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Registered Number:03097413













BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)





ANNUAL REPORT AND FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023











 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
REGISTERED NUMBER:03097413


BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Notes
£
£

Fixed assets
  

Tangible assets
 4 
19,782
4,500

  
19,782
4,500

Current assets
  

Debtors: amounts falling due within one year
 5 
10,101
23,262

Cash at bank and in hand
 6 
7,379
35,906

  
17,480
59,168

Creditors: amounts falling due within one year
 7 
(158,451)
(66,230)

Net current liabilities
  
 
 
(140,971)
 
 
(7,062)

  

Total assets less current liabilities being net liabilities
  
(121,189)
(2,562)


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
 9 
(121,190)
(2,563)

Shareholders' funds
  
(121,189)
(2,562)


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 September 2023.




P H Betts
Director

The notes on pages 3 to 10 form part of these financial statements.

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BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total 
equity

£
£
£


At 1 February 2021
1
-
1


Comprehensive loss for the year

Loss for the year
-
(2,563)
(2,563)
Total comprehensive loss for the year
-
(2,563)
(2,563)



At 1 February 2022
1
(2,563)
(2,562)


Comprehensive loss for the year

Loss for the year
-
(118,627)
(118,627)
Total comprehensive loss for the year
-
(118,627)
(118,627)


At 31 January 2023
1
(121,190)
(121,189)


The notes on pages 3 to 10 form part of these financial statements.


- 2 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Betzbuilt Ltd (formerly Primera Design Limited) (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk IP13 9LL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

For the year ended 31 January 2023 the Company made a loss of £118,627 (2022 - £2,563) and had net liabilities of £121,189 (2002 - £2,562). 
The Company has been financed to date by its ultimate parent undertaking, P.H. Betts (Holdings) Limited, and has received a letter of financial support from its ultimate parent undertaking. The letter of financial support indicates that the Company will be provided with the necessary financial support to allow it to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
On the basis of their assessment of the Company's financial position and of the enquiries made of the Directors of the ultimate parent undertaking, the Company's Directors have a reasonable expectation that the Company will continue in operational existence and meet its external liabilities for the foreseeable future. Accordingly, they continue to adopt the going concern basis of preparation of these financial statements.


- 3 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.5

Defined contribution pension scheme

The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


- 4 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.6

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


- 5 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
over 5 years
Office equipment
-
over 3 years
Computer equipment
-
over 3 years

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.

At each year end, the Company reviews the carrying values of each individual tangible fixed asset for impairment indicators. Where impairment indicators are identified then the recoverable amount is compared to the carrying value in the financial statements and where necessary an impairment charge is recognised in the Statement of Comprehensive Income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid

- 6 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


3.


Employees

The average monthly number of employees, including the Directors, during the year was 4 (2022 - 2).


- 7 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost


At 1 February 2022
4,500
-
-
4,500


Additions
19,600
112
592
20,304



At 31 January 2023

24,100
112
592
24,804



Depreciation


Charge for the year
4,820
38
164
5,022



At 31 January 2023

4,820
38
164
5,022



Net book value



At 31 January 2023
19,280
74
428
19,782



At 31 January 2022
4,500
-
-
4,500


5.


Debtors

2023
2022
£
£


Amounts owed by fellow group undertaking
301
-

Other debtors
9,800
4,567

Prepayments and accrued income
-
18,695

10,101
23,262



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,379
35,906



- 8 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,721
9,729

Amounts owed to ultimate parent undertaking
155,106
55,105

Other taxation and social security
624
-

Accruals and deferred income
-
1,396

158,451
66,230



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1



9.


Reserves

Profit and Loss Account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid, which are available for distribution to the shareholders.


10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounting to £339 (2022 - £Nil).
There were no outstanding contributions at either 31 January 2023 or 2022.


11.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases amounting to £14,000 (2022 - £Nil) per annum.



- 9 -



 
BETZBUILT LTD (FORMERLY PRIMERA DESIGN LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

12.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking and ultimate controlling party is P.H. Betts (Holdings) Limited.
The smallest and largest group for which the Company's results are included is headed by P.H. Betts (Holdings) Limited. Copies of the consolidated financial statements of P.H. Betts (Holdings) Limited are publicly available from Companies House, Crown Way, Cardiff CF14 3UZ.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 3 October 2023 by Luke Morris (Senior Statutory Auditor) on behalf of SB Audit LLP.

 

- 10 -