69 true false false false true true false false false false false false true false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,378,447 1,128,387 20 20 25 25 25 6,670 1,156,620 6,670 6,670 1,149,950 1,149,950 77,095 38,636 38,459 21,107 21,098 9 1 100 100 xbrli:pure xbrli:shares iso4217:GBP 07985416 2023-10-01 2024-09-30 07985416 2024-09-30 07985416 2023-09-30 07985416 2022-10-01 2023-09-30 07985416 2023-09-30 07985416 2022-09-30 07985416 bus:Consolidated 2023-10-01 2024-09-30 07985416 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 07985416 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 07985416 bus:Consolidated core:Subsidiary1 2023-10-01 2024-09-30 07985416 bus:Consolidated core:Subsidiary2 2023-10-01 2024-09-30 07985416 bus:Consolidated core:Subsidiary4 2023-10-01 2024-09-30 07985416 core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 07985416 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2023-10-01 2024-09-30 07985416 core:PlantMachinery 2023-10-01 2024-09-30 07985416 bus:Consolidated core:PlantMachinery 2023-10-01 2024-09-30 07985416 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 07985416 bus:Consolidated core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 07985416 core:MotorVehicles 2023-10-01 2024-09-30 07985416 bus:Consolidated core:MotorVehicles 2023-10-01 2024-09-30 07985416 bus:RegisteredOffice 2023-10-01 2024-09-30 07985416 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 07985416 bus:Consolidated bus:OrdinaryShareClass1 2023-10-01 2024-09-30 07985416 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 07985416 bus:Consolidated bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 07985416 bus:Director1 2023-10-01 2024-09-30 07985416 bus:Consolidated bus:Director1 2023-10-01 2024-09-30 07985416 bus:Consolidated 2024-09-30 07985416 bus:Consolidated core:WithinOneYear 2024-09-30 07985416 bus:Consolidated core:WithinOneYear 2023-09-30 07985416 core:WithinOneYear 2024-09-30 07985416 core:WithinOneYear 2023-09-30 07985416 core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 07985416 bus:Consolidated core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 07985416 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 07985416 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2023-09-30 07985416 bus:Consolidated core:PlantMachinery 2023-09-30 07985416 bus:Consolidated core:FurnitureFittingsToolsEquipment 2023-09-30 07985416 bus:Consolidated core:MotorVehicles 2023-09-30 07985416 bus:Consolidated 2023-09-30 07985416 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 07985416 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2024-09-30 07985416 bus:Consolidated core:PlantMachinery 2024-09-30 07985416 bus:Consolidated core:FurnitureFittingsToolsEquipment 2024-09-30 07985416 bus:Consolidated core:MotorVehicles 2024-09-30 07985416 core:PlantMachinery 2023-09-30 07985416 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 07985416 core:PlantMachinery 2024-09-30 07985416 bus:Consolidated 2022-10-01 2023-09-30 07985416 bus:Consolidated 2023-09-30 07985416 bus:Consolidated core:UKTax 2023-10-01 2024-09-30 07985416 bus:Consolidated core:UKTax 2022-10-01 2023-09-30 07985416 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 07985416 bus:AllOrdinaryShares bus:Consolidated 2022-10-01 2023-09-30 07985416 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-09-30 07985416 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-09-30 07985416 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-09-30 07985416 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2023-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2022-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2024-09-30 07985416 core:RetainedEarningsAccumulatedLosses 2023-09-30 07985416 bus:Consolidated core:ShareCapital 2024-09-30 07985416 bus:Consolidated core:ShareCapital 2023-09-30 07985416 core:ShareCapital 2024-09-30 07985416 core:ShareCapital 2023-09-30 07985416 bus:Consolidated core:DeferredTaxation 2023-10-01 2024-09-30 07985416 core:DeferredTaxation 2023-10-01 2024-09-30 07985416 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2023-09-30 07985416 bus:Consolidated core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-09-30 07985416 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 07985416 bus:Consolidated core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-09-30 07985416 bus:Consolidated core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2024-09-30 07985416 bus:Consolidated core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-09-30 07985416 bus:Consolidated core:Non-currentFinancialInstruments 2024-09-30 07985416 bus:Consolidated core:Non-currentFinancialInstruments 2023-09-30 07985416 core:CostValuation core:Non-currentFinancialInstruments 2023-09-30 07985416 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-09-30 07985416 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 07985416 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-09-30 07985416 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2024-09-30 07985416 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-09-30 07985416 core:Non-currentFinancialInstruments 2024-09-30 07985416 core:Non-currentFinancialInstruments 2023-09-30 07985416 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-09-30 07985416 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-09-30 07985416 core:AcceleratedTaxDepreciationDeferredTax 2024-09-30 07985416 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07985416 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 07985416 bus:Consolidated core:LandBuildings core:LongLeaseholdAssets 2023-09-30 07985416 bus:Consolidated core:PlantMachinery 2023-09-30 07985416 bus:Consolidated core:FurnitureFittingsToolsEquipment 2023-09-30 07985416 bus:Consolidated core:MotorVehicles 2023-09-30 07985416 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 07985416 core:PlantMachinery 2023-09-30 07985416 bus:Consolidated core:DeferredTaxation 2023-09-30 07985416 bus:Consolidated core:DeferredTaxation 2024-09-30 07985416 core:DeferredTaxation 2023-09-30 07985416 core:DeferredTaxation 2024-09-30 07985416 bus:Consolidated countries:UnitedKingdom 2023-10-01 2024-09-30 07985416 bus:Consolidated countries:UnitedKingdom 2022-10-01 2023-09-30 07985416 bus:Consolidated countries:RestWorldOutsideUK 2023-10-01 2024-09-30 07985416 bus:Consolidated countries:RestWorldOutsideUK 2022-10-01 2023-09-30 07985416 bus:Consolidated bus:LeadAgentIfApplicable 2022-10-01 2023-09-30 07985416 bus:Consolidated bus:Director1 2023-09-30 07985416 bus:Consolidated bus:Director1 2024-09-30 07985416 bus:Consolidated bus:Director1 2022-09-30 07985416 bus:Consolidated bus:Director1 2023-09-30 07985416 bus:Consolidated bus:Director1 2022-10-01 2023-09-30 07985416 bus:SmallEntities 2023-10-01 2024-09-30 07985416 bus:Audited 2023-10-01 2024-09-30 07985416 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07985416 bus:FullAccounts 2023-10-01 2024-09-30 07985416 bus:OrdinaryShareClass1 2024-09-30 07985416 bus:Consolidated bus:OrdinaryShareClass1 2024-09-30 07985416 bus:OrdinaryShareClass1 2023-09-30 07985416 bus:Consolidated bus:OrdinaryShareClass1 2023-09-30 07985416 bus:Consolidated core:AfterOneYear 2024-09-30 07985416 bus:Consolidated core:AfterOneYear 2023-09-30 07985416 core:AfterOneYear 2024-09-30 07985416 core:AfterOneYear 2023-09-30 07985416 bus:Consolidated core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-09-30 07985416 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-09-30 07985416 core:ComputerSoftware bus:Consolidated 2024-09-30 07985416 core:ComputerSoftware 2024-09-30 07985416 core:ComputerSoftware bus:Consolidated 2023-09-30 07985416 core:ComputerSoftware 2023-09-30
COMPANY REGISTRATION NUMBER: 07985416
R Bagg Limited
Financial Statements
30 September 2024
R Bagg Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Strategic report
1
Director's report
3
Independent auditor's report to the members
5
Consolidated statement of income and retained earnings
9
Company statement of income and retained earnings
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
R Bagg Limited
Strategic Report
Year ended 30 September 2024
Fair review of the business
R Bagg Limited is a holding company concentrating on long term growth. The company continues to assess its current positions and new potential opportunities in order to create long-term wealth. ECU Testing Limited, a subsidiary company, is the market leading Automotive ECU (Electronic Control Unit) remanufacturer, offering first-to-market ECU remanufacturing solutions for the automotive aftermarket. ECU Testing Limited tests and rebuilds most common failing electronic control units (ECUs) for most vehicles on the road, including Engine ECU's, ABS modules, instrument clusters, transmission ECU's and electric power steering.
Principal risks and uncertainties
It is clear the economies in which the company has interests are in a state of change, with increasing inflation becoming ever more apparent. Economic uncertainty and geo-political issues are considered the principal risk to the company. The director feels the company is appropriately diverse in its investments and with substantial cash holdings will be able to manoeuvre, mitigate risk and take advantage of future opportunities.
Going concern
The accounts have been prepared on a going concern basis. Having carried out a detailed review of the company's position at the date of approval of the accounts and with regard to the challenges presented by the current economic and health climate, having considered the potential impacts on the group the director is satisfied that the company has sufficient cash reserves to meet its liabilities as they fall due. The director considers the company has adequate resources to enable it to continue its operational existence for the foreseeable future. The company continues to adopt the going concern basis of accounting in preparing the financial statements.
Key performance indicators
The following are Key Performance Indicators (KPIs) used by the director to measure the performance of the group.
2024 2023
Turnover 8,362,032 7,744,957
Gross profit (%) 66 64
Earnings before, interest, tax, depreciation and amortisation 1,878,469 1,674,129
This report was approved by the board of directors on 18 February 2025 and signed on behalf of the board by:
Mr R Bagg
Director
Registered office:
Lyndhurst
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
R Bagg Limited
Director's Report
Year ended 30 September 2024
The director presents his report and the financial statements of the group for the year ended 30 September 2024 .
Director
The director who served the company during the year was as follows:
Mr R Bagg
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 18 February 2025 and signed on behalf of the board by:
Mr R Bagg
Director
Registered office:
Lyndhurst
1 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
R Bagg Limited
Independent Auditor's Report to the Members of R Bagg Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of R Bagg Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - give a true and fair view of the state of the group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 director's 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 or the 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 director 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 director is responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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: - We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. - Using our knowledge of the group, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment. The key procedures we undertook to detect irregularities including fraud during the audit included: - Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. - Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. - Reviewing significant and material expenses to determine they have been properly incurred for purposes of the group's trade and are materially complete. - Performing a physical verification of key assets. - Confirming ownership of material investments and intangible assets. - Obtaining third-party confirmation of material bank and debtor balances. - Documenting and verifying all significant related party balances and transactions. - Reviewing documentation such as company board minutes, correspondence with solicitors, for discussions of irregularities including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the director and senior management. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Peter Stewart FCA
(Senior Statutory Auditor)
For and on behalf of
Gregory Priestley & Stewart
Chartered Accountants & statutory auditor
Lyndhurst
1-3 Cranmer Street
Long Eaton
Nottingham
NG10 1NJ
18 February 2025
R Bagg Limited
Consolidated Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
8,362,032
7,744,957
Cost of sales
2,818,541
2,781,784
------------
------------
Gross profit
5,543,491
4,963,173
Distribution costs
1,497,690
1,386,365
Administrative expenses
2,272,499
2,099,108
Other operating income
3,067
------------
------------
Operating profit
5
1,773,302
1,480,767
Income from other fixed asset investments
9
142,811
Other interest receivable and similar income
87,637
62,073
Amounts written off investments
222,963
99,425
Interest payable and similar expenses
2,264
------------
------------
Profit before taxation
1,780,787
1,441,151
Tax on profit
10
402,340
312,764
------------
------------
Profit for the financial year and total comprehensive income
1,378,447
1,128,387
------------
------------
Dividends paid and payable
11
( 2,695,619)
Retained earnings at the start of the year
5,598,165
7,165,397
------------
------------
Retained earnings at the end of the year
6,976,612
5,598,165
------------
------------
All the activities of the group are from continuing operations.
R Bagg Limited
Company Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Profit for the financial year and total comprehensive income
( 97,640)
150,529
Dividends paid and payable
11
( 2,695,619)
Retained earnings at the start of the year
2,632,612
5,177,702
------------
------------
Retained earnings at the end of the year
2,534,972
2,632,612
------------
------------
R Bagg Limited
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
1,149,950
1,149,950
Tangible assets
13
1,430,889
1,498,855
Investments
14
730,499
1,525,258
------------
------------
3,311,338
4,174,063
Current assets
Debtors
15
572,620
201,872
Cash at bank and in hand
4,007,924
2,893,782
------------
------------
4,580,544
3,095,654
Creditors: Amounts falling due within one year
16
876,711
1,594,357
------------
------------
Net current assets
3,703,833
1,501,297
------------
------------
Total assets less current liabilities
7,015,171
5,675,360
Provisions
17
38,459
77,095
------------
------------
Net assets
6,976,712
5,598,265
------------
------------
Capital and reserves
Called up share capital
20
100
100
Profit and loss account
21
6,976,612
5,598,165
------------
------------
Shareholders funds
6,976,712
5,598,265
------------
------------
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr R Bagg
Director
Company registration number: 07985416
R Bagg Limited
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
1,149,950
1,149,950
Tangible assets
13
1,202,102
1,213,194
Investments
14
730,600
1,525,359
------------
------------
3,082,652
3,888,503
Current assets
Debtors
15
67,360
42,671
Cash at bank and in hand
1,048,038
277,848
------------
---------
1,115,398
320,519
Creditors: Amounts falling due within one year
16
1,662,969
1,555,203
------------
------------
Net current liabilities
547,571
1,234,684
------------
------------
Total assets less current liabilities
2,535,081
2,653,819
Provisions
17
9
21,107
------------
------------
Net assets
2,535,072
2,632,712
------------
------------
Capital and reserves
Called up share capital
20
100
100
Profit and loss account
21
2,534,972
2,632,612
------------
------------
Shareholders funds
2,535,072
2,632,712
------------
------------
The loss for the financial year of the parent company was £ 97,640 (2023: £ 150,529 profit).
These financial statements were approved by the board of directors and authorised for issue on 18 February 2025 , and are signed on behalf of the board by:
Mr R Bagg
Director
Company registration number: 07985416
R Bagg Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
1,378,447
1,128,387
Adjustments for:
Depreciation of tangible assets
105,168
193,362
Amounts written off investments
222,963
99,425
Gain on financial assets at fair value through profit or loss
(3,188)
Income from other fixed asset investments
( 142,811)
Other interest receivable and similar income
(87,638)
(62,072)
Interest payable and similar expenses
2,264
Loss on disposal of tangible assets
25,356
Tax on (loss)/profit
402,340
312,764
Accrued expenses/(income)
24,927
( 7,274)
Changes in:
Trade and other debtors
( 370,748)
( 18,708)
Trade and other creditors
148,242
117,014
------------
------------
Cash generated from operations
1,680,890
1,787,330
Interest paid
( 2,264)
Interest received
87,637
62,073
Tax paid
( 303,051)
( 331,668)
------------
------------
Net cash from operating activities
1,465,476
1,515,471
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 37,202)
( 40,119)
Cash advances and loans granted
( 405,795)
Acquisition of interests in associates and joint ventures
( 250,000)
Proceeds from sale of other investments
714,607
------------
------------
Net cash from/(used in) investing activities
677,405
( 695,914)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
1,028,739
Repayments of borrowings
( 1,028,739)
Dividends paid
( 2,695,619)
------------
------------
Net cash used in financing activities
( 1,028,739)
( 1,666,880)
------------
------------
Net increase/(decrease) in cash and cash equivalents
1,114,142
( 847,323)
Cash and cash equivalents at beginning of year
2,893,782
3,741,105
------------
------------
Cash and cash equivalents at end of year
4,007,924
2,893,782
------------
------------
R Bagg Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(i) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(ii) Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
(iii) Consolidation
The financial statements consolidate the financial statements of R Bagg Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
(iv) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Investments in associates are recorded at their initial cost and adjusted for impairment in their value. The associates of the company undertake a significant amount of research and development within the medical sector. The successful outcome of this research and development is by its nature uncertain and the investment value cannot be accurately determined. Due to this uncertainty the company's share of each company's equity is reflected as the current value of investments with the resulting difference between that and the initial accounted for as impaired.
(v) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue is recognised when payment of a transaction involving the rendering of services has been received.
(vi) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(vii) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(viii) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
(ix) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(x) Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
(xi) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(xii) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
20% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
(xiii) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(xiv) Investments in associates
Investments in associates are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses.
(xv) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
(xvi) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(xvii) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
(xviii) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
8,362,032
7,744,957
------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
7,630,544
6,989,122
Overseas
731,488
755,835
------------
------------
8,362,032
7,744,957
------------
------------
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Depreciation of tangible assets
105,168
193,362
Loss on disposal of tangible assets
25,356
Impairment of trade debtors
(2,274)
(2,813)
Research and development expenditure written off
455,316
312,015
Foreign exchange differences
42,916
28,364
---------
---------
6. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
13,500
12,000
--------
--------
7. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Administrative staff
60
59
Research and development staff
9
9
----
----
69
68
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,797,281
1,739,245
Social security costs
169,047
167,278
Other pension costs
79,991
175,431
------------
------------
2,046,319
2,081,954
------------
------------
The average number of employees employed by subsidiary undertakings are only those detailed above.
8. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
80,000
46,490
Company contributions to defined contribution pension plans
39,996
39,996
---------
--------
119,996
86,486
---------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
9. Income from other fixed asset investments
2024
2023
£
£
(Gain)/loss on disposal of other fixed asset investments
142,811
---------
----
10. Tax on (loss)/profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
440,976
302,571
Adjustments in respect of prior periods
( 5,887)
20,616
---------
---------
Total current tax
435,089
323,187
---------
---------
Deferred tax:
Origination and reversal of timing differences
( 32,749)
( 10,423)
---------
---------
Tax on (loss)/profit
402,340
312,764
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,780,787
1,441,151
------------
------------
Profit on ordinary activities by rate of tax
500,938
360,288
Adjustment to tax charge in respect of prior periods
(6,465)
20,616
Effect of expenses not deductible for tax purposes
5,760
70,209
Effect of capital allowances and depreciation
( 11,432)
Effect of revenue exempt from tax
( 797)
Effect of different UK tax rates on some earnings
(41,131)
Research and development tax credits
( 97,893)
( 84,989)
------------
------------
Tax on (loss)/profit
402,340
312,764
------------
------------
11. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
2,695,619
----
------------
12. Intangible assets
Group and company
Patents, trademarks and licences
Digital software assets
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
6,670
1,149,950
1,156,620
-------
------------
------------
Amortisation
At 1 October 2023 and 30 September 2024
6,670
6,670
-------
------------
------------
Carrying amount
At 1 October 2023 and 30 September 2024
1,149,950
1,149,950
-------
------------
------------
At 30 September 2023
1,149,950
1,149,950
-------
------------
------------
13. Tangible assets
Group
Freehold property
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 Oct 2023
1,168,823
352,100
357,205
772,035
168,595
2,818,758
Additions
3,070
3,620
30,512
37,202
------------
---------
---------
---------
---------
------------
At 30 Sep 2024
1,168,823
355,170
360,825
802,547
168,595
2,855,960
------------
---------
---------
---------
---------
------------
Depreciation
At 1 Oct 2023
337,355
273,312
641,136
68,100
1,319,903
Charge for the year
17,815
21,426
40,803
25,124
105,168
------------
---------
---------
---------
---------
------------
At 30 Sep 2024
355,170
294,738
681,939
93,224
1,425,071
------------
---------
---------
---------
---------
------------
Carrying amount
At 30 Sep 2024
1,168,823
66,087
120,608
75,371
1,430,889
------------
---------
---------
---------
---------
------------
At 30 Sep 2023
1,168,823
14,745
83,893
130,899
100,495
1,498,855
------------
---------
---------
---------
---------
------------
Company
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
1,168,823
60,292
1,229,115
------------
--------
------------
Depreciation
At 1 October 2023
15,921
15,921
Charge for the year
11,092
11,092
------------
--------
------------
At 30 September 2024
27,013
27,013
------------
--------
------------
Carrying amount
At 30 September 2024
1,168,823
33,279
1,202,102
------------
--------
------------
At 30 September 2023
1,168,823
44,371
1,213,194
------------
--------
------------
Land and buildings includes the property owned by the company and leased to its subsidiary companies.
14. Investments
Group
Interests in associates
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
Share of net assets/cost
At 1 October 2023
2,200,374
405,795
571,796
3,177,965
Disposals
( 571,796)
( 571,796)
------------
---------
---------
------------
At 30 September 2024
2,200,374
405,795
2,606,169
------------
---------
---------
------------
Impairment
At 1 October 2023
1,652,707
1,652,707
Revaluations
222,963
222,963
------------
---------
---------
------------
At 30 September 2024
1,875,670
1,875,670
------------
---------
---------
------------
Carrying amount
At 30 September 2024
324,704
405,795
730,499
------------
---------
---------
------------
At 30 September 2023
547,667
405,795
571,796
1,525,258
------------
---------
---------
------------
Company
Shares in group undertakings
Shares in participating interests
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
£
Cost
At 1 October 2023
101
2,200,374
405,795
571,796
3,178,066
Disposals
( 571,796)
( 571,796)
----
------------
---------
---------
------------
At 30 September 2024
101
2,200,374
405,795
2,606,270
----
------------
---------
---------
------------
Impairment
At 1 October 2023
1,652,707
1,652,707
Revaluations
222,963
222,963
----
------------
---------
---------
------------
At 30 September 2024
1,875,670
1,875,670
----
------------
---------
---------
------------
Carrying amount
At 30 September 2024
101
324,704
405,795
730,600
----
------------
---------
---------
------------
At 30 September 2023
101
547,667
405,795
571,796
1,525,359
----
------------
---------
---------
------------
The company advanced $500,000 to Ichor Life Sciences, Inc. The loan agreement does not provide for fixed date or schedule of repayment. The loan is reflected at its sterling equivalent value above.
Investments held at valuation
Other investments relate to gold the company has purchased and is valued using market rates applying at the year-end.
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Group
Other investments other than loans
£
At 30 September 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 30 September 2023
Aggregate cost
500,000
Aggregate depreciation
---------
Carrying value
500,000
---------
Company
Other investments other than loans
£
At 30 September 2024
Aggregate cost
Aggregate depreciation
----
Carrying value
----
At 30 September 2023
Aggregate cost
500,000
Aggregate depreciation
---------
Carrying value
500,000
---------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
ECU Testing Limited
1 Cranmer Street
Ordinary
100
Long Eaton
Nottingham
NG10 1NJ
Biosenex Limited - Dormant
1 Cranmer Street
A Ordinary
80
Long Eaton
Nottingham
NG10 1NJ
DNAFuel Limited - Dormant
Delves Road
Ordinary
100
Heanor
DE75 7SJ
Other significant holdings
Ichor Therapeutics, Inc.
2603 US Route 11
Ordinary
20.8
LaFayette
New York
13084
USA
Bioma Ltd
Heanor Gate Industrial Estate
Ordinary
38
Delves Road
Heanor
DE75 7SJ
15. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
144,634
160,920
Amounts owed by group undertakings
13
13
Amounts owed by undertakings in which the company has a participating interest
9,606
9,606
4,686
4,686
Prepayments and accrued income
198,338
29,833
1,183
1,182
Director's loan account
219,029
33,524
Other debtors
1,013
1,513
27,954
36,790
---------
---------
--------
--------
572,620
201,872
67,360
42,671
---------
---------
--------
--------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2024
2023
2024
2023
£
£
£
£
VAT on Capital Goods Scheme
23,197
30,930
23,197
30,930
--------
--------
--------
--------
16. Creditors: Amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
212,040
141,001
Amounts owed to group undertakings
1,594,297
408,639
Accruals and deferred income
49,777
24,850
8,800
5,000
Corporation tax
312,745
174,821
59,872
7,282
Social security and other taxes
281,883
187,124
Director loan accounts
1,028,739
1,134,282
Other creditors
20,266
37,822
---------
------------
------------
------------
876,711
1,594,357
1,662,969
1,555,203
---------
------------
------------
------------
17. Provisions
Group
Deferred tax (note 18)
£
At 1 October 2023
77,095
Charge against provision
( 38,636)
--------
At 30 September 2024
38,459
--------
Company
Deferred tax (note 18)
£
At 1 October 2023
21,107
Charge against provision
( 21,098)
--------
At 30 September 2024
9
--------
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 17)
38,459
77,095
9
21,107
--------
--------
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
38,459
56,946
9
958
Fair value adjustment of financial assets
20,149
20,149
--------
--------
----
--------
38,459
77,095
9
21,107
--------
--------
----
--------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 79,991 (2023: £ 175,431 ).
20. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
The ordinary shares have the right to attend and vote at meetings. The right to participate in distributions. The right to receive dividends in different proportions as voted by the majority.
21. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
22. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
2,893,782
1,114,142
4,007,924
Debt due within one year
(1,028,739)
1,028,739
------------
------------
------------
1,865,043
2,142,881
4,007,924
------------
------------
------------
R Bagg Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
23. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Tangible assets
225,000
---------
----
----
----
24. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company and its subsidiary undertakings:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Bagg
( 1,028,739)
2,415,574
( 1,167,806)
219,029
------------
------------
------------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr R Bagg
99,155
1,567,725
( 2,695,619)
( 1,028,739)
--------
------------
------------
------------
There are no fixed terms of repayment and no interest is levied on balances.