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COMPANY REGISTRATION NUMBER: 04498806
Bee's (Cumbria) Limited
Unaudited Financial Statements
31 December 2021
Bee's (Cumbria) Limited
Financial Statements
Year ended 31 December 2021
Contents
Pages
Directors' report
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4 to 5
Notes to the financial statements
6 to 12
Bee's (Cumbria) Limited
Directors' Report
Year ended 31 December 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2021 .
Directors
The directors who served the company during the year were as follows:
Mr J T Bee
Mrs S J Bee
Mr W J Bee
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 August 2022 and signed on behalf of the board by:
Mr J T Bee
Mrs S J Bee
Director
Director
Registered office:
The Old Police Station
Church Street
Ambleside
Cumbria
LA22 0BT
Bee's (Cumbria) Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Bee's (Cumbria) Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bee's (Cumbria) Limited for the year ended 31 December 2021, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Bee's (Cumbria) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Bee's (Cumbria) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bee's (Cumbria) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Bee's (Cumbria) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bee's (Cumbria) Limited. You consider that Bee's (Cumbria) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Bee's (Cumbria) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
SAINT & CO Chartered accountants
The Old Police Station Church Street Ambleside Cumbria LA22 0BT
Bee's (Cumbria) Limited
Statement of Income and Retained Earnings
Year ended 31 December 2021
2021
2020
Note
£
£
Turnover
428,845
334,477
Cost of sales
242,665
169,561
-----------
-----------
Gross profit
186,180
164,916
Administrative expenses
108,446
101,831
Other operating income
3,889
31,030
-----------
-----------
Operating profit
81,623
94,115
Interest payable and similar expenses
156
-----------
-----------
Profit before taxation
81,467
94,115
Tax on profit
16,031
18,405
---------
---------
Profit for the financial year and total comprehensive income
65,436
75,710
---------
---------
Dividends paid and payable
( 68,000)
( 58,000)
Retained earnings at the start of the year
65,212
47,502
---------
---------
Retained earnings at the end of the year
62,648
65,212
---------
---------
All the activities of the company are from continuing operations.
Bee's (Cumbria) Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
2,062
4,812
Tangible assets
6
26,845
32,736
---------
---------
28,907
37,548
Current assets
Stocks
52,000
45,000
Debtors
7
12,461
13,503
Cash at bank and in hand
59,598
51,663
-----------
-----------
124,059
110,166
Creditors: amounts falling due within one year
8
( 81,315)
( 69,979)
-----------
-----------
Net current assets
42,744
40,187
---------
---------
Total assets less current liabilities
71,651
77,735
Creditors: amounts falling due after more than one year
9
( 3,802)
( 6,203)
Provisions
Taxation including deferred tax
( 5,101)
( 6,220)
---------
---------
Net assets
62,748
65,312
---------
---------
Bee's (Cumbria) Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
62,648
65,212
---------
---------
Shareholders funds
62,748
65,312
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr J T Bee
Mrs S J Bee
Director
Director
Company registration number: 04498806
Bee's (Cumbria) Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Police Station, Church Street, Ambleside, Cumbria, LA22 0BT. The addresses of the principal places of business are Ambleside Garden Machinery, The Garage, Knott Street, Ambleside, Cumbria, LA22 0EB and Keswick Garden Machinery, Greta Street, Keswick, Cumbria CA12 4EN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
55,000
---------
Amortisation
At 1 January 2021
50,188
Charge for the year
2,750
---------
At 31 December 2021
52,938
---------
Carrying amount
At 31 December 2021
2,062
---------
At 31 December 2020
4,812
---------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
3,600
21,712
1,662
81,539
108,513
Additions
2,377
2,377
Disposals
( 959)
( 959)
--------
---------
--------
---------
-----------
At 31 December 2021
3,600
23,130
1,662
81,539
109,931
--------
---------
--------
---------
-----------
Depreciation
At 1 January 2021
1,155
19,819
1,655
53,148
75,777
Charge for the year
71
1,057
2
7,098
8,228
Disposals
( 919)
( 919)
--------
---------
--------
---------
-----------
At 31 December 2021
1,226
19,957
1,657
60,246
83,086
--------
---------
--------
---------
-----------
Carrying amount
At 31 December 2021
2,374
3,173
5
21,293
26,845
--------
---------
--------
---------
-----------
At 31 December 2020
2,445
1,893
7
28,391
32,736
--------
---------
--------
---------
-----------
7. Debtors
2021
2020
£
£
Trade debtors
11,348
11,648
Other debtors
1,113
1,855
---------
---------
12,461
13,503
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
24,917
12,446
Corporation tax
34,617
31,614
Social security and other taxes
16,100
15,121
Other creditors
5,681
10,798
---------
---------
81,315
69,979
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
3,802
6,203
--------
--------
10. Directors' advances, credits and guarantees
The directors were not advanced any amounts during the period.
11. Related party transactions
No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 section 1A.