REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FRANCIS BUGLER LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
FRANCIS BUGLER LIMITED |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 16 |
FRANCIS BUGLER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
St. John's House, |
Castle Street, |
Taunton |
Somerset |
TA1 4AY |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The company has continued to achieve good results in a competitive market place. |
Year ended | 31 December 2023 | 31 December 2022 |
Turnover (£) | 20,328,083 | 19,217,425 |
Turnover growth (%) | 5.78 | 12.21 |
Gross profit margin (%) | 9.60 | 8.30 |
EBITDA (£) | 642,049 | 528,273 |
At the end of the year, the net assets totalled £3,928,212 (2022 £3,612,464). |
Given the straightforward nature of the business, the company's director is of the opinion that any further analysis using key performance indicators [KPI's] is not necessary for an understanding of the development, performance or position of the business. He is satisfied with the financial performance in the light of the current volatility in the global markets. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company sells machinery to farmers in Dorset and the surrounding counties. Typically their purchase represents significant capital expenditure for the farmer and therefore the uncertainties of the company depend on the confidence of the agricultural sector. World prices for agriculture fluctuate depending upon supply and demand and these fluctuations impact on farmer's willingness to invest in new machinery. The UK's departure from the European Union's resulted in changes to the subsidy regimes for UK farmers however the government is replacing these with alternatives. The director monitors these and other risks such as the weather but does not actively seek to mitigate them. |
In view of the current global state and the government's response to it, there is the potential for the costs of administration and stocking lead times to be increased, including potential sources of funding to be impacted within the debt and equity markets in the medium to long term. |
These uncertainties are expected to be similar for most industries, however, it is anticipated that agriculture will remain overall in a positive position and thus remain heavily reliant on machinery dealers. The company has a strong track record, operating profitably during previous economic depressions and benefits from significant reserves. |
The director has concluded that while the global state is volatile the company can be confident that they have sufficient access to stock and resources should further uncertainties develop. |
ON BEHALF OF THE BOARD: |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a franchised dealer in agricultural machinery |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
FUTURE DEVELOPMENTS |
The company intends to focus on ensuring the efficient running of all four of its current depots rather than operating any new depots. |
DIRECTOR |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and various loan finance. The main purpose of these instruments is to raise funds for the company's operations. |
PRICE RISK, CREDIT RISK, LIQUIDITY RISK AND CASH FLOW RISK |
Price Risk |
The director is involved in both the purchase and sale of machines and price risk is managed on this basis |
Credit Risk |
For the majority of sales the company seeks payment upfront and does not extend credit to customers. When credit is extended it is at the discretion of management and subject to pre-approved limits. |
Liquidity Risk |
The company finances its operations through a mixture of bank loans, overdrafts, stocking plans and hire purchase agreements. The director monitors these on a regular basis to ensure that the company has sufficient liquidity to pay its liabilities as they fall due. |
Cash Flow Risk |
The borrowings carry a mixture of fixed and variable rates of interest, with loans being primarily variable but Hire Purchases being fixed. Fixed interest rates expose the company to fair value interest rate risk as a change in interest rates will not alter the interest charges paid whereas variable interest rates expose the company to cash flow interest rate risk as a change in interest rate will change the interest paid on those liabilities. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information. |
AUDITORS |
The auditors, Mitchells, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRANCIS BUGLER LIMITED |
Opinion |
We have audited the financial statements of Francis Bugler Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 December 2023 and of its 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 company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
FRANCIS BUGLER LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with |
applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments |
for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of |
business. |
Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities. It is the primary responsibility of management and those charged with governance to ensure that the entity's operations are conducted in accordance with the provisions of the laws and regulations and for the prevention and detection of fraud. |
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 |
FRANCIS BUGLER 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditors |
St. John's House, |
Castle Street, |
Taunton |
Somerset |
TA1 4AY |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,620,817 | 1,346,615 |
331,084 | 249,186 |
Other operating income | 3 |
OPERATING PROFIT | 5 |
Income from fixed asset investments |
Interest receivable and similar income |
7,053 | 7,727 |
425,309 | 313,813 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 | 3,872,228 | 3,292,797 |
SHAREHOLDERS' FUNDS |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements were approved by the director and authorised for issue on |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) |
Balance at 31 December 2023 | 20,200 | 3,872,228 | 3,928,777 |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Fair value adjustment |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Sale of investment property |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Capital repayments in year |
Net cash from financing activities |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(61,315 |
) |
(253,576 |
) |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 356,870 | 186,539 |
Finance income | (7,053 | ) | (7,727 | ) |
606,758 | 497,540 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,063 | 8,423 |
Bank overdrafts | ( |
) | ( |
) |
(446,651 | ) | (61,315 | ) |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 8,423 | 5,888 |
Bank overdrafts | ( |
) | ( |
) |
(61,315 | ) | (253,576 | ) |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,423 | (4,360 | ) | 4,063 |
Bank overdrafts | (69,738 | ) | (380,976 | ) | (450,714 | ) |
(61,315 | ) | ( |
) | (446,651 | ) |
Debt |
Finance leases | (4,392,890 | ) | (819,407 | ) | (5,212,297 | ) |
Debts falling due within 1 year | (67,228 | ) | (12,924 | ) | (80,152 | ) |
Debts falling due after 1 year | (412,661 | ) | (321,280 | ) | (733,941 | ) |
(4,872,779 | ) | (1,153,611 | ) | (6,026,390 | ) |
Total | (4,934,094 | ) | (1,538,947 | ) | (6,473,041 | ) |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Francis Bugler Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As disclosed in the accounting policies certain items are shown at fair value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable theta future economic benefits will flow and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 |
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | OTHER OPERATING INCOME |
31.12.23 | 31.12.22 |
£ | £ |
Rents received |
Other Income |
Solar energy income |
87,172 | 56,900 |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Administration and support | 7 | 7 |
Sales | 9 | 7 |
Other departments | 34 | 33 |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
31.12.23 | 31.12.22 |
£ | £ |
Director's remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest |
Stocking plan chgs |
Hire purchase |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Tax adjustment | - | (73 | ) |
Total current tax | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on profit | ( |
) | ( |
) |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The fair value of the company's Freehold land and buildings was revalued on 30 June 2015 by an independent valuer. |
Had this class of asset been measured on an historical basis, the carrying amount would have been £1,757,224 (22 £1,429,194) |
As per FRS102 standards, the company has utilized the available deemed cost exemption so that there is no requirement to update the valuation of the company's land and buildings. |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1 January 2023 |
Impairments | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investment property was reviewed on 30 June 2015 by an independent valuer and uplifted to its fair value. The basis of this valuation was open market value. The valuation was considered by the director at 31 December 2023 and conclusions have been drawn by the director that the valuations of the investment properties remain materially correct. |
11. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Finished goods |
Stock provision | (446,064 | ) | (418,105 | ) |
12. | DEBTORS |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | DEBTORS - continued |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Tax |
Social security and other taxes |
Defined Cont Pensions | 12,763 | 11,510 |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 413,332 | 141,134 |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The company has a bank loan which is secured over the land and buildings to which it relates in favour of National Westminster Bank Plc. |
The hire purchase liabilities are secured against the assets to which they relate. |
The stocking plan loans are secured against the stocks to which they relate. |
18. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 49,164 | 286,719 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 20,200 | 20,200 |
Shareholders of the ordinary shares have full voting rights, rights to capital and rights on a winding up. |
20. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 3,592,264 |
Profit for the year |
Transfer | 263,118 | (263,118 | ) | - |
At 31 December 2023 | 3,872,228 | 36,349 | 3,908,577 |
FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | OTHER FINANCIAL COMMITMENTS |
At the year end financial commitments were in place for the use of properties. The total annual rent charged this year for non-cancellable operating leases was £99,200 (2022: £88,700). The leases are charged at market rent and are subject to early redemption charges |
22. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
31.12.23 | 31.12.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Beaminster Sheds Limited |
(Company in which JR Bugler is also a director) |
During the year the company made a loan to Beaminster Sheds Limited. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the company from Beaminster Sheds Limited was £39,064 (2022: £47,914). |
4B Promotion Limited |
During the year the company made a loan to 4B Promotion Limited. The loan is interest free and repayable on demand. At the balance sheet date the amount due to the company from 4B Promotion Limited was £15,927 (2022: £10,340). |
The company has made an interest free loan to a member of the director's close family. The balance outstanding at the year end is £10,000 (2022: £10,000). This loan is repayable on demand. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |