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COMPANY REGISTRATION NUMBER: 11805609
BUGLASS HOLDINGS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
BUGLASS HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th JUNE 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 9
BUGLASS HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
1,801,845
1,179,512
Investments
6
300,000
300,000
-------------
-------------
2,101,845
1,479,512
CURRENT ASSETS
Debtors
7
65,409
64,232
Cash at bank and in hand
14,605
7,731
---------
---------
80,014
71,963
CREDITORS: amounts falling due within one year
8
262,108
97,350
----------
---------
NET CURRENT LIABILITIES
182,094
25,387
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,919,751
1,454,125
CREDITORS: amounts falling due after more than one year
9
426,668
351,067
PROVISIONS
Taxation including deferred tax
312,242
177,558
-------------
-------------
NET ASSETS
1,180,841
925,500
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
1,180,741
925,400
-------------
----------
SHAREHOLDERS FUNDS
1,180,841
925,500
-------------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
BUGLASS HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
For the year ending 30th June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
M. R. Buglass
Director
Company registration number: 11805609
BUGLASS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Infrastructure Site Services Limited, Cowley Road, Blyth Riverside Business Park, Blyth, Northumberland, NE24 5TF, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the rental of business premises and the hire of equipment, stated net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
1% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire contract payments, which is determined at the inception of the hire purchase term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, being the director of the company, amounted to 1 (2023: 1).
5. TANGIBLE ASSETS
Freehold property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st July 2023
432,555
262,364
724,322
1,419,241
Additions
359,558
496,626
856,184
Disposals
( 25,000)
( 25,000)
----------
----------
-------------
-------------
At 30th June 2024
432,555
596,922
1,220,948
2,250,425
----------
----------
-------------
-------------
Depreciation
At 1st July 2023
4,326
66,455
168,948
239,729
Charge for the year
4,325
75,684
137,507
217,516
Disposals
( 8,665)
( 8,665)
----------
----------
-------------
-------------
At 30th June 2024
8,651
133,474
306,455
448,580
----------
----------
-------------
-------------
Carrying amount
At 30th June 2024
423,904
463,448
914,493
1,801,845
----------
----------
-------------
-------------
At 30th June 2023
428,229
195,909
555,374
1,179,512
----------
----------
-------------
-------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30th June 2024
405,841
----------
At 30th June 2023
164,196
----------
6. INVESTMENTS
Investment in subsidiary company
£
Cost
At 1st July 2023 and 30th June 2024
300,000
----------
Impairment
At 1st July 2023 and 30th June 2024
----------
Carrying amount
At 30th June 2024
300,000
----------
At 30th June 2023
300,000
----------
The company holds the following shares in Infrastructure Site Services Limited:-
Proportion of
Type of Shares Number of Shares Voting Rights
Ordinary 500 100%
Infrastructure Site Services Limited is incorporated in England (Company Number 10216904) and trades in the hire and erection of scaffolding.
7. DEBTORS
2024
2023
£
£
Director's loan account
49,201
48,024
S455 tax recoverable
16,208
16,208
---------
---------
65,409
64,232
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans
19,269
25,291
Trade creditors
76,135
Accruals and deferred income
18,675
2,975
Corporation tax
3,347
Social security and other taxes
50,137
23,947
Obligations under finance leases and hire purchase contracts
97,885
41,785
Infrastructure Site Services Limited
7
5
----------
---------
262,108
97,350
----------
---------
The hire purchase contracts, included within creditors: amounts falling due within one year, are secured against the assets that are funded in this way.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans
266,702
279,949
Obligations under finance leases and hire purchase contracts
159,966
71,118
----------
----------
426,668
351,067
----------
----------
The hire purchase contracts, included within creditors: amounts falling due after more than one year, are secured against the assets that are funded in this way.
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
312,242
177,558
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
312,242
177,558
----------
----------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 0.01 each
5,000
50
5,000
50
Ordinary 'B' shares of £ 0.01 each
1,250
13
1,250
13
Ordinary 'C' shares of £ 0.01 each
3,750
38
3,750
38
---------
----
---------
----
10,000
100
10,000
100
---------
----
---------
----
12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M. R. Buglass
48,024
8,084
( 6,907)
49,201
---------
-------
-------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
M. R. Buglass
38,106
155,230
( 145,312)
48,024
---------
----------
----------
---------
13. RELATED PARTY TRANSACTIONS
The director of the company is also a director of its subsidiary company, Infrastructure Site Services Limited. During the year, the company received rental income of £80,000 (2023: £65,000) and hire of equipment and vehicles income of £212,083 (2023: £132,500) from Infrastructure Site Services Limited An intercompany loan account processes the transactions between Buglass Holdings Limited and Infrastructure Site Services Limited. At 30th June 2024, Buglass Holdings Limited owed £7 (2023: £5) to Infrastructure Site Services Limited and this is shown in creditors: amounts falling due within one year. In the year to 30th June 2024 the company received dividends of £852,930 (2023: £1,506,250) from Infrastructure Site Services Limited. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.