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REGISTERED NUMBER: NI072344 (Northern Ireland)















BMGC LTD

Group Strategic Report, Directors' Report and

Consolidated Financial Statements for the Year Ended 30 June 2024






BMGC LTD (REGISTERED NUMBER: NI072344)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Consolidated Income Statement 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash
Flows

15

Notes to the Consolidated Financial Statements 16


BMGC LTD

Company Information
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Brian Macklin
Mary Macklin



REGISTERED OFFICE: 26 Wellington Park
Belfast
Co. Antrim
BT9 6DL



REGISTERED NUMBER: NI072344 (Northern Ireland)



INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP



BANKERS: Bank of Ireland
364 Lisburn Road
Belfast
Co. Antrim
BT9 6GL



SOLICITORS: O'Hare Solicitors
St. George's Building
37 - 41 High Street
Belfast
Co. Antrim
BT1 2AB

BMGC LTD (REGISTERED NUMBER: NI072344)

Group Strategic Report
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the Company and the Group for the year ended 30 June 2024.

RESULTS AND PERFORMANCE
The group's key financial performance indicators during the year were as follows:

2024 2023
Turnover £29,002,646 £23,494,000
Gross profit margin 36.1% 28.8%
Net profit/(loss) before tax £1,567,917 £(353,194)

Revenue has increased by 23.5% with increase in gross profit margin of 7.3%. The directors are satisfied with the group's financial performance and continue to monitor costs.

BUSINESS ENVIRONMENT
The nursing care and hotel and leisure markets are highly competitive markets throughout Northern Ireland. The group considers itself as having a strong position in the respective markets due to the knowledge of the industry and the provision of a quality service to its residents and guests.

STRATEGY
The group's success is dependent on the ongoing management of business risks and uncertainties it faces. The directors intend to grow the business further as the group establishes a quality service in the market and through better management of costs and improved efficiencies within the business.

PRINCIPAL RISKS AND UNCERTAINTIES
Competition Risk:
Competition comes from similar hotels and care homes in the locality. The directors manage this risk by ensuring a quality service is offered to all residents and guests.

Financial Risk:
The company's operations expose it to financial risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring the levels of risk and the related finance costs.

Economic Risk:
Economic risk is inherent in the industry in which the company operates. The directors manage this risk by ensuring long standing relationships with trusts, suppliers and financiers are maintained. The directors actively promote the business in the local economy.

FUTURE DEVELOPMENTS
The directors are committed to long term creation of shareholder value by increasing its market share in the Northern Ireland market. The directors are confident that their strategy will result in continued growth and profitability.

GROUP POLICY ON EMPLOYING DISABLED WORKERS
The group's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled worker. Arrangements are made, whenever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.


BMGC LTD (REGISTERED NUMBER: NI072344)

Group Strategic Report
FOR THE YEAR ENDED 30 JUNE 2024

EMPLOYEES
The group is dependent on the skills and commitment of its employees in order to achieve its objectives. Staff at every level are encouraged to make their fullest possible contribution to the group's success. The group's selection, training, development and promotion policies ensure equal opportunities for all employees, regardless of gender, marital status, race, age or disability. All decisions are based on merit.

ON BEHALF OF THE BOARD:



Brian Macklin - Director


25 February 2025

BMGC LTD (REGISTERED NUMBER: NI072344)

Directors' Report
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the Company and the Group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company is acting as a holding company. The activities of the group include hotel and leisure and residential care services to elderly and disabled persons.

DIVIDENDS
Interim dividends of £61,000 were paid in the year (2023: £Nil).
The directors do not recommend payment of a final dividend (2023: £Nil)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Brian Macklin
Mary Macklin

CHARITABLE DONATIONS AND EXPENDITURE
During the year the group made charitable donations of £nil (2023: £Nil)

DISCLOSURES REQUIRED UNDER SCHEDULE 7
In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, employment policy and future developments in the Group's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

STREAMLINED ENERGY AND CARBON REPORTING
The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

The group aims to ensure the environment is left in a better condition for future generations, this strategy underlines the importance of Environmental, Social and Governance (ESG) as well as sustainability in supporting the future growth and development of the group. As a group we have made meaningful progress in the last financial year in understanding our environmental impact and developing mitigation measures.


Measure
For the year ended
30 June 2024
For the year ended
30 June 2023

Units
Energy consumption used to
calculate emissions

5,780,792

5,640,681

kWh
Emission from purchased
electricity

308.11

315.33

tCO2e
Emission from purchased gas 866.75 823.58 tCO2e
Total Gross tCO2e 1,174.86 1,138.91 tCO2e

Intensity ratio

40.51

48.77
Gross tCO2e/£Million
sales revenue

Methodology

For the majority of the calculation, primary data has been sourced (e.g. meter readings, supplier invoices) but in some cases where complete datasets are not available estimated or aggregated data has been used. While a reasonable attempt has been made to provide a complete view; some exclusions have been made on the basis of materiality such as de minimis office and staff related expenses which could not be separately identified through our systems.

Electricity emissions were calculated using energy consumption obtained from meter readings.


BMGC LTD (REGISTERED NUMBER: NI072344)

Directors' Report
FOR THE YEAR ENDED 30 JUNE 2024

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group 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 Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS
The auditors, CavanaghKelly, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Brian Macklin - Director


25 February 2025

Independent Auditors' Report to the Members of
BMGC Ltd

Opinion
We have audited the financial statements of BMGC Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 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:
-give a true and fair view of the state of the Group's and of the Parent Company affairs as at 30 June 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; and
-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 Auditors' 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

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 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 the audit:
- the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Independent Auditors' Report to the Members of
BMGC Ltd


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 Group Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, 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 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 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 directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

Independent Auditors' Report to the Members of
BMGC Ltd

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (Continued)

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.




Ryan Falls F.C.A. (Senior Statutory Auditor)
for and on behalf of CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

25 February 2025

BMGC LTD (REGISTERED NUMBER: NI072344)

Consolidated
Income Statement
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £

TURNOVER 4 29,002,646 23,494,000

Cost of sales (18,525,518 ) (16,735,389 )
GROSS PROFIT 10,477,128 6,758,611

Administrative expenses (7,786,500 ) (6,991,783 )
2,690,628 (233,172 )

Other operating income 162,412 255,758
OPERATING PROFIT 6 2,853,040 22,586

Exceptional item 7 (526,000 ) -
2,327,040 22,586

Finance income 16,751 188,424
2,343,791 211,010

Finance costs 8 (775,874 ) (564,204 )
PROFIT/(LOSS) BEFORE TAXATION 1,567,917 (353,194 )

Tax on profit/(loss) 9 (590,246 ) (201,305 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

977,671

(554,499

)

OTHER COMPREHENSIVE INCOME
Gain on Revaluation - 96,910
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

96,910
TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE YEAR

977,671

(457,589

)

Profit/(loss) attributable to:
Owners of the parent 977,671 (554,499 )

Total comprehensive income/(loss) attributable to:
Owners of the parent 977,671 (457,589 )

BMGC LTD (REGISTERED NUMBER: NI072344)

Consolidated Statement of Financial Position
30 JUNE 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 12 2,714,312 3,155,354
Tangible assets 13 30,940,570 30,704,325
Investments 14 - -
33,654,882 33,859,679

CURRENT ASSETS
Stocks 15 41,111 34,483
Receivables: amounts falling due within
one year

16

2,596,710

2,969,905
Cash at bank and in hand 3,565,131 1,933,192
6,202,952 4,937,580
PAYABLES
Amounts falling due within one year 17 (5,332,950 ) (4,510,731 )
NET CURRENT ASSETS 870,002 426,849
TOTAL ASSETS LESS CURRENT
LIABILITIES

34,524,884

34,286,528

PAYABLES
Amounts falling due after more than
one year

18

(10,449,893

)

(11,128,208

)
NET ASSETS 24,074,991 23,158,320

CAPITAL AND RESERVES
Called up share capital 21 1,900,000 1,900,000
Revaluation reserve 18,921,886 18,921,886
Capital redemption reserve 600,000 600,000
Retained earnings 2,653,105 1,736,434
SHAREHOLDERS' FUNDS 24,074,991 23,158,320

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Brian Macklin - Director


BMGC LTD (REGISTERED NUMBER: NI072344)

Company Statement of Financial Position
30 JUNE 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 4,173,755 4,173,755
4,173,755 4,173,755

CURRENT ASSETS
Receivables: amounts falling due within
one year

16

181,558

143,218
Cash at bank 100 100
181,658 143,318
PAYABLES
Amounts falling due within one year 17 (1,811,056 ) (1,811,716 )
NET CURRENT LIABILITIES (1,629,398 ) (1,668,398 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,544,357

2,505,357

CAPITAL AND RESERVES
Called up share capital 21 1,900,000 1,900,000
Capital redemption reserve 600,000 600,000
Retained earnings 44,357 5,357
SHAREHOLDERS' FUNDS 2,544,357 2,505,357

Company's profit for the financial year 100,000 -

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





Brian Macklin - Director


BMGC LTD (REGISTERED NUMBER: NI072344)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£ £ £ £ £
Balance at 1 July 2022 1,900,000 2,090,593 19,025,316 600,000 23,615,909

Changes in equity
Total comprehensive loss - (354,159 ) (103,430 ) - (457,589 )
Balance at 30 June 2023 1,900,000 1,736,434 18,921,886 600,000 23,158,320

Changes in equity
Dividends - (61,000 ) - - (61,000 )
Total comprehensive income - 977,671 - - 977,671
Balance at 30 June 2024 1,900,000 2,653,105 18,921,886 600,000 24,074,991

BMGC LTD (REGISTERED NUMBER: NI072344)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 30 JUNE 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 July 2022 1,900,000 5,357 600,000 2,505,357

Changes in equity
Balance at 30 June 2023 1,900,000 5,357 600,000 2,505,357

Changes in equity
Dividends - (61,000 ) - (61,000 )
Total comprehensive income - 100,000 - 100,000
Balance at 30 June 2024 1,900,000 44,357 600,000 2,544,357

BMGC LTD (REGISTERED NUMBER: NI072344)

Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 4,748,191 822,722
Interest paid (775,874 ) (564,204 )
Tax paid (471,661 ) -
Net cash from operating activities 3,500,656 258,518

Cash flows from investing activities
Purchase of tangible fixed assets (1,159,193 ) (166,254 )
Interest received 16,751 188,424
Net cash from investing activities (1,142,442 ) 22,170

Cash flows from financing activities
New loans in year - 3,701,341
Loan repayments in year (665,514 ) (4,587,669 )
Equity dividends paid (61,000 ) -
Net cash from financing activities (726,514 ) (886,328 )

Increase/(decrease) in cash and cash equivalents 1,631,700 (605,640 )
Cash and cash equivalents at
beginning of year

2

1,783,083

2,388,723

Cash and cash equivalents at end
of year

2

3,414,783

1,783,083

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Statement of Cash Flows
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit/(loss) before taxation 1,567,917 (353,194 )
Depreciation charges 1,363,989 1,469,804
Finance costs 775,874 564,204
Finance income (16,751 ) (188,424 )
3,691,029 1,492,390
Increase in stocks (6,628 ) -
Decrease/(increase) in trade and other debtors 332,530 (18,445 )
Increase/(decrease) in trade and other creditors 731,260 (651,223 )
Cash generated from operations 4,748,191 822,722

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£ £
Cash and cash equivalents 3,565,131 1,933,192
Bank overdrafts (150,348 ) (150,109 )
3,414,783 1,783,083
Year ended 30 June 2023
30/6/23 1/7/22
£ £
Cash and cash equivalents 1,933,192 2,442,304
Bank overdrafts (150,109 ) (53,581 )
1,783,083 2,388,723


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£ £ £
Net cash
Cash at bank and in hand 1,933,192 1,631,939 3,565,131
Bank overdrafts (150,109 ) (239 ) (150,348 )
1,783,083 1,631,700 3,414,783
Debt
Debts falling due within 1 year (1,116,468 ) 7,493 (1,108,975 )
Debts falling due after 1 year (10,651,662 ) 658,022 (9,993,640 )
(11,768,130 ) 665,515 (11,102,615 )
Total (9,985,047 ) 2,297,215 (7,687,832 )

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

BMGC Ltd is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006. The financial statements of the group and company for the year ended 30 June 2022 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The Group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of paragraphs 33.1A.

Basis of consolidation
The consolidated financial statements include the financial statements of the parent company and all its subsidiary companies made up to 30 June 2024.

Significant judgements and estimates
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, income and expenditure in the reporting period. Actual results could differ from those estimates. However, management do not believe there are any significant estimates, judgements or assumptions applied within the accounting policies.

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Provision of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided. The following criteria must also be met before revenue is recognised:

- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow through the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Buildings freehold2% Straight line
Plant and machinery 25% Reducing balance
Fixtures, fittings and equipment 25% Straight line
Motor vehicles25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Revaluation gains arising in a year are recognised in the statement of changes in equity except to the extent that they reserve revaluation losses that were previously charged to the income statement. Revaluation losses which represent a clear consumption of economic benefit inherent in the asset are recognised in the income statement.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the retained earnings.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Income Statement.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

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.


BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the group's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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

Employee benefits
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

Investments
Investments in fixed assets are recognised initially at fair value which is normally the transaction price excluding transaction costs.

Finance Costs
Finance costs are charged to the Income Statement over the term of the debt.

Government Grants
Government grants are credited to the income statement in the year to which they relate.

Preference Share Capital
The dividend rights of the preference shares are non-cumulative and payment is at the discretion of the group. The preference shares carry voting rights at meetings. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities. There is no option to redeem the preference shares.

Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4. TURNOVER

The revenue generated by the group is attributable to the principal activities of the group.












BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:
2024 2023
£    £   
Wages and salaries 15,560,360 12,027,250
National Insurance 1,221,655 775,432
Pension 250,345 407,384
17,032,359 13,210,067

The average number of employees, including directors employed during the year, was as follows:
2024 2023
Care Home Staff 575 516
Hotel 62 64
Administrative 57 36
694 616

6. OPERATING PROFIT

The operating (loss)/profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation of tangible fixed assets 923,061 1,038,265
Goodwill amortisation 441,042 441,044
Auditor remuneration 37,160 35,390

7. EXCEPTIONAL ITEMS
2024 2023
£ £
Exceptional item (526,000 ) -

The exceptional item in the year relates to a payment to former personnel of the group.

8. FINANCE COSTS
2024 2023
£ £
Bank loan interest 775,553 564,204
Other Interest 321 -
775,874 564,204

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 549,580 164,355

Deferred tax:
Deferred tax 40,666 6,523
Deferred tax - Adjustment in
respect of prior period - 30,427
Total deferred tax 40,666 36,950
Tax on profit/(loss) 590,246 201,305

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit/(loss) before tax 1,567,917 (353,194 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 25 % (2023 - 20.496 %)

391,979

(72,391

)

Effects of:
Expenses not deductible for tax purposes 7,795 4,477
Income not taxable for tax purposes (13 ) -
Depreciation in excess of capital allowances 149,819 232,269
Deferred tax 40,666 36,950
previous years

Total tax charge 590,246 201,305

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30 June 2024.

2023
Gross Tax Net
£ £ £
Gain on Revaluation 96,910 - 96,910

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2024 2023
£ £
Ordinary Share Class 1 shares of £1 each
Interim 61,000 -

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 July 2023
and 30 June 2024 7,925,820
AMORTISATION
At 1 July 2023 4,770,466
Amortisation for year 441,042
At 30 June 2024 5,211,508
NET BOOK VALUE
At 30 June 2024 2,714,312
At 30 June 2023 3,155,354

13. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 1 July 2023 34,060,635 257,394 6,682,855
Additions 939,045 16,918 203,230
At 30 June 2024 34,999,680 274,312 6,886,085
DEPRECIATION
At 1 July 2023 4,442,735 180,128 5,674,425
Charge for year 623,623 20,564 278,595
At 30 June 2024 5,066,358 200,692 5,953,020
NET BOOK VALUE
At 30 June 2024 29,933,322 73,620 933,065
At 30 June 2023 29,617,900 77,266 1,008,430

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 1 July 2023 10,000 938 41,011,822
Additions - - 1,159,193
At 30 June 2024 10,000 938 42,171,015
DEPRECIATION
At 1 July 2023 9,438 771 10,307,497
Charge for year 140 26 922,948
At 30 June 2024 9,578 797 11,230,445
NET BOOK VALUE
At 30 June 2024 422 141 30,940,570
At 30 June 2023 562 167 30,704,325

Cost or valuation at 30 June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2023 96,910 - -
Valuation in 2017 2,790,717 - -
Cost 32,112,053 274,312 6,886,085
34,999,680 274,312 6,886,085

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2023 - - 96,910
Valuation in 2017 - - 2,790,717
Cost 10,000 938 39,283,388
10,000 938 42,171,015

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 July 2023
and 30 June 2024 4,173,755
NET BOOK VALUE
At 30 June 2024 4,173,755
At 30 June 2023 4,173,755

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. FIXED ASSET INVESTMENTS - continued

The Group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Macklin Care Homes Limited
Registered office: Northern Ireland
Nature of business: Nursing Home
%
Class of shares: holding
Ordinary 100.00

MCHFB Limited
Registered office: Northern Ireland
Nature of business: Nursing Home
%
Class of shares: holding
Ordinary 100.00

OL MCH Limited
Registered office: Northern Ireland
Nature of business: Nursing Home
%
Class of shares: holding
Ordinary 100.00

Malone Lodge Hotel Limited
Registered office: Northern Ireland
Nature of business: Hotel Services
%
Class of shares: holding
Ordinary 100.00


15. STOCKS

Group
2024 2023
£ £
Finished goods 41,111 34,483

16. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade receivables 749,824 925,064 - -
Other receivables 1,448,122 1,672,076 181,558 143,218
Deferred tax asset 107,916 148,581 - -
Prepayments and accrued income 290,848 224,184 - -
2,596,710 2,969,905 181,558 143,218

Deferred tax asset
Group Company
2024 2023 2024 2023
£ £ £ £
Deferred tax 107,916 148,581 - -

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

17. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 19)
1,259,323

1,266,577

-

-
Trade payables 832,685 763,037 - -
Amounts owed to group undertakings - - 1,515,027 1,455,436
Tax 279,530 201,611 - -
Social security and other taxes 317,071 262,534 - -
VAT 52,511 76,420 - -
Other payables 1,074,926 751,877 - -
Directors' current accounts 293,529 353,780 293,529 353,780
Accruals and deferred income 1,223,375 834,895 2,500 2,500
5,332,950 4,510,731 1,811,056 1,811,716

Amounts owed to group companies are unsecured, interest free and payable on demand.

18. PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

Group
2024 2023
£ £
Bank loans (see note 19) 9,993,640 10,651,662
Other creditors 456,253 476,546
10,449,893 11,128,208

The bank loans held by Macklin Care Homes Limited are repaid quarterly and accrue interest at a rate of Libor + 2%. The bank loans held by MCHFB Limited are repaid quarterly and accrue interest at Libor +2%. The bank loans held by Malone Lodge Hotel Limited are repaid monthly and accrue interest at Libor +2%. The bank loans held by OL MCH Limited are repaid quarterly and accrue interest at a rate of Libor +2%.

The bank loans noted above are secured by a debenture providing a fixed and floating charge over the assets of the group and an unlimited inter-company cross guarantee with BMGC Ltd, MCHFB Limited, Malone Lodge Hotel Limited and Macklin Care Homes Limited.

19. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 150,348 150,109
Bank loans 1,108,975 1,116,468
1,259,323 1,266,577
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,112,594 1,098,388
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,881,046 9,553,274

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. DEFERRED TAX

Group
£
Balance at 1 July 2023 (148,581 )
Charge to Income Statement during year 40,665
Balance at 30 June 2024 (107,916 )

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
500,000 Ordinary Share Class 1 £1 500,000 500,000
1,400,000 Preference Shares £1 1,400,000 1,400,000
1,900,000 1,900,000

22. 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 transactions with group companies.

The following balances occurred with related parties:
2024 2023
Amounts due from related parties: £    £   

Gemin Construction Limited (488,294 ) (432,857 )
OBBI Solutions Limited 418,562 424,928
Gemin Properties Limited 40,375 40,375
(29,357 ) 32,446

The above companies are deemed to be related parties as Gareth Macklin serves as a director and shareholder of the entities. In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.

The balance owed by directors was cleared within 9 months of the year end. No interest was charged in respect of same.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors occurred:

2024 2023
£ £
Directors
Balance outstanding at start of year (353,780 ) (280,492 )
Amounts advanced 60,251 -
Amounts repaid - (73,288 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (293,529 ) (353,780 )

24. ULTIMATE PARENT COMPANY

BMGC Limited is regarded as both the controlling party and ultimate controlling party in the group.

BMGC LTD (REGISTERED NUMBER: NI072344)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2024

25. GROUP FINANCIAL INSTRUMENTS

Financial assets
2024 2023
£    £   
Financial assets that are debt instruments measured at amortised
cost:

Trade receivables 749,824 925,064
Other receivables 1,448,122 1,598,291
2,197,946 2,523,355
Financial liabilities
2024 2023
£    £   
Financial liabilities measured at amortised cost:
Bank loans and overdrafts 11,252,962 11,919,008
Trade payables 832,686 763,039
Other payables 1,074,926 751,876
Accruals 1,223,376 835,877
14,383,950 14,269,800

Financial assets measured at amortised cost comprise of trade debtors and other debtors.

Financial liabilities measured at amortised cost comprise bank loans and overdrafts, trade creditors, other creditors, accruals and amounts owed to related undertakings.