Company registration number 01577251 (England and Wales)
BUGLER DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BUGLER DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr A Bugler
Mr D Bugler
Mr K Bugler
Mr S Tough
Mr J Graham
Mr D Culliton
Mr M Finch
Mr B Ephgrave
(Appointed 25 January 2024)
Secretary
Mr A Hawkins
Company number
01577251
Registered office
Bugler House
25 High Street
Rickmansworth
Hertfordshire
WD3 1ET
Auditor
Moore NHC Audit Limited
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
BUGLER DEVELOPMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 23
BUGLER DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

 

The company is a private limited company incorporated in the United Kingdom. The principal activity is as a design and build contractor delivering affordable, mixed use and private housing.

Review of the business

The contracts commenced in the previous financial year, together with contracts awarded in the year to 31 March 2024, delivered a turnover of £107.5m and a profit for the year after taxation of £2.3m. The company has worked hard to maintain the margins by completing projects on programme and within budget.

 

The company’s balance sheet remains strong with the shareholder’s funds increasing to £24.3m.

 

The unprecedented rise in build costs on our fixed price contracts has reduced our profitability, but our strong relationships with our customers and supply chain have helped us to manage the uncertainties on the supply of materials.

 

With these events taken into consideration the directors are pleased to report another successful year.

 

We have a strong, committed and experienced team to deal with our increasing workload and we continue to provide quality products to our clients. Our land division, working closely with our customers, has a successful track record of acquiring sites for residential and mixed-use development on which we have been able to negotiate build contracts in line with their budgets.

 

The directors having assessed the responses of the directors of the parent company, Bugler Group Limited, have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Bugler Developments Limited to continue as a going concern.

 

As a result, the directors continue to adopt the going concern basis of accounting.

 

Outlook

Whilst the directors are mindful that the construction industry is being affected by the economic outlook, in particular rising costs and interest rates, our projects are ongoing and with new schemes starting we are currently on track to achieve our target turnover of £125m for the year to 31 March 2025. Our workload will continue to derive from contracts with Registered Providers and Local Authorities together with private development contracts carried out for our sister company, Bugler Homes Limited.

 

Staff

The company recognises that the training, development and welfare of our employees is of the utmost importance and we will maintain this recognition by further investing in our staff to continue the positive impact they have on the success of the company.

Safety

All aspects of health and safety are given the utmost priority at all times.

 

Our overall rating in the Safety Services UK audit was excellent and is consistent with previous years. We benchmark our site performance against other similar companies in our sector by use of safety statistics and we will again endeavour to further increase the level of safety on all our business locations for the coming year.

 

On an ongoing basis, we will ensure that the safety training relevant to all our operations will be maintained. Training will be given to ensure full compliance with any new regulations, or requirements regarding safety.

 

We realise the importance of health and safety to all affected by our operations and insist on a full commitment to this policy by all our employees and other parties working for the company.

Principal risks and uncertainties

The directors consider all the risks applicable to the business on a regular basis and are of the opinion that internal procedures, checks and reports are in place to eliminate these as far as possible. We are mindful of the risks associated with macro-economic factors and keep our three year business plan under constant review.

BUGLER DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Continuous improvement

We recognise the importance of achieving excellent standards of quality control and management and appreciate the impact this has on the effectiveness and sustainability of our business.

 

We also recognise the need to continually improve and we strive to provide a framework for setting and reviewing quality objectives and KPIs as part of the management review process.

 

We operate a system of KPIs to enable us to benchmark and improve our performance. We regularly review the performance of all supply chain members including consultants. Each supply chain member is formally reviewed after each completed contract and their performance is scored by our delivery team for that project. The data collated from this process is used to measure performance empirically and helps us to highlight where improvements are required.

 

We also analyse the number of defects in each site using a bespoke database. Our ultimate aim for each site is to have zero defects.

Company policies

We continue to maintain our ISO 9001 and ISO 14001 certifications and we have retained a “Silver” accreditation with Investors in People. We have also commenced the process of becoming certified to the international standard for occupational health and safety, ISO 45001.

 

We are annually audited by a UKAS accredited assessor and the requirements of the updated ISO Standards include a high level review of our company policies.

 

Our policies are communicated to all employees and organisations working on our behalf and displayed at our offices, sites and on our intranet and are made available to defined interested parties.

 

We have introduced a company online “Intranet” to enable more effective communication with our staff. Current policies are available to view alongside other operational and social information relating to the company.

 

We expect everyone working for us or on our behalf, to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system.

 

The diversity, level of qualifications and experience of our staff is externally measured both by our public sector clients and Constructionline, as are our policies.

Other information

It is the policy of the company to enter into contracts with suppliers and subcontractors under appropriate terms and conditions which are normally standard but may vary according to circumstances. The company abides by the payment terms of the contracts. At 31 March 2024 trade creditors represented 31 days of purchases.

BUGLER DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
BOARD DECISION MAKING: SECTION 172 STATEMENT

The Board regularly considers the key stakeholders and the importance of those stakeholders to the long-term success of the company. For this purpose, the Board have identified the following stakeholders to consider the likely consequences on the decisions and strategies during the year.

Our Staff
The group recognises that the training, development and welfare of our employees is of the utmost importance and we will maintain this recognition by further investing in our staff to continue the positive impact they have on the success of the group.

We have introduced an online “Intranet” to enable more effective communication with our staff. Current policies are available to view alongside other operational and social information relating to the group.

We expect everyone working for us to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system.

Customers
Our excellent relationships with our clients is a key factor in the ongoing success of our business.

We recognise the importance of achieving excellent standards of quality control and management and appreciate the impact this has on the effectiveness and sustainability of our business.

We also recognise the need to continually improve and we strive to provide a framework for setting and reviewing quality objectives and KPIs as part of the management review process. We analyse the number of defects in each site using a bespoke database. Our ultimate aim for each site is to have zero defects.

Community
Due to sector influences and in a change from our traditional Housing Association client base, we are now directly contracting with Local Authorities in London and the Home Counties. This has been a catalyst for us to increase our efforts with community engagement. Our Social Value commitments for current projects are formalised by the contracts we enter into and subsequently we have introduced a system known as "Thrive" to help us monitor and measure our performance in areas such as:

 

Our site teams continue to connect effectively with people and groups that neighbour our sites. One policy change that we have made in the last year in this field, is that we now host a "Meet that Contractor" event in a local venue prior to work commencing on every project.

 

Supply chain
We expect everyone working on our behalf to strive to achieve and maintain the highest standards of quality performance at all times and to comply fully with our policies and our quality management system. We regularly review the performance of all supply chain members including consultants. Each supply chain member is formally reviewed after each completed contract and their performance is scored by our delivery team for that project. The data collated from this process is used to measure performance empirically and helps us to highlight where improvements are required.

Principal risks and uncertainties
The directors consider all the risks applicable to the business on a regular basis and are of the opinion that internal procedures, checks and reports are in place to eliminate these as far as possible. We are mindful of the risks associated with macro-economic factors such as the Brexit uncertainty and keep our three year business plan under constant review.

BUGLER DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

By order of the board

Mr A Hawkins
Secretary
4 October 2024
BUGLER DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £750,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Bugler
Mr D Bugler
Mr K Bugler
Mr S Tough
Mr J Graham
Mr D Culliton
Mr M Finch
Mr B Ephgrave
(Appointed 25 January 2024)
Energy and carbon report

Full disclosure of greenhouse gas emissions, energy consumption and energy efficiency actions are made in the parent company's, Bugler Group Limited, consolidated accounts for the year ended 31 March 2024.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

BUGLER DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

By order of the board
Mr A Hawkins
Secretary
4 October 2024
BUGLER DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BUGLER DEVELOPMENTS LIMITED
- 7 -
Opinion

We have audited the financial statements of Bugler Developments Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BUGLER DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BUGLER DEVELOPMENTS LIMITED
- 8 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

BUGLER DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BUGLER DEVELOPMENTS LIMITED
- 9 -

Our approach was as follows:

 

 

 

 

 

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Francis Corbishley (Senior Statutory Auditor)
For and on behalf of Moore NHC Audit Limited
Chartered Accountants
Statutory Auditor
10 October 2024
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
BUGLER DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
107,488,318
80,757,342
Cost of sales
(102,564,443)
(75,435,833)
Gross profit
4,923,875
5,321,509
Administrative expenses
(2,625,989)
(2,304,471)
Other operating income
-
0
31,535
Operating profit
4
2,297,886
3,048,573
Interest receivable and similar income
8
589,067
193,084
Interest payable and similar expenses
9
-
0
(310)
Profit before taxation
2,886,953
3,241,347
Tax on profit
10
(569,031)
(502,187)
Profit for the financial year
2,317,922
2,739,160

The income statement has been prepared on the basis that all operations are continuing operations.

BUGLER DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
6,277,132
6,087,550
Current assets
Stocks
13
318,551
262,400
Debtors falling due after more than one year
14
2,842,568
1,875,455
Debtors falling due within one year
14
27,983,277
18,675,044
Cash at bank and in hand
17,986,874
23,049,167
49,131,270
43,862,066
Creditors: amounts falling due within one year
15
(31,151,701)
(27,260,837)
Net current assets
17,979,569
16,601,229
Net assets
24,256,701
22,688,779
Capital and reserves
Called up share capital
17
50,100
50,100
Profit and loss reserves
24,206,601
22,638,679
Total equity
24,256,701
22,688,779
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
Mr D Bugler
Director
Company registration number 01577251 (England and Wales)
BUGLER DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
50,100
21,399,519
21,449,619
Year ended 31 March 2023:
Profit and total comprehensive income
-
2,739,160
2,739,160
Dividends
11
-
(1,500,000)
(1,500,000)
Balance at 31 March 2023
50,100
22,638,679
22,688,779
Year ended 31 March 2024:
Profit and total comprehensive income
-
2,317,922
2,317,922
Dividends
11
-
(750,000)
(750,000)
Balance at 31 March 2024
50,100
24,206,601
24,256,701
BUGLER DEVELOPMENTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(4,467,928)
168,671
Interest paid
-
0
(310)
Income taxes paid
(115,588)
(1,206,396)
Net cash outflow from operating activities
(4,583,516)
(1,038,035)
Investing activities
Purchase of tangible fixed assets
(407,844)
(154,947)
Proceeds from disposal of tangible fixed assets
90,000
-
0
Interest received
589,067
193,084
Net cash generated from investing activities
271,223
38,137
Financing activities
Dividends paid
(750,000)
(1,500,000)
Net cash used in financing activities
(750,000)
(1,500,000)
Net decrease in cash and cash equivalents
(5,062,293)
(2,499,898)
Cash and cash equivalents at beginning of year
23,049,167
25,549,065
Cash and cash equivalents at end of year
17,986,874
23,049,167
BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Bugler Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bugler House, 25 High Street, Rickmansworth, Hertfordshire, WD3 1ET.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
over 50 years
Fixtures and fittings
over 3, 5, 6, 8 and 10 years
Motor vehicles
over 3 and 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Work in progress is valued at the lower of cost and net realisable value and reflects the accumulation of development costs prior to the start of construction.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

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

1.14
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued income and accruals relating to contracts

Directors review the estimated stage of completion of contracts as provided by qualified surveyors and provide accordingly for both income and expenditure.

BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Construction contracts
107,185,474
80,468,167
Group company salary costs
302,844
289,175
107,488,318
80,757,342
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
202,433
151,650
Profit on disposal of tangible fixed assets
(74,171)
-
Operating lease charges
7,976
7,441
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,602
31,870
Audit of the financial statements of other group companies
12,746
4,825
46,348
36,695
For other services
Other taxation services
8,157
2,883
All other non-audit services
5,817
11,670
13,974
14,553
6
Employees

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

2024
2023
Number
Number
Office and management staff
36
32
Site workers
64
55
Total
100
87
BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
9,618,108
9,119,966
Social security costs
1,201,123
1,191,592
Pension costs
890,360
753,753
11,709,591
11,065,311
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,300,318
2,707,357
Company pension contributions to defined contribution schemes
78,025
96,336
2,378,343
2,803,693

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (2023 - 7).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
399,075
523,210
Company pension contributions to defined contribution schemes
18,708
4,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
563,953
191,435
Other interest income
25,114
1,649
Total income
589,067
193,084
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
563,953
191,435
BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
310
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
748,621
650,670
Adjustments in respect of prior periods
(179,590)
(148,483)
Total current tax
569,031
502,187

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,886,953
3,241,347
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
721,738
615,856
Tax effect of expenses that are not deductible in determining taxable profit
42,743
33,345
Gains not taxable
(18,543)
-
0
Permanent capital allowances in excess of depreciation
(13,658)
3,729
Other timing differences
16,341
(2,260)
Research and development tax credit (2022/23)
(179,590)
-
0
Research and development tax credit (2021/22)
-
0
(148,483)
Taxation charge for the year
569,031
502,187
11
Dividends
2024
2023
£
£
Final paid
750,000
1,500,000
BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
12
Tangible fixed assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
6,046,217
179,559
420,546
6,646,322
Additions
14,000
55,935
337,909
407,844
Disposals
-
0
-
0
(204,181)
(204,181)
At 31 March 2024
6,060,217
235,494
554,274
6,849,985
Depreciation and impairment
At 1 April 2023
187,900
86,340
284,532
558,772
Depreciation charged in the year
65,814
49,062
87,557
202,433
Eliminated in respect of disposals
-
0
-
0
(188,352)
(188,352)
At 31 March 2024
253,714
135,402
183,737
572,853
Carrying amount
At 31 March 2024
5,806,503
100,092
370,537
6,277,132
At 31 March 2023
5,858,317
93,219
136,014
6,087,550
13
Stocks
2024
2023
£
£
Work in progress
318,551
262,400
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,137,672
5,192,818
Gross amounts owed by contract customers
9,313,010
9,762,104
Corporation tax recoverable
-
0
31,743
Amounts owed by group undertakings
11,641,170
2,511,859
Other debtors
529,437
724,948
Prepayments and accrued income
361,988
451,572
27,983,277
18,675,044
BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Debtors
(Continued)
- 22 -
2024
2023
Amounts falling due after more than one year:
£
£
Gross amounts owed by contract customers
2,842,568
1,875,455
Total debtors
30,825,845
20,550,499
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,736,742
4,363,793
Corporation tax
421,700
-
0
Other taxation and social security
937,470
1,114,317
Other creditors
962
356
Accruals and deferred income
25,054,827
21,782,371
31,151,701
27,260,837
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
890,360
753,753

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

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
50,100
50,100
50,100
50,100
18
Related party transactions

The company has taken advantage of the the exemptions conferred by FRS102 from the requirement to make disclosures concerning transactions with other group companies as the company is included in the consolidated financial statements of Bugler Group Limited.

BUGLER DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
19
Ultimate controlling party

The ultimate parent company is Bugler Group Limited, whose registered address is Bugler House, 25 High Street, Rickmansworth, Hertfordshire, WD3 1ET. Bugler Group Limited is controlled by members of the Bugler family, though no one individual has overall control.

 

The company's financial statements are consolidated with those of its parent company and copies of the consolidated financial statements may be obtained from the company's registered office.

20
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
2,317,922
2,739,160
Adjustments for:
Taxation charged
569,031
502,187
Finance costs
-
0
310
Investment income
(589,067)
(193,084)
Gain on disposal of tangible fixed assets
(74,171)
-
Depreciation and impairment of tangible fixed assets
202,433
151,650
Movements in working capital:
(Increase)/decrease in stocks
(56,151)
110,173
Increase in debtors
(10,307,089)
(6,125,015)
Increase in creditors
3,469,164
2,983,290
Cash (absorbed by)/generated from operations
(4,467,928)
168,671
21
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
23,049,167
(5,062,293)
17,986,874
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr A BuglerMr D BuglerMr K BuglerMr S ToughMr J GrahamMr D CullitonMr M FinchMr B EphgraveMr A Hawkinsfalsefalse015772512023-04-012024-03-3101577251bus:Director12023-04-012024-03-3101577251bus:Director22023-04-012024-03-3101577251bus:Director32023-04-012024-03-3101577251bus:Director42023-04-012024-03-3101577251bus:Director52023-04-012024-03-3101577251bus:Director62023-04-012024-03-3101577251bus:Director72023-04-012024-03-3101577251bus:Director82023-04-012024-03-3101577251bus:CompanySecretaryDirector12023-04-012024-03-3101577251bus:CompanySecretary12023-04-012024-03-3101577251bus:RegisteredOffice2023-04-012024-03-31015772512024-03-31015772512022-04-012023-03-3101577251core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101577251core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31015772512023-03-3101577251core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3101577251core:FurnitureFittings2024-03-3101577251core:MotorVehicles2024-03-3101577251core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3101577251core:FurnitureFittings2023-03-3101577251core:MotorVehicles2023-03-3101577251core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3101577251core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101577251core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3101577251core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101577251core:CurrentFinancialInstruments2024-03-3101577251core:CurrentFinancialInstruments2023-03-3101577251core:ShareCapital2024-03-3101577251core:ShareCapital2023-03-3101577251core:RetainedEarningsAccumulatedLosses2024-03-3101577251core:RetainedEarningsAccumulatedLosses2023-03-3101577251core:ShareCapital2022-03-3101577251core:RetainedEarningsAccumulatedLosses2022-03-31015772512023-03-31015772512022-03-3101577251core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3101577251core:FurnitureFittings2023-04-012024-03-3101577251core:MotorVehicles2023-04-012024-03-310157725112023-04-012024-03-310157725112022-04-012023-03-3101577251core:UKTax2023-04-012024-03-3101577251core:UKTax2022-04-012023-03-310157725122023-04-012024-03-310157725122022-04-012023-03-310157725132023-04-012024-03-310157725132022-04-012023-03-310157725142023-04-012024-03-310157725142022-04-012023-03-3101577251core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3101577251core:FurnitureFittings2023-03-3101577251core:MotorVehicles2023-03-3101577251core:Non-currentFinancialInstruments2024-03-3101577251core:Non-currentFinancialInstruments2023-03-3101577251bus:PrivateLimitedCompanyLtd2023-04-012024-03-3101577251bus:FRS1022023-04-012024-03-3101577251bus:Audited2023-04-012024-03-3101577251bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP