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REGISTERED NUMBER: 07704471 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

BG FINISHINGS LTD

BG FINISHINGS LTD (REGISTERED NUMBER: 07704471)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


BG FINISHINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: B Johnston
P Johnston





SECRETARY: P Johnston





REGISTERED OFFICE: 15 West Street
Brighton
East Sussex
BN1 2RL





REGISTERED NUMBER: 07704471 (England and Wales)






BG FINISHINGS LTD (REGISTERED NUMBER: 07704471)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 46,070 47,997
Investment property 4 465,367 465,367
511,437 513,364

CURRENT ASSETS
Stocks 5 40,000 8,000
Debtors 6 609,021 583,954
Cash at bank 106,267 179,290
755,288 771,244
CREDITORS
Amounts falling due within one year 7 176,487 203,488
NET CURRENT ASSETS 578,801 567,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,090,238

1,081,120

CREDITORS
Amounts falling due after more than one
year

8

(242,579

)

(281,836

)

PROVISIONS FOR LIABILITIES (11,518 ) (11,999 )
NET ASSETS 836,141 787,285

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 836,131 787,275
836,141 787,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:



P Johnston - Director


BG FINISHINGS LTD (REGISTERED NUMBER: 07704471)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

BG FINISHINGS LTD (REGISTERED NUMBER: 07704471)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 8,682 177,542 14,400 200,624
Additions - 13,000 611 13,611
At 31 July 2024 8,682 190,542 15,011 214,235
DEPRECIATION
At 1 August 2023 8,028 135,221 9,378 152,627
Charge for year 163 13,510 1,865 15,538
At 31 July 2024 8,191 148,731 11,243 168,165
NET BOOK VALUE
At 31 July 2024 491 41,811 3,768 46,070
At 31 July 2023 654 42,321 5,022 47,997

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023
and 31 July 2024 465,367
NET BOOK VALUE
At 31 July 2024 465,367
At 31 July 2023 465,367

5. STOCKS
2024 2023
£    £   
Stocks 40,000 8,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 215,190 180,979
Amounts owed by group undertakings 375,500 380,500
Other debtors 1 3,999
CIS Tax 8,431 8,431
Directors' loan accounts - 990
VAT 6,141 5,281
Prepayments 3,758 3,774
609,021 583,954

BG FINISHINGS LTD (REGISTERED NUMBER: 07704471)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 50,518 49,910
Tax 40,212 61,881
Social security and other taxes 9,928 11,360
Other creditors 1,401 273
Pensions payable 342 342
Accruals and deferred income 16,161 32,481
Accrued expenses 57,925 47,241
176,487 203,488

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Directors' loan accounts 242,579 281,836

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, P Johnston decreased his loan to the company. As at 31 July 2024, the company owed him £242,579 (2023: £281,836). This balance represented the maximum amount outstanding during the year and the loan is interest bearing and repayable in more than one year.

10. RELATED PARTY DISCLOSURES

Johnston Holdings Limited
As at the year end, Johnston Holdings Limited owed the company £203,400 (2023: £203,400). The balance is interest free and repayable on demand.

Johnston Holdings Limited have a 100% shareholding in BG Finishings Ltd.

Ocean Property Developments Ltd
As at the year end, Ocean Property Developments Ltd owed the company £172,100 (2023: £177,100). The balance is interest free and repayable on demand.

Ocean Property Developments Ltd have a 100% shareholding in Johnnston Holdings Limited .

11. ULTIMATE CONTROLLING PARTY

The controlling party is Johnston Holdings Limited.

The ultimate controlling party is P and Mrs J Johnston.