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Registration number: 11228451

Beckington Motors Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Beckington Motors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Beckington Motors Ltd

(Registration number: 11228451)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

4,000

Tangible assets

5

26,723

25,329

 

26,723

29,329

Current assets

 

Stocks

6

2,333

2,623

Debtors

7

15,341

4,416

Cash at bank and in hand

 

72,043

57,393

 

89,717

64,432

Creditors: Amounts falling due within one year

8

(72,595)

(85,530)

Net current assets/(liabilities)

 

17,122

(21,098)

Total assets less current liabilities

 

43,845

8,231

Provisions for liabilities

(3,620)

(3,100)

Net assets

 

40,225

5,131

Capital and reserves

 

Called up share capital

102

101

Retained earnings

40,123

5,030

Shareholders' funds

 

40,225

5,131

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Beckington Motors Ltd

(Registration number: 11228451)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
J A Hillman
Director

 

Beckington Motors Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bath Road
Beckington
Frome
Somerset
BA11 6SW
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Beckington Motors Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, tools and equipment

15% straight line

Motor vehicles

25% reducing balance

Fixtures and fittings

15% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Beckington Motors Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Beckington Motors Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

20,000

20,000

At 31 March 2023

20,000

20,000

Amortisation

At 1 April 2022

16,000

16,000

Amortisation charge

4,000

4,000

At 31 March 2023

20,000

20,000

Net book value

At 31 March 2023

-

-

At 31 March 2022

4,000

4,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

40,904

13,105

54,009

Additions

10,556

-

10,556

Disposals

(1,499)

-

(1,499)

At 31 March 2023

49,961

13,105

63,066

Depreciation

At 1 April 2022

20,736

7,944

28,680

Charge for the year

7,494

1,069

8,563

Eliminated on disposal

(900)

-

(900)

At 31 March 2023

27,330

9,013

36,343

Net book value

At 31 March 2023

22,631

4,092

26,723

At 31 March 2022

20,168

5,161

25,329

 

Beckington Motors Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Stock

2,333

2,623

7

Debtors

2023
£

2022
£

Trade debtors

8,095

2,050

Other debtors

4,602

-

Prepayments

2,644

2,366

15,341

4,416

8

Creditors

Amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

11,738

16,516

Taxation and social security

16,645

16,947

Accruals and deferred income

3,850

3,665

Other creditors

7,669

26,612

Corporation tax

32,693

21,790

72,595

85,530