(291,336)
Net current assets
10,681,238
11,039,979
Net assets
21,150,746
20,503,589
Capital and reserves
Called up share capital
21
2,500,000
2,500,000
Share premium account
8,002,968
8,002,968
Revaluation reserve
890,000
740,000
Other reserves
13,029,522
13,029,522
Profit and loss reserves
(3,271,744)
(3,768,901)
Total equity
21,150,746
20,503,589
For the financial year ended 31 December 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
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.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
16 July 2024
J G Murphy
Director
Company registration number 05160717 (England and Wales)
BANDON HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
40,980
34,606
Investments
14
8,256,978
7,416,369
8,297,958
7,450,975
Current assets
Debtors
17
92,251
101,605
Cash at bank and in hand
10,554,371
9,667,863
10,646,622
9,769,468
Creditors: amounts falling due within one year
18
(1,249,501)
(2,652,784)
Net current assets
9,397,121
7,116,684
Net assets
17,695,079
14,567,659
Capital and reserves
Called up share capital
21
2,500,000
2,500,000
Share premium account
8,002,968
8,002,968
Profit and loss reserves
7,192,111
4,064,691
Total equity
17,695,079
14,567,659
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,627,420 (2022 - £764,348 loss).
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These 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 16 July 2024 and are signed on its behalf by:
16 July 2024
J G Murphy
Director
Company registration number 05160717 (England and Wales)
BANDON HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
2,500,000
8,002,968
550,000
13,029,522
(3,346,263)
20,736,227
Year ended 31 December 2022:
Loss and total comprehensive income
-
-
-
-
(422,638)
(422,638)
Other movements
-
-
190,000
-
-
190,000
Balance at 31 December 2022
2,500,000
8,002,968
740,000
13,029,522
(3,768,901)
20,503,589
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
997,157
997,157
Dividends
11
-
-
-
-
(500,000)
(500,000)
Other movements
-
-
150,000
-
-
150,000
Balance at 31 December 2023
2,500,000
8,002,968
890,000
13,029,522
(3,271,744)
21,150,746
BANDON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
2,500,000
8,002,968
4,829,039
15,332,007
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(764,348)
(764,348)
Balance at 31 December 2022
2,500,000
8,002,968
4,064,691
14,567,659
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,627,420
3,627,420
Dividends
11
-
-
(500,000)
(500,000)
Balance at 31 December 2023
2,500,000
8,002,968
7,192,111
17,695,079
BANDON HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
103,455
2,226,028
Interest paid
(266)
-
Income taxes paid
(36,061)
-
Net cash inflow from operating activities
67,128
2,226,028
Investing activities
Purchase of tangible fixed assets
(28,990)
-
Proceeds from disposal of tangible fixed assets
20,250
29,000
Purchase of investments
(1,441,459)
(3,144,485)
Proceeds from disposal of investments
1,031,558
1,579,277
Interest received
511,273
19,821
Dividends received
67,825
57,874
Net cash generated from/(used in) investing activities
160,457
(1,458,513)
Financing activities
Dividends paid to equity shareholders
(500,000)
Net cash used in financing activities
(500,000)
-
Net (decrease)/increase in cash and cash equivalents
(272,415)
767,515
Cash and cash equivalents at beginning of year
10,989,783
10,222,268
Cash and cash equivalents at end of year
10,717,368
10,989,783
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information
BANDON HOLDINGS LIMITED (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Building 2, 30 Friern Park, London N12 9DA.
The address of place of business is Unit 136, Devonshire House, Manor Way, Borehamwood, Hertfordshire, WD6 1QQ.
The group consists of BANDON HOLDINGS LIMITED and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated group financial statements consist of the financial statements of the parent company BANDON HOLDINGS LIMITED together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 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.
Investment in Associates
An associate is an entity that is neither a subsidiary nor a joint venture, in which the group and parent company hold a long term interest and where the group and parent company have significant influence. It is considered that significant influence is where there is power to participate in the financial and operating decisions of the associate.
Exemptions for qualifying entities under FRS 102
The company has taken advantage from the requirement to prepare a Statement of Cash Flows under FRS 102, on the basis its cash flows are included in the Consolidated Statement of Cash Flows.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line basis
Plant and equipment
25% - 33% reducing balance & straight line basis
Fixtures and fittings
15% - 25% reducing balance & straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Property rented to a group entity is accounted for as tangible fixed assets.
1.6
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.7
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.9
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment Properties
The group's investment properties were revalued at open market value by the directors in 2022. The directors do not consider the value has altered significantly since this date. There are significant judgements and estimates involved in arriving at a value.
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
3
Turnover and other revenue
Turnover represents the value of work done in respect of construction services provided, excluding value added tax. There were no gross amounts due from or to customers for contract work at the year end date. Substantially all turnover was achieved wholly within the United Kingdom.
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
19,413
27,498
Profit on disposal of tangible fixed assets
(10,747)
(27,055)
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
3
4
3
4
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
101,363
109,942
101,363
109,942
Social security costs
10,246
11,729
10,246
11,729
Pension costs
5,477
6,182
5,477
6,182
117,086
127,853
117,086
127,853
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
55,000
55,000
Company pension contributions to defined contribution schemes
3,150
3,150
58,150
58,150
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
25,617
12,521
Other interest income
485,656
7,444
Total interest revenue
511,273
19,965
Other income from investments
Dividends received
67,825
57,874
Total income
579,098
77,839
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
25,617
12,521
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
266
3
9
Amounts written off investments
2023
2022
£
£
Other gains and losses
430,708
(651,087)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
142,995
35,019
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 16 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
1,140,152
(387,619)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
268,170
(73,648)
Tax effect of expenses that are not deductible in determining taxable profit
64
66
Permanent capital allowances in excess of depreciation
(5,190)
(840)
Effect of revaluations of investments
(107,129)
116,495
Dividend income
(16,833)
(11,399)
Share of profits in associates
(3,579)
(3,777)
Profits on disposals of fixed asset investments
7,492
8,122
Taxation charge
142,995
35,019
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
500,000
-
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
296,095
101,173
6,234
403,502
Additions
28,990
28,990
Disposals
(46,337)
(4,604)
(50,941)
At 31 December 2023
296,095
83,826
1,630
381,551
Depreciation and impairment
At 1 January 2023
74,370
64,963
6,234
145,567
Depreciation charged in the year
5,489
13,924
19,413
Eliminated in respect of disposals
(36,834)
(4,604)
(41,438)
At 31 December 2023
79,859
42,053
1,630
123,542
Carrying amount
At 31 December 2023
216,236
41,773
258,009
At 31 December 2022
221,725
36,210
257,935
Company
Plant and equipment
£
Cost
At 1 January 2023
61,610
Additions
28,990
Disposals
(25,130)
At 31 December 2023
65,470
Depreciation and impairment
At 1 January 2023
27,004
Depreciation charged in the year
13,660
Eliminated in respect of disposals
(16,174)
At 31 December 2023
24,490
Carrying amount
At 31 December 2023
40,980
At 31 December 2022
34,606
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
2,840,000
-
Net gains or losses through fair value adjustments
150,000
-
At 31 December 2023
2,990,000
-
The group’s investment properties were revalued at open market value by the directors during the year ended 31st December, 2023. The historical cost of investment properties is £4,786,623 (2022 - £4,786,623).
The carrying value of land and buildings comprises:
Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
1,940,000
1,790,000
-
-
Long leasehold
1,050,000
1,050,000
-
-
2,990,000
2,840,000
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
1,070,541
1,070,541
Investments in associates
16
35,092
19,877
30
30
Listed investments
7,186,407
6,345,798
7,186,407
6,345,798
7,221,499
6,365,675
8,256,978
7,416,369
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Group
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
19,877
6,345,798
6,365,675
Additions
-
1,441,459
1,441,459
Valuation changes
15,215
455,471
470,686
Adjustments
-
7,856
7,856
Disposals
-
(1,064,177)
(1,064,177)
At 31 December 2023
35,092
7,186,407
7,221,499
Carrying amount
At 31 December 2023
35,092
7,186,407
7,221,499
At 31 December 2022
19,877
6,345,798
6,365,675
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1,070,571
6,345,798
7,416,369
Additions
-
1,441,459
1,441,459
Valuation changes
-
455,471
455,471
Adjustments
-
7,856
7,856
Disposals
-
(1,064,177)
(1,064,177)
At 31 December 2023
1,070,571
7,186,407
8,256,978
Carrying amount
At 31 December 2023
1,070,571
7,186,407
8,256,978
At 31 December 2022
1,070,571
6,345,798
7,416,369
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bandon Properties Ltd
England and Wales
Ordinary Shares
100.00
JMCC Holdings Ltd
England and Wales
Ordinary Shares
100.00
Northern Reliable Industrial Services Limited
England and Wales
Ordinary Shares
100.00
Reliable Construction Ltd
England and Wales
Ordinary Shares
100.00
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Subsidiaries
(Continued)
- 20 -
On 22 September 2023, Northern Reliable Industrial Services Limited., initiated a Member's Voluntary Liquidation and submitted a statutory declaration of Solvency. The company was subsequently placed into liquidation.
16
Associates
Details of associates at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
C&D Resource Solutions Ltd
England and Wales
Ordinary Shares
30
The financial statements for the year ended 31st December, 2023 show a capital and reserves balance of £117,072 and a profit for the year of £65,715 and dividends paid of £15,000.
The group's financial statements incorporate 30% of the profit after tax and dividends total £15,215.
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
22,052
61,571
6,198
50,539
Other debtors
259,264
256,143
82,114
27,248
Prepayments and accrued income
3,939
23,818
3,939
23,818
285,255
341,532
92,251
101,605
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
7,121
79,652
3,654
53,584
Amounts owed to group undertakings
1,149,589
1,778,714
Amounts owed to undertakings in which the group has a participating interest
787,408
Other taxation and social security
159,686
67,735
64,249
3,683
Other creditors
20,048
5,010
Accruals and deferred income
134,530
138,939
32,009
29,395
321,385
291,336
1,249,501
2,652,784
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,477
6,182
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
997,157
(422,638)
Adjustments for:
Share of results of associates and joint ventures
(15,215)
(19,877)
Taxation charged
142,995
35,019
Finance costs
266
3
Investment income
(579,098)
(77,839)
Gain on disposal of tangible fixed assets
(10,747)
(27,055)
Depreciation and impairment of tangible fixed assets
19,413
27,498
Other gains and losses
(430,708)
651,087
Movements in working capital:
Decrease in debtors
43,889
2,087,640
Decrease in creditors
(64,497)
(27,810)
Cash generated from operations
103,455
2,226,028
21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
2,500,000
2,500,000
2,500,000
2,500,000
22
Financial commitments, guarantees and contingent liabilities
The company holds IBNR (Incurred But Not Reported) liabilities which are estimated to have a value of £129,852. There is a possibility that a proportion of this estimated liability will be paid out over several years. At this stage it is uncertain on the level and timing of the outfllow. The outflow will be recognised in the period it is incurred.
BANDON HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
23
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,948
1,948
1,948
1,948
1,948
1,948
1,948
1,948
24
Related party transactions
C & D Resource Solutions Ltd
C & D Resource Solutions Ltd. is 30% owned by Bandon Holdings Ltd. During the year the group raised charges of £30,000 in respect of management services.
25
Controlling party
The directors regard Greenane Ltd., incorporated in the Isle of Man as the group ultimate holding company. In the opinion of the directors, there is no ultimate controlling party of Greenane Ltd.
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