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Registered number: NI665864










BSG HOLDCO LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BSG HOLDCO LTD
 

COMPANY INFORMATION


Directors
Sean Joseph Gillan 
Seamus Gerald Gillan 
Mary Bernadette Gillan 
Seamus Martin Gillan 




Registered number
NI665864



Registered office
6 Bank Square

Maghera

Co. Derry

BT46 5AZ




Independent auditors
AAB Group Accountants Limited

Howard House

30 Northland Row

Dungannon

Co. Tyrone

BT71 6AP




Bankers
Ulster Bank
20 Broad Street

Magherafelt

Derry

BT45 6JR





 
BSG HOLDCO LTD
 

CONTENTS



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 7
Independent auditors' report
 
8 - 11
Consolidated statement of comprehensive income
 
12
Consolidated balance sheet
 
13
Company balance sheet
 
14
Consolidated statement of changes in equity
 
15
Company statement of changes in equity
 
16
Consolidated statement of cash flows
 
17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 33


 
BSG HOLDCO LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the group remains that of a civil, mechanical and electrical engineering contractor.

Business review
 
The directors are committed to long term creation of shareholder value by increasing the group's market share through securing new contracts, maintaining their reputation, and sustaining their expertise in the sector. Further successful implementation of this growth strategy combined with achievement of improvements in project management and cost efficiencies has resulted in the trading results reported for 2023 being in line with directors' expectations, despite the effects of the current economic environment. While the incoming year is likely to continue to have its challenges, early results are positive, and the directors expect a year of good progress. 
The group retains considerable cash reserves. The directors believe this is an appropriate strategy given the working capital requirements of the business and the intention to maintain a strong balance sheet thus not precluding the business from upcoming framework and contract opportunities for which a significant balance sheet is a prerequisite to tendering. It is our experience that, considered in aggregate with the other assets and liabilities of the group, it is necessary to maintain cash balances in excess of £20m to allow the group to avail of all those contract opportunities which we deem to be of strategic importance.
The group continues the development of new Head Offices and shall complete this development  without recourse to external finance. In addition, while the directors are confident that the provision included for the contingent liabilities is adequate, the directors believe that it is prudent to retain the current level of cash reserves.
At the year end the group had net assets of £31,187k (2022: £25,624k) and the company had net assets of £14,869k (2022: £14,869k). The directors consider the performance of the group and the company during the year and its financial position at year-end to be satisfactory. The group will continue to seek every opportunity to increase profitable turnover.

Page 1

 
BSG HOLDCO LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The management of the business and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the current economic environment, competition from other key market players, continued government spending in the sector and the retention of key employees. 
Liquidity risk 
The group actively maintain a sufficient level of cash reserves but have short-term banking facilities readily available should they be required. 
Credit risk 
The group have a policy that requires appropriate credit checks to be performed on potential private sector customers before sales are made. The exposure to any one customer is subject to a limit, which is reviewed regularly. 
Foreign exchange risk 
While the greater part of the group's revenues and expenses are denominated in sterling, the group are exposed to some foreign exchange risk in the normal course of business, principally on sales and cash balances in euros. While the group have not used financial instruments to date to hedge foreign exchange exposure, this position is kept constantly under review. 
Financial risk management     
The group's operations expose it to a variety of financial risks that include liquidity risk, credit risk, interest rate risk and foreign exchange risk. The group have in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. Given the size of the group, the directors have not delegated the responsibility of monitoring financial, risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department. 
Inflation risk
As a result of the rising rate of inflation the company has seen the impact of this through rising costs. The group have an economic policy in place to review costs regularly and to minimise the impact of these rising costs where possible.      
Environmental    
The group recognise their corporate responsibility to carry out their operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.       
Health and safety    
The group's most important resource are their people; their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the group has invested increasingly in employment training and developments and has introduced appropriate incentive and career progression arrangements.  
Employees    
The group is an equal opportunity employer, and its policy is to appoint persons on the basis of merit and capability without, regard to religious belief, political opinion, sex, marital status, race or colour. Should an employee become disabled, every effort is made to ensure continuity of employment. In all instances, consideration is given to the provision of appropriate training facilities.    

Page 2

 
BSG HOLDCO LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The group's financial key performance indicators are set out below:  

2023
2022
      £000
      £000
Turnover

38,394

36,796
 
Projected Turnover (Next 12 months)

32,000

36,000
 

Other key performance indicators
 
The group's other key performance indicators are set out below:  

2023
2022
ISO Accrediations

9001; 14001 & 45001

9001; 14001 & 45001
 
Employee efficiency

£441k

£452k
 

Directors' statement of compliance with duty to promote the success of the Group
 
The Directors of BSG Holdco Ltd (The group) must act in accordance with their duties under the Companies act 2006. These include a fundamental duty to promote the success of the company for the benefit of its members as a whole. This duty has been central to the board’s decision-making processes and outcomes for many years and will continue to play a significant part in the decision making. The information which follows below describes how, in performing their duties during the year, the Directors’ have had regard to the matters set out in Section 172 (1) (a) to (f) of the Act and constitutes the Board’s section 172 statement for 2023.
Customers - The group are committed to collaborating effectively with our customers through regular communication, proactive support, strong relationships, and continuous improvement to deliver innovative solutions to client problems. Building strong relationships based on trust is fundamental to our customer care philosophy set by Directors and Shareholders. By consistently delivering on our promises and exceeding expectations, we establish ourselves as a reliable and dependable partner.
Employees - The group are prioritising the health, safety and well-being of our employees, promoting a supportive and family-oriented culture that encourages healthy work-life balance. We believe that our employees are the heart of our organisation, and we strive to provide them with an environment that nurtures their personal and professional development. In addition to attractive financial benefits, we provide comprehensive healthcare coverage and wellbeing programs. We invest in their health and safety, ensuring a safe work environment through regular training, risk assessments, method statements, and compliance with industry standards.
Suppliers - The group believe in building long-term relationships with our supply chain, ensuring mutual trust and understanding. Regular meetings are held to discuss performance, address concerns, and identify opportunities for improvement, with a focus on health and safety. This open line of communication allows us to collaborate effectively and maintain a seamless flow of goods and services. We adopt fair practices and recognise the importance of prompt payments, enabling them to sustain their operations, invest in growth, and maintain a stable supply chain. We believe that by investing in these practices, we contribute to the long-term success of our company and ultimately to our clients.

Page 3

 
BSG HOLDCO LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the group (continued)

Community and environment - The group are value local communities and the environment, especially in locations where we operate.  We are committed to making a positive impact in these areas. We believe in sustainable growth that benefits not only our business but also the communities in which we operate. One way we demonstrate our commitment is through our apprenticeship and graduate programmes. By offering opportunities for skill development and employment, we invest in the future of the local workforce and contribute to the overall prosperity of the community.
We actively engage with local charities by making regular donations and supporting their initiatives. These contributions help address pressing social issues and improve the lives of individuals and families in our community.
Furthermore, our company takes proactive measures to reduce our carbon footprint. We implement sustainable practices, such as recycling, using energy-efficient technologies, and responsible waste management, to ensure that we operate in an environmentally sustainable manner.


This report was approved by the board on 5 September 2024 and signed on its behalf.



Seamus Gerald Gillan
Director

Page 4

 
BSG HOLDCO LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Results and dividends

The profit for the year, after taxation, amounted to £6,563k (2022 - £3,675k.

Ordinary dividends amounting to £1,000k (2022: £1,000k).

Directors

The directors who served during the year and up to the date of signing the financial statements were:

Sean Joseph Gillan 
Seamus Gerald Gillan 
Mary Bernadette Gillan 
Seamus Martin Gillan 

Auditors

The auditor, AAB Group Accountants Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
BSG HOLDCO LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 and related government guidance ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019’, the Group presents details of its carbon and energy usage.
In line with the associated regulations and guidance, the group has only provided consolidated reporting for companies meeting the Companies Act definition of a ‘large’ company and were annual energy consumption is greater than 40,000kWh. In addition, under the associated regulations and guidance, reporting for foreign subsidiaries is not required.
Accordingly, the following report is based on the energy and carbon usage of BSG Holdco Ltd.

2023
2023
2022
2022
       kWh
  Tonnes of CO2e
       kWh
  Tonnes of CO2e
Scope 1 - Direct emissions

Fuel consumed for owned transport

1,347,230

360.49

1,570,715
 
423.10
 



 
 
Scope 2 - Indirect emissions

Electricity purchased

25,581

5.30

111,785
 
21.62
 



 
 
Scope 3 - Other indirect emissions

Fuel consumed for transport not owned

381,827

103.1

585,532
 
156.80
 

1,754,638

468.89

2,268,032
 
601.52
 

Intensity ratio
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m of revenue.
Tonnes of CO2e per £m revenue 12.34 (2022: 16.44)
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
Measures taken to improve energy efficiency
A sample of energy efficiency actions undertaken in the group during the financial year is outlined below:

Investment in IT systems to support virtual meetings and reduce travel; and
Investment in IT systems to facilitate recording and reporting of energy and fuel usage LED lighting installed at Head Office; and
Carbon awareness training provided to staff and directors; and
Designed and commenced construction on a new A rated, energy efficient office headquarters; and
Generated renewable energy using land, buildings and sites controlled by BSG; and
Implemented a salary sacrifice bike to work scheme; and
Implemented a salary sacrifice scheme for electric and low emission hybrid vehicles.

Engagement with suppliers, customers and others

See section 172(1) Statement within the Stragetic Report.

Page 6

 
BSG HOLDCO LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

This report was approved by the board on 5 September 2024 and signed on its behalf.
 





Seamus Gerald Gillan
Director

Page 7

 
BSG HOLDCO LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSG HOLDCO LTD
 

Opinion


We have audited the financial statements of BSG Holdco Ltd (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent company's affairs as at 31 December 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
BSG HOLDCO LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSG HOLDCO LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
BSG HOLDCO LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSG HOLDCO LTD (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company — Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant  accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. 


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 10

 
BSG HOLDCO LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BSG HOLDCO LTD (CONTINUED)




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 2006Our 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 an Auditors' report 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.





Deborah Mullen (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Statutory Auditors
Howard House
30 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

5 September 2024
Page 11

 
BSG HOLDCO LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£000
£000

  

Turnover
 4 
38,394
36,795

Cost of sales
  
(26,607)
(27,746)

Gross profit
  
11,787
9,049

Administrative expenses
  
(4,298)
(3,977)

Operating profit
 5 
7,489
5,072

Interest receivable and similar income
 9 
992
190

Interest payable and similar expenses
 10 
(3)
(3)

Profit before taxation
  
8,478
5,259

Tax on profit
 11 
(1,915)
(1,584)

Profit for the financial year
  
6,563
3,675

Profit for the year attributable to:
  

Owners of the parent company
  
6,563
3,675

  
6,563
3,675

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 19 to 33 form part of these financial statements.

Page 12

 
BSG HOLDCO LTD
REGISTERED NUMBER: NI665864

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
2,373
1,661

  
2,373
1,661

Current assets
  

Debtors: amounts falling due within one year
 15 
9,754
5,074

Cash at bank and in hand
 16 
32,889
30,082

  
42,643
35,156

Creditors: amounts falling due within one year
 17 
(13,582)
(10,905)

Net current assets
  
 
 
29,061
 
 
24,251

Total assets less current liabilities
  
31,434
25,912

Provisions for liabilities
  

Deferred taxation
 18 
(247)
(288)

  
 
 
(247)
 
 
(288)

Net assets
  
31,187
25,624


Capital and reserves
  

Called up share capital 
 19 
33
33

Profit and loss account
  
31,154
25,591

Equity attributable to owners of the parent company
  
31,187
25,624

  
31,187
25,624


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




Seamus Gerald Gillan
Director

The notes on pages 19 to 33 form part of these financial statements.

Page 13

 
BSG HOLDCO LTD
REGISTERED NUMBER: NI665864

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Investments
 14 
14,869
14,869

Net assets
  
14,869
14,869


Capital and reserves
  

Called up share capital 
 19 
33
33

Merger reserve
  
14,836
14,836

Profit for the year
  
1,000
1,000

Other changes in the profit and loss account
  
(1,000)
(1,000)

  
14,869
14,869


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.


Seamus Gerald Gillan
Director

The notes on pages 19 to 33 form part of these financial statements.

Page 14

 
BSG HOLDCO LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 1 January 2022
33
22,916
22,949


Comprehensive income for the year

Profit for the year
-
3,675
3,675


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,000)
(1,000)



At 1 January 2023
33
25,591
25,624


Comprehensive income for the year

Profit for the year
-
6,563
6,563


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,000)
(1,000)


At 31 December 2023
33
31,154
31,187


The notes on pages 19 to 33 form part of these financial statements.

Page 15

 
BSG HOLDCO LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2022
33
14,836
-
14,869


Comprehensive income for the year

Profit for the year
-
-
1,000
1,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000)
(1,000)



At 1 January 2023
33
14,836
-
14,869


Comprehensive income for the year

Profit for the year
-
-
1,000
1,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000)
(1,000)


At 31 December 2023
33
14,836
-
14,869


The notes on pages 19 to 33 form part of these financial statements.

Page 16

 
BSG HOLDCO LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£000
£000

Cash flows from operating activities

Profit for the financial year
6,563
3,675

Adjustments for:

Depreciation of tangible assets
254
244

Loss on disposal of tangible assets
-
(46)

Interest paid
3
3

Interest received
(992)
(190)

Taxation charge
1,915
1,584

Increase in debtors
(4,163)
(601)

Increase in creditors
2,266
1,098

Corporation tax paid
(1,532)
(1,978)

Net cash generated from operating activities

4,314
3,789


Cash flows from investing activities

Purchase of tangible fixed assets
(965)
(937)

Sale of tangible fixed assets
-
104

Interest received
464
22

Net cash from investing activities

(501)
(811)

Cash flows from financing activities

Loans repaid to directors
(3)
-

Dividends paid
(1,000)
(1,000)

Interest paid
(3)
(3)

Net cash used in financing activities
(1,006)
(1,003)

Net increase in cash and cash equivalents
2,807
1,975

Cash and cash equivalents at beginning of year
30,082
28,107

Cash and cash equivalents at the end of year
32,889
30,082


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
32,889
30,082

32,889
30,082


The notes on pages 19 to 33 form part of these financial statements.

Page 17

 
BSG HOLDCO LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£000

£000

£000

Cash at bank and in hand

30,082

2,807

32,889


30,082
2,807
32,889

The notes on pages 19 to 33 form part of these financial statements.

Page 18

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

BSG Holdco Ltd (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 6 Bank Square, Maghera, Co. Derry, Northern Ireland, BT46 5AZ. 
The group consists of BSG Holdco Ltd and all of its subsidiaries.
The principal activity of the group remains that of a civil, mechanical and electrical engineering contractor.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
 
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes
and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 20

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

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

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10% Straight line
Motor vehicles
-
25% Straight line
Fixtures and fittings
-
25% Straight line
Assets under construction
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.13

Debtors

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

Page 22

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

Creditors

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

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 23

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Amounts recoverable on contracts
When the outcome of a construction project contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and accruals/costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion-method' to determine the appropriate amount to recognise in a given period. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately.
Provisions in respect of guarantees provided
The group has provided a guarantee in respect of certain a contract in which it is involved. Due to issues arising on this contract at a prior balance sheet date and insolvency of the main contractor, it is anticipated that there may be a liability arising to the group under this guarantee. At the balance sheet date, the uncertainty is such that it is difficult to quantify the total potential liability arising. Liabilities which are known have been quantified using the best estimates of the directors and accordingly have been provided for in these financial statements however work is still ongoing to determine any final liability to the group. As permitted by FRS 102, in order not to prejudice the outcomes of the proceedings and the interests of the group, we have not made any further disclosures about estimates in connection with the financial effects of, and disclosures about, uncertainty regarding the timing or amount of contingent liability. 


4.


Turnover

The whole of the turnover is attributable to civil, mechanical and electrical engineering contracts.

Analysis of turnover by country of destination:

2023
2022
£000
£000

United Kingdom
36,510
35,605

Rest of the world
1,884
1,190

38,394
36,795


Page 25

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Exchange differences
(51)
6

Other operating lease rentals
49
54

Depreciation of owned tangible fixed assets
254
245

Profit on disposal of tangible fixed assets
-
(46)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors and their associates:


2023
2022
£000
£000

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
25
25

Fees payable to the company's auditors and their associates in respect of:

Taxation compliance services
5
5


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£000
£000


Wages and salaries
5,417
4,843

Social security costs
521
575

Cost of defined contribution scheme
409
413

6,347
5,831


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Production and engineering
80
74



Administration
7
7

87
81

The company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 26

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
116
116

116
116


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2023
2022
£000
£000


Bank interest receivable
992
190

992
190


10.


Interest payable and similar expenses

2023
2022
£000
£000


Bank interest payable
3
3

3
3

Page 27

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
1,956
1,201

Adjustments in respect of previous periods
-
202


1,956
1,403


Total current tax
1,956
1,403

Deferred tax


Origination and reversal of timing differences
(41)
181

Total deferred tax
(41)
181


Tax on profit
1,915
1,584

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
8,478
5,259


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
1,992
999

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(75)
565

Capital allowances for year in excess of depreciation
39
(161)

Deferred taxation
(41)
181

Total tax charge for the year
1,915
1,584


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Dividends

2023
2022
£000
£000


Final paid
1,000
1,000

1,000
1,000


13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£000
£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2023
478
2,357
435
168
-
3,438


Additions
-
11
76
-
878
965



At 31 December 2023

478
2,368
511
168
878
4,403



Depreciation


At 1 January 2023
-
1,327
298
151
-
1,776


Charge for the year on owned assets
-
154
87
13
-
254



At 31 December 2023

-
1,481
385
164
-
2,030



Net book value



At 31 December 2023
478
887
126
4
878
2,373



At 31 December 2022
478
1,029
137
17
-
1,661

Page 29

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2023
14,869



At 31 December 2023
14,869





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

BSG Civil Engineering Limited
Northern Ireland
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

BSG-AGW Group Ltd
Northern Ireland
Ordinary
70%
BSG-PHACE Group Ltd
Northern Ireland
Ordinary
90%


Joint venture


The following was a joint venture of the company:


Name

Registered office

Holding

BWW Water NI Ltd
Northern Ireland
50%

Page 30

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
2023
2022
£000
£000


Trade debtors
4,923
1,941

Other debtors
23
42

Prepayments and accrued income
1,099
564

Amounts recoverable on long-term contracts
3,709
2,527

9,754
5,074



16.


Cash and cash equivalents

Group
Group
2023
2022
£000
£000

Cash at bank and in hand
32,889
30,082

32,889
30,082



17.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£000
£000

Trade creditors
3,247
2,538

Amounts owed to related undertakings
1
1

Corporation tax
612
201

Other taxation and social security
1,353
1,045

Other creditors
31
37

Accruals and deferred income
8,338
7,083

13,582
10,905


Amounts owed to related undertakings are unsecured, interest free and repayable on demand.

Page 31

 
BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Deferred taxation


Group



2023


£000






At beginning of year
(288)


Charged to profit or loss
41



At end of year
(247)

Company


2023






At end of year
-
Group
Group
2023
2022
£000
£000

Accelerated capital allowances
(247)
(288)

(247)
(288)


19.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



32,824 (2022 - 32,824) Ordinary shares of £1.00 each
33
33



20.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group  in an independently administered fund. The pension cost charge represents contributions payable by the group  to the fund and amounted to £409k (2022 - £413k). Contributions totalling £24k (2022 - £23k) were payable to the fund at the balance sheet date and are included in creditors.

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BSG HOLDCO LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Commitments under operating leases

At 31 December 2023 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£000
£000

Not later than 1 year
25
25

25
25

22.


Related party transactions

Dividends totalling £1,000k (2022: £1,000k) were paid in the year in respect of shares held by the company's directors.
The company rents property from Sean Gillan, a director in BSG Civil Engineering Limited, at 6 Bank Square Maghera. Normal commercial terms including the current rent payable of £25k per annum, apply to the agreement. 
The following amounts were outstanding at the reporting end date:
The amount due from BWW Water NI Ltd, a joint venture owned 50% by BSG Civil Engineering Limited, at the year end was £56k which has been fully provided for (2022: £56k which was fully provided for).
Amounts due to BSG Development Insaat Tur Tic Ltd STI, a related party due to the common director Seamus Gillan, at 31 December 2023 was £1k (2022: £1k).


23.


Controlling party

The largest and smallest group of undertakings of which the company is a member, and for which group financial statements are prepared is BSG Holdco Ltd. Copies of the group financial statements are available from 6 Bank Square, Maghera, Co Derry, BT46 5AZ.
There is deemed to be no ultimate controlling party by virtue of a split in the shareholding. 

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