Company Registration No. 06371995 (England and Wales)
BEAMAN FASCIAS & ROOFING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BEAMAN FASCIAS & ROOFING LIMITED
COMPANY INFORMATION
Director
Mr N D Beaman
Company number
06371995
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
BEAMAN FASCIAS & ROOFING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BEAMAN FASCIAS & ROOFING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEAMAN FASCIAS & ROOFING 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 Fascias & Roofing 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 Fascias & Roofing 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 Fascias & Roofing Limited and state those matters that we have agreed to state to the Board of Directors of Beaman Fascias & Roofing 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 Fascias & Roofing Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Beaman Fascias & Roofing 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 Fascias & Roofing Limited. You consider that Beaman Fascias & Roofing 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 Fascias & Roofing 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 FASCIAS & ROOFING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,062
6,750
Current assets
Stocks
16,973
8,219
Debtors
4
10,708
10,286
Cash at bank and in hand
26
79
27,707
18,584
Creditors: amounts falling due within one year
5
(18,585)
(7,323)
Net current assets
9,122
11,261
Total assets less current liabilities
14,184
18,011
Creditors: amounts falling due after more than one year
6
(11,312)
(15,333)
Provisions for liabilities
7
(962)
(1,283)
Net assets
1,910
1,395
Capital and reserves
Called up share capital
9
285
285
Profit and loss reserves
1,625
1,110
Total equity
1,910
1,395
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 FASCIAS & ROOFING 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. 06371995
BEAMAN FASCIAS & ROOFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Beaman Fascias & Roofing 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, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Motor vehicles
25% 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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BEAMAN FASCIAS & ROOFING 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022 and 31 March 2023
12,000
Depreciation and impairment
At 1 April 2022
5,250
Depreciation charged in the year
1,688
At 31 March 2023
6,938
Carrying amount
At 31 March 2023
5,062
At 31 March 2022
6,750
BEAMAN FASCIAS & ROOFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,000
Amounts owed by group undertakings
708
10,286
10,708
10,286
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,023
4,000
Trade creditors
7,186
749
Taxation and social security
3,933
442
Other creditors
3,443
2,132
18,585
7,323
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,312
15,333
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
962
1,283
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
15,335
19,333
Bank loans are secured by way of a government-backed guarantee.
BEAMAN FASCIAS & ROOFING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
240 Ordinary A of £1 each
240
240
30 Ordinary B of £1 each
30
30
15 Ordinary C of 50p each
15
15
285
285
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions.
11
Ultimate controlling party
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.