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Registration number: 06747374

Better Equipped Educational Supplies Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Better Equipped Educational Supplies Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Better Equipped Educational Supplies Ltd

Company Information

Directors

CL Sherbourne

TD Crawley

HL Mackenzie

DA Scoltock

I Mackenzie

Registered office

18-20 Moorland Road
Burslem
Stoke-on-Trent
Staffordshire
ST6 1DW

 

Better Equipped Educational Supplies Ltd

(Registration number: 06747374)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

17,161

13,247

Current assets

 

Stocks

6

744,712

591,507

Debtors

7

562,270

545,590

Cash at bank and in hand

 

254,680

409,623

 

1,561,662

1,546,720

Creditors: Amounts falling due within one year

8

(699,171)

(590,233)

Net current assets

 

862,491

956,487

Total assets less current liabilities

 

879,652

969,734

Creditors: Amounts falling due after more than one year

8

(145,833)

(215,833)

Net assets

 

733,819

753,901

Capital and reserves

 

Called up share capital

900

900

Retained earnings

732,919

753,001

Shareholders' funds

 

733,819

753,901

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
TD Crawley
Director

 

Better Equipped Educational Supplies Ltd

(Registration number: 06747374)
Balance Sheet as at 31 March 2023

.........................................
DA Scoltock
Director

.........................................
I Mackenzie
Director

 

Better Equipped Educational Supplies Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18-20 Moorland Road
Burslem
Stoke-on-Trent
Staffordshire
ST6 1DW
England

The principal place of business is:
Wrenbury Business Park
Wrenbury Road
Wrenbury
Nantwich
Cheshire
CW5 8EB

These financial statements were authorised for issue by the Board on 3 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Better Equipped Educational Supplies Ltd

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

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line basis

Fixtures and fittings

25% straight line basis

Plant and machinery

25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Better Equipped Educational Supplies Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2022 - 40).

4

Profit before tax

Arrived at after charging/(crediting)

 

Better Equipped Educational Supplies Ltd

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

2023
£

2022
£

Depreciation expense

9,483

6,745

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

62,061

4,035

66,096

Additions

3,390

10,007

13,397

At 31 March 2023

65,451

14,042

79,493

Depreciation

At 1 April 2022

48,975

3,874

52,849

Charge for the year

6,928

2,555

9,483

At 31 March 2023

55,903

6,429

62,332

Carrying amount

At 31 March 2023

9,548

7,613

17,161

At 31 March 2022

13,086

161

13,247

6

Stocks

2023
£

2022
£

Other inventories

744,712

591,507

7

debtors

Current

2023
£

2022
£

Trade debtors

423,798

409,162

Prepayments

58,538

55,039

Other debtors

79,934

81,389

 

562,270

545,590

 

Better Equipped Educational Supplies Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

72,164

70,000

Trade creditors

 

398,956

420,735

Taxation and social security

 

197,782

95,448

Accruals and deferred income

 

30,269

4,050

 

699,171

590,233

 

Better Equipped Educational Supplies Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

145,833

215,833

9

Related party transactions

 

Better Equipped Educational Supplies Ltd

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

Transactions with directors

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

TD Crawley

Loan account

27,467

(17,467)

10,000

       
     

HL Mackenzie

Loan account

10,000

-

10,000

       
     

CL Sherbourne

Directors loan

27,467

(17,467)

10,000

       
     

I Mackenzie

Directors loan

10,000

-

10,000

       
     

DA Scoltock

Director's loan

10,000

-

10,000

       
     

 

Better Equipped Educational Supplies Ltd

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

 

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

TD Crawley

Loan account

10,599

16,868

27,467

       
     

HL Mackenzie

Loan account

10,000

-

10,000

       
     

CL Sherbourne

Directors loan

10,000

17,467

27,467

       
     

I Mackenzie

Directors loan

10,000

-

10,000

       
     

DA Scoltock

Director's loan

10,000

-

10,000