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REGISTERED NUMBER: 03867698 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023

for

Becsco Limited

Becsco Limited (Registered number: 03867698)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Becsco Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr S Padgett
Mrs C L Padgett





SECRETARIES: Mr S Padgett
Mrs C L Padgett





REGISTERED OFFICE: Units 2 - 5 Albion Road
Carlton Industrial Estate
Carlton
Barnsley
South Yorkshire
S71 3HW





REGISTERED NUMBER: 03867698 (England and Wales)





AUDITORS: Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

Becsco Limited (Registered number: 03867698)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Turnover increased by £5,281k (13.3%) to £44,848k, and the gross profit percentage increased to 7.0% (2022: 5.5%) which, taken together, resulted in a £967k increase in gross profit to £3,146k (2022: £2,179k). Distribution costs increased by £305k and administrative expenses increased by £164k which, taken with the increase in gross profit, resulted in the company recording a profit before tax of £498k (2022: £134k).

The directors continue to monitor the principal risks of the business, as well as the ongoing external factors that have the potential to impact the business such as the United Kingdom's departure from the EU on 1st January 2021 and the related trade agreement, as well as the potential supply issues as a result of the war in Ukraine.

The Company's financial projections indicate it has sufficient facilities and funds to operate for at least the next 12 months and its bankers continue to be supportive. Accordingly the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risks and for deciding where it would be appropriate to use financial instruments to manage this risk.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before credit sales are made.

Liquidity risk
The company actively maintains a mixture of long-term and short-term debt to ensure that it has sufficient available funds for its operations.

Interest rate cashflow risk
The company has interest bearing liabilities by way of bank loans and overdrafts, and therefore is exposed to interest rate cashflow risk. The board of directors regularly review the level and mix of debt to manage interest rate risk.


Becsco Limited (Registered number: 03867698)

Strategic Report
for the Year Ended 31 March 2023

KEY PERFORMANCE INDICATORS
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole. Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.

2023 2022

Profit ratios: Gross profit margin 7.0% 5.5%
Net profit (before tax) margin 1.1% 0.3%

Liquidity ratios: Current ratio 1.39 : 1 1.41 : 1

Activity ratios: Debtor days 20.9 days 19.2 days
Creditors days 47.0 days 46.6 days
Stock turnover 10.07 times 10.56 times

ON BEHALF OF THE BOARD:





Mr S Padgett - Director


17 October 2023

Becsco Limited (Registered number: 03867698)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the Company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the wholesale distribution of soft drinks.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 was £135,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr S Padgett
Mrs C L Padgett

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Padgett - Director


17 October 2023

Independent Auditors' Report to the Members of
Becsco Limited

Qualified opinion
We have audited the financial statements of Becsco Limited (the 'Company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects on the corresponding figures of the matters described in the basis for qualified opinion section of our report, the financial statements:

-give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of it's profit for
the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the counting of physical inventories or cash balances at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities and cash balances of £3,542,084 and £389,589 respectively held as at 31 March 2022 by using other audit procedures.

Consequently, we were unable to determine whether any adjustments to either of the inventory amounts at 31 March 2022 were necessary or whether there was an consequential effect on the costs of sales for the year ended 31 March 2023.

Our opinion on the current period's financial statements is also modified because of the possible effect of these matters on the comparability of the current period's figures and the corresponding figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Independent Auditors' Report to the Members of
Becsco Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our
Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the comparative inventory quantities and cash balances held at 31 March 2022 of £3,542,084 and £389,589 respectively. We have concluded that where the other information refers to the inventory or cash balances, or related balances such as cost of sales, debtors or creditors of the comparative period, they may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the counting of physical inventories or cash balances at the end of the prior year. We were unable to satisfy ourselves by alternative means using other audit procedures on the prior year inventory quantities and cash balances held as at 31 March 2022, which are included in the balance sheet comparatives at £3,542,084 and £389,589 respectively. Consequently, we were unable to determine whether any adjustments to either of these amounts were necessary and consequently, we were unable to determine whether any adjustments to the opening balances were necessary.

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements.

Matters on which we are required to report by exception
Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to prior year inventory quantities and cash balances, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made.

Independent Auditors' Report to the Members of
Becsco Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act, UK Generally Accepted Accounting Practice and tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Members of
Becsco Limited


Audit response to risks identified
Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Thomas Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

17 October 2023

Becsco Limited (Registered number: 03867698)

Statement of Comprehensive
Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £    £    £   

TURNOVER 44,848,318 39,566,977

Cost of sales 41,702,461 37,388,064
GROSS PROFIT 3,145,857 2,178,913

Distribution costs 530,544 225,110
Administrative expenses 1,857,245 1,693,252
2,387,789 1,918,362
758,068 260,551

Other operating income 4 22,863 4,450
OPERATING PROFIT 6 780,931 265,001


Interest payable and similar expenses 7 283,183 130,544
PROFIT BEFORE TAXATION 497,748 134,457

Tax on profit 8 72,000 44,741
PROFIT FOR THE FINANCIAL YEAR 425,748 89,716

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

425,748

89,716

Becsco Limited (Registered number: 03867698)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,002,690 629,702

CURRENT ASSETS
Stocks 11 4,139,860 3,542,084
Debtors 12 3,526,799 2,792,502
Cash at bank and in hand 106,469 581,237
7,773,128 6,915,823
CREDITORS
Amounts falling due within one year 13 5,593,251 4,903,632
NET CURRENT ASSETS 2,179,877 2,012,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,182,567

2,641,893

CREDITORS
Amounts falling due after more than one
year

14

(521,791

)

(349,572

)

PROVISIONS FOR LIABILITIES 18 (194,719 ) (117,012 )
NET ASSETS 2,466,057 2,175,309

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 2,466,055 2,175,307
SHAREHOLDERS' FUNDS 2,466,057 2,175,309

The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by:





Mr S Padgett - Director


Becsco Limited (Registered number: 03867698)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 2 2,107,591 2,107,593

Changes in equity
Dividends - (22,000 ) (22,000 )
Total comprehensive income - 89,716 89,716
Balance at 31 March 2022 2 2,175,307 2,175,309

Changes in equity
Dividends - (135,000 ) (135,000 )
Total comprehensive income - 425,748 425,748
Balance at 31 March 2023 2 2,466,055 2,466,057

Becsco Limited (Registered number: 03867698)

Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 365,961 446,604
Interest paid (206,781 ) (71,939 )
Interest element of hire purchase
payments paid

(12,993

)

(5,757

)
Finance costs paid (63,409 ) (52,848 )
Tax repaid/ (paid) 32,110 45,868
Net cash from operating activities 114,888 361,928

Cash flows from investing activities
Purchase of tangible fixed assets (639,913 ) (416,170 )
Sale of tangible fixed assets 110,500 9,000
Net cash from investing activities (529,413 ) (407,170 )

Cash flows from financing activities
Loan repayments in year (8,878 ) (7,099 )
New HP loans in the year 504,977 456,262
Capital repayments in year (271,342 ) (205,226 )
Amount withdrawn by directors (150,000 ) (409 )
Equity dividends paid (135,000 ) (22,000 )
Net cash from financing activities (60,243 ) 221,528

(Decrease)/increase in cash and cash equivalents (474,768 ) 176,286
Cash and cash equivalents at
beginning of year

2

581,237

404,951

Cash and cash equivalents at end of
year

2

106,469

581,237

Becsco Limited (Registered number: 03867698)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 497,748 134,457
Depreciation charges 222,090 128,963
(Profit)/loss on disposal of fixed assets (65,665 ) 14,433
Finance costs 283,183 130,544
937,356 408,397
Increase in stocks (597,776 ) (991,728 )
Increase in trade and other debtors (613,001 ) (788,894 )
Increase in trade and other creditors 639,382 1,818,829
Cash generated from operations 365,961 446,604

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 106,469 581,237
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 581,237 404,951


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank and in hand 581,237 (474,768 ) 106,469
581,237 (474,768 ) 106,469
Debt
Finance leases (431,774 ) (233,635 ) (665,409 )
Debts falling due within 1 year (9,666 ) (245 ) (9,911 )
Debts falling due after 1 year (33,235 ) 9,123 (24,112 )
(474,675 ) (224,757 ) (699,432 )
Total 106,562 (699,525 ) (592,963 )

Becsco Limited (Registered number: 03867698)

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

1. STATUTORY INFORMATION

Becsco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention and in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

Going concern
The directors continue to monitor the principal risks of the business, as well as the ongoing external factors that have the potential to impact the business such as the United Kingdom's departure from the EU on 1st January 2021 and the related trade agreement, as well as the potential supply issues as a result of the war in Ukraine.

The Company's financial projections indicate it has sufficient facilities and funds to operate for at least the next 12 months and its bankers continue to be supportive. Accordingly the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

Significant judgements and estimates
The significant judgements and estimates applied in the preparation of these financial statements are the useful lives and residual values of fixed assets, stock provisions and supplier rebates receivable. All accounting policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-20% reducing balance basis
Motor vehicles-25% reducing balance basis

All fixed assets are initially recorded at cost.

Becsco Limited (Registered number: 03867698)

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

3. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised in accordance with the accrual model of Section 24 of FRS 102.

Grants of a revenue nature are matched to their associated expenditure and recognised in the Statement of Comprehensive Income in the year in which they were borne. Grants of a capital nature are initially deferred and released into the Statement of Comprehensive Income in line with the depreciation policy of the class of asset the grant is awarded for.

Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is valued using the weighted average cost method and includes all purchase, transport and handling costs bringing stocks to their present location and condition.

Financial instruments
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Becsco Limited (Registered number: 03867698)

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

4. OTHER OPERATING INCOME
2023 2022
£    £   
Other income 22,863 250
Government grants - 4,200
22,863 4,450

Government grants received in the prior year relate to Coronavirus Job Retention Support Scheme grants, as well as Business Rates Relief received from the government during the pandemic. In the opinion of the directors, there are no material unfulfilled conditions or other contingencies relating to this income.

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 894,954 648,706
Social security costs 74,612 64,541
Other pension costs 93,545 85,035
1,063,111 798,282

The average number of employees during the year was as follows:
2023 2022

Warehouse 11 8
Distribution 10 9
Administration 8 8
29 25

2023 2022
£    £   
Directors' remuneration 22,288 22,169
Directors' pension contributions to money purchase schemes 80,000 79,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

During the year the company also paid £96,500 (2022: £51,500) in management charges for the services of both directors.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 13,646 13,386
Depreciation - owned assets 79,248 60,093
Depreciation - assets on hire purchase contracts 142,842 68,870
(Profit)/loss on disposal of fixed assets (65,665 ) 14,433
Auditors' remuneration 30,000 -

Becsco Limited (Registered number: 03867698)

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

6. OPERATING PROFIT - continued

The auditors were appointed after the 31 March 2022 year end and their 2022 audit fee has been charged in the 2023 financial statements.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 206,781 71,939
Hire purchase 12,993 5,757
Invoice financing charges 63,409 52,848
283,183 130,544

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (5,707 ) (72,271 )

Deferred tax 77,707 117,012
Tax on profit 72,000 44,741

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 497,748 134,457
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

94,572

25,547

Effects of:
Expenses not deductible for tax purposes 1,635 3,610
Income not taxable for tax purposes (12,476 ) -
Capital allowances in excess of depreciation (76,235 ) (76,908 )
Utilisation of tax losses (7,496 ) -
Adjustments to tax charge in respect of previous periods (5,707 ) (26,403 )
Research and development - (45,868 )
Tax losses generated - 47,751
Deferred tax 77,707 117,012
Total tax charge 72,000 44,741

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 135,000 22,000

Becsco Limited (Registered number: 03867698)

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

10. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 269,486 1,056,780 1,326,266
Additions 69,816 570,097 639,913
Disposals - (108,644 ) (108,644 )
At 31 March 2023 339,302 1,518,233 1,857,535
DEPRECIATION
At 1 April 2022 159,257 537,307 696,564
Charge for year 36,009 186,081 222,090
Eliminated on disposal - (63,809 ) (63,809 )
At 31 March 2023 195,266 659,579 854,845
NET BOOK VALUE
At 31 March 2023 144,036 858,654 1,002,690
At 31 March 2022 110,229 519,473 629,702

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 62,000 611,395 673,395
Additions - 447,557 447,557
Transfer to ownership - (84,885 ) (84,885 )
At 31 March 2023 62,000 974,067 1,036,067
DEPRECIATION
At 1 April 2022 12,400 226,849 239,249
Charge for year 9,920 132,922 142,842
Transfer to ownership - (71,354 ) (71,354 )
At 31 March 2023 22,320 288,417 310,737
NET BOOK VALUE
At 31 March 2023 39,680 685,650 725,330
At 31 March 2022 49,600 384,546 434,146

11. STOCKS
2023 2022
£    £   
Stocks 4,139,860 3,542,084

Becsco Limited (Registered number: 03867698)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,572,606 2,077,870
Other debtors 306,967 165,858
Related party balances 478,057 500,901
Directors' current accounts 147,699 -
Tax - 26,403
Prepayments and accrued income 21,470 21,470
3,526,799 2,792,502

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 9,911 9,666
Hire purchase contracts (see note 16) 167,730 117,738
Trade creditors 5,374,186 4,770,883
Social security and other taxes 20,230 2,158
Related party balances 1,000 -
Accrued expenses 20,194 3,187
5,593,251 4,903,632

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 15) 24,112 33,235
Hire purchase contracts (see note 16) 497,679 314,036
Directors' loan accounts - 2,301
521,791 349,572

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,911 9,666

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,162 9,124

Amounts falling due between two and five years:
Bank loans - 2-5 years 13,950 24,111

Becsco Limited (Registered number: 03867698)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 167,730 117,738
Between one and five years 497,679 314,036
665,409 431,774

Non-cancellable operating leases
2023 2022
£    £   
Within one year 74,634 114,501
Between one and five years 416,135 463,125
In more than five years 381,094 394,978
871,863 972,604

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 665,409 431,774

The net obligations under hire purchase contracts are secured on the assets, held on the balance sheet, to which they relate. The contracts are repayable over between 1 and 5 years and carry an annual interest rate of between 2.53% and 4.48%.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 194,719 117,012

Deferred
tax
£   
Balance at 1 April 2022 117,012
Charge to Statement of Comprehensive Income during year 77,707
Balance at 31 March 2023 194,719

Becsco Limited (Registered number: 03867698)

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

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

The Ordinary shares carry full voting and distribution rights.

20. RESERVES
Retained
earnings
£   

At 1 April 2022 2,175,307
Profit for the year 425,748
Dividends (135,000 )
At 31 March 2023 2,466,055

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr S Padgett
Balance outstanding at start of year (2,301 ) (2,711 )
Amounts advanced 76,150 410
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,849 (2,301 )

Mrs C L Padgett
Balance outstanding at start of year - -
Amounts advanced 73,850 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,850 -

All advances and credits granted to the directors by the company are interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

Entities that provide key management personnel services to the entity

During the year the company received key management personnel services totalling £96,500 (2022: £51,500) from an unincorporated partnership owned and controlled by the directors. The balance due to the partnership from Becsco Limited at 31 March 2023 was £1,000 (2022: £4,000 due from the partnership) and is included within creditors due within one year.

Becsco Limited (Registered number: 03867698)

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

Other related parties

During the year the company sold trade goods totalling £395,028 (2022: £384,202) to, and bought trade goods totalling £323,899 (2022: £328,045) from, a company of which S Padgett is a director and shareholder. The amount due from that company to Becsco Limited at 31 March 2023 was £478,057 (2022: £496,901) and is included within debtors due within one year.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are S and CL Padgett.