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REGISTERED NUMBER: 10790864 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

BFG PROJECTS LIMITED

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BFG PROJECTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTOR: C G E Corbally





REGISTERED OFFICE: 6th Floor St Magnus House
3 Lower Thames Street
London
EC3R 6HD





REGISTERED NUMBER: 10790864 (England and Wales)

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

BALANCE SHEET
30 SEPTEMBER 2023

30/9/23 30/9/22
as restated
Notes £ £
FIXED ASSETS
Investments 4 1,049,514 1,049,514

CURRENT ASSETS
Debtors 5 18,085,016 18,598,771
Cash at bank 313,772 4,126
18,398,788 18,602,897
CREDITORS
Amounts falling due within one year 6 (134,715 ) (46,256 )
NET CURRENT ASSETS 18,264,073 18,556,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,313,587

19,606,155

CREDITORS
Amounts falling due after more than
one year

7

(21,314,287

)

(21,253,478

)
NET LIABILITIES (2,000,700 ) (1,647,323 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 (2,000,702 ) (1,647,325 )
SHAREHOLDERS' FUNDS (2,000,700 ) (1,647,323 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

BALANCE SHEET - continued
30 SEPTEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 September 2024 and were signed by:





C G E Corbally - Director


BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

BFG Projects Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, when,and if, better information is obtained.

Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment within the next financial year are included below.

Critical judgements that management has made in the process of applying accounting policies
disclosed herein and that have a significant effect on the amounts recognised in the financial
statements relates to the following:

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Income Statement.

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

Interest income
Interest income is recognised in the profit or loss over the term of the debt receivable using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Going concern
The directors have reviewed the performance of the Company during the year as set out in these accounts and, after taking account of possible changes that can reasonably be envisaged in trading performance, have considered the cash flow forecasts and future liquidity requirements of the Company

Having regard to the above and after making enquiries the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing the accounts. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Cash and cash equivalents
Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24 hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors and creditors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short-term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance Costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 October 2022
and 30 September 2023 1,049,514
NET BOOK VALUE
At 30 September 2023 1,049,514
At 30 September 2022 1,049,514

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
as restated
£ £
Amounts owed by group undertakings 18,085,013 18,556,043
Other debtors 3 2
Deferred tax asset - 42,617
VAT debtor - 109
18,085,016 18,598,771

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
as restated
£ £
Trade creditors 6,786 24,457
VAT creditor 127,802 21,757
Accruals and deferred income 127 42
134,715 46,256

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30/9/23 30/9/22
as restated
£ £
Loans 21,314,287 21,253,478

BFG PROJECTS LIMITED (REGISTERED NUMBER: 10790864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/9/23 30/9/22
value: as restated
£ £
100,000 Ordinary - A 0.00001 1 1
99,999 Ordinary - B 0.00001 1 1
2 2

9. RESERVES
Retained
earnings
£

At 1 October 2022 (1,647,325 )
Deficit for the year (353,377 )
At 30 September 2023 (2,000,702 )

10. RELATED PARTY DISCLOSURES

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.

11. ULTIMATE CONTROLLING PARTY

The Company's ultimate parent and controlling entity is Bagnall Energy Limited, a company incorporated in England and Wales. The financial statements of Bagnall Energy Limited, can be obtained from that company's registered office: 6th Floor, St Magnus House, 3 Lower Thames Street, London, England, EC3R 6HD.