Baggleys Machinery Limited 14878860 false 2023-05-18 2024-05-31 2024-05-31 The principal activity of the company is repair and sale of garden machinery Digita Accounts Production Advanced 6.30.9574.0 true 14878860 2023-05-18 2024-05-31 14878860 2024-05-31 14878860 bus:OrdinaryShareClass1 2024-05-31 14878860 bus:OrdinaryShareClass2 2024-05-31 14878860 core:RetainedEarningsAccumulatedLosses 2024-05-31 14878860 core:ShareCapital 2024-05-31 14878860 core:CurrentFinancialInstruments 2024-05-31 14878860 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14878860 core:Non-currentFinancialInstruments 2024-05-31 14878860 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 14878860 core:FurnitureFittingsToolsEquipment 2024-05-31 14878860 core:LandBuildings 2024-05-31 14878860 core:MotorVehicles 2024-05-31 14878860 core:OtherPropertyPlantEquipment 2024-05-31 14878860 bus:SmallEntities 2023-05-18 2024-05-31 14878860 bus:AuditExemptWithAccountantsReport 2023-05-18 2024-05-31 14878860 bus:FilletedAccounts 2023-05-18 2024-05-31 14878860 bus:SmallCompaniesRegimeForAccounts 2023-05-18 2024-05-31 14878860 bus:RegisteredOffice 2023-05-18 2024-05-31 14878860 bus:Director1 2023-05-18 2024-05-31 14878860 bus:OrdinaryShareClass1 2023-05-18 2024-05-31 14878860 bus:OrdinaryShareClass2 2023-05-18 2024-05-31 14878860 bus:PrivateLimitedCompanyLtd 2023-05-18 2024-05-31 14878860 core:Buildings 2023-05-18 2024-05-31 14878860 core:FurnitureFittingsToolsEquipment 2023-05-18 2024-05-31 14878860 core:LandBuildings 2023-05-18 2024-05-31 14878860 core:MotorVehicles 2023-05-18 2024-05-31 14878860 core:OfficeEquipment 2023-05-18 2024-05-31 14878860 core:OtherPropertyPlantEquipment 2023-05-18 2024-05-31 14878860 core:PlantMachinery 2023-05-18 2024-05-31 14878860 countries:AllCountries 2023-05-18 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14878860

Baggleys Machinery Limited

trading as Baggleys Machinery

Unaudited Filleted Financial Statements

for the Period from 18 May 2023 to 31 May 2024

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Registration number: 14878860

Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

241,818

Current assets

 

Stocks

5

349,496

Debtors

6

49,385

Cash at bank and in hand

 

47,858

 

446,739

Creditors: Amounts falling due within one year

7

(464,033)

Net current liabilities

 

(17,294)

Total assets less current liabilities

 

224,524

Creditors: Amounts falling due after more than one year

7

(114,770)

Provisions for liabilities

(6,786)

Net assets

 

102,968

Capital and reserves

 

Called up share capital

8

100

Retained earnings

102,868

Shareholders' funds

 

102,968



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Registration number: 14878860

Balance Sheet as at 31 May 2024 (continued)

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 

S Mansfield
Director

   
     

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Watton Road
Barford
Norwich
Norfolk
NR9 4AR
England

These financial statements were authorised for issue by the Board on 17 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

Reducing Balance 15%

Motor Vehicles

Reducing Balance 25%

Office Equipment

Reducing Balance 25%

Freehold Property

Staraight Line over 20 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7.

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

Additions

38,323

9,717

168,815

89,169

306,024

Disposals

-

-

(5,711)

-

(5,711)

At 31 May 2024

38,323

9,717

163,104

89,169

300,313

Depreciation

Charge for the

1,916

2,429

40,776

13,374

58,495

At 31 May 2024

1,916

2,429

40,776

13,374

58,495

Carrying amount

At 31 May 2024

36,407

7,288

122,328

75,795

241,818

Included within the net book value of land and buildings above is £36,407 in respect of freehold land and buildings.
 

5

Stocks

2024
£

Finished goods and goods for resale

349,496

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

6

Debtors

Current

2024
£

Trade debtors

49,385

 

49,385

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Bank loans and overdrafts

9

64,230

Trade creditors

 

170,148

Directors loan accounts

181,441

Taxation and social security

 

38,644

Other creditors

 

9,570

 

464,033

Due after one year

 

Loans and borrowings

9

114,770

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

9

114,770

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary A Shares of £1 each

60

60

Ordinary B Shares of £1 each

40

40

100

100

9

Loans and borrowings

2024
£

Non-current loans and borrowings

Bank borrowings

64,152

HP and finance lease liabilities

50,618

114,770

 

Baggleys Machinery Limited
trading as Baggleys Machinery

Notes to the Unaudited Financial Statements for the Period from 18 May 2023 to 31 May 2024 (continued)

9

Loans and borrowings (continued)

2024
£

Current loans and borrowings

Bank borrowings

35,190

Bank overdrafts

7,897

HP and finance lease liabilities

21,143

64,230