REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BONNINGTON GROUP LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BONNINGTON GROUP LIMITED |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BONNINGTON GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
t/a LMDB Accountants |
Statutory Auditors |
Railview Lofts |
19c Commercial Road |
Eastbourne |
East Sussex |
BN21 3XE |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Bonnington Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions for "Small Entities" under Section 1A Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Material Uncertainty Related to Going Concern |
The company is reliant on financial support from its immediate and ultimate parent companies. As at the balance sheet date, debts of £4,315,470 (2022 - £3,504,812) were owed to the parent companies with no structured repayment terms. |
The directors have obtained assurance of the continued financial support from the group members and therefore believe that it is appropriate to continue to prepare the accounts on a going concern basis. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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. |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Financial instruments |
The company's principal financial instruments comprise trade creditors and loans to/ from other group companies. The main purpose of these instruments is to finance the company's operations. |
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
Trade debtors are managed in respect of credit and cash flow risk by policies determining the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
In respect of loans between group companies, these are interest free and have no fixed repayment terms. The directors are aware of each group company's required finance and have determined that these will only be repaid, in whole or in part, when funding is available. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 1 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
(Unaudited) |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | SECURED DEBTS |
The company has provided a guarantee for the rents payable under a property lease entered into by Bonnington Bloomsbury Ltd (a subsidiary company). At the balance sheet date the future rental liabilities under the lease amounted to £1,625,163. However, the lease was reassigned in September 2024 releasing Bonnington Bloomsbury Ltd obligations. The guarantee of Bonnington Group Ltd was not called upon. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
"A" Ordinary shares | £1 | 1,000 | 1,000 |
"B" Ordinary shares | £1 | 49,000 | 49,000 |
50,000 | 50,000 |
Both classes of shares rank pari passu in all respects save that the holders of "B"ordinary shares are not entitled to receive notice of or attend or vote at general meetings of the Company. |
BONNINGTON GROUP LIMITED (REGISTERED NUMBER: 03709608) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
We draw attention to note 2 in the financial statements, which indicates that the company is reliant on financial support from other group companies. As stated in note 2, this indicates that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under paragraph 1AC.35 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between two or more members of a group as any subsidiary party to related party transactions are wholly owned by such member. |
11. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is the company's director J J McGettigan by virtue of his majority shareholding in the company's ultimate parent company. |
12. | CONSOLIDATED FINANCIAL STATEMENTS |
The company is a subsidiary of parent company Regan Development Holdings Ltd (a company incorporated in Ireland). Bonnington Group Ltd is exempt from the requirement to prepare consolidated financial statements by virtue of section 399 of the Companies Act 2006. Copies of the financial statements for the subsidiaries of Bonnington Group Limited registered in England & Wales can be obtained from Companies House in the United Kingdom and for Regan Development Holdings Ltd from Companies Registration Office in Ireland. |