Company Registration No. 09273978 (England and Wales)
BEAMAN DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BEAMAN DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr N D Beaman
Company number
09273978
Registered office
Unit 4
Howard Road
Park Farm Industrial Estate
Redditch
Worcestershire
B98 7SE
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
26-28 Evesham Walk
Kingfisher Centre
Redditch
Worcestershire
B97 4EX
BEAMAN DEVELOPMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BEAMAN DEVELOPMENTS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEAMAN DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beaman Developments Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Beaman Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Beaman Developments Limited and state those matters that we have agreed to state to the Board of Directors of Beaman Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beaman Developments Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Beaman Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Beaman Developments Limited. You consider that Beaman Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Beaman Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
29 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BEAMAN DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,403
13,853
Current assets
Stocks
129,379
35,450
Debtors
4
45,974
31,693
Cash at bank and in hand
100
7,446
175,453
74,589
Creditors: amounts falling due within one year
5
(156,630)
(85,018)
Net current assets/(liabilities)
18,823
(10,429)
Total assets less current liabilities
38,226
3,424
Creditors: amounts falling due after more than one year
6
(42,679)
Provisions for liabilities
8
6,175
(2,405)
Net assets
1,722
1,019
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,622
919
Total equity
1,722
1,019
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BEAMAN DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 September 2023.
Mr N D Beaman
Director
Company Registration No. 09273978
BEAMAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Beaman Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Howard Road, Park Farm Industrial Estate, Redditch, Worcestershire, B98 7SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Motor vehicles
20% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BEAMAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 1).
BEAMAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
540
18,228
18,768
Additions
10,400
10,400
At 31 March 2023
540
28,628
29,168
Depreciation and impairment
At 1 April 2022
135
4,780
4,915
Depreciation charged in the year
81
4,769
4,850
At 31 March 2023
216
9,549
9,765
Carrying amount
At 31 March 2023
324
19,079
19,403
At 31 March 2022
405
13,448
13,853
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,970
31,693
Other debtors
4,004
45,974
31,693
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
21,510
Trade creditors
79,207
16,500
Amounts owed to group undertakings
35,244
45,998
Taxation and social security
10,481
16,687
Other creditors
10,188
5,833
156,630
85,018
BEAMAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,108
Other creditors
11,571
42,679
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
16,443
-
Bank overdrafts
8,269
Bank loans
44,349
-
69,061
-
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,405
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
76 Ordinary A of £1 each
76
76
24 Ordinary of £1 each
24
24
100
100
BEAMAN DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Control
Ultimate parent company
The ultimate parent company is Beaman Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr N D Beaman by virtue of his controlling interest in the ultimate parent company.