Company registration number 04592400 (England and Wales)
BOGOD GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
BOGOD GROUP LIMITED
COMPANY INFORMATION
Directors
Mr R D P Bogod
Mr H P Bogod
Mr S J Bogod
Secretary
Mr R D P Bogod
Company number
04592400
Registered office
91 Goswell Road
London
EC1V 7EX
Auditor
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
BOGOD GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 32
BOGOD GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Review of the business

The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006. The principal activity of the group consists of the distribution of household sewing machines and kitchen appliances, whilst the principal activity of the company is to provide management services to its subsidiaries. The subsidiary companies are listed in note 14 to the financial statements.

 

All group companies are based in the UK and sales are made almost exclusively within the UK, with less than 1% being made to countries in the EU.

 

During the year the group's sales fell by 18% and gross profit margin decreased by 1%. There were no major changes in the group's activities.

Principal risks and uncertainties

The majority of product sold is sourced from overseas and invoiced and paid for in the currency used by the supplier, therefore the movement in foreign exchange rates can have a significant impact on the financial performance of the business. The pound fell in value during the year under review, which resulted in decreased profitability.

 

Competitive pressure in the United Kingdom and the general economic environment is a continuing risk to the group as is the ability of suppliers to keep pace with the competition. The group manages this risk by providing fast response times in fulfilling sales orders and by maintaining strong relationships with key customers and suppliers. The foreign currency risks referred to above are managed by regular and consistent monitoring of stock levels and of the exchange rates of the relevant currencies. The group makes forward purchases of currency to hedge its exposure and maintains a Euro currency bank account.

 

The company continuously monitors the risk of both a fall in the market for its products, due to the deterioration in the general economic environment, and of large fluctuations in the value of sterling. Whilst it is impossible to eliminate these risks the board is confident that the company has adequate reserves to cover any foreseeable contingencies.

Development and performance

There have been no significant changes in the group activities during the year under review and the directors are not aware of any likely changes in the group's activities in the forthcoming financial year.

Key performance indicators

The group’s key performance indicators are sales and gross profit margins and the directors are satisfied that the performance of the KPI’s was in line with expectations. Sales have decreased by 18.1% (2023 - decrease of 5.5%) on the prior year and gross margins has decreased by 1.3% (2023 - decrease of 1.0%) predominately due to competitive pricing pressure.

By order of the board

Mr R D P Bogod
Secretary
26 November 2024
BOGOD GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

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

Principal activities

The principal activity of the group consists of the distribution of household sewing machines and kitchen appliances, whilst the principal activity of the company is to provide management services to its subsidiaries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £900,000. 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 R D P Bogod
Mr H P Bogod
Mr S J Bogod
Auditor

UHY Hacker Young have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an Annual General Meeting.

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 auditor of the company 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 auditor of the company is aware of that information.

Going Concern

Inflationary pressures eased significantly during the year but competitive pricing pressure increased. Trading at the group’s subsidiaries was variable during the year to 31 March 2024 with an overall fall in sales of 18.1% compared with the previous year as the markets in which the group operates continued to contract following the Pandemic boom. Since the end of the period under review the sewing machine market has shown some degree of recovery and the groups share of this market has increased.

 

The directors have considered the risks and uncertainties to the group, the group's forecast of profit and cash flows for a period of 12 months from the date of approval of these financial statements and the bank facilities available to the group. They believe that the group can operate within the facilities available for the period and have a reasonable expectation that the group will have access to adequate resources to continue in existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, we continue to adopt the going concern basis in preparing the financial statements.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

By order of the board
Mr R D P Bogod
Secretary
26 November 2024
BOGOD GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BOGOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOGOD GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Bogod Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group and parent 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 group's and 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.

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:

BOGOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOGOD GROUP LIMITED
- 5 -
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 their 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 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 parent 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.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

BOGOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOGOD GROUP LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
26 November 2024
Chartered Accountants
Statutory Auditor
Newport
Gwent
United Kingdom
BOGOD GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
20,309,211
24,784,098
Cost of sales
(13,664,339)
(16,346,643)
Gross profit
6,644,872
8,437,455
Distribution costs
(1,119,997)
(1,161,851)
Administrative expenses
(4,058,474)
(4,388,721)
Operating profit
5
1,466,401
2,886,883
Interest receivable and similar income
8
58,173
4,188
Interest payable and similar expenses
9
(9,307)
(30,277)
Profit before taxation
1,515,267
2,860,794
Tax on profit
10
(385,205)
(568,386)
Profit for the financial year
1,130,062
2,292,408
Profit for the financial year is all attributable to the owners of the parent company.
BOGOD GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
£
£
Profit for the year
1,130,062
2,292,408
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(152,000)
382,000
Tax relating to other comprehensive income
38,000
(95,500)
Other comprehensive income for the year
(114,000)
286,500
Total comprehensive income for the year
1,016,062
2,578,908
Total comprehensive income for the year is all attributable to the owners of the parent company.
BOGOD GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,297,718
1,449,034
Current assets
Stocks
15
3,229,855
3,647,423
Debtors
16
3,280,784
3,470,041
Cash at bank and in hand
3,280,231
2,814,689
9,790,870
9,932,153
Creditors: amounts falling due within one year
18
(3,832,929)
(4,144,577)
Net current assets
5,957,941
5,787,576
Total assets less current liabilities
7,255,659
7,236,610
Provisions for liabilities
Deferred tax liability
20
40,169
49,182
(40,169)
(49,182)
Net assets excluding pension liability
7,215,490
7,187,428
Defined benefit pension liability
21
-
(88,000)
Net assets
7,215,490
7,099,428
Capital and reserves
Called up share capital
22
3
3
Profit and loss reserves
7,215,487
7,099,425
Total equity
7,215,490
7,099,428

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
Mr R D P Bogod
Mr H P Bogod
Director
Director
Company registration number 04592400 (England and Wales)
BOGOD GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,127,810
1,221,134
Investments
13
3,100,538
3,100,538
4,228,348
4,321,672
Current assets
Debtors
16
494,892
658,201
Cash at bank and in hand
2,740,277
2,425,403
3,235,169
3,083,604
Creditors: amounts falling due within one year
18
(4,468,359)
(3,584,595)
Net current liabilities
(1,233,190)
(500,991)
Total assets less current liabilities
2,995,158
3,820,681
Provisions for liabilities
Deferred tax liability
20
35,577
32,049
(35,577)
(32,049)
Net assets excluding pension liability
2,959,581
3,788,632
Defined benefit pension liability
21
-
0
(88,000)
Net assets
2,959,581
3,700,632
Capital and reserves
Called up share capital
22
3
3
Profit and loss reserves
2,959,578
3,700,629
Total equity
2,959,581
3,700,632

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £272,949 (2023 : £2,215,459 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
26 November 2024
Mr R D P Bogod
Mr H P Bogod
Director
Director
Company registration number 04592400 (England and Wales)
BOGOD GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
3
6,320,517
6,320,520
Year ended 31 March 2023:
Profit for the year
-
2,292,408
2,292,408
Other comprehensive income:
Actuarial gains on defined benefit plans
-
382,000
382,000
Tax relating to other comprehensive income
-
(95,500)
(95,500)
Total comprehensive income
-
2,578,908
2,578,908
Dividends
11
-
(1,800,000)
(1,800,000)
Balance at 31 March 2023
3
7,099,425
7,099,428
Year ended 31 March 2024:
Profit for the year
-
1,130,062
1,130,062
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(152,000)
(152,000)
Tax relating to other comprehensive income
-
38,000
38,000
Total comprehensive income
-
1,016,062
1,016,062
Dividends
11
-
(900,000)
(900,000)
Balance at 31 March 2024
3
7,215,487
7,215,490
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
BOGOD GROUP LIMITED
COMPANY 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
3
2,998,670
2,998,673
Year ended 31 March 2023:
Profit for the year
-
2,215,459
2,215,459
Other comprehensive income:
Actuarial gains on defined benefit plans
-
382,000
382,000
Tax relating to other comprehensive income
-
(95,500)
(95,500)
Total comprehensive income
-
2,501,959
2,501,959
Dividends
11
-
(1,800,000)
(1,800,000)
Balance at 31 March 2023
3
3,700,629
3,700,632
Year ended 31 March 2024:
Profit for the year
-
272,949
272,949
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(152,000)
(152,000)
Tax relating to other comprehensive income
-
38,000
38,000
Total comprehensive income
-
158,949
158,949
Dividends
11
-
(900,000)
(900,000)
Balance at 31 March 2024
3
2,959,578
2,959,581
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
BOGOD GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,650,749
3,311,343
Interest paid
(9,307)
(30,277)
Income taxes paid
(272,688)
(1,022,698)
Net cash inflow from operating activities
1,368,754
2,258,368
Investing activities
Purchase of tangible fixed assets
(67,985)
(396,675)
Proceeds from disposal of tangible fixed assets
6,600
46,719
Interest received
58,173
4,188
Net cash used in investing activities
(3,212)
(345,768)
Financing activities
Dividends paid to equity shareholders
(900,000)
(1,800,000)
Net cash used in financing activities
(900,000)
(1,800,000)
Net increase in cash and cash equivalents
465,542
112,600
Cash and cash equivalents at beginning of year
2,814,689
2,702,089
Cash and cash equivalents at end of year
3,280,231
2,814,689
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
1
Accounting policies
Company information

Bogod Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 91 Goswell Road, London, EC1V 7EX.

 

The group consists of Bogod Group Limited and all of its subsidiaries.

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.

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:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bogod Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

Inflationary pressures eased significantly during the year but competitive pricing pressure increased. Trading at the group’s subsidiaries was variable during the year to 31 March 2024 with an overall fall in sales of 18.1% compared with the previous year as the markets in which the group operates continued to contract following the Pandemic boom. Since the end of the period under review the sewing machine market has shown some degree of recovery and the groups share of this market has increased.

 

The directors have considered the risks and uncertainties to the group, the group's forecast of profit and cash flows for a period of 12 months from the date of approval of these financial statements and the bank facilities available to the group. They believe that the group can operate within the facilities available for the period and have a reasonable expectation that the group will have access to adequate resources to continue in existence for a period of at least 12 months from the date of approval of these financial statements. Accordingly, we continue to adopt the going concern basis in preparing the financial statements.

1.5
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

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

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

Freehold buildings
50 years straight-line
Plant, office equipment and motor vehicles
4-10 years straight-line

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 recognised in the profit and loss account.

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

 

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

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

1.9
Stocks

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

 

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

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

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

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 group 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.

Classification of financial liabilities

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

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 group's contractual obligations expire or are discharged or cancelled.

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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

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

 

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

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

 

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

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

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 leased asset are consumed.

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
2
Judgements 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.

Useful lives of tangible fixed assets

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the group's accounting policies. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of tangible fixed assets would reduce accordingly.

Defined benefit pension obligations

The group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligations depend on a number of factors, including: life expectancy; salary increases; asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.

Valuation of stock

Stocks are valued at the lower cost and net realisable value. The carrying value of stock held by the group at the year end is £3,229,855 (2023: £3,647,423). Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,111,607
24,540,592
Other European countries
197,604
243,506
20,309,211
24,784,098
2024
2023
£
£
Other revenue
Interest income
58,173
4,188
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,750
6,600
Audit of the financial statements of the company's subsidiaries
26,075
25,300
32,825
31,900
For other services
Taxation compliance services
8,125
7,700
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
219,301
184,757
Profit on disposal of tangible fixed assets
(6,600)
(26,340)
Operating lease charges
140,798
155,728
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
3
3
3
Sales and distribution
36
38
-
-
Administrative
10
10
2
2
After sales
3
3
-
-
Total
52
54
5
5
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,467,603
2,880,868
793,613
947,377
Social security costs
292,583
349,824
114,829
143,404
Pension costs
182,597
149,322
102,010
69,253
2,942,783
3,380,014
1,010,452
1,160,034
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
756,723
827,546
Company pension contributions to defined contribution schemes
30,000
12,000
786,723
839,546

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
263,097
280,195
Company pension contributions to defined contribution schemes
10,000
4,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
47,246
4,188
Interest on the net defined benefit asset
2,000
-
0
Other interest income
8,927
-
Total income
58,173
4,188
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
4,482
2,355
Net interest on the net defined benefit liability
-
0
15,000
Other interest
4,825
12,922
Total finance costs
9,307
30,277
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
356,218
491,254
Deferred tax
Origination and reversal of timing differences
31,937
77,132
Adjustment in respect of prior periods
(2,950)
-
0
Total deferred tax
28,987
77,132
Total tax charge
385,205
568,386

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
1,515,267
2,860,794
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
378,817
543,551
Tax effect of expenses that are not deductible in determining taxable profit
3,902
3,089
Permanent capital allowances in excess of depreciation
-
0
2,911
Depreciation on assets not qualifying for tax allowances
5,436
4,131
Other permanent differences
-
0
14,704
Deferred tax adjustments in respect of prior years
(2,950)
-
0
Taxation charge
385,205
568,386
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(38,000)
95,500
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
900,000
1,800,000
12
Tangible fixed assets
Group
Freehold buildings
Plant, office equipment and motor vehicles
Total
£
£
£
Cost
At 1 April 2023
1,320,134
1,649,012
2,969,146
Additions
-
0
67,985
67,985
Disposals
-
0
(30,638)
(30,638)
At 31 March 2024
1,320,134
1,686,359
3,006,493
Depreciation and impairment
At 1 April 2023
502,102
1,018,010
1,520,112
Depreciation charged in the year
21,744
197,557
219,301
Eliminated in respect of disposals
-
0
(30,638)
(30,638)
At 31 March 2024
523,846
1,184,929
1,708,775
Carrying amount
At 31 March 2024
796,288
501,430
1,297,718
At 31 March 2023
818,032
631,002
1,449,034
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold buildings
Plant, office equipment and motor vehicles
Total
£
£
£
Cost
At 1 April 2023
1,404,134
986,594
2,390,728
Additions
-
0
26,920
26,920
Disposals
-
0
(29,221)
(29,221)
At 31 March 2024
1,404,134
984,293
2,388,427
Depreciation and impairment
At 1 April 2023
502,102
667,492
1,169,594
Depreciation charged in the year
21,744
98,500
120,244
Eliminated in respect of disposals
-
0
(29,221)
(29,221)
At 31 March 2024
523,846
736,771
1,260,617
Carrying amount
At 31 March 2024
880,288
247,522
1,127,810
At 31 March 2023
902,032
319,102
1,221,134
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,100,538
3,100,538
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
3,100,538
Carrying amount
At 31 March 2024
3,100,538
At 31 March 2023
3,100,538
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Bogod & Company Limited
*
Sale of household sewing machines
Ordinary
100.00
D R Kitchen Appliances Limited
*
Sale of kitchen appliances
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

*
91 Goswell Road, London, EC1V 7EX
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,229,855
3,647,423
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,806,560
2,920,026
-
0
-
0
Corporation tax recoverable
-
0
71,348
-
0
-
0
Other debtors
25
-
196,490
390,265
Prepayments and accrued income
474,199
478,667
298,402
267,936
3,280,784
3,470,041
494,892
658,201
17
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,806,585
2,920,026
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,938,674
3,413,905
n/a
n/a
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loan notes
19
90,000
90,000
90,000
90,000
Trade creditors
1,642,864
1,494,592
165,284
157,202
Amounts owed to group undertakings
-
0
-
0
3,455,718
2,179,429
Corporation tax payable
247,836
235,654
61,337
10,500
Other taxation and social security
646,419
495,018
43,666
51,838
Other creditors
622,517
1,041,265
602,851
1,032,579
Accruals and deferred income
583,293
788,048
49,503
63,047
3,832,929
4,144,577
4,468,359
3,584,595
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Loan notes
90,000
90,000
90,000
90,000

On 13 April 2008, unsecured loans totalling £900,000 were made to the company in equal amounts by the directors with the company issuing loan notes on the following terms:

 

Interest

Interest is payable half-yearly, in arrears, on 31 May and 30 November at the rate per annum equal to the published rate of Lloyds Bank Plc.

Redemption

The loan notes are repayable on demand with lenders entitled to redeem the whole, or part, of their loan by giving notice, in writing, to the company demanding repayment and specifying the amount to be repaid. During the year £nil (2023: £nil) was repaid leaving a balance owing of £90,000.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
40,169
71,182
Retirement benefit obligations
-
(22,000)
40,169
49,182
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
20
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
35,577
54,049
Retirement benefit obligations
-
(22,000)
35,577
32,049
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
49,182
32,049
Charge to profit or loss
28,987
41,528
Credit to other comprehensive income
(38,000)
(38,000)
Liability at 31 March 2024
40,169
35,577
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
182,597
149,322

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit scheme - group and company

The company utilises the WJB Pension Scheme which is a defined benefit pension scheme, operated by the company, for all eligible employees. The assets of the scheme are held in a separate trustee-administered fund. The scheme is subject to valuation by independent actuaries at three-yearly intervals, the most recent minimum funding requirement valuation being carried out as at 31 March 2023. The scheme was closed to future benefit accruals on 31 March 2006. The 2023 valuations indicated that the scheme was 90% funded. The next full actuarial valuation will be carried out as at 31 March 2026; the report is expected in 2027.

 

The most recent actuarial valuations of scheme assets and the present value of the defined benefit obligation for FRS102 purposes were carried out at 31 March 2024 by Mr Stephen Farrar, Fellow of the Institute of Actuaries.

2024
2023
Key assumptions
%
%
Discount rate
4.8
4.8
Expected rate of inflation
3.3
3.6
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Retirement benefit schemes
(Continued)
- 29 -
Mortality assumptions
2024
2023

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
21.1
21.8
- Females
23.5
24.2
Retiring in 20 years
- Males
21.9
22.6
- Females
24.4
25.2

The mortality assumption is based on S4PA tables, fully projected in line with CMI 2023 model (long term rate of improvement 1% per annum).

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

Group and company
2024
2023
£
£
Present value of defined benefit obligations
2,942,000
3,213,000
Fair value of plan assets
(3,130,000)
(3,125,000)
(Surplus)/deficit in scheme
(188,000)
88,000
Restriction on scheme assets
188,000
-
Total liability recognised
-
88,000
Group and company
2024
2023
Amounts recognised in the profit and loss account
£
£
Costs/(income):
Net interest on net defined benefit liability/(asset)
(2,000)
16,000
Other costs and income
42,000
43,000
Total costs
40,000
59,000
BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Retirement benefit schemes
(Continued)
- 30 -
Group and company
2024
2023
Amounts recognised in other comprehensive income
£
£
Costs/(income):
Actual return on scheme assets
(186,000)
82,000
Less: calculated interest element
146,000
88,000
Return on scheme assets excluding interest income
(40,000)
170,000
Other gains and losses
4,000
(552,000)
Effect of changes in the amount of surplus that is not recoverable
188,000
-
Total costs/(income)
152,000
(382,000)
Group and company
2024
Movements in the present value of defined benefit obligations
Liabilities at 1 April 2023
3,213,000
Past service cost
18,000
Benefits paid
(437,000)
Interest cost
144,000
Other
4,000
At 31 March 2024
2,942,000

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

Group and company
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 April 2023
3,125,000
Interest income
146,000
Return on plan assets (excluding amounts included in net interest)
40,000
Benefits paid
(437,000)
Contributions by the employer
280,000
Other
(24,000)
At 31 March 2024
3,130,000

The actual return on plan assets was £146,000 (2023 - £88,000).

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Retirement benefit schemes
(Continued)
- 31 -
Group and company
2024
2023
Fair value of plan assets
£
£
Equity instruments
834,000
1,103,000
Bonds
1,909,000
1,539,000
Cash
387,000
483,000
3,130,000
3,125,000
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
23
Financial commitments, guarantees and contingent liabilities

At 31 March 2024, subsidiaries had, in the ordinary course of business, indemnities in favour of HM Revenue & Customs for deferred import duty totalling £30,000 (2023: £30,000).

24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
70,435
63,761
-
-
Between two and five years
512,068
-
-
-
In over five years
157,500
-
-
-
740,003
63,761
-
-
25
Directors' transactions

Dividends totalling £900,000 (2023: £1,800,000) were paid in the year in respect of shares held by the company's directors.

26
Controlling party

The directors consider the controlling parties to be H P Bogod, R D P Bogod and S J Bogod.

BOGOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,130,062
2,292,408
Adjustments for:
Taxation charged
385,205
568,386
Finance costs
9,307
30,277
Investment income
(58,173)
(4,188)
Gain on disposal of tangible fixed assets
(6,600)
(26,340)
Depreciation and impairment of tangible fixed assets
219,301
184,757
Pension scheme non-cash movement
(240,000)
(239,000)
Movements in working capital:
Decrease in stocks
417,568
474,227
Decrease in debtors
508,174
576,446
Decrease in creditors
(714,095)
(545,630)
Cash generated from operations
1,650,749
3,311,343
28
Analysis of changes in net funds - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,814,689
465,542
3,280,231
Borrowings excluding overdrafts
(90,000)
-
(90,000)
2,724,689
465,542
3,190,231
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