BAGZ LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05829509

BAGZ LIMITED

Filleted Unaudited Financial Statements

31 October 2024

BAGZ LIMITED

Financial Statements

Year ended 31 October 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

BAGZ LIMITED

Statement of Financial Position

31 October 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	7		27,282	42,053

Current assets

Stocks		110,725	103,450
Debtors	8	2,600	2,600
Cash at bank and in hand		3,775	20,500
		---------	---------
		117,100	126,550

Creditors: amounts falling due within one year	9	117,285		128,089
		---------		---------
Net current liabilities			185	1,539
			--------	--------
Total assets less current liabilities			27,097	40,514

Creditors: amounts falling due after more than one year	10	4,238	14,178
		--------	--------
Net assets		22,859	26,336
		--------	--------

Capital and reserves

Called up share capital	11	2	2
Profit and loss account		22,857	26,334
		--------	--------
Shareholders funds		22,859	26,336
		--------	--------

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.

For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

BAGZ LIMITED

Statement of Financial Position (continued)

31 October 2024

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

Mr. G.S Sangha

Director

Company registration number: 05829509

BAGZ LIMITED

Notes to the Financial Statements

Year ended 31 October 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 Unit 15 Aberafan Centre, Port Talbot, West Glamorgan, Wales, SA13 1PB.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixture & Fittings	-	10% straight line
Motor Vehicle	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and 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 lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease 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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 21 (2023: 18 ).

5. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	1,617	–
	-------	----
Tax on profit	1,617	–
	-------	----

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: the same as) the standard rate of corporation tax in the UK of 19 % (2023: -%).

	2024	2023
	£	£
Profit on ordinary activities before taxation	16,140	12,928
	--------	--------
Profit on ordinary activities by rate of tax	3,067	–
Effect of capital allowances and depreciation	2,551	–
Utilisation of tax losses	( 4,001)	–
	--------	--------
Tax on profit	1,617	–
	--------	--------

6. Dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	18,000	15,000
	--------	--------

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 November 2023 and 31 October 2024	20,810	58,164	78,974
	--------	--------	--------
Depreciation
At 1 November 2023	18,531	18,390	36,921
Charge for the year	230	14,541	14,771
	--------	--------	--------
At 31 October 2024	18,761	32,931	51,692
	--------	--------	--------
Carrying amount
At 31 October 2024	2,049	25,233	27,282
	--------	--------	--------
At 31 October 2023	2,279	39,774	42,053
	--------	--------	--------

8. Debtors

	2024	2023
	£	£
Other debtors	2,600	2,600
	-------	-------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	22,635	10,800
Trade creditors	18,498	35,033
Corporation tax	1,617	–
Social security and other taxes	28,226	26,507
Other creditors	46,309	55,749
	---------	---------
	117,285	128,089
	---------	---------

10. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	4,238	14,178
	-------	--------

11. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

12. Directors' advances, credits and guarantees

As at 31 October 2024, other creditors include the following due to directors:- Mr G S Sangha & Mr S Ashraf £5,870 (2023 - £2,570) The loans are interest free and repayable on demand.

13. Related party transactions