REGISTERED NUMBER: |
C. BEECH & SONS (NETHERTON) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
REGISTERED NUMBER: |
C. BEECH & SONS (NETHERTON) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
C. BEECH & SONS (NETHERTON) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Churchfield House |
36 Vicar Street |
Dudley |
West Midlands |
DY2 8RG |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
BALANCE SHEET |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Non distributable profit and |
loss reserve | 10 |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
BALANCE SHEET - continued |
30TH APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
C. Beech & Sons (Netherton) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods. |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold property - 2% om cost |
Computer equipment - 33% on cost |
Plant and machinery - 15% on reducing balance |
Fixture and fittings - 15% on reducing balance |
Motor vehicles - 25% on reducing balance |
Office equipment - 15% on reducing balance |
Freehold property includes land and buildings. Freehold land included within freehold property has not been depreciated. |
Tangible fixed assets are stated under the historical cost model at historical cost less accumulated depreciation and any accumulated losses. Historical cost included expenditure that is directly attributable to bringing the asset to its location and condition necessary for it to be capable of operating. |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is and indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds on sale with the carrying amount and are recognised within 'operating profit' in the income statement. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. |
Investment property is carried at fair valuer determined annually by the directors using their knowledge of the current property market. No depreciation is provided on investment property. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first in, first out formula. |
Net realisable value is based on estimated selling price less any further costs expected to be incurred for completion and sale. Any impairment loss is recognised in the income statement. |
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. |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
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 the income statement 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. It also makes employer contributions into staff personal pension schemes. All contributions payable for the year are charged in the income statement. |
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations. |
Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plans are held separately from the company in independently administered funds. |
Employee benefits |
When employees have rendered services to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
Valuation of investments |
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses are recognised in the Statement of Comprehensive Income. |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents includes deposits held at call at banks. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at transaction price, less any impairment. |
Impairment |
Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying value. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Office | Plant and |
property | equipment | machinery |
£ | £ | £ |
COST |
At 1st May 2022 |
Additions |
Disposals | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30th April 2023 |
DEPRECIATION |
At 1st May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Freehold property was valued in July 2000 on an open market basis by an independent valuer at £969,999. This is the most recent valuation, and the company has elected to use this valuation as its deemed cost on transition. Historic cost was £567,367. |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Fair value at 30th April 2023 is represented by: |
£ |
Valuation in 2022 | 1,032,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 431,810 | 431,810 |
Investment properties were valued on a fair value basis basis on 30th April 2023 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Corporation tax recoverable |
Prepayments |
7. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 98,793 | 119,890 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
C. BEECH & SONS (NETHERTON) LIMITED (REGISTERED NUMBER: 00795354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
ordinary | £1 | 850 | 850 |
'A' ordinary | £1 | 150 | 150 |
1,000 | 1,000 |
10. | RESERVES |
Non |
distributable |
profit |
and loss |
reserve |
£ |
At 1st May 2022 |
Transfers | (37,734 | ) |
At 30th April 2023 |
11. | OTHER FINANCIAL COMMITMENTS |
At 30th April 2023 the company has operating lease commitments totalling £4,866 (2022 £1,007). |