Registered number
01023029
Beechcraft Limited
Accounts
For the Year ended
31 March 2022
Oakensen
Chartered Accountants
31 Stallard Street
Trowbridge
Wiltshire
BA14 9AA
Beechcraft Limited
Registered number: 01023029
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 85,468 87,417
Current assets
Stocks 96,348 69,339
Debtors 4 273,079 227,666
Cash at bank and in hand 286,863 318,277
656,290 615,282
Creditors: amounts falling due within one year 5 (246,122) (228,752)
Net current assets 410,168 386,530
Total assets less current liabilities 495,636 473,947
Creditors: amounts falling due after more than one year 6 (42,500) (52,977)
Provisions for liabilities (7,038) (7,038)
Net assets 446,098 413,932
Capital and reserves
Called up share capital 300 300
Profit and loss account 445,798 413,632
Shareholders' funds 446,098 413,932
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D H Beech
Director
Approved by the board on 13 July 2022
Beechcraft Limited
Notes to the Accounts
for the year ended 31 March 2022
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of
discounts and value added taxes. Turnover includes revenue earned from the sale of
goods and from the rendering of services. Turnover from the sale of products is recognised on delivery to customer. Turnover from the rendering of services is recognised when the customer has been invoiced.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% on reducing balance
Fixtures and fittings 15% on reducing balance
Motor vehicles 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Debtors
Short term debtors are measured at transaction price, which is usually the invoice price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price, which is usually the invoice price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 25 24
3 Tangible fixed assets
Fixtures and fittings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 153,203 321,196 127,099 601,498
Additions 3,329 15,062 - 18,391
At 31 March 2022 156,532 336,258 127,099 619,889
Depreciation
At 1 April 2021 131,612 300,033 82,436 514,081
Charge for the year 3,739 5,434 11,167 20,340
At 31 March 2022 135,351 305,467 93,603 534,421
Net book value
At 31 March 2022 21,181 30,791 33,496 85,468
At 31 March 2021 21,591 21,163 44,663 87,417
4 Debtors 2022 2021
£ £
Trade debtors 231,821 188,530
Other debtors 41,258 39,136
273,079 227,666
5 Creditors: amounts falling due within one year 2022 2021
£ £
Hire purchase contracts 2,977 9,532
Trade creditors 107,241 70,296
Taxation and social security costs 72,208 105,387
Other creditors 63,696 43,537
246,122 228,752
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 42,500 50,000
Hire purchase contracts - 2,977
42,500 52,977
7 Other information
Beechcraft Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 27
Westfield Industrial Estate
Midsomer Norton
Bath
BA3 4BS
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