Bequest Group Ltd
Unaudited Financial Statements
For the year ended 31 July 2021
For Filing with Registrar
Company Registration No. 09707610 (England and Wales)
Bequest Group Ltd
Balance Sheet
As at 31 July 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
200,000
200,000
Current assets
Debtors
4
1,103,520
1,015,677
Cash at bank and in hand
836
550
1,104,356
1,016,227
Creditors: amounts falling due within one year
5
(1,011,012)
(941,379)
Net current assets
93,344
74,848
Net assets
293,344
274,848
Capital and reserves
Called up share capital
6
100,000
100,000
Profit and loss reserves
193,344
174,848
Total equity
293,344
274,848
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 September 2022 and are signed on its behalf by:
G Singh
Director
Company Registration No. 09707610
Bequest Group Ltd
Notes to the Financial Statements
For the year ended 31 July 2021
Page 2
1
Accounting policies
Company information
Bequest Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 231 Greenford Road, Greenford, Middlesex, England, UB6 8QZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The directors have assessed the impact of the worldwide COVID-19 pandemic on the company and consider any impact or delays to be short term only. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Bequest Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 July 2021
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Fixed asset investments
2021
2020
£
£
Investments
200,000
200,000
Bequest Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 July 2021
3
Fixed asset investments
(Continued)
Page 4
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 August 2020 & 31 July 2021
200,000
Carrying amount
At 31 July 2021
200,000
At 31 July 2020
200,000
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
757,061
888,662
Amounts owed by group undertakings
346,459
8,935
Other debtors
118,080
1,103,520
1,015,677
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
314,335
206,475
Corporation tax
13,440
41,122
Other creditors
683,237
693,782
1,011,012
941,379
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £100 each
1,000
1,000
100,000
100,000
Bequest Group Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 July 2021
Page 5
7
Related party transactions
Included within debtors at the year end was a balance due from Beverly Luxury Brands Ltd, a subsidiary company, of £346,459 (2020: £8,935).
Included within creditors at the year end was a balance due to Beverly Beauty & Fragrances Ltd, a subsidiary company, of £314,335 (2020: £206,475).
Included within other creditors at the year end were balances due to the directors totalling £615,047 (2020: £627,212).