Company registration number 00932731 (England and Wales)
BULLDOG REMOULDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BULLDOG REMOULDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
BULLDOG REMOULDS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,200,988
1,519,091
Current assets
Stocks
675,142
1,161,517
Debtors
5
946,763
2,200,970
Cash at bank and in hand
-
0
340
1,621,905
3,362,827
Creditors: amounts falling due within one year
6
(4,225,610)
(4,909,569)
Net current liabilities
(2,603,705)
(1,546,742)
Total assets less current liabilities
(402,717)
(27,651)
Provisions for liabilities
(356,013)
(116,065)
Net assets excluding pension surplus
(758,730)
(143,716)
Defined benefit pension surplus
7
479,000
557,000
Net (liabilities)/assets
(279,730)
413,284
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
(329,730)
363,284
Total equity
(279,730)
413,284

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 17 September 2024 and are signed on its behalf by:
Mr A Manenti
Director
Company Registration No. 00932731
BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Bulldog Remoulds Limited is a private company limited by shares incorporated in England and Wales. The registered office is Athena Drive, Tachbook Park, Warwick, Warwickshire, United Kingdom, CV34 6UX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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 buildings
2% or 7% straight line p.a.
Plant and equipment
10 - 20% straight line p.a.
Office equipment
10 - 33% straight line p.a.
Motor vehicles
25% straight line p.a.

Freehold land and assets in the course of construction are not depreciated.

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 credited or charged to profit or loss.

BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets

At each reporting period end date, the company 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
Financial instruments

The company 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 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.

BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

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 company 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 when the company has 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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

The present value of the defined benefit pension scheme depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 7, will impact the carrying amount of the pension asset or liability.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
53
49
BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Freehold buildings
Assets under construction
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
913,598
503,799
2,908,382
39,881
14,000
4,379,660
Additions
-
0
789,893
45,775
-
0
29,517
865,185
Disposals
(11,222)
-
0
(138,321)
-
0
-
0
(149,543)
Transfers
-
0
(1,159,877)
1,159,877
-
0
-
0
-
0
At 31 December 2023
902,376
133,815
3,975,713
39,881
43,517
5,095,302
Depreciation and impairment
At 1 January 2023
396,737
-
0
2,411,771
38,061
14,000
2,860,569
Depreciation charged in the year
25,494
-
0
154,551
1,788
1,455
183,288
Eliminated in respect of disposals
(11,222)
-
0
(138,321)
-
0
-
0
(149,543)
At 31 December 2023
411,009
-
0
2,428,001
39,849
15,455
2,894,314
Carrying amount
At 31 December 2023
491,367
133,815
1,547,712
32
28,062
2,200,988
At 31 December 2022
516,861
503,799
496,611
1,820
-
0
1,519,091

Included in the cost of freehold buildings is freehold land of £177,500 (2022: £177,500), which is not depreciated.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
139,749
27,951
Corporation tax recoverable
-
0
19,861
Amounts owed by group undertakings
751,468
2,102,939
Other debtors
55,546
50,219
946,763
2,200,970
BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
310,577
644,619
Amounts owed to group undertakings
3,464,126
3,663,569
Taxation and social security
153,298
95,671
Other creditors
297,609
505,710
4,225,610
4,909,569
7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,199
78,154

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The scheme is called Bulldog Remoulds Limited Retirement Benefits Scheme and is open for qualifying employees.

 

Based on a scheme valuation undertaken in 2018 the Company has agreed with the scheme Trustees that it will pay 36.2% of pensionable earnings in respect of the cost of accruing benefits. Member contributions are payable in addition at a rate of 10% of pensionable earnings. Costs of administering the scheme are met by the Company.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 5 January 2023 by Mercer, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

 

The actuarial valuation prepared under FRS102 indicated that the company’s scheme was in surplus as at the year end to the value of £3,726,000. The actuaries have undertaken an asset ceiling calculation which, has restricted the asset within the accounts to the value of £479,000.

2023
2022
Key assumptions
%
%
Discount rate
4.8
4.9
Expected rate of increase of pensions in payment
3.15
3.2
Expected rate of salary increases
3.1
3.2
BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Retirement benefit schemes
(Continued)
- 9 -
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.3
21.9
- Females
23.2
23.7
Retiring in 20 years
- Males
22.5
23.3
- Females
24.7
25.2
2023
2022

Amounts recognised in the profit and loss account

£
£
Current service cost
71,000
160,000
Net interest on net defined benefit liability/(asset)
(149,000)
(7,000)
Other costs and income
119,000
-
Total costs
41,000
153,000
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(1,020,000)
1,370,000
Less: calculated interest element
481,000
202,000
Return on scheme assets excluding interest income
(539,000)
1,572,000
Actuarial changes related to obligations
(2,000)
(4,250,000)
Effect of changes in the amount of surplus that is not recoverable
707,000
2,421,000
Total costs/(income)
166,000
(257,000)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£
£
Present value of defined benefit obligations
7,087,000
6,880,000
Fair value of plan assets
(10,813,000)
(9,858,000)
Surplus in scheme
(3,726,000)
(2,978,000)
Restriction on scheme assets
3,247,000
2,421,000
Total asset recognised
(479,000)
(557,000)
BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Retirement benefit schemes
(Continued)
- 10 -
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 January 2023
6,880,000
Current service cost
71,000
Benefits paid
(222,000)
Contributions from scheme members
28,000
Actuarial gains and losses
(2,000)
Interest cost
332,000
At 31 December 2023
7,087,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 January 2023
9,858,000
Interest income
481,000
Return on plan assets (excluding amounts included in net interest)
539,000
Benefits paid
(222,000)
Contributions by the employer
129,000
Contributions by scheme members
28,000
At 31 December 2023
10,813,000

The actual return on plan assets was £1,020,000 (2022 - £1,370,000).

2023
2022

Fair value of plan assets at the reporting period end

£
£
Equity instruments
6,699,000
6,167,000
Debt instruments
1,756,000
1,102,000
Other
2,012,000
2,192,000
Cash
346,000
397,000
10,813,000
9,858,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

BULLDOG REMOULDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Audit report information
(Continued)
- 11 -
Senior Statutory Auditor:
Tracey Richardson BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
23,884
52,113
10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
234,430
918,789
11
Related party transactions

As the company is a wholly owned subsidiary it has taken advantage of the exemption not to disclose related party transactions between itself and other members of the group.

12
Parent company

The ultimate parent undertaking and controlling party is Bridgestone Corporation, which is incorporated in Japan and is the largest group preparing consolidated accounts.

 

The immediate parent undertaking is Bridgestone Europe NV/SA, its registered office is Kleine Kloosterstraat 10, 1932 Zaventum, Belgium. They are incorporated in Belgium and are the smallest group preparing consolidated accounts.

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