Company registration number 01516209 (England and Wales)
BAMFORDS TRUST PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
BAMFORDS TRUST PLC
COMPANY INFORMATION
Directors
A Zabadne
A Zabadne
O Zabadne
R Zabadne
R Zabadne
Company number
01516209
Registered office
Churchdown Chambers
Bordyke
Tonbridge
Kent
TN9 1NR
Auditor
Perrys Audit Limited
Chartered Accountants
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
BAMFORDS TRUST PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Profit and loss account
4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 19
Independent auditor's report
20 - 22
BAMFORDS TRUST PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
Principal activities
The principal activity of the company in the year under review was that of investing in property, and building contracting.
Review of the business
There has been an increase in activity on construction projects during the year.
In addition, gains have been realised relating to the sale of commercial property.
Principal risks and uncertainties
The principal risks are price risk, credit risk, cash flow risk and liquidity risk.
The company's price risk is the risk of the variability of property values.
Credit risk - the company's principal financial assets are bank balances and trade and other debtors.
The credit risk is primarily attributable to its trade debtors. The amounts in the balance sheet are net
of allowances for doubtful debts where applicable.
Liquidity risk - in order to maintain liquidity to ensure funds are available for ongoing operations and future
developments, the company uses a mixture of long-term and short-term finance.
Cash flow risk - interest bearing liabilities are held at fixed rates to ensure certainty of cash flows.
These risks continue to be maintained at satisfactory levels.
Key performance indicators
The company's key financial and other performance indicators during the year were as follows:
Turnover: 2023 £10,868,684 (2022 restated £5,206,978)
Gross profit: 2023 £597,022 (2022 restated £377,708)
Gross profit %: 2023 5% (2022 restated 7%)
Profit after tax: 2023 £64,035 (2022 restated £189,766)
Commercial property at valuation: 2023 £5,530,000 (2022 £7,000,000)
A Zabadne
Director
16 April 2024
BAMFORDS TRUST PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2023.
Results and dividends
The results for the year are set out on page 4.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A Zabadne
A Zabadne
O Zabadne
R Zabadne
R Zabadne
Energy and carbon report
The company has not consumed more than 40,000 kWh of energy in this reporting period, so it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
A Zabadne
Director
16 April 2024
BAMFORDS TRUST PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BAMFORDS TRUST PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2023
2022
as restated
Notes
£
£
Turnover
2
10,868,684
5,206,978
Cost of sales
(10,271,662)
(4,829,270)
Gross profit
597,022
377,708
Administrative expenses
(799,512)
(1,698,601)
Other operating income
404,901
1,601,409
Operating profit
3
202,411
280,516
Interest receivable and similar income
6
20
126,978
Interest payable and similar expenses
7
(110,048)
(115,969)
Profit before taxation
92,383
291,525
Tax on profit
8
(28,348)
(101,759)
Profit for the financial year
64,035
189,766
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BAMFORDS TRUST PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2023
2022
as restated
£
£
Profit for the year
64,035
189,766
Other comprehensive income
-
-
Total comprehensive income for the year
64,035
189,766
BAMFORDS TRUST PLC (REGISTERED NUMBER: 01516209)
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 6 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
5,568,739
7,019,181
Current assets
Debtors
10
6,921,398
3,083,470
Cash at bank and in hand
727,476
1,073,593
7,648,874
4,157,063
Creditors: amounts falling due within one year
11
(6,411,833)
(3,793,618)
Net current assets
1,237,041
363,445
Total assets less current liabilities
6,805,780
7,382,626
Creditors: amounts falling due after more than one year
12
(2,400,000)
(2,600,000)
Provisions for liabilities
Deferred tax liability
14
521,738
389,700
(521,738)
(389,700)
Net assets
3,884,042
4,392,926
Capital and reserves
Called up share capital
17
750,000
750,000
Revaluation reserve
2,110,639
2,683,558
Profit and loss reserves
1,023,403
959,368
Total equity
3,884,042
4,392,926
The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
A Zabadne
Director
BAMFORDS TRUST PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 June 2022:
Balance at 1 July 2021
750,000
3,034,178
420,817
4,204,995
Reclassification of deferred tax on revaluation of properties
-
(348,785)
348,785
-
As restated
750,000
2,685,393
769,602
4,204,995
Year ended 30 June 2022:
Profit and total comprehensive income
-
-
189,766
189,766
Other movements
-
(1,835)
-
(1,835)
Balance at 30 June 2022
750,000
2,683,558
959,368
4,392,926
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
64,035
64,035
Other movements
-
(572,919)
-
(572,919)
Balance at 30 June 2023
750,000
2,110,639
1,023,403
3,884,042
BAMFORDS TRUST PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(1,819,622)
(1,761,078)
Interest paid
(110,048)
(115,969)
Income taxes paid
(53,804)
(29,552)
Net cash outflow from operating activities
(1,983,474)
(1,906,599)
Investing activities
Purchase of tangible fixed assets
(31,149)
(15,500)
Proceeds from disposal of tangible fixed assets
1,011,267
8,000
Proceeds from disposal of investment property
857,219
Interest received
126,978
Dividends received
20
Net cash generated from investing activities
1,837,357
119,478
Financing activities
Repayment of bank loans
(200,000)
(200,000)
Net cash used in financing activities
(200,000)
(200,000)
Net decrease in cash and cash equivalents
(346,117)
(1,987,121)
Cash and cash equivalents at beginning of year
1,073,593
3,060,714
Cash and cash equivalents at end of year
727,476
1,073,593
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
1
Accounting policies
Company information
Bamfords Trust Plc is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have considered the financial position, forecast sales, and estimated cashflows of the company for a period of at least 12 months from the date of signing these financial statements and have no reason to believe that the entity will not be able to meet its liabilities as they fall due for this period. Accordingly the directors have a reasonable expectation that the company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover from a contract to provide services is recognised in the period which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 10 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0%
Plant and equipment
20% straight line per annum on cost
Motor vehicles
20% straight line per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Financial instruments
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. . The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
A grant is not recognised until there is reasonable assurance that:
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Building contracting
10,868,684
5,206,978
2023
2022
£
£
Turnover analysed by geographical market
UK
10,868,684
5,206,978
2023
2022
£
£
Other revenue
Interest income
-
126,978
Dividends received
20
-
Commissions received
1,119,000
Grants received
-
22,498
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(22,498)
Fees payable to the company's auditor for the audit of the company's financial statements
30,095
9,800
Depreciation of owned tangible fixed assets
11,591
5,361
Profit on disposal of tangible fixed assets
-
(6,199)
Profit on disposal of investment property
(857,219)
Operating lease charges
-
40,955
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
9
9
Administration and support
11
11
Total
20
20
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Employees
(Continued)
- 13 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
678,523
607,920
Pension costs
6,149
1,856
684,672
609,776
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
375,600
375,600
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
102,000
97,000
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
126,978
Income from fixed asset investments
Income from shares in group undertakings
20
Total income
20
126,978
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
110,048
115,969
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
10,496
101,759
Deferred tax
Origination and reversal of timing differences
17,852
Total tax charge
28,348
101,759
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
92,383
291,525
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
23,096
55,390
Tax effect of expenses that are not deductible in determining taxable profit
(25,482)
48,204
Effect of change in corporation tax rate
11,073
(1,835)
Depreciation on assets not qualifying for tax allowances
19,661
Taxation charge for the year
28,348
101,759
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2022
7,000,000
78,489
22,355
7,100,844
Additions
31,149
31,149
Disposals
(1,011,267)
(1,011,267)
Revaluation
(458,733)
(458,733)
At 30 June 2023
5,530,000
78,489
53,504
5,661,993
Depreciation and impairment
At 1 July 2022
71,708
9,955
81,663
Depreciation charged in the year
2,261
9,330
11,591
At 30 June 2023
73,969
19,285
93,254
Carrying amount
At 30 June 2023
5,530,000
4,520
34,219
5,568,739
At 30 June 2022
7,000,000
6,781
12,400
7,019,181
Land and buildings with a carrying amount of £5,300,000 were revalued at 30 September 2023 by JLL. independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Freehold Land and buildings
2023
2022
£
£
Cost
2,954,555
3,579,528
Accumulated depreciation
(793,663)
(1,136,904)
Carrying value
2,160,892
2,442,624
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,203,554
862,236
Gross amounts owed by contract customers
2,331,070
651,332
Other debtors
1,258,398
1,193,646
Prepayments and accrued income
128,376
376,256
6,921,398
3,083,470
11
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
13
200,000
200,000
Trade creditors
1,642,178
251,864
Corporation tax
58,451
101,759
Other taxation and social security
75,561
203,974
Deferred income
15
50,000
Other creditors
3,985,877
3,013,230
Accruals and deferred income
399,766
22,791
6,411,833
3,793,618
12
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
13
2,400,000
2,600,000
13
Loans and overdrafts
2023
2022
£
£
Bank loans
2,600,000
2,800,000
Payable within one year
200,000
200,000
Payable after one year
2,400,000
2,600,000
The bank loan is denominated in sterling with a nominal interest rate of 3.97% and the final instalment is due on 30 June 2026. The carrying amount at year end is £2,600,000 (2021 - £2,800,000). The loan is secured via fixed and floating charges over the assets of the company
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 17 -
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
56,932
39,080
Revaluations
464,806
350,620
521,738
389,700
2023
Movements in the year:
£
Liability at 1 July 2022
389,700
Charge to profit or loss
17,851
Charge to equity
114,187
Liability at 30 June 2023
521,738
The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.
15
Deferred income
2023
2022
£
£
Other deferred income
50,000
-
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,149
1,856
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 18 -
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
750,000
750,000
750,000
750,000
18
Operating lease commitments
Lessee
No operating leases are held
19
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included within debtors are amounts owed to the company by a director for building work carried out on their residence of of £303,926 (2022: £303,926)
20
Ultimate controlling party
The company's immediate and ultimate parent is Euranglo Trading Company Limited, incorporated in Jersey
The ultimate controlling party is Abdullatif Zabadne
21
Cash absorbed by operations
2023
2022
£
£
Profit for the year after tax
64,035
189,766
Adjustments for:
Taxation charged
28,348
101,759
Finance costs
110,048
115,969
Investment income
(20)
(126,978)
Gain on disposal of tangible fixed assets
-
(6,199)
Gain on disposal of investment property
(857,219)
Depreciation and impairment of tangible fixed assets
11,591
5,361
Movements in working capital:
Increase in debtors
(3,837,928)
(667,202)
Increase/(decrease) in creditors
2,611,523
(1,373,554)
Increase in deferred income
50,000
-
Cash absorbed by operations
(1,819,622)
(1,761,078)
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 19 -
22
Analysis of changes in net debt
1 July 2022
Cash flows
30 June 2023
£
£
£
Cash at bank and in hand
1,073,593
(346,117)
727,476
Borrowings excluding overdrafts
(2,800,000)
200,000
(2,600,000)
(1,726,407)
(146,117)
(1,872,524)
23
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Recognition of management fee revenue in the correct period
-
252,396
Tax impact of the above adjustment
-
(47,955)
Total adjustments
-
204,441
Equity as previously reported
4,204,995
4,188,485
Equity as adjusted
4,204,995
4,392,926
Analysis of the effect upon equity
Revaluation reserve
-
(350,620)
Profit and loss reserves
-
555,061
-
204,441
Reconciliation of changes in (loss)/profit for the previous financial period
2022
£
Adjustments to prior year
Recognition of management fee revenue in the correct period
252,396
Tax impact of the above adjustment
(47,955)
Reallocation of deferred tax on revaluation
1,835
Total adjustments
206,276
Loss as previously reported
(16,510)
Profit as adjusted
189,766
BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAMFORDS TRUST PLC
- 20 -
Opinion
We have audited the financial statements of Bamfords Trust Plc (the 'company') for the year ended 30 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAMFORDS TRUST PLC
- 21 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BAMFORDS TRUST PLC
- 22 -
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen Hale
Senior Statutory Auditor
For and on behalf of Perrys Audit Limited
Chartered Accountants
Statutory Auditor
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
19 April 2024
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