Company Registration No. 07064953 (England and Wales)
Forever Beta Limited
Unaudited accounts
for the year ended 30 November 2021
Forever Beta Limited
Unaudited accounts
Contents
Forever Beta Limited
Statement of financial position
as at 30 November 2021
Tangible assets
86,192
103,746
Cash at bank and in hand
298,889
548,088
Creditors: amounts falling due within one year
(562,931)
(704,412)
Net current assets
141,890
827,761
Total assets less current liabilities
228,301
931,726
Creditors: amounts falling due after more than one year
(375,000)
(500,166)
Provisions for liabilities
Deferred tax
(22,601)
(25,936)
Net (liabilities)/assets
(169,300)
405,624
Called up share capital
1,000
1,000
Profit and loss account
(170,300)
404,624
Shareholders' funds
(169,300)
405,624
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 August 2022 and were signed on its behalf by
R I Gadsby
Director
Company Registration No. 07064953
Forever Beta Limited
Notes to the Accounts
for the year ended 30 November 2021
Forever Beta Limited is a private company, limited by shares, registered in England and Wales, registration number 07064953. The registered office is Ground Floor, 8-10 New North Place, London, EC2A 4JA.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover includes revenue earned from the rendering of creative advertising services.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance Basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Forever Beta Limited
Notes to the Accounts
for the year ended 30 November 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
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Tangible fixed assets
Plant & machinery
At 1 December 2020
259,726
At 30 November 2021
259,726
At 1 December 2020
155,980
Charge for the year
17,554
At 30 November 2021
173,534
At 30 November 2021
86,192
At 30 November 2020
103,746
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Investments
Other investments
Valuation at 1 December 2020
219
Valuation at 30 November 2021
219
Forever Beta Limited
Notes to the Accounts
for the year ended 30 November 2021
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Debtors: amounts falling due within one year
2021
2020
Trade debtors
148,449
560,562
Amounts due from group undertakings etc.
-
104,624
Accrued income and prepayments
88,032
86,574
Other debtors
169,451
214,635
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Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
159,888
258,709
Trade creditors
172,965
252,752
Amounts owed to group undertakings and other participating interests
10,162
-
Taxes and social security
204,186
35,810
Other creditors
15,730
157,141
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Creditors: amounts falling due after more than one year
2021
2020
Bank loans
375,000
500,166
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Operating lease commitments
2021
2020
At 30 November 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
220,500
-
The company's immediate and ultimate parent undertaking is Forever Beta Holdings Ltd.
Forever Beta Holdings Limited (company number 09044358) was incorporated in England & Wales.
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Average number of employees
During the year the average number of employees was 22 (2020: 22).