REGISTERED NUMBER: 10972150 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
FOR |
BASTIAN PLC |
REGISTERED NUMBER: 10972150 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
FOR |
BASTIAN PLC |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Consolidated Statement of Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 15 |
Consolidated Statement of Changes in Equity | 16 |
Company Statement of Changes in Equity | 17 |
Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Cash Flow Statement | 19 |
Notes to the Consolidated Financial Statements | 21 |
BASTIAN PLC |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Mr W Scales FCA FMAAT |
AUDITORS: |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 28 June 2024. |
In 2009, the owners of Fischer Future Heat UK Limited, Keith and Maria Bastian decided to bring German manufactured heating to the UK. They already had over 12 years' experience in the industry when they started supplying Fischer heating to the British public. Their passion for bringing efficient and economical heating to the British market has led them on a journey which has seen them grow the company into a household name. In 2012, Fischer Future Heat UK Limited was moved to its current Head Office location at Frog Island. In November 2017, Fischer Future Heat UK Limited became a part of the Bastian Plc group of companies. |
German engineering under British ownership is a unique aspect of our organisation that we are extremely proud of and we know many of our customers are delighted to hear that we are British owned and comment that it offers them peace of mind, knowing that the company they are dealing with is not so far away! |
In 2017 Foxglove Energy Supply Limited and Fischer Energy Plc were added to the Bastian Plc portfolio of companies. In 2022 Fischer Heat UK started trading under the Bastian Plc banner. |
Foxglove Energy Supply Limited, trading as Outfox the Market (OTM), exists to bring positive change to the energy sector by championing fairness, honesty, and customer loyalty. We are committed to offering some of the most competitive tariffs in the market, ensuring our customers benefit from transparent pricing and genuine value. By consistently delivering fair and affordable energy rates, we aim to make energy more accessible while building long-term trust with our customers. |
Foxglove Energy Supply Limited already has a fantastic relationship with the British public in energy saving heating through our sister company, Fischer Future Heat UK Limited. We appreciate the frustrations many people can face when aiming for the best deal to power and heat your home. We are in a unique position to provide a complete service that ensures an efficient way to heat your home, powered by an energy supplier that delivers fair and honest service at a competitive rate. |
As a family run business, we provide ourselves on doing things the right way. Sustainability is everything to us, from supplying clean energy to making sure we have the best people doing all they can for our valued customers. We invest in the future of our planet by providing you renewal energy with prices aimed at keeping your bills low. |
Here at Foxglove Energy Supply Limited, we are in a position to guarantee that the energy we buy on your behalf has a direct and positive impact within the United Kingdom. The electricity that we have purchased has had a significant impact on the reduction of UK CO2 emissions. It has also helped to boost the local economy and provides hundreds of jobs in the communities where wind farms are closely situated. 100% of the electricity we supply to all our customers comes from renewable sources. |
The Group recently acquired a software development company as part of its strategic focus on digital transformation. This acquisition aims to enhance internal systems, drive operational efficiency, and elevate customer service satisfaction, while also delivering significant long-term cost savings. |
Following a restructuring within the business, Foxglove Energy Supply Limited was sold to Bastian Holdings Limited after the balance sheet date. This change has no impact on our operations, and we continue to serve our customers as usual. |
The directors are responsible for the maintenance of the group websites www.fischerfutureheat.com and www.foxgloveenergy.co.uk. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 JUNE 2024 |
REVIEW OF BUSINESS |
In prior years, energy supply companies achieved consistent growth; however, during the year ended 30 June 2024, we made a strategic decision to focus on stabilisation. This approach resulted in maintaining a relatively stable customer portfolio, reflecting our prudent intent to strengthen working capital and manage risks in an increasingly volatile energy market. |
To reinforce our customer proposition during this period of consolidation, we prioritised enhancements to our service operations. We allocated capital to expanding our service team and delivering targeted training initiatives, which in turn led to improved customer response times and better engagement. |
In parallel, we reinvested into our broader operations with a clear focus on long-term efficiency and scalability. This included the recruitment of experienced professionals across key areas of the business, alongside continued investment in our technological capabilities. These initiatives have supported improvements in our internal processes, enhanced the customer journey, and reduced the overall cost to serve. |
Collectively, these enhancements have not only strengthened the business but also laid a solid foundation for future growth. As a result, we have begun to grow our customer base once again by offering competitively priced tariffs, positioning ourselves to capture market opportunities as they arise. |
The Group's storage heater business delivered stable revenue in line with the previous year; however, profitability declined due to increased operational and supply chain costs. In response, we continue to actively review our cost structure while focusing on innovation and the development of more efficient, advanced products to better serve our customers. We also invest in recruiting and training our employees to enhance service quality and support the achievement of our growth targets. |
The results for the year and financial position of the group are as shown in the financial statements. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Group has had a successful year despite the challenges posed by the supply chain crisis and Energy Crisis, experiencing both a period of growth and difficult market conditions. The group has achieved turnover of £218 million (2023: £383 million) and gross profit margins of 28.4% (2023: 31.7%). This has resulted in an operating profit of £40 million (2023: £100 million) and net assets of £120 million (2023: £86 million). Net profit of £33 million (2023: £79 million) was achieved in the period. |
Our KPI's for the year highlight the successes achieved: |
KPI's £ | 2024 | 2023 |
Turnover | 218,450 | 382,984 |
Gross Profit | 62,008 | 121,541 |
Gross Profit % | 28.4% | 31.7% |
Operating Profit/(Loss) | 39,589 | 100,497 |
Operating Profit % | 18.1% | 26.2% |
Net Profit/(Loss) | 33,451 | 78,958 |
Net Assets | 119,697 | 86,246 |
Our experienced management team and strong financial position enable us to be well positioned to continue the successful development of the company. |
NON FINANCIAL KEY PERFORMANCE INDICATORS |
The Group uses a number of non financial factors to measure performance of its business segments. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 JUNE 2024 |
Customer ratings and reviews from Trustpilot, the independent consumer review website, shows ratings of 4.5 stars out of 5 for the storage heater revenue stream and 4.7 stars out of 5 for Outfox the Market, the domestic energy supply revenue stream of the Group. |
Customer numbers are also deemed a crucial factor. For the Domestic Energy Supply segment of the Group, customer numbers at the year end were maintained at 112k (2023: 104k). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors identify, assess and manage risks associated with the Group's business objectives and strategy in the following categories; |
Competition |
The Group operates within a competitive energy market in the United Kingdom. Despite a reduction in the number of energy suppliers, the Group now faces competition from larger suppliers with greater financial resources and established brands. Nonetheless, the directors hold the opinion that the Group maintains a robust position owing to its experienced workforce, agile business model, capable management team, ingrained culture, and efficient operational processes. |
Liquidity and cashflow risk |
The Group mitigates liquidity risk by maintaining adequate funds to fulfill obligations to trade creditors and other payments. Management of trade debtors involves monitoring outstanding amounts in terms of time and credit limits, with a high percentage of collections facilitated through direct debit. |
Cash management is conducted responsibly, with the Group employing both a daily cash flow model to monitor short-term forecasted cash flows up to six months ahead and a long-range forecast model. These models undergo ongoing monitoring and review, allowing the Group to proactively manage risk by appropriately allocating cash and preparing for potential shortfalls well in advance. The Group's robust cash position further serves to mitigate liquidity risks. |
Energy commodity market risks |
Movements in the energy commodities market can significantly affect both turnover and gross margin for the Group . To mitigate this risk, the Group has implemented an energy commodities hedge. This involves adhering to a stringent and sophisticated hedging strategy, actively managing the mark-to-market margin call risk stemming from forward fuel contracts by promptly responding to fluctuations in wholesale prices. |
The Energy Commodity Market has been significantly influenced by global geopolitical events, leading to extreme price increases impacting markets worldwide. Despite these challenges, the Group remains steadfast in following its hedging policy to mitigate such risks. |
Bad debt risk |
The Group holds significant customer debtor balances, which have grown amidst the ongoing energy crisis and cost of living challenges, exacerbated by higher energy prices impacting customers' ability to pay. Throughout this period, the Group has extended support to customers through measures such as payment holidays and reduced Direct Debits, aiming to alleviate the impact of rising energy costs. However, to address this risk, the Group predominantly collects monthly direct debits from a vast majority of its customers and has implemented various debt management protocols to substantially minimize the risk of payment defaults and bad debts. |
Considering these risks and uncertainties, we acknowledge that future business development plans may be susceptible to unforeseen events beyond our control. Despite these challenges, we remain committed to prudently managing our operations and adapting to evolving market conditions. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 JUNE 2024 |
SECTION 172(1) STATEMENT |
The board of directors have complied with their S172 Companies Act 2006 duties during the period by initially identifying the main types of stakeholders in the business. In doing this we have considered our impact on stakeholders including our position on the environment. |
One of our primary stakeholder groups is our esteemed employee base, and throughout the year, we have continuously evaluated risks and adapted policies to ensure adherence to best practices. Regular communication with our employees allows us to gauge their perspectives, maintaining our open culture and fostering an environment conducive to attracting and retaining top talent. |
Central to our values is the recognition of the importance of engaging with our customers, actively listening to their feedback, and promptly responding to their needs. This ongoing dialogue enables us to continually enhance our customer service offerings, ensuring customer satisfaction remains at the forefront of our operations. |
We place significant emphasis on cultivating strong relationships with our suppliers and partners, ensuring alignment of aims and objectives to deliver the highest standard of service to our customers. |
Moreover, regulatory compliance is paramount, and we maintain transparent and regular communication with various regulatory bodies, including Ofgem, to facilitate smooth operations and stay abreast of sector developments. |
At all levels, from board to group meetings, our decision-making process reflects a holistic consideration of key stakeholder groups, underscoring our commitment to responsible and ethical business practices. |
ENERGY AND EMISSIONS REPORT |
In the year we took the following actions; |
1) Review the need for travel |
2) Considered using on-line meetings |
3) Considered reducing electrical usage by use of 'green' policies |
FUTURE ACTIVITIES |
The company remains committed to investing in its marketing and sales activities with the objective of expanding its customer base and enhancing its customer service offerings. Through strategic investments, recruiting of experienced team members, we aim to broaden our reach and deepen our engagement with both existing and prospective customers. By continually improving our service offerings, we endeavour to strengthen customer satisfaction and loyalty, ultimately driving sustainable growth and success for the company. |
ON BEHALF OF THE BOARD: |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 28 June 2024. |
DIVIDENDS |
The total distribution of dividends for the period ended 28 June 2024 will be £Nil (2023: £30,000). |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 29 June 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
No political donations were made in the period. |
STREAMLINED ENERGY AND CARBON REPORTING |
The ultimate parent company, Bastian Plc, being a holding company for the group, itself consumed less than 40,000 kilowatt-hours (kWh) of energy in the reporting period and as such is exempt from reporting on its usage in line with the Streamlined Energy and Carbon Reporting (SECR) guidelines. |
The trading subsidiaries, with exception to the domestic energy supply business which reports as a large entity, are themselves not obliged to report on their energy and carbon information due to them reporting as medium entities. This is in line with section 415(2) of the Companies Act 2006 and the SECR guidelines. |
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), 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. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 JUNE 2024 |
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, Mark J Rees LLP Chartered Accountants, 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 |
BASTIAN PLC |
Opinion |
We have audited the financial statements of Bastian Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 28 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASTIAN PLC |
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. |
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 six, 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 |
BASTIAN PLC |
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: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK). |
We obtained an understanding of the legal and regulatory frameworks applicable to the Group and industries in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters. |
We enquired of management concerning the Group's policies and procedures relating to: |
- the identification and compliance with laws and regulations |
- the detection and response to the risks of fraud |
- the internal controls inherent within the company to mitigate fraud risk and non-compliance to laws and regulations. |
We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud. |
We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition, valuation of amounts recoverable on contracts and significant one-off or unusual transactions. |
Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud). |
Our audit procedures included but were not limited to: |
- A review of a sample of installation sales to ensure that they had been installed at the year end and that revenue had been correctly recognised. We also undertook a review of cut-off to ensure costs and income are correctly recognised in accordance with appropriate accounting standards. |
- A review of calculations for turnover and sales reserves, testing average price computations to ensure that the method of calculation is appropriate and accurate and that revenue has been recognised correctly. As part of this we confirmed consumption figures to third party data. |
- A review of significant estimates, critically assessing to confirm that the basis of calculation is appropriate and in line with applicable accounting standards. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BASTIAN PLC |
- A review of laws and regulations the company is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance. |
- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition. |
We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud. |
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. |
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 |
and Statutory Auditors |
Granville Hall |
Granville Road |
Leicester |
LE1 7RU |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 28 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 4 | 218,450,945 | 382,983,813 |
Cost of sales | 156,442,869 | 261,443,270 |
GROSS PROFIT | 62,008,076 | 121,540,543 |
Administrative expenses | 22,702,661 | 21,153,567 |
39,305,415 | 100,386,976 |
Other operating income | 283,885 | 109,934 |
OPERATING PROFIT | 6 | 39,589,300 | 100,496,910 |
Interest receivable and similar income | 4,469,402 | 895,539 |
44,058,702 | 101,392,449 |
Interest payable and similar expenses | 7 | 38,463 | 954,879 |
PROFIT BEFORE TAXATION | 44,020,239 | 100,437,570 |
Tax on profit | 8 | 10,569,349 | 21,479,697 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
33,450,890 |
Prior year adjustment | 596,801 |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
79,554,674 |
Profit attributable to: |
Owners of the parent | 33,450,890 | 78,957,873 |
Total comprehensive income attributable to: |
Owners of the parent | 33,450,890 | 80,151,475 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONSOLIDATED BALANCE SHEET |
28 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 1,933,118 | 2,180,934 |
Investments | 12 | 254,000 | 254,000 |
Investment property | 13 | 1,890,084 | 1,750,000 |
4,077,202 | 4,184,934 |
CURRENT ASSETS |
Stocks | 14 | 1,990,664 | 2,025,646 |
Debtors: amounts falling due within one year | 15 | 76,997,655 | 70,301,362 |
Debtors: amounts falling due after more than one year |
15 |
1,973,757 |
2,048,718 |
Cash at bank and in hand | 99,535,623 | 108,660,747 |
180,497,699 | 183,036,473 |
CREDITORS |
Amounts falling due within one year | 16 | 64,816,069 | 100,377,358 |
NET CURRENT ASSETS | 115,681,630 | 82,659,115 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
119,758,832 |
86,844,049 |
CREDITORS |
Amounts falling due after more than one year | 17 | - | (67,452 | ) |
PROVISIONS FOR LIABILITIES | 21 | (62,008 | ) | (530,663 | ) |
NET ASSETS | 119,696,824 | 86,245,934 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONSOLIDATED BALANCE SHEET - continued |
28 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 22 | 50,000 | 50,000 |
Share premium | 23 | 3,000,000 | 3,000,000 |
Merger reserve | 23 | (2,950,001 | ) | (2,950,001 | ) |
Fair value reserve | 23 | 372,159 | 372,159 |
Retained earnings | 23 | 119,224,666 | 85,773,776 |
SHAREHOLDERS' FUNDS | 119,696,824 | 86,245,934 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by: |
Mr KC Bastian - Director |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
COMPANY BALANCE SHEET |
28 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 889,829 | 29,951 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 JUNE 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 29 June 2022 | 50,000 | 6,219,102 | 3,000,000 |
Prior year adjustment | - | 596,801 | - |
As restated | 50,000 | 6,815,903 | 3,000,000 |
Changes in equity |
Total comprehensive income | - | 78,957,873 | - |
Balance at 28 June 2023 | 50,000 | 85,773,776 | 3,000,000 |
Changes in equity |
Total comprehensive income | - | 33,450,890 | - |
Balance at 28 June 2024 | 50,000 | 119,224,666 | 3,000,000 |
Fair |
Merger | value | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 29 June 2022 | (2,950,001 | ) | 372,159 | 6,691,260 |
Prior year adjustment | - | - | 596,801 |
As restated | (2,950,001 | ) | 372,159 | 7,288,061 |
Changes in equity |
Total comprehensive income | - | - | 78,957,873 |
Balance at 28 June 2023 | (2,950,001 | ) | 372,159 | 86,245,934 |
Changes in equity |
Total comprehensive income | - | - | 33,450,890 |
Balance at 28 June 2024 | (2,950,001 | ) | 372,159 | 119,696,824 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 JUNE 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 29 June 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 28 June 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 28 June 2024 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 JUNE 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 20,066,605 | 95,563,833 |
Interest paid | (11,968 | ) | (926,405 | ) |
Interest element of hire purchase payments paid |
(26,495 |
) |
(28,474 |
) |
Tax paid | (32,470,237 | ) | (1,302,025 | ) |
Net cash from operating activities | (12,442,095 | ) | 93,306,929 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (207,054 | ) | (45,658 | ) |
Purchase of investment property | (140,084 | ) | - |
Sale of tangible fixed assets | 218,332 | 63,611 |
Interest received | 4,469,402 | 895,539 |
Net cash from investing activities | 4,340,596 | 913,492 |
Cash flows from financing activities |
Loan repayments in year | (107,568 | ) | (373,694 | ) |
Capital repayments in year | (229,330 | ) | (264,828 | ) |
Amount introduced by directors | - | 95,984 |
Amount withdrawn by directors | (579,159 | ) | (277,459 | ) |
Net cash from financing activities | (916,057 | ) | (819,997 | ) |
(Decrease)/increase in cash and cash equivalents | (9,017,556 | ) | 93,400,424 |
Cash and cash equivalents at beginning of year |
2 |
108,553,179 |
15,152,755 |
Cash and cash equivalents at end of year | 2 | 99,535,623 | 108,553,179 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation | 44,020,239 | 100,437,570 |
Depreciation charges | 300,452 | 613,626 |
(Profit)/loss on disposal of fixed assets | (63,914 | ) | 24,115 |
Finance costs | 38,463 | 954,879 |
Finance income | (4,469,402 | ) | (895,539 | ) |
39,825,838 | 101,134,651 |
Decrease/(increase) in stocks | 34,982 | (736,850 | ) |
Increase in trade and other debtors | (5,803,473 | ) | (7,140,420 | ) |
(Decrease)/increase in trade and other creditors | (13,990,742 | ) | 2,306,452 |
Cash generated from operations | 20,066,605 | 95,563,833 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 28 June 2024 |
28.6.24 | 29.6.23 |
£ | £ |
Cash and cash equivalents | 99,535,623 | 108,660,747 |
Bank overdrafts | - | (107,568 | ) |
99,535,623 | 108,553,179 |
Year ended 28 June 2023 |
28.6.23 | 29.6.22 |
as restated |
£ | £ |
Cash and cash equivalents | 108,660,747 | 15,152,755 |
Bank overdrafts | (107,568 | ) | - |
108,553,179 | 15,152,755 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 29.6.23 | Cash flow | At 28.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 108,660,747 | (9,125,124 | ) | 99,535,623 |
Bank overdrafts | (107,568 | ) | 107,568 | - |
108,553,179 | (9,017,556 | ) | 99,535,623 |
Debt |
Finance leases | (265,169 | ) | 229,330 | (35,839 | ) |
(265,169 | ) | 229,330 | (35,839 | ) |
Total | 108,288,010 | (8,788,226 | ) | 99,499,784 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 JUNE 2024 |
1. | STATUTORY INFORMATION |
The principal activities of Bastian Plc (the company) and its subsidiaries (together, the group) in the period under review were comprised of the retail and installation of storage heaters and of the sale of domestic electricity and gas supply. |
Bastian Plc is a Public Limited Company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company 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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The group financial statements consolidate the financial statements of Bastian Plc and all its subsidiary undertakings drawn up to the accounting period end each year. |
The financial statements are presented in Sterling (£). |
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 requirement of paragraph 33.7. |
Basis of consolidation |
The group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 28 June 2024. Profits and losses on intra group transactions are eliminated in full. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date. |
The group has adopted the merger basis of accounting. The merger reserve included in the reserves represent the difference between the cost of the investment in subsidiary undertakings and the nominal values of the share capital of those subsidiary undertakings. |
Related party exemption |
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 related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires the use of certain accounting estimates, as detailed in the accounting policies above. It also requires management to exercise judgement in the process of applying the accounting policies. |
The directors are required to make judgements, estimates and assumptions in respect of the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. These estimates and their underlying assumptions are reviewed on an ongoing basis. The key sources of estimation uncertainty are detailed below. |
Revenue recognition |
Revenue includes an estimate of the sales value of units supplied to customers between the date of the last meter reading and the period end. This is calculated by reference to data received through third party settlement systems, together with estimates of consumption not yet processed through settlements and selling price estimates. These estimates are sensitive to the assumptions used in determining the portion of sales not billed and based on meter readings at the reporting date. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Turnover |
The two revenue streams of the group are recognised as follows; |
Retail and installation of storage heaters |
Revenue comprises the fair value for the sale of goods and provision of services excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts. |
The company supplies products to customers from its warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on installation of the goods. |
Sale of domestic electricity and gas supply |
Revenue is recognised on the basis of electricity and gas supplied during the period. Revenue includes an estimate of the sales value of units supplied to customers between the date of the last meter read and year end date. This estimate is based on the latest data provided by the industry at a certain point in time and takes into account seasonal variations and usage patterns. Revenue is recognised net of sales discounts, value added taxes and climate change levy. |
Turnover includes the directors' best estimate of differences between estimated sales and billed sales. All actual metered consumption data related to customer's electricity consumption received by the end of the period has been reflected in turnover. Actual metered consumption data relating to the period but received after the period end is not reflected in turnover. The estimated consumption data is revised over a fourteen month settlement period. |
Any unbilled revenue is included in trade revenue, net of related provisions, to the extent that it is considered recoverable. Accrued revenue supplied since the last billing date is recognised in the balance sheet and is only netted off against deferred income once it can be matched against specific customer payments. |
Rent receivable |
Rent receivable from the investment properties is recognised in the period to which it relates. |
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. |
Development costs are being amortised evenly over their estimated useful life of five years. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards. |
Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in profit and loss. |
Investment property |
Investment properties for which value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. |
Stocks |
Stocks 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 FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset held as an equity instrument is recognised initially at the transaction price, including transaction costs. |
At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset, including sales proceeds if sold, at the balance sheet date. |
Investment income is recognised in the financial statements when the group becomes entitled to its share of profits from the financial instrument. |
Derivatives and hedging |
The group uses commodity purchase contracts to hedge its exposures to fluctuations in gas and electricity commodity prices. When commodity purchase contracts have been entered into as part of the Group's normal business activity, the Group classifies them as 'own use' contracts and outside of FRS 102 Section 12. |
This is achieved when physical delivery takes place under all such contracts, the volumes purchased or sold under the contracts corresponds to the Group's operating requirements and the contracts are not considered as written options as defined by the standard. |
Commodity purchase contracts not qualifying as 'own use' which also meet the definition of a derivative are treated as derivative financial instruments. This includes both financial and non-financial contracts. |
Derivatives and other financial instruments are measured at fair value on the contract date and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivatives are recognised in the Income Statement as they arise. |
The company has a risk management strategy in place and the energy commodities risk arising from fluctuating energy requirements and market prices is hedged. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
The financial statements have been prepared on the going concern basis. The industry in which one of the group's components operates in is volatile and heavily reliant on estimates. Accordingly, the directors have analysed the going concern status in detail. There is a material uncertainty in relation to the going concern assessment of one of the group's components, however this is not expected to impact the going concern assessment of the group. This, along with the financial strength of the other components of the group, has allowed the directors to conclude there is no material uncertainty in relation to the assessment of going concern for the group. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
as restated |
£ | £ |
Retail of storage heaters | 21,160,178 | 27,510,919 |
Domestic energy supply | 197,290,767 | 355,472,894 |
218,450,945 | 382,983,813 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 3,090,594 | 3,290,092 |
Social security costs | 286,967 | 286,596 |
Other pension costs | 52,600 | 56,678 |
3,430,161 | 3,633,366 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Management | 2 | 2 |
Administration | 99 | 99 |
Sales and operations | 18 | 31 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | - | 63,764 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | - | 2 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 4,586 | 1,792 |
Depreciation - owned assets | 185,103 | 242,977 |
Depreciation - assets on hire purchase contracts | 115,349 | 207,513 |
(Profit)/loss on disposal of fixed assets | (63,914 | ) | 24,115 |
Development costs amortisation | - | 163,136 |
Auditors remuneration | 28,750 | 27,200 |
Auditors' remuneration for non audit work | 58,600 | 122,800 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest | - | 88,072 |
Bank loan interest | - | 7,268 |
Other interest | - | 800,000 |
Loan | 11,968 | 31,065 |
Hire purchase | 26,495 | 28,474 |
38,463 | 954,879 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | 11,041,551 | 21,177,330 |
Prior year |
UK corporation tax | (3,547 | ) | 55,483 |
Total current tax | 11,038,004 | 21,232,813 |
Deferred taxation | (468,655 | ) | 246,884 |
Tax on profit | 10,569,349 | 21,479,697 |
UK corporation tax has been charged at 25 % (2023 - 25 %). |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge 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: |
2024 | 2023 |
as restated |
£ | £ |
Profit before tax | 44,020,239 | 100,437,570 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
11,005,060 |
25,109,393 |
Effects of: |
Expenses not deductible for tax purposes | 1,701 | 569,252 |
Income not taxable for tax purposes | (3,703 | ) | 2,983 |
Capital allowances in excess of depreciation | (433,709 | ) | - |
Depreciation in excess of capital allowances | - | 406,041 |
Adjustments to tax charge in respect of previous periods | - | 55,483 |
Change in UK tax rate | - | (4,663,455 | ) |
Total tax charge | 10,569,349 | 21,479,697 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
10. | PRIOR YEAR ADJUSTMENT |
In 2023 the company identified prior year errors which had arisen from a settlement with HMRC relating to missing revenue. |
The adjustments were corrected by restating each of the affected financial statement line items for the prior periods. The correction of these prior year adjustments can be identified on the statement of comprehensive income and the balance sheet. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 29 June 2023 | 1,806,852 | 144,889 | 1,198,607 |
Additions | - | 3,000 | 95,639 |
Disposals | - | - | - |
At 28 June 2024 | 1,806,852 | 147,889 | 1,294,246 |
DEPRECIATION |
At 29 June 2023 | 197,153 | 91,169 | 1,179,100 |
Charge for year | 21,447 | 15,826 | 41,114 |
Eliminated on disposal | - | - | - |
At 28 June 2024 | 218,600 | 106,995 | 1,220,214 |
NET BOOK VALUE |
At 28 June 2024 | 1,588,252 | 40,894 | 74,032 |
At 28 June 2023 | 1,609,699 | 53,720 | 19,507 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 29 June 2023 | 1,395,528 | 15,000 | 4,560,876 |
Additions | 108,415 | - | 207,054 |
Disposals | (622,077 | ) | - | (622,077 | ) |
At 28 June 2024 | 881,866 | 15,000 | 4,145,853 |
DEPRECIATION |
At 29 June 2023 | 897,520 | 15,000 | 2,379,942 |
Charge for year | 222,065 | - | 300,452 |
Eliminated on disposal | (467,659 | ) | - | (467,659 | ) |
At 28 June 2024 | 651,926 | 15,000 | 2,212,735 |
NET BOOK VALUE |
At 28 June 2024 | 229,940 | - | 1,933,118 |
At 28 June 2023 | 498,008 | - | 2,180,934 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Included in cost of land and buildings is freehold land of £360,733 (2023 - £360,733) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 29 June 2023 | 491,359 |
Disposals | (162,605 | ) |
Transfer to ownership | (26,790 | ) |
At 28 June 2024 | 301,964 |
DEPRECIATION |
At 29 June 2023 | 209,450 |
Charge for year | 115,349 |
Eliminated on disposal | (107,021 | ) |
Transfer to ownership | (18,972 | ) |
At 28 June 2024 | 198,806 |
NET BOOK VALUE |
At 28 June 2024 | 103,158 |
At 28 June 2023 | 281,909 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 29 June 2023 |
and 28 June 2024 | 254,000 |
NET BOOK VALUE |
At 28 June 2024 | 254,000 |
At 28 June 2023 | 254,000 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 29 June 2023 |
and 28 June 2024 |
NET BOOK VALUE |
At 28 June 2024 |
At 28 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 5 Merchant Square, London, England, W2 1AY |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: 16 North Mills, Frog Island, Leicester, Leicestershire, England, LE3 5DL |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Granville Hall, Granville Road, Leicester, United Kingdom, LE1 7RU |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 5 Merchant Square, London, England, W2 1AY |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Granville Hall, Granville Road, Leicester, Leicestershire, United Kingdom, LE1 7RU |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 29 June 2023 | 1,750,000 |
Additions | 140,084 |
At 28 June 2024 | 1,890,084 |
NET BOOK VALUE |
At 28 June 2024 | 1,890,084 |
At 28 June 2023 | 1,750,000 |
Fair value at 28 June 2024 is represented by: |
£ |
Valuation in 2024 | 372,158 |
Cost | 1,517,926 |
1,890,084 |
If investment property had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
as restated |
£ | £ |
Cost | 1,517,926 | 1,377,842 |
The investment property was valued on open market basis on 28 June 2024 by the directors . |
14. | STOCKS |
Group |
2024 | 2023 |
as restated |
£ | £ |
Stocks | 1,990,664 | 2,025,646 |
During the period, stock amounting to £6,922,838 (2023: £6,609,651) was recognised as an expense. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
15. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 5,917,475 | 18,617,961 |
Amounts owed by group undertakings | - | - |
Other debtors | 57,871,211 | 39,844,229 |
Directors' current accounts | 1,731,923 | 1,152,764 | 27,345 | 27,345 |
Taxation | 415,877 | 177,177 |
VAT | 2,357,258 | 2,098,027 |
Prepayments | 8,703,911 | 8,411,204 |
76,997,655 | 70,301,362 |
Amounts falling due after more than one year: |
Other debtors | 1,973,757 | 2,048,718 |
Aggregate amounts | 78,971,412 | 72,350,080 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | - | 107,568 |
Hire purchase contracts (see note 19) | 35,839 | 197,717 |
Trade creditors | 40,669,076 | 32,839,548 |
Amounts owed to group undertakings | - | - |
Taxation | - | 21,193,533 |
Paye/Ni payable | 246,486 | 245,316 | - | - |
Other creditors | 11,055,076 | 6,979,154 |
Accruals and deferred income | 12,809,592 | 38,814,522 |
64,816,069 | 100,377,358 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts (see note 19) | - | 67,452 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | - | 107,568 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 35,839 | 197,717 |
Between one and five years | - | 67,452 |
35,839 | 265,169 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
19. | LEASING AGREEMENTS - continued |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
as restated |
£ | £ |
Within one year | 35,429 | 35,429 |
Between one and five years | 141,716 | 141,716 |
In more than five years | 365,438 | 400,867 |
542,583 | 578,012 |
During the period, operating lease commitments amounting to £35,429 (2023: £35,429) were recognised as an expense. |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Hire purchase contracts | 35,839 | 265,169 |
The hire purchase contracts are secured on the asset to which they relate. |
The bank overdraft is secured on the assets of the company. |
21. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances | 62,124 | 530,779 |
Other timing differences | (116 | ) | (116 | ) |
62,008 | 530,663 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 29 June 2023 | 530,663 |
Credit to Statement of Comprehensive Income during year | (468,655 | ) |
Balance at 28 June 2024 | 62,008 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 12,500 | 12,500 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £1 | 37,500 | 37,500 |
Share Premium: |
Number: | Class: | Nominal Value: | £ |
3,000,000 | Ordinary | £1 | 3,000,000 |
23. | RESERVES |
Group |
Fair |
Retained | Share | Merger | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 29 June 2023 | 85,773,776 | 3,000,000 | (2,950,001 | ) | 372,159 | 86,195,934 |
Profit for the year | 33,450,890 | 33,450,890 |
At 28 June 2024 | 119,224,666 | 3,000,000 | (2,950,001 | ) | 372,159 | 119,646,824 |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
23. | RESERVES - continued |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 29 June 2023 | 3,047,954 |
Profit for the year |
At 28 June 2024 | 3,937,783 |
24. | PENSION COMMITMENTS |
The group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the group within independently administered funds. The total contributions paid in the year amounted to £52,600 (2023: £56,678). Contributions of £13,696 (2023: £8,634) were unpaid at the year end. |
25. | ENERGY PURCHASE COMMITMENTS |
The group hedges its exposure to changes in market prices from energy purchases. |
The group has committed to purchase energy totalling £6,569,555 (2023: £13,183,382). |
The fair value of these forward contracts amounts to £19,826,765 (2023: £11,565,106) at the balance sheet date. |
26. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 28 June 2024 and 28 June 2023: |
2024 | 2023 |
as restated |
£ | £ |
Mr KC Bastian and Mrs MA Bastian |
Balance outstanding at start of year | 1,152,764 | 973,943 |
Amounts advanced | 650,808 | 295,346 |
Amounts repaid | (71,649 | ) | (116,525 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,731,923 | 1,152,764 |
The loans were interest free and repayable on demand. |
BASTIAN PLC (REGISTERED NUMBER: 10972150) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 JUNE 2024 |
27. | RELATED PARTY DISCLOSURES |
At the year end amounts totalling £10,452,112 (2023: £7,723,095) was owed to companies that the directors have an interest in. |
At the year end amounts totalling £40,436,297 (2023: £20,010,361) was owed by companies that the directors have an interest in. |
During the year, a total of key management personnel compensation of £ 246,090 (2023 - £ 531,138 ) was paid. |
28. | POST BALANCE SHEET EVENTS |
Subsequent to the year end Bastian Plc sold its interest in Foxglove Energy Supply Limited. |