ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
COMPANY INFORMATION
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ARCHIBALD BATHGATE GROUP LIMITED
CONTENTS
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ARCHIBALD BATHGATE GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors present their strategic report for the year ended 30 September 2021.
The Directors view the results of the Group for the twelve months ending September 2021 in a very positive light, especially given all the uncertainties and challenges brought by the volatile economy and the Covid epidemic.
Group turnover grew by 13.7% to £46,870,554 (year ending September 2020 - £41,236,099), whilst the profit before tax increased by 71% to £6,029,778 (year ending September 2020 - £3,512,469). These figures demonstrate the strength of the Group, which gives significant confidence to its stakeholders. The Group's liquidity stays strong whilst gearing remains very low. The Group directors remain confident that its long term strategy to invest in the development of its staff, resources and business systems, to further automate and increase the capacity of its manufacturing facilities, to upgrade, expand and diversify its fleet of trucks and tanks, and to continue to invest in securing future sand reserves, has created a group of lean businesses, with longevity, that will continue to develop and grow. Following these strategies is imperative, if the company is to continue to focus on product quality and high levels of customer service, whilst improving efficiencies across the businesses, and maximising its sales margins. The Group continues to engage in its philanthropic interests, as demonstrated by the Charitable Donations of £370,409 (12 months ending September 2020 £305,822), and moving forward it is envisaged that these will remain at similar levels in future years.
The company's operations are exposed to a number of financial risks. These are managed as follows:
Investment Risk: In order to minimise exposure to a fall in the value of its investments, the company has a policy of keeping a significant part of its reserves in cash or cash equivalents. Any non-cash investments are part of a diversified portfolio designed to minimise risk exposure. Credit Risk: The company has implemented policies across its subsidiaries, that require appropriate credit checks on potential customers to be completed before sales are made. The exposure to any individual counterparty is subject to a limit, which is reassessed regularly. Wherever appropriate the company will undertake a policy of credit insurance. If credit insurance is not available the senior management team will ensure that any risk is managed pro-actively to minimise exposure. Foreign Currency Transaction Risk: Exposure to foreign currencies are managed at the subsidiary level by entering into forward contract arrangements.
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ARCHIBALD BATHGATE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The company’s financial key performance indicators are primarily focussed around its turnover, profitability, and liquidity.
Some of these are set out in the table below, and which demonstrate the stability of the business: Year Ended: 30 September 2021 30 September 2020 Turnover £46.87m £41.24m Return on Capital Employed 13.2% 13.2% Gross Profit 26.2% 26.6% Current Ratio (Current Assets : Current Liabilities) 2.44:1 2.44:1 The key non-financial performance indicators relate to product quality, service, reducing our carbon footprint and operating efficiencies.
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ARCHIBALD BATHGATE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
This section aims to address the responsibility of the Directors of the Group acting in good faith, to be promoting the success for the benefit of its members as its whole. The Directors and Senior management of Archibald Bathgate Group Limited give careful consideration to the factors set out below in discharging their duties.
Engagement with employees People: At Bathgate group, we are committed to our employees and understand that our people are paramount to our continuing and future successes. We welcome new team members into our family through our induction process and support them to plan their on-going training and development to achieve both their personal and professional goals. Financially we support our team members with guaranteed salary packages, backed up by a defined contribution pension scheme and a death in service benefit. All staff have access to our Employee Assistance Programme which provides support for their health and wellbeing and an annual flu jab is offered free of charge to all. To improve our business and employee welfare, we actively seek and act on feedback from our teams using Staff Opinion Surveys, Staff Meetings and through our Employee Reps where applicable. Business Ethics: The company and its employees demonstrate the highest level of integrity, truthfulness and honesty to uphold both personal and corporate reputations and to inspire confidence and trust in their respective actions. The company will seek to comply with all international, national and local legislation affecting its operations and does not allow the direct or indirect offer, payment, solicitation or acceptance of bribes in any form. Engagement with Stakeholders Our long-term success and growth is dependent upon having the support and trust of all of our stakeholders. Building long-term relationships with stakeholders that share our values is important to us, as working together towards shared goals will help deliver the sustainable success and growth we strive for. Our Customers: Whilst the companies within the Bathgate group offer a diverse range of products and services, the underpinning ethos remains the same. Our objective is always to provide our customers with high quality products, alongside excellent levels of customer service and technical support, all at a fair price. We have built long term relationships with most of our customers, and these are primarily located across the United Kingdom. We maintain contact with them regularly, through visits and phone calls. We also encourage feedback from them as to how we can further improve our service and product offerings. Our suppliers: Across the group of companies we are heavily dependent on sourcing the highest quality of raw materials, products and services. We have established trusted long-term relationships with most of our suppliers, with our focus being about always obtaining value for money, and fair payment terms, without the need for holding high levels of stock. In return we treat suppliers fairly, and ensure we pay suppliers on or before they are due. Our shareholders: The businesses are 100% owned by the Walker family, who remain actively involved in monthly meetings with all of the businesses. Together with Management they have driven the ethos that our focus should be on providing quality products and services at a fair price, and this continues to underpin everything we do. There is no formal dividend policy in place, with the level of dividends being decided by the controlling shareholder.
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ARCHIBALD BATHGATE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Community:
Across the group we have a number of charities which we support, whose causes are close to our heart. The level of this support is detailed in the Business Review. We also support employees if they are involved in charitable activities and also sponsor local sports clubs to provide equipment and facilities. When required, we will engage and communicate effectively with the local community, as appropriate.
EXECUTIVE SUMMARY
This Executive Summary provides a condensed SECR statement for inclusion in the annual Directors’ Report covering the Financial Year 2020/2021. This is the second annual statement since the SECR scheme came into force on 1st April 2019. SECR requires large UK based undertakings to file energy and emissions data in their Directors’ Reports. Archibald Bathgate Group come within the remit of the scheme due to company staff levels and turnover. The SECR Assessment requires participants to: • Report the organisation’s energy consumption and carbon emissions in utilities use and personnel travel for the Financial Year. This is used to develop an Intensity Target to show a measure of performance year on year. • Provide a Company Statement showing recent progress with energy and environmental initiatives. Archibald Bathgate Group are pleased to comply with this guidance and continue to prioritise energy and environmental issues throughout the company’s UK operation. AUDIT FINDINGS EMISSIONS AUDIT The estimated Total Carbon Emission for Archibald Bathgate Group, for Financial Year 2021/21 is 12,107 tCO2e (tonnes carbon dioxide equivalent). (FY 2019/20: 10,219 tCO2e). This footprint is based on the boundary conditions and emission types detailed in the report sections below. The Group Intensity Ratio is measured as 0.258 kgCO2e/£turnover (FY 2019/20: 0.248 kgCO2e/£turnover).
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ARCHIBALD BATHGATE GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Despite the pressures and uncertainties caused by COVID, the company has continued to focus on energy efficiency and environmental performance.
At the Bathgate Silica Sand processing plant, we continue to see benefits from involvement in the mineral sector Climate Change Agreement (CCA). This requires us to meet energy and production targets to continue to receive benefits from this national scheme. • Our main sand dryer has very recently been converted for dual fuel gas firing, to supplement kerosene use. As a result, we expect reductions in carbon emissions in the next reporting year. • The small soil dryer will be similarly modified in the coming year. Similarly, at Bathgate Flooring, improvements continue this year including: • Electric vehicle charging points installed for staff use • The site is progressing to paperless document use in its accounts and administration departments.
Financial Year 2021 is our second year SECR audit following the scheme’s inception. Notably, the UK continues to cope with the COVID-19 virus and its effect on company activity and profitability. This year has recorded an increase of 21% in total energy consumption and a 19% rise in emissions, as demand begins to recover from the effects of the coronavirus pandemic during 2020. When corrected for increased turnover, our Intensity Targets represent an increase of only 4% (tCO2e emission/turnover).
Business improvement has contributed to a significant increase in turnover and demand for our products. The increased capacity provides us with challenges in our aim to contain energy use and greenhouse gas emissions. The board expects to see a continued revival in 2022 and a return to a more typical pre-pandemic business activity in all sectors.
The directors remain committed to following a long term strategic plan that will position the Group to take advantage of any future opportunities.
This report was approved by the board on 8 March 2022 and signed on its behalf.
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ARCHIBALD BATHGATE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors present their report and the financial statements for the year ended 30 September 2021.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The extraction and processing of silica sand. (Archibald Bathgate Group Limited and Bathgate Silica Sand Limited). The haulage of bulk powders (Arclid Transport). The manufacture and installation of raised access flooring panels, coverings and accessories (Bathgate Flooring Limited). Financing and leasing of plant, machinery and equipment (Bathgate Business Finance Limited).
The profit for the year, after taxation and minority interests, amounted to £4,539,446 (2020 - £2,745,666).
Dividends amounting to £720,000 (2020 - £840,000) were paid in the year.
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ARCHIBALD BATHGATE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The directors who served during the year were:
The business review, principal risks and uncertainties, key performance indicators, Directors' statement of compliance with duty to promote the success of the group, greenhouse gas emissions, energy consumption and energy action plan and future developments are contained within the Strategic report.
Under section 487(2) of the Companies Act 2006, Langtons Professional Services Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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ARCHIBALD BATHGATE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCHIBALD BATHGATE GROUP LIMITED
We have audited the financial statements of Archibald Bathgate Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2021, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the parent 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.
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ARCHIBALD BATHGATE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCHIBALD BATHGATE GROUP LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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ARCHIBALD BATHGATE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCHIBALD BATHGATE GROUP LIMITED (CONTINUED)
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 Group 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:
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:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management [add other key risks]. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and reviewing accounting estimates for biases. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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 Auditor's Report.
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ARCHIBALD BATHGATE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCHIBALD BATHGATE GROUP LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
11th Floor, The Plaza
100 Old Hall Street
L3 9QJ
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ARCHIBALD BATHGATE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
REGISTERED NUMBER: 00815136
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
REGISTERED NUMBER: 00815136
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2022.
The notes on pages 22 to 52 form part of these financial statements.
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ARCHIBALD BATHGATE GROUP LIMITED
REGISTERED NUMBER: 00815136
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
REGISTERED NUMBER: 00815136
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 52 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The entity is a private limited liability company, limited by shares registered in England and Wales within
the United Kingdom. The registered office is c/o Langtons Professional Services Limited, The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ and company number is 00815136. The principal place of business is Arclid Quarry, Congleton Road, Sandbach, Cheshire CW11 4SN The accounts presented show the results of both the group as a whole and the individual company, except where certain exemptions have been taken to not present a company Statement of Comprehensive Income.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.
Page 22
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
The group depends on its existing bank facilities to meet its day to day working capital requirements.
Current forecasts indicate that the group expects to be able to operate within these facilities for whole of the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The Directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.
Page 23
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Goodwill is amortised over a period of between 5 and 10 years. Computer software is amortised over a period between 3 and 5 years.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 24
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Page 25
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
Page 26
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Page 27
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Page 28
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.Accounting policies (continued)
Specific provision is made for all leases where the lease has terminated.
The company expenses all costs relating to mineral extraction, excepting those relating to development of new areas of mineral exploration which are capitalised and depreciated over a life of no more than 15 years.
Minerals exposed but not processed are included in stocks. A restoration provision is included to best estimate the costs to be incurred at the end of the life of the quarry.
Page 29
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Analysis of turnover by country of destination:
Page 30
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 31
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 32
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 33
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 34
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
15.Taxation (continued)
Within group companies are trading losses of £2,447,480 which will be relieved against future trading profits of those companies.
Page 35
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 36
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 37
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18.Tangible fixed assets (continued)
Page 38
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18.Tangible fixed assets (continued)
Page 39
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18.Tangible fixed assets (continued)
Page 40
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
18.Tangible fixed assets (continued)
Page 41
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 42
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 43
|
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 44
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Bank loans are secured over all the fixed assets of the company.
Net obligations under finance leases and hire purchase contracts are secured on the assets concerned. Block discount advances are secured on specific book debts of the group.
Page 45
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 46
|
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 47
|
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 48
|
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Capital redemption reserve
Profit & loss account
Guarantees totalling £242,300 (2020 - £163,097) have been given to main contractors which will only crystalise should the group be unable to complete the works required.
Page 49
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The group pays into personal pension plans. The assets in the plans are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the plans. Contributions totalling £71,614 (2020 - £41,062) were payable to the fund at the reporting date and are included in creditors.
Page 50
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The group is under the control of R. H. Walker.
Page 51
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ARCHIBALD BATHGATE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Page 52
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