REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEYONDLY GLOBAL LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEYONDLY GLOBAL LIMITED |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
BEYONDLY GLOBAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
General Review |
The principal activities of the business continue to be centred around environmental compliance and consultancy, but with a renewed focus of being a 'business for good'. The business is now proud to officially call itself purpose driven, with all decision-making being underpinned by the principles of B Corp. |
Comply Direct was extremely proud to achieve B Corp status in September 2022; B Corps are businesses who meet the highest standards of social and environmental responsibility. Becoming a B Corp makes a business legally required to consider the impact of their decisions on all stakeholders. This includes but is not limited to their people, customers, suppliers, local communities, and the environment, as opposed to just maximising profit for shareholders. |
A further attraction in becoming a B Corp is also that B-Corps have faster turnover growth than traditional businesses, they also have higher levels of employee retention and are innovative and more successful in securing investment. In addition, they are more diverse organisations and importantly, are better equipped to be resilient in tough times. |
The company again experienced growth during the year in terms of number of customers, compliance obligations and an impressive 88% increase in revenue from other consultancy services. The growth in consultancy has been achieved through the execution of an ambitious growth strategy in this area and due to there being growth in the number of companies seeking environmental consultancy support. Delivering the highest level of customer service remains a priority, and this is reflected in the customer net promoter score of 84. |
Unprecedented high pricing levels were seen in the packaging recycling evidence (PRN) market which inevitably impacted company turnover resulting in a reported increase of 137%. A 44% increase in admin expenses is reported which is as a result of growing the team, a necessity to ensure the ongoing quality of operations, growth in new services, and preparation for regulatory reform. |
At the start of the year, nobody could have predicted the level of volatility in the PRN market, and this remained a huge challenge throughout the year as the team worked hard to try and protect our packaging producer members from the price hikes as much as possible. |
In order to facilitate future growth and ambition, it was determined at the start of the year that the company needed to undertake a rebrand project and a significant investment was made to engage the support of an experienced, B Corp accredited external agency. The project has proved to be a big success already and we launched the new brand 'Beyondly' from the 1st April 2023. |
The challenges in the PRN market have ultimately meant that the overall operating profit has seen a decrease of 17%, however, this presented an opportunity to further enhance the procurement strategy, and the Directors remain confident in an upward trajectory in the forthcoming year. |
The company balance sheet remains strong with a Net Current Asset position of £6,163,914. |
Last year saw the introduction of the 'Fund for Change' programme whereby the company made available 5% of net profit. Charitable organisations were able to apply for a proportion of the fund and we were proudly able to support 10 different charities in the first year. |
The end of the year saw the resignation of Sarah Foster as Managing Director and the company wishes her well in her new endeavours. |
People |
Our people are at the heart of our business' success. We grew the team with 20 new appointments during the previous financial year and with a focus on internal promotion, saw 15 existing employees promoted into new roles. |
Our company values of trust, commitment, respect, passion and innovation underpin everything that we do, and we use these values to determine who is the right fit to join our circle. As a result, we've got a team of highly committed people who are passionate about delivering against our purpose of leading, inspiring and educating to positively impact society and the environment. |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
Some of the key highlights during the last year in relation to people are; |
- |
We joined only 5% of Investors in People accredited businesses in achieving the highest attainment possible at platinum level |
- |
By way of providing alternative routes to employment for prospective candidates, we had a specific focus on apprenticeships recruiting 3 new apprentices to the team |
- |
In a bid to strengthen links with local education providers, we delivered various talks, attended careers fairs and offered multiple work experience placements for students |
- | We introduced two new staff benefits; life leave and menopause support |
- | The team carried out a total 215 hours of volunteering with impacts including (but not limited to); |
o Over 1000 plastic tree guards removed from local woodland and sent for recycling |
o Planting of approximately 675 trees on rural land |
- |
Introduction of a new reward framework focused around the B Corp principles which saw an increase in bonuses paid to all employees across the business, increased cross-team collaboration, and an equal focus across people, planet and performance |
- |
We continued our awards success by winning the following; The Great British Workplace Wellbeing Awards -Best Wellbeing in the Workplace Strategy, HR Brilliance Awards - Brilliance in Employee Engagement, Employee Experience Awards - Best Flexible Working Initiative, FSB Awards - High Growth Business of the Year and were also shortlisted in the FSB sustainability award |
- | Achieved an employee Net Promoter Score of 80 |
- | Raised/donated £3,619.27 to charitable causes outside of the fund for change programme |
Planet |
With a continued commitment to preserving and protecting our environment, and with our vision of a better, fairer, sustainable world for all in mind some of our key highlights in this area were; |
- |
Ran our first 'Beyond Tomorrow' online festival in March 2023 with over 200 attendees and with a focus on igniting environmental change. We welcomed a range of guest speakers and exemplar businesses across the sustainability industry to the event |
- |
As part of our fund for change programme, donated to the National Oceanography Centre's (NOC) Blue Carbon project, which supports the carbon coring and analysis of a key coastal site. Our donation gives NOC the opportunity to restore the degraded sites as part of the global effort to combat climate change and preserve biodiversity |
- |
Investment in CSX Carbon who have developed new technology and scientific approaches to quantifying and proving the validity of carbon offsets |
- |
Calculated all our scope 1, 2 and 3 emissions for the first time with overall emissions having reduced by 0.9% since 2021 |
- |
Offset our emissions with 25% from UK long-term storage projects and 75% from international avoidance projects |
- |
In support of our commitment to being a net zero organisation by 2030, moved to a new office which facilitated a switch to ground-sourced heating |
- | Introduced a staff car sharing initiative with 1063 shared miles being recorded to date |
- | tCO2e saving of 2.25 from car miles completed in the pool company electric vehicle |
- |
Continued support of the Climate Emergency Bill, and the Better Business Act which calls for a change in law to Section 172 of the Companies Act to make sure that company directors are responsible for aligning their interests with those of wider society and the environment, not just to maximise profits |
- |
Introduction of impact reward tokens for our members and customers which sees them being able to earn tokens for certain behaviours which can be converted into charitable donations |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
Principle risks and uncertainties |
Undoubtedly the biggest risk and uncertainty for the business is brought about by the planned legislative change. 2023 will see the first stage of EPR (Extended Producer Responsibility), being rolled out with further stages expected to be phased over the next few years, however, there is continued speculation in relation to delays, and a lack of clarity around the specific costs for producers as well as other elements of the reform. We are also expecting to see the first stage of the WEEE and Batteries consultations later in the year and whilst it is not yet known what this will entail, early indications suggest the introduction of a category for vapes, an obligation for online market places and incentivisation for eco-design and reuse will be featured. Whilst the reforms bring risks and uncertainties, the opportunities are also clear. |
Future Focus |
With the departure of Sarah Foster as Managing Director on 24th March, Jessica Aldersley was appointed to the role with effect 1st April 2023, and the board of Directors has been further strengthened with the appointment of Oksana Rigby as Commercial Director with effect 3rd July 2023. |
Jessica has been with the business since inception in 2006, previously in the role of Director of Talent, Culture and Operations but having held a variety of roles across the business making her well placed to drive the business forward under the new brand. |
Oksana brings with her a wealth of experience, joining Beyondly from within the waste industry. |
The team have been working hard in developing departmental strategic business plans over the first few months of the new financial year which will serve to further enhance the company roadmap. A clear set of goals have been established, taking Beyondly through to 2030 which support the company vision and will serve to ensure the company is profitably delivering against its defined purpose. |
ON BEHALF OF THE BOARD: |
19 October 2023 |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
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. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
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. |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
AUDITORS |
The auditors, Wallwork Nelson & Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEYONDLY GLOBAL LIMITED |
Opinion |
We have audited the financial statements of Beyondly Global Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other 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 the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its 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 opinion |
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 Auditors' 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 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. |
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 Report of the Auditors 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. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEYONDLY GLOBAL LIMITED |
Matters on which we are required to report by exception |
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. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or 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; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 a Report of the Auditors 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: |
- | Enquiry of management and those charged with governance around actual and potential litigation and claims. |
- | Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and |
regulations. |
- | Reviewing minutes of meetings of those charged with governance. |
- | Reviewing financial statement disclosures and testing to support documentation to assess compliance with |
applicable laws and regulations. |
- | Auditing the risk of management override of controls and evaluating the business rationale of significant |
transactions outside the normal course of business. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEYONDLY GLOBAL LIMITED |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Chandler House |
7 Ferry Road Office Park |
Riversway |
Preston |
Lancashire |
PR2 2YH |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Exceptional items | 5 |
2,795,504 | 3,442,179 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
BALANCE SHEET |
31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (249,715 | ) | - |
Sale of fixed asset investments |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
8,405,763 |
Cash and cash equivalents at end of year | 2 | 3,549,504 | 11,224,578 |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31/3/23 | 31/3/22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (51,605 | ) | (1,240 | ) |
2,836,312 | 3,465,963 |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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 | 3,549,504 | 11,224,578 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 11,224,578 | 8,405,763 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank | 11,224,578 | (7,675,074 | ) | 3,549,504 |
11,224,578 | ( |
) | 3,549,504 |
Total | 11,224,578 | (7,675,074 | ) | 3,549,504 |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Beyondly Global Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
Depreciation is provided on all tangible fixed assets when brought into use at rates calculated to write off the cost or valuation, less residual value, of each asset on a straight line basis over its expected useful economic life as follows: |
Fixtures and fittings | - 50% on cost |
Computer equipment | - 50% on cost |
Motor Vehicles - 50% on cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
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. |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
Financial instruments |
Financial instruments are recognised in the balance sheet when the Company has become a party to the contractual provisions of the instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. |
3. | EMPLOYEES AND DIRECTORS |
31/3/23 | 31/3/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/3/23 | 31/3/22 |
Management | 7 | 5 |
Sales and administrative | 37 | 29 |
31/3/23 | 31/3/22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/3/23 | 31/3/22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | EXCEPTIONAL ITEMS |
31/3/23 | 31/3/22 |
£ | £ |
Exceptional items |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year over provision | (6,650 | ) | - |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
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: |
31/3/23 | 31/3/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Total tax charge | 522,371 | 652,905 |
7. | DIVIDENDS |
31/3/23 | 31/3/22 |
£ | £ |
Final |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
496 Seed Preferred Ordinary Shares were purchased in Climate Solutions Exchange Ltd during the year. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Deferred tax asset |
Prepayments and accrued income |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/23 | 31/3/22 |
£ | £ |
Trade creditors |
Tax |
VAT | - | 250,679 |
Other creditors |
Directors' current accounts | 1,000,234 | 1,000,334 |
Accruals and deferred income |
12. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Within one year |
Between one and five years |
13. | PROVISIONS FOR LIABILITIES |
31/3/22 |
£ |
Deferred tax | 13,395 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 | ( |
) |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/23 | 31/3/22 |
value: | £ | £ |
Ordinary New | 1p | 100 | 100 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
BEYONDLY GLOBAL LIMITED (REGISTERED NUMBER: 05695937) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | PENSION COMMITMENTS |
The company operates an independently administered defined contribution pension scheme on behalf of all its staff. The pension costs charge represents the contributions payable by the company in the year and amounts to £86,117 (2022: £48,970). |
17. | RELATED PARTY DISCLOSURES |
Recycling in Action Limited is a company which shares common ownership. No transactions occurred during the year. At the year end a balance of £66,614 (2022: £66,614) was included in other creditors. |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the directors and shareholders. |