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REGISTERED NUMBER: 02269632 (England and Wales)












R G BASSETT & SONS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 3

Notes to the Financial Statements 4


R G BASSETT & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Directors: Mrs R K Thomas
Mrs R M Towers
Mr T J Lloyd
Mr M D Hestford
Mr M J Sidley



Secretary: Mr M D Hestford



Registered office: Head Office
Caton Road
LANCASTER
LA1 3PE



Business address: Transport House
Tittensor
STOKE-ON-TRENT
Staffordshire
ST12 9HD



Registered number: 02269632 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: National Westminster Bank Plc
Market Street
Longton
STOKE-ON-TRENT
ST3 2HW




R G BASSETT & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Accountants: Xeinadin
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 2,716,938 1,529,020
Investments 5 16,748 16,748
2,733,686 1,545,768

Current assets
Stocks 93,099 110,130
Debtors 6 2,342,201 1,975,241
Cash at bank and in hand 236,962 564,578
2,672,262 2,649,949
Creditors
Amounts falling due within one year 7 2,011,413 1,470,206
Net current assets 660,849 1,179,743
Total assets less current liabilities 3,394,535 2,725,511

Creditors
Amounts falling due after more than one
year

8

(806,212

)

(356,969

)

Provisions for liabilities (293,115 ) (223,303 )
Net assets 2,295,208 2,145,239

Capital and reserves
Called up share capital 30,002 30,002
Retained earnings 2,265,206 2,115,237
2,295,208 2,145,239

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:





Mrs R M Towers - Director


R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. Statutory information

R G Bassett & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and assumptions about the carrying value of assets, liabilities, income and expenses. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for services provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% Reducing balance, 25% on cost, 15% Reducing balance and Straight line over 7 to 12 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Financial instruments
The company 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.

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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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 the 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 rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 99 (2023 - 96 ) .

4. Tangible fixed assets
Plant and
Leasehold machinery
improvements etc Totals
£    £    £   
Cost
At 1 May 2023 16,201 3,784,541 3,800,742
Additions - 1,802,187 1,802,187
Disposals - (195,995 ) (195,995 )
At 30 April 2024 16,201 5,390,733 5,406,934
Depreciation
At 1 May 2023 2,295 2,269,427 2,271,722
Charge for year 1,620 604,713 606,333
Eliminated on disposal - (188,059 ) (188,059 )
At 30 April 2024 3,915 2,686,081 2,689,996
Net book value
At 30 April 2024 12,286 2,704,652 2,716,938
At 30 April 2023 13,906 1,515,114 1,529,020

R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
Cost
At 1 May 2023 1,213,630
Additions 1,494,033
Transfer to ownership (145,100 )
At 30 April 2024 2,562,563
Depreciation
At 1 May 2023 344,959
Charge for year 397,003
Transfer to ownership (91,720 )
At 30 April 2024 650,242
Net book value
At 30 April 2024 1,912,321
At 30 April 2023 868,671

5. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 May 2023
and 30 April 2024 16,748
Net book value
At 30 April 2024 16,748
At 30 April 2023 16,748

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 2,035,771 1,716,165
Other debtors 306,430 259,076
2,342,201 1,975,241

R G BASSETT & SONS LIMITED (REGISTERED NUMBER: 02269632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 805,539 356,009
Trade creditors 896,282 802,389
Amounts owed to group undertakings 16,748 16,748
Taxation and social security 292,844 295,060
2,011,413 1,470,206

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 806,212 356,969

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 1,611,751 712,978

The obligations under finance lease contracts are secured by the vehicles to which they relate

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

11. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The parent of the largest and smallest group in which these financial statements are consolidated is S J Bargh Group Limited, incorporated in England and Wales.

The address of S J Bargh Group Limited is:
Head Office, Caton Road, Lancaster, LA1 3PE

12. Ultimate controlling party

The company's parent company and ultimate controlling party is S J Bargh Group Limited, incorporated in England and Wales.

The most senior parent entity producing publicly available financial statements is S J Bargh Group Limited. These statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ