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Registered Number: 10826297
England and Wales

 

 

 

BAGSOC LIMITED



Unaudited Financial Statements
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Directors Vasoulla BAGGOTT
Mr Adam Baggott
Registered Number 10826297
Registered Office First Floor Hagley Court
40 Vicarage Road
Birmingham
B15 3EZ
Accountants Marneros Marcus & Co Limited
First Floor Hagley Court
40 Vicarage Road
Edgbaston
Birmingham
B15 3EZ
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 16,052    19,543 
16,052    19,543 
Current assets      
Stocks 4 1,515    1,730 
Cash at bank and in hand 19,706    10,945 
21,221    12,675 
Creditors: amount falling due within one year 5 (44,660)   (35,391)
Net current assets (23,439)   (22,716)
 
Total assets less current liabilities (7,387)   (3,173)
Creditors: amount falling due after more than one year 6 (11,640)   (18,173)
Net assets (19,027)   (21,346)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (19,127)   (21,446)
Shareholders' funds (19,027)   (21,346)
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 14 May 2025 and were signed on its behalf by:


-------------------------------
Vasoulla BAGGOTT
Director
2
General Information
Bagsoc Limited is a private company, limited by shares, registered in England and Wales, registration number 10826297, registration address First Floor Hagley Court, 40 Vicarage Road, Birmingham, B15 3EZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 5
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 12 (2023 : 12).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 July 2023 41,204    41,204 
Additions 2,519    2,519 
Disposals  
At 30 June 2024 43,723    43,723 
Depreciation
At 01 July 2023 21,661    21,661 
Charge for year 6,010    6,010 
On disposals  
At 30 June 2024 27,671    27,671 
Net book values
Closing balance as at 30 June 2024 16,052    16,052 
Opening balance as at 01 July 2023 19,543    19,543 


4.

Stocks

2024
£
  2023
£
Stocks 1,515    1,730 
1,515    1,730 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 5,920    2,384 
Taxation and Social Security 26,080    24,797 
Other Creditors 12,660    8,210 
44,660    35,391 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 11,640    15,756 
Obligations under HP/Financial Leases   2,417 
11,640    18,173 

3