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REGISTERED NUMBER: 00458986 (England and Wales)















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: J W R Bugler





SECRETARY: T A Score





REGISTERED OFFICE: Barrowfield
Broadwindsor Road
Beaminster
Dorset
DT8 3PP





REGISTERED NUMBER: 00458986 (England and Wales)





AUDITORS: Mitchells
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:





J W R Bugler - Director


22 July 2024

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
J W R Bugler held office during the whole of the period from 1 January 2023 to the date of this report.

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:





J W R Bugler - Director


22 July 2024

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.




Samantha J. Vigus (Senior Statutory Auditor)
for and on behalf of Mitchells
Chartered Accountants and Statutory Auditors
St. John's House,
Castle Street,
Taunton
Somerset
TA1 4AY

22 July 2024

FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 20,328,083 19,217,425

Cost of sales 18,376,182 17,621,624
GROSS PROFIT 1,951,901 1,595,801

Distribution costs 372,802 302,000
Administrative expenses 1,248,015 1,044,615
1,620,817 1,346,615
331,084 249,186

Other operating income 3 87,172 56,900
OPERATING PROFIT 5 418,256 306,086

Income from fixed asset investments 496 496
Interest receivable and similar income 6,557 7,231
7,053 7,727
425,309 313,813

Interest payable and similar expenses 6 356,870 186,539
PROFIT BEFORE TAXATION 68,439 127,274

Tax on profit 7 (247,874 ) (41,994 )
PROFIT FOR THE FINANCIAL YEAR 316,313 169,268

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 316,313 169,268


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

316,313

169,268

FRANCIS BUGLER LIMITED (REGISTERED NUMBER: 00458986)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,001,922 2,882,737
Investments 9 6,065 6,425
Investment property 10 357,792 357,792
3,365,779 3,246,954

CURRENT ASSETS
Stocks 11 9,953,794 9,750,895
Debtors 12 4,018,019 2,761,510
Cash in hand 4,063 8,423
13,975,876 12,520,828
CREDITORS
Amounts falling due within one year 13 12,463,552 11,316,958
NET CURRENT ASSETS 1,512,324 1,203,870
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,878,103

4,450,824

CREDITORS
Amounts falling due after more than one
year

14

(900,162

)

(551,641

)

PROVISIONS FOR LIABILITIES 18 (49,164 ) (286,719 )
NET ASSETS 3,928,777 3,612,464

CAPITAL AND RESERVES
Called up share capital 19 20,200 20,200
Revaluation reserve 20 36,349 299,467
Retained earnings 20 3,872,228 3,292,797
SHAREHOLDERS' FUNDS 3,928,777 3,612,464

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 22 July 2024 and were signed by:





J W R Bugler - Director


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 20,200 3,123,529 299,467 3,443,196

Changes in equity
Total comprehensive income - 169,268 - 169,268
Balance at 31 December 2022 20,200 3,292,797 299,467 3,612,464

Changes in equity
Total comprehensive income - 579,431 (263,118 ) 316,313
Balance at 31 December 2023 20,200 3,872,228 36,349 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 (888,071 ) (835,631 )
Interest paid (345,659 ) (182,028 )
Interest element of hire purchase payments
paid

(11,211

)

(4,511

)
Fair value adjustment 360 -
Tax paid 6,268 (40,663 )
Net cash from operating activities (1,238,313 ) (1,062,833 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,157,441 ) (998,625 )
Sale of tangible fixed assets 849,755 728,712
Sale of investment property - 376,288
Interest received 6,557 7,231
Dividends received 496 496
Net cash from investing activities (300,633 ) 114,102

Cash flows from financing activities
New loans in year 814,093 -
Loan repayments in year (479,890 ) -
Capital repayments in year 819,407 1,140,992
Net cash from financing activities 1,153,610 1,140,992

(Decrease)/increase in cash and cash equivalents (385,336 ) 192,261
Cash and cash equivalents at beginning of
year

2

(61,315

)

(253,576

)

Cash and cash equivalents at end of year 2 (446,651 ) (61,315 )

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 68,439 127,274
Depreciation charges 209,766 226,157
Profit on disposal of fixed assets (21,264 ) (34,703 )
Finance costs 356,870 186,539
Finance income (7,053 ) (7,727 )
606,758 497,540
Increase in stocks (202,899 ) (3,552,743 )
Increase in trade and other debtors (1,256,509 ) (134,074 )
(Decrease)/increase in trade and other creditors (35,421 ) 2,353,646
Cash generated from operations (888,071 ) (835,631 )

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 (450,714 ) (69,738 )
(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 (69,738 ) (259,464 )
(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 ) (385,336 ) (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 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost, 1% on cost and not provided
Short leasehold - Straight line over 10 years, Straight line over 4 years and Straight line over 15 years
Plant and machinery - 25% on reducing balance, 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 20% on reducing balance and Straight line over 10 years
Motor vehicles - 25% on reducing balance

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 29,519 26,983
Other Income 1,335 710
Solar energy income 56,318 29,207
87,172 56,900

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 1,975,319 1,862,165
Social security costs 193,522 186,952
Other pension costs 49,829 44,714
2,218,670 2,093,831

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
50 47

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 72,165 68,881

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Hire of plant and machinery 1,663 1,675
Other operating leases 99,200 88,700
Depreciation - owned assets 209,765 226,157
Profit on disposal of fixed assets (21,264 ) (34,703 )
Auditors' remuneration 11,760 12,362
Foreign exchange differences 924 1,685

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 59,856 25,913
Stocking plan chgs 285,803 156,115
Hire purchase 11,211 4,511
356,870 186,539

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 (10,319 ) 10,318
Tax adjustment - (73 )
Total current tax (10,319 ) 10,245

Deferred tax (237,555 ) (52,239 )
Tax on profit (247,874 ) (41,994 )

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 1,709,659 427,409 1,144,460
Additions 351,000 - 692,768
Disposals - - (907,603 )
At 31 December 2023 2,060,659 427,409 929,625
DEPRECIATION
At 1 January 2023 282,549 185,235 280,247
Charge for year 22,970 38,768 45,893
Eliminated on disposal - - (86,210 )
At 31 December 2023 305,519 224,003 239,930
NET BOOK VALUE
At 31 December 2023 1,755,140 203,406 689,695
At 31 December 2022 1,427,110 242,174 864,213

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 486,643 899,246 4,667,417
Additions 3,690 109,983 1,157,441
Disposals - (84,260 ) (991,863 )
At 31 December 2023 490,333 924,969 4,832,995
DEPRECIATION
At 1 January 2023 452,451 584,198 1,784,680
Charge for year 7,079 95,055 209,765
Eliminated on disposal - (77,162 ) (163,372 )
At 31 December 2023 459,530 602,091 1,831,073
NET BOOK VALUE
At 31 December 2023 30,803 322,878 3,001,922
At 31 December 2022 34,192 315,048 2,882,737

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 6,425
Impairments (360 )
At 31 December 2023 6,065
NET BOOK VALUE
At 31 December 2023 6,065
At 31 December 2022 6,425

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 357,792
NET BOOK VALUE
At 31 December 2023 357,792
At 31 December 2022 357,792

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 10,399,858 10,169,000
Stock provision (446,064 ) (418,105 )
9,953,794 9,750,895

12. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 2,494,993 970,015
Other debtors 480,901 390,256
Prepayments and accrued income 959,725 1,313,666
3,935,619 2,673,937

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 82,400 87,573

Aggregate amounts 4,018,019 2,761,510

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 15) 530,866 136,966
Hire purchase contracts (see note 16) 5,046,076 4,253,910
Trade creditors 6,376,548 6,792,937
Tax 6,485 10,536
Social security and other taxes 272,719 53,652
Defined Cont Pensions 12,763 11,510
Accrued expenses 218,095 57,447
12,463,552 11,316,958

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 15) 733,941 412,661
Hire purchase contracts (see note 16) 166,221 138,980
900,162 551,641

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 450,714 69,738
Bank loans 80,152 67,228
530,866 136,966

Amounts falling due between one and two years:
Bank loans - 1-2 years 320,609 271,527

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 5,046,076 4,253,910
Between one and five years 166,221 138,980
5,212,297 4,392,890

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 286,719
Credit to Income Statement during year (237,555 )
Balance at 31 December 2023 49,164

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
20,200 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 3,292,797 299,467 3,592,264
Profit for the year 316,313 316,313
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
£    £   
J W R Bugler
Balance outstanding at start of year 30,405 29,760
Amounts advanced 39,946 645
Amounts repaid (20,731 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 49,620 30,405

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 J W R Bugler.