REGISTERED NUMBER: 12979876 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
for |
Bauvill Group Limited |
REGISTERED NUMBER: 12979876 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
for |
Bauvill Group Limited |
Bauvill Group Limited (Registered number: 12979876) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
Bauvill Group Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Bauvill Group Limited (Registered number: 12979876) |
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. |
REVIEW OF BUSINESS |
The Director's review is consistent with the size and non-complex nature of the business. |
The company continues to operate in the construction industry and has over 9 years experience, with the |
governance of directors boasting extensive knowledge in the field. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company continues to operate in the construction industry where the demand is influenced by economic |
conditions, government policies, and demographic trends. It is crucial for the company to stay abreast of |
market changes to align its strategies accordingly. Prudent risk management and an ability to adapt to |
uncertainties are critical for the company's sustained success. By identifying, assessing, and mitigating |
various risks, the company looks to navigate challenges effectively, ensuring resilience and competitiveness |
in a dynamic construction industry. Continuous monitoring and updating of risk management strategies will be |
essential in the ever-evolving business landscape. |
Inflation is on the rise leading to increased costs of supplies and the potential for supply issues. The company |
regularly reviews costs of current suppliers against industry standard to ensure the best prices are attained |
and where suitable, bulk discounts received. |
Trade Debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to |
the customers and the regular monitoring of amounts of both time and credit limits. Provision for doubtful |
debts is made as necessary. |
Liquidity Risk |
The company monitors and reviews liquidity risks regularly on an ongoing basis and also as part of the |
planning process. The Directors consider short-term requirements against available sources of funding, |
taking into account cash flow and response to any identified needs as necessary to support the business. |
Credit Risk |
The company's credit risk relates to recovery of amounts owed by customers for invoiced sales. The credit |
risk is managed by regular monitoring of outstanding amounts. |
TURNOVER, GROSS PROFIT AND OPERATING PROFIT |
Gross profit margin for the year for the company was 12% (2023: 12%) and operating profit margin was 0.5% (2023: 0.9%). The company seeks to provide growth in earnings through improved efficiencies and operations in light of market conditions. |
Markets have proven to be difficult and the company is seeking improved volumes to be able to command better sales prices which are volume related. The generation of earnings is essential to deliver growth and to fund future growth in the business. Overheads are reviewed, monitored and controlled by management on a regular basis. |
Financial Indicators - Turnover (consolidated): |
30th June 2024 - £23,478,572 |
30th June 2023 - £18,467,585 |
ON BEHALF OF THE BOARD: |
20 March 2025 |
Bauvill Group Limited (Registered number: 12979876) |
Report of the Directors |
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. |
DIVIDENDS |
An interim dividend of £777.78 per share was paid on 3 April 2024. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 June 2024 will be £ 70,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations were made during the year. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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). 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; |
- | 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. |
Bauvill Group Limited (Registered number: 12979876) |
Report of the Directors |
for the Year Ended 30 June 2024 |
AUDITORS |
The auditors, Ardor Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bauvill Group Limited |
Opinion |
We have audited the financial statements of Bauvill Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Bauvill Group Limited |
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 Report of the Directors. |
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 Statement of Directors' Responsibilities set out on page three, 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. |
Report of the Independent Auditors to the Members of |
Bauvill Group Limited |
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 a Report of the Auditors 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: |
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards). |
We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items. |
With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Bauvill Group Limited |
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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditors |
Chartered Certified Accountants |
Unit 1 |
Shrine Barn |
Sandling Road |
Hythe |
Kent |
CT21 4HE |
Bauvill Group Limited (Registered number: 12979876) |
Consolidated |
Income Statement |
for the Year Ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ |
TURNOVER | 23,478,572 | 18,467,585 |
Cost of sales | 20,744,860 | 16,196,210 |
GROSS PROFIT | 2,733,712 | 2,271,375 |
Administrative expenses | 2,607,192 | 2,113,722 |
OPERATING PROFIT | 4 | 126,520 | 157,653 |
Interest receivable and similar income | 40,749 | 15,590 |
167,269 | 173,243 |
Interest payable and similar expenses | 5 | 17,169 | 18,243 |
PROFIT BEFORE TAXATION | 150,100 | 155,000 |
Tax on profit | 6 | (38,489 | ) | (167,800 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 188,589 | 322,800 |
Bauvill Group Limited (Registered number: 12979876) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 188,589 | 322,800 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
188,589 |
322,800 |
Total comprehensive income attributable to: |
Owners of the parent | 188,589 | 322,800 |
Bauvill Group Limited (Registered number: 12979876) |
Consolidated Statement of Financial Position |
30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 68,000 | - |
Tangible assets | 10 | 790,881 | 561,799 |
Investments | 11 | - | - |
858,881 | 561,799 |
CURRENT ASSETS |
Stocks | 12 | 5,000 | 4,100 |
Debtors | 13 | 5,755,134 | 4,820,506 |
Cash at bank | 2,672,569 | 2,711,118 |
8,432,703 | 7,535,724 |
CREDITORS |
Amounts falling due within one year | 14 | 5,269,089 | 3,892,088 |
NET CURRENT ASSETS | 3,163,614 | 3,643,636 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,022,495 |
4,205,435 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(258,167 |
) |
(268,663 |
) |
PROVISIONS FOR LIABILITIES | 18 | (67,248 | ) | (59,238 | ) |
NET ASSETS | 3,697,080 | 3,877,534 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 90 | 100 |
Capital redemption reserve | 20 | 10 | - |
Retained earnings | 20 | 3,696,980 | 3,877,434 |
SHAREHOLDERS' FUNDS | 3,697,080 | 3,877,534 |
The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by: |
D J South - Director |
Bauvill Group Limited (Registered number: 12979876) |
Company Statement of Financial Position |
30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Capital redemption reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 294,864 | 320,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bauvill Group Limited (Registered number: 12979876) |
Consolidated 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 | 100 | 3,754,634 | - | 3,754,734 |
Changes in equity |
Dividends | - | (200,000 | ) | - | (200,000 | ) |
Total comprehensive income | - | 322,800 | - | 322,800 |
Balance at 30 June 2023 | 100 | 3,877,434 | - | 3,877,534 |
Changes in equity |
Reduction in share capital | (10 | ) | - | - | (10 | ) |
Purchase of own shares | - | (299,033 | ) | - | (299,033 | ) |
Dividends | - | (70,000 | ) | - | (70,000 | ) |
Total comprehensive income | - | 188,579 | 10 | 188,589 |
Balance at 30 June 2024 | 90 | 3,696,980 | 10 | 3,697,080 |
Bauvill Group Limited (Registered number: 12979876) |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Reduction in share capital | (10 | ) | - | - | (10 | ) |
Purchase of own shares | - | (299,033 | ) | - | (299,033 | ) |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
Bauvill Group Limited (Registered number: 12979876) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2024 |
30/6/24 | 30/6/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 538,378 | (107,143 | ) |
Interest paid | (11,061 | ) | (15,585 | ) |
Interest element of hire purchase payments paid |
(6,108 |
) |
(2,658 |
) |
Tax paid | 187,512 | 62,005 |
Net cash from operating activities | 708,721 | (63,381 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | (80,000 | ) | - |
Purchase of tangible fixed assets | (392,087 | ) | (46,973 | ) |
Sale of tangible fixed assets | 39,267 | 413,999 |
Sale of fixed asset investments | - | 360,000 |
Interest received | 40,749 | 15,590 |
Net cash from investing activities | (392,071 | ) | 742,616 |
Cash flows from financing activities |
Loan repayments in year | (162,504 | ) | (380,996 | ) |
Capital repayments in year | 170,359 | (41,527 | ) |
Amount introduced by directors | 5,989 | - |
Amount withdrawn by directors | - | (5,698 | ) |
Share issue | - | 100 |
Share buyback | (10 | ) | - |
Share premium | (299,033 | ) | - |
Equity dividends paid | (70,000 | ) | (200,000 | ) |
Net cash from financing activities | (355,199 | ) | (628,121 | ) |
(Decrease)/increase in cash and cash equivalents | (38,549 | ) | 51,114 |
Cash and cash equivalents at beginning of year |
2 |
2,711,118 |
2,660,004 |
Cash and cash equivalents at end of year |
2 |
2,672,569 |
2,711,118 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30/6/24 | 30/6/23 |
£ | £ |
Profit before taxation | 150,100 | 155,000 |
Depreciation charges | 104,637 | 89,370 |
Loss/(profit) on disposal of fixed assets | 31,101 | (19,928 | ) |
Finance costs | 17,169 | 18,243 |
Finance income | (40,749 | ) | (15,590 | ) |
262,258 | 227,095 |
(Increase)/decrease in stocks | (900 | ) | 46,922 |
Increase in trade and other debtors | (1,128,090 | ) | (56,363 | ) |
Increase/(decrease) in trade and other creditors | 1,405,110 | (324,797 | ) |
Cash generated from operations | 538,378 | (107,143 | ) |
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 | 2,672,569 | 2,711,118 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 2,711,118 | 2,815,200 |
Bank overdrafts | - | (155,196 | ) |
2,711,118 | 2,660,004 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank | 2,711,118 | (38,549 | ) | 2,672,569 |
2,711,118 | (38,549 | ) | 2,672,569 |
Debt |
Finance leases | (38,249 | ) | (170,359 | ) | (208,608 | ) |
Debts falling due within 1 year | (162,504 | ) | - | (162,504 | ) |
Debts falling due after 1 year | (243,740 | ) | 162,504 | (81,236 | ) |
(444,493 | ) | (7,855 | ) | (452,348 | ) |
Total | 2,266,625 | (46,404 | ) | 2,220,221 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Bauvill Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts are rounded to the nearest Pound Sterling. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets |
Basic financial assets, including trade and other receivables, cash and bank balances and investments |
in commercial paper, 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 profit or loss. |
Other financial assets, including investments in equity instruments which are not subsidiaries, |
associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in |
profit or loss, except that investments in equity instruments that are not publicly traded and whose fair |
values cannot be measured reliably are measured at cost less impairment. |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are |
transferred to another party, or (c) despite having retained some significant risks and rewards of |
ownership, control of the asset has been transferred to another party who has the practical ability to |
unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group |
companies and preference shares that are classified as debt, 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 prepayment 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. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless |
they are included in a hedging arrangement. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand, as well as short-term deposits with |
original maturities of three months or less. They are measured at nominal value and subject to an |
impairment review where applicable. |
3. | EMPLOYEES AND DIRECTORS |
30/6/24 | 30/6/23 |
£ | £ |
Wages and salaries | 2,222,926 | 1,683,470 |
Social security costs | 245,567 | 189,088 |
Other pension costs | 103,376 | 24,843 |
2,571,869 | 1,897,401 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30/6/24 | 30/6/23 |
Directors | 4 | 5 |
Staff | 35 | 30 |
30/6/24 | 30/6/23 |
£ | £ |
Directors' remuneration | 297,247 | 248,675 |
Directors' pension contributions to money purchase schemes | 55,701 | - |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 4 | 4 |
Information regarding the highest paid director is as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Emoluments etc | 30,001 | 75,333 |
Pension contributions to money purchase schemes | 24,712 | 1,422 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30/6/24 | 30/6/23 |
£ | £ |
Hire of equipment | 190,248 | 74,885 |
Depreciation - owned assets | 59,640 | 78,174 |
Depreciation - assets on hire purchase contracts | 32,997 | 11,196 |
Loss/(profit) on disposal of fixed assets | 31,101 | (19,928 | ) |
Goodwill amortisation | 12,000 | - |
Auditors' remuneration | 14,000 | 14,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30/6/24 | 30/6/23 |
£ | £ |
Bank loan interest | 8,775 | 15,585 |
Late payment tax charges | 2,286 | - |
Hire purchase interest | 6,108 | 2,658 |
17,169 | 18,243 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
30/6/24 | 30/6/23 |
£ | £ |
Current tax: |
UK corporation tax | 14,262 | 60,722 |
Overprovision of Corporation Tax | (60,761 | ) | (247,923 | ) |
Total current tax | (46,499 | ) | (187,201 | ) |
Deferred tax | 8,010 | 19,401 |
Tax on profit | (38,489 | ) | (167,800 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30/6/24 | 30/6/23 |
£ | £ |
Profit before tax | 150,100 | 155,000 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
28,519 |
29,450 |
Effects of: |
Expenses not deductible for tax purposes | 17,629 | 27,486 |
Income not taxable for tax purposes | - | 3,786 |
Capital allowances in excess of depreciation | (19,697 | ) | - |
Utilisation of tax losses | (12,189 | ) | - |
Accelerated Capital Allowances | 8,010 | 19,401 |
Corporation Tax overprovision | (60,761 | ) | (247,923 | ) |
Total tax credit | (38,489 | ) | (167,800 | ) |
7. | 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. |
8. | DIVIDENDS |
30/6/24 | 30/6/23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 70,000 | 200,000 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | 80,000 |
At 30 June 2024 | 80,000 |
AMORTISATION |
Amortisation for year | 12,000 |
At 30 June 2024 | 12,000 |
NET BOOK VALUE |
At 30 June 2024 | 68,000 |
10. | TANGIBLE FIXED ASSETS |
Group |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 | 340,155 | 117,929 | 213,044 | 94,210 | 765,338 |
Additions | 4,000 | 34,995 | 304,625 | 48,467 | 392,087 |
Disposals | - | (32,319 | ) | (92,111 | ) | (8,012 | ) | (132,442 | ) |
At 30 June 2024 | 344,155 | 120,605 | 425,558 | 134,665 | 1,024,983 |
DEPRECIATION |
At 1 July 2023 | 15,308 | 56,855 | 73,563 | 57,813 | 203,539 |
Charge for year | 6,836 | 17,858 | 47,948 | 19,995 | 92,637 |
Eliminated on disposal | - | (28,146 | ) | (25,916 | ) | (8,012 | ) | (62,074 | ) |
At 30 June 2024 | 22,144 | 46,567 | 95,595 | 69,796 | 234,102 |
NET BOOK VALUE |
At 30 June 2024 | 322,011 | 74,038 | 329,963 | 64,869 | 790,881 |
At 30 June 2023 | 324,847 | 61,074 | 139,481 | 36,397 | 561,799 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 July 2023 | 61,090 |
Additions | 232,633 |
At 30 June 2024 | 293,723 |
DEPRECIATION |
At 1 July 2023 | 14,549 |
Charge for year | 32,997 |
At 30 June 2024 | 47,546 |
NET BOOK VALUE |
At 30 June 2024 | 246,177 |
At 30 June 2023 | 46,541 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | 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 |
Registered office: 52-54 Sir Thomas Longley Road, Medway City Estate, Rochester, England, ME2 4DP |
Nature of business: |
% |
Class of shares: | holding |
30/6/24 | 30/6/23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 52-54 Sir Thomas Longley Road, Medway City Estate, Rochester, England, ME2 4DP |
Nature of business: |
% |
Class of shares: | holding |
30/6/24 |
£ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 52-54 Sir Thomas Longley Road, Medway City Estate, Rochester, England, ME2 4DP |
Nature of business: |
% |
Class of shares: | holding |
30/6/24 | 30/6/23 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
12. | STOCKS |
Group |
30/6/24 | 30/6/23 |
£ | £ |
Stocks | 2,900 | - |
Work-in-progress | 2,100 | 4,100 |
5,000 | 4,100 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/6/24 | 30/6/23 | 30/6/24 | 30/6/23 |
£ | £ | £ | £ |
Trade debtors | 1,384,977 | 1,156,050 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,544,888 | 1,202,968 |
Inter company account | 1,823,032 | 1,877,579 | - | - |
Directors' current accounts | - | 5,989 | - | - |
Taxation | 61,390 | 248,863 |
Prepayments and accrued income | 8,000 | - |
Accrued income | 179,100 | - |
Prepayments | 753,747 | 329,057 |
5,755,134 | 4,820,506 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30/6/24 | 30/6/23 | 30/6/24 | 30/6/23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 162,504 | 162,504 |
Hire purchase contracts (see note 17) | 31,677 | 13,326 |
Trade creditors | 362,397 | 308,993 |
Amounts owed to group undertakings | - | - |
Tax | 14,262 | 60,722 |
Social security and other taxes | 369,577 | 266,220 |
VAT | 42,947 | - | - | - |
Other creditors | 1,206,107 | 817,373 |
Accruals and deferred income | 3,079,618 | 2,262,950 |
5,269,089 | 3,892,088 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
30/6/24 | 30/6/23 |
£ | £ |
Bank loans (see note 16) | 81,236 | 243,740 |
Hire purchase contracts (see note 17) | 176,931 | 24,923 |
258,167 | 268,663 |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
30/6/24 | 30/6/23 |
£ | £ |
Amounts falling due within one year or | on demand: |
Bank loans | 162,504 | 162,504 |
Amounts falling due between two and | five years: |
Bank loan | 81,236 | 243,740 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
30/6/24 | 30/6/23 |
£ | £ |
Net obligations repayable: |
Within one year | 31,677 | 13,326 |
Between one and five years | 176,931 | 24,923 |
208,608 | 38,249 |
18. | PROVISIONS FOR LIABILITIES |
Group |
30/6/24 | 30/6/23 |
£ | £ |
Deferred tax | 67,248 | 59,238 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 59,238 |
Provided during year | 8,010 |
Balance at 30 June 2024 | 67,248 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/6/24 | 30/6/23 |
value: | £ | £ |
Ordinary | £1 | 90 | 100 |
During the year 10 Ordinary shares were bought back by the Company at a premium. |
Bauvill Group Limited (Registered number: 12979876) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 June 2024 |
20. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 3,877,434 | - | 3,877,434 |
Profit for the year | 188,589 | 188,589 |
Dividends | (70,000 | ) | (70,000 | ) |
Purchase of own shares | (10 | ) | 10 | - |
Purchase of own shares | (299,033 | ) | - | (299,033 | ) |
At 30 June 2024 | 3,696,980 | 10 | 3,696,990 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 349,640 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (10 | ) | 10 | - |
Purchase of own shares | (299,033 | ) | - | (299,033 | ) |
At 30 June 2024 | 275,471 |