B G Packaging Limited - Accounts

Registered number

04394988

B G Packaging Limited

Report and Accounts

30 November 2021

B G Packaging Limited

Company Information

Directors

R D Jones

Y Jones

A Thurlbourn

Auditors

Begbies

9 Bonhill Street

LONDON

EC2A 4DJ

Registered office

BG Office

7 Brundon Lane

Sudbury

Suffolk

CO10 1XR

Registered number

04394988

B G Packaging Limited
Registered number:			04394988
Directors' Report
The directors present their report and accounts for the year ended 30 November 2021.
Principal activity
The principal activity of the company is that of property investment.
Directors
The following persons served as directors during the year:
	R D Jones
	Y Jones
	A Thurlbourn
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts 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 accounts 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.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved by the board on 4 November 2022 and signed on its behalf.

A Thurlbourn

Director

B G Packaging Limited

Independent auditor's report

to the members of B G Packaging Limited

Opinion

We have audited the accounts of B G Packaging Limited for the year ended 30 November 2021 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 November 2021 and of its profit for the year then ended;

●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

●	have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of opinion
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.
Other information
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the directors’ report has 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 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 directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit; or
●	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

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.

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 dependant upon the effectiveness of management controls and the nature, timing and extent of the audit procedures carried out, which included:

Auditing the risk of management override of controls ; Enquiries of those charged with governance; Reviewing disclosures in the accounts; Assessing the impact of Covid-19 working procedures; Validating inter group balances.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our 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.
Christopher Pexton FCA
(Senior Statutory Auditor)
for and on behalf of		9 Bonhill Street
Begbies		LONDON
Accountants and Statutory Auditors		EC2A 4DJ
8 November 2022

B G Packaging Limited
Profit and Loss Account
for the year ended 30 November 2021
						2021		2020
£							£
Turnover						474,000		474,360
Administrative expenses and property costs						(4,769)		(4,498)
Operating profit						469,231		469,862
Interest payable						-		(1,624)
Profit on ordinary activities before taxation						469,231		468,238
Tax on profit on ordinary activities						(116,584)		(89,065)
Profit for the financial year						352,647		379,173

B G Packaging Limited
Registered number:			04394988
Balance Sheet
as at 30 November 2021
Notes				2021			2020
£					£
Fixed assets
Investment properties	4			1,530,000			1,530,000
Current assets
Debtors	5		1,278,668			1,278,504
Cash at bank and in hand			69,861			80,794
			1,348,529			1,359,298
Creditors: amounts falling due within one year	6		(143,786)			(144,632)
Net current assets				1,204,743			1,214,666
Total assets less current liabilities				2,734,743			2,744,666
Provision for liabilities
Deferred taxation				(114,280)			(86,850)
Net assets				2,620,463			2,657,816
Capital and reserves
Called up share capital				100			100
Profit and loss account				2,620,363			2,657,716
Shareholders' funds				2,620,463			2,657,816
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
A Thurlbourn
Director
Approved by the board on 4 November 2022

B G Packaging Limited
Statement of Changes in Equity
for the year ended 30 November 2021
Share			Profit		Total
capital			and loss
account
£			£		£
At 1 December 2019		100		2,578,543		2,578,643
Profit for the financial year				379,173		379,173
Dividends				(300,000)		(300,000)
At 30 November 2020		100		2,657,716		2,657,816
At 1 December 2020		100		2,657,716		2,657,816
Profit for the financial year				352,647		352,647
Dividends				(390,000)		(390,000)
At 30 November 2021		100		2,620,363		2,620,463
Included in Profit & Loss Account is an amount of £556,784 which is an unrealised reserve and not available for distribution.

B G Packaging Limited
Notes to the Accounts
for the year ended 30 November 2021
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
	Tangible fixed assets
	Investment property
	Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2	Income recognition
	Income is recognised when rental income has been received from customers such that risks and rewards of ownership have transferred to them.
3	Employees					2021		2020
Number							Number
	Average number of persons employed by the company					3		3
4	Tangible fixed assets
								Investment Properties
£
	Fair Value
	At 1 December 2020							1,530,000
	At 30 November 2021							1,530,000
	Depreciation
	At 30 November 2021							-
	Net book value
	At 30 November 2021							1,530,000
	At 30 November 2020							1,530,000
	Freehold land and buildings:					2021		2020
£							£
	Historical cost					858,936		858,936
	Cumulative depreciation based on historical cost					-		-
						858,936		858,936
	Investment Properties were valued by the directors.
5	Debtors					2021		2020
£							£
	Amounts owed by related parties (Note 8)					1,278,668		1,278,504
6	Creditors: amounts falling due within one year					2021		2020
£							£
	Amounts owed to related parties (Note 8)					91,300		91,300
	Corporation tax					44,285		44,096
	Other taxes and social security costs					7,900		7,900
	Other creditors					301		1,336
						143,786		144,632
7	Contingent liabilities
	The company takes part in a group registration for VAT with British Seals and Rubber Mouldings Limited. A contingent liability therefore exists for the VAT liability of that company. The amount of the liability at the Balance Sheet date was £69,798 (2020:£27,387).
8	Related party transactions
	The related parties are:
	A) 4 BG Group Limited
	B) British Gaskets Limited
	C) British Seals and Rubber Mouldings Limited
	D) B G Automotive Limited
	E) Forbi-PI Limited
	F) Bovill & Boyd Engineering Limited
	The Companies are related because Mr R D Jones, a director, has a material interest therein.
	Transactions During the Year					2021		2020
£							£
	Rent Received from D					474,000		474,000
	Expenses recharged to B					907		640
	Expenses recharged to C					907		640
	Expenses recharged to D					907		640
	Expenses recharged to F					-		-
	Amount due from A					1,167,374		1,166,100
	Amount due from B					84,753		87,678
	Amount due from C					11,219		10,312
	Amount due from D					12,689		11,782
	Amount due (to) / from E					(91,300)		(91,300)
	Amount due from F					2,632		2,632
9	Parent Undertaking and Controlling Party
	The company's parent undertaking is R D Jones (Management Consultants) Limited, a company incorporated in England. The ultimate controlling party is Mr R D Jones.
10	Other information
	B G Packaging Limited is a private company limited by shares and incorporated in England. Its registered office is:
	BG Office
	7 Brundon Lane
	Sudbury
	Suffolk
	CO10 1XR