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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 |
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BALGUARD ENGINEERING LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 |
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FOR |
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BALGUARD ENGINEERING LIMITED |
BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BALGUARD ENGINEERING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Church View Chambers |
38 Market Square |
Toddington |
Bedfordshire |
LU5 6BS |
BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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BALANCE SHEET |
30 JUNE 2021 |
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30.6.21 | 30.6.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Inventories |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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BALANCE SHEET - continued |
30 JUNE 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for
issue on
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BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2021 |
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1. | STATUTORY INFORMATION |
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Balguard Engineering Limited is a private company, limited by shares, registered in England and Wales. Its registered office and principal place of business is Unit 8, Cherrycourt Way, Stanbridge Road, Leighton Buzzard, Bedfordshire, LU7 4UH. |
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2. | ACCOUNTING POLICIES |
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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 and on a going concern basis (see note 13). |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase agreements |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
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Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
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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. |
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Amounts recoverable under contract |
Amounts recoverable under contract (other than long term contract work in progress) is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses and any attributable profit where appropriate. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2020 |
and 30 June 2021 |
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DEPRECIATION |
At 1 July 2020 |
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Charge for year |
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At 30 June 2021 |
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NET BOOK VALUE |
At 30 June 2021 |
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At 30 June 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.6.21 | 30.6.20 |
£ | £ |
Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase | contracts |
30.6.21 | 30.6.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
30.6.21 | 30.6.20 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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HSBC bank Plc holds an all assets debenture dated 28th June 2016 incorporating a fixed and floating charge over all current and future assets of the company. |
BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.21 | 30.6.20 |
value: | £ | £ |
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Ordinary A | £1 | 5,100 | 5,100 |
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Ordinary B | £1 | 5,000 | 5,000 |
10,100 | 10,100 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 June 2021 and 30 June 2020: |
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30.6.21 | 30.6.20 |
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Director 1 and Director 2 |
Balance outstanding at start of year | (2,250 | ) | (49 | ) |
Amounts advanced | 2,250 | 84,352 |
Amounts repaid | - | (86,553 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | (2,250 | ) |
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The directors' loan accounts are interest free and repayable on demand. |
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The maximum the loan account was overdrawn during the year was £15,205 (2020: £12,695). |
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13. | POST BALANCE SHEET EVENTS |
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Contract delays resulting from the uncertainty of the COVID-19 pandemic lead to Balguard Engineering reporting a first loss in 2020 since the global financial crisis. However, the inherent strength of the business has allowed us to quickly adapt to the new reality and return to profitability in 2021. By combining prudent financial management and a focus on client relationships, quality and service we have secured a healthy contract order book from both existing and new clients. To support our future growth we have invested in strengthening the management team while delivering sustainable and carbon-reducing activities across the business. As we enter our 45th year of trading the directors believe the company is in a strong position to continue as a going concern for the foreseeable future while continuing to grow in both turnover and profit. |
BALGUARD ENGINEERING LIMITED (REGISTERED NUMBER: 01345009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2021 |
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14. | PARENT COMPANY |
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The parent company is Balguard Holdings Limited, and its registered office is Church View Chambers, 38 Market Square, Toddington, Bedfordshire, LU5 6BS. |