Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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BEAGLE GROUP LIMITED
COMPANY INFORMATION
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BEAGLE GROUP LIMITED
CONTENTS
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BEAGLE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their strategic report for the year ended 31 December 2021.
Principal activity The principal activity of the Company during the year was that of a holding company. The principal activity of the main subsidiary is that of manufacturing of aerospace metallic and composite assemblies and components. For further details, see note 8.
The business provides management services and expertise to its trading subsidiaries. The Company's principal risk relates to the performance of it main subsidiary undertaking.
The Group's principal subsidiary undertaking had sales in the year of £6.2m, an increase of 9% on like for like sales in the previous calendar year. This was due to growth with existing customers and the introduction of new customers. The Group continues to invest in plant and machinery to enhance its current capabilities and support the future growth. The Group’s commitment to research and development (“R&D”) has all been accounted for in the profit and loss, the R&D activity in the year focused on the company’s core capabilities using innovative solutions. COVID-19 The Group faced some challenges in the year due to absenteeism arising from Covid rules which impacted on the level of revenue in the year however the Group continued to provide essential support to it’s customers
The main risks to the Company surround the underlying performance of its trading subsidiaries. The specific risks attached to each are outlined in the individual accounts for those companies.
Given the straightforward nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
This report was approved by the board on 1 October 2022
and signed on its behalf.
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BEAGLE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
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 to 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.
The profit for the year, after taxation, amounted to £
178,091
(2020 -
£
170,900
)
.
For dividends paid, see note 7.
The directors who served during the year were:
The directors have chosen to disclose information on the following, required by the Companies Act 2006, to be included in he Directors' Report, within the Strategic Report, found on page 1:
- information on financial risk management and policies; and - information regarding future developments of the business.
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BEAGLE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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BEAGLE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEAGLE GROUP LIMITED
We have audited the financial statements of Beagle Group Limited (the 'Company') for the year ended 31 December 2021, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity
and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 Auditors' 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.
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BEAGLE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEAGLE GROUP LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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.
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.
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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BEAGLE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEAGLE GROUP LIMITED (CONTINUED)
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
∙
the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
∙
the nature of the company, including its management structure and control systems, including the opportunity for management to override such controls;
∙
the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
∙
laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax legislation and distributable profits legislation;
∙
the timing of the recognition of commercial income;
∙
management bias in selecting accounting policies and determining estimates;
∙
inappropriate journal entries; and
∙
completeness of dividend income.
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
∙
enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
∙
enquiries with the same concerning any actual or potential litigation or claims;
∙
discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;
∙
inspection of relevant legal correspondence;
∙
assessment of matters reported to management and the result of the subsequent investigation;
∙
obtaining an understanding of the relevant controls and testing their operation during the period;
∙
obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;
∙
challenging assumptions made by management in their specific accounting policies and estimates;
∙
identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
∙
agreeing dividends received and paid to documentation and intercompany accounts;
∙
reviewing the financial statements for compliance with the relevant disclosure requirements;
∙
performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;
∙
reviewing the minutes of Board meetings and correspondence with HMRC;
∙
evaluating the underlying business reasons for any unusual transactions; and
∙
considered the implementation of controls during the year.
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BEAGLE GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEAGLE GROUP LIMITED (CONTINUED)
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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BEAGLE GROUP LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
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BEAGLE GROUP LIMITED
REGISTERED NUMBER:
11704539
BALANCE SHEET
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 16 form part of these financial statements.
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BEAGLE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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BEAGLE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
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BEAGLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The company is a private limited company by shares, and is incorporated in England and Wales. The address of its registered office is 14th Floor, 33 Cavendish Square, London W1G 0PW.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Breal Capital (Beagle) Limited as at 31 December 2021 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London W1G 0PW.
The
Company
is a parent
company
that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of
any part of the United Kingdom
and is therefore exempt from the requirement to prepare consolidated financial statements under
section 400 of the Companies Act 2006
.
After reviewing the Company’s forecast and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements.
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BEAGLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The director considers there to be no significant areas of judgments or key sources of estimation uncertainty.
The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.
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BEAGLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BEAGLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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BEAGLE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Profit and loss account
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