IRIS Accounts Production v23.2.0.158 03056649 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030566492022-05-31030566492023-05-31030566492022-06-012023-05-31030566492021-05-31030566492021-06-012022-05-31030566492022-05-3103056649ns10:Originalns15:EnglandWales2022-06-012023-05-3103056649ns14:PoundSterlingns10:Original2022-06-012023-05-3103056649ns10:Originalns10:Director12022-06-012023-05-3103056649ns10:Original2022-06-012023-05-3103056649ns10:Original2023-05-3103056649ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3103056649ns10:Originalns10:SmallEntities2022-06-012023-05-3103056649ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3103056649ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3103056649ns10:Originalns10:FullAccounts2022-06-012023-05-3103056649ns10:Original12022-06-012023-05-3103056649ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3103056649ns10:Originalns10:Director22022-06-012023-05-3103056649ns10:Originalns10:Director32022-06-012023-05-3103056649ns10:Originalns10:Director42022-06-012023-05-3103056649ns10:CompanySecretary1ns10:Original2022-06-012023-05-3103056649ns10:Originalns10:RegisteredOffice2022-06-012023-05-3103056649ns10:Original2022-05-3103056649ns10:Originalns5:CurrentFinancialInstruments2023-05-3103056649ns10:Originalns5:CurrentFinancialInstruments2022-05-3103056649ns5:ShareCapitalns10:Original2023-05-3103056649ns5:ShareCapitalns10:Original2022-05-3103056649ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3103056649ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3103056649ns10:Originalns5:NetGoodwill2022-06-012023-05-3103056649ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-06-012023-05-3103056649ns10:Originalns5:FurnitureFittings2022-06-012023-05-3103056649ns10:Originalns5:MotorVehicles2022-06-012023-05-3103056649ns10:Originalns5:ComputerEquipment2022-06-012023-05-3103056649ns10:Original2021-06-012022-05-3103056649ns10:Originalns5:NetGoodwill2022-05-3103056649ns10:Originalns5:NetGoodwill2023-05-3103056649ns10:Originalns5:NetGoodwill2022-05-3103056649ns10:Originalns5:FurnitureFittings2022-05-3103056649ns10:Originalns5:MotorVehicles2022-05-3103056649ns10:Originalns5:ComputerEquipment2022-05-3103056649ns10:Original2022-05-3103056649ns10:Originalns5:FurnitureFittings2023-05-3103056649ns10:Originalns5:MotorVehicles2023-05-3103056649ns10:Originalns5:ComputerEquipment2023-05-3103056649ns10:Originalns5:FurnitureFittings2022-05-3103056649ns10:Originalns5:MotorVehicles2022-05-3103056649ns10:Originalns5:ComputerEquipment2022-05-3103056649ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3103056649ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3103056649ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3103056649ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3103056649ns10:Originalns5:DeferredTaxation2022-05-3103056649ns10:Originalns5:DeferredTaxation2023-05-3103056649ns10:Originalns10:OrdinaryShareClass12023-05-31
REGISTERED NUMBER: 03056649 (England and Wales)









BELMEY INDUSTRIAL SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BELMEY INDUSTRIAL SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: M G Bell
Mrs D Bell
S P Bolderson
T Mulroy





SECRETARY: Mrs D Bell





REGISTERED OFFICE: CHURCHGATE HOUSE
CHURCH ROAD
CARDIFF
CF14 2DX





REGISTERED NUMBER: 03056649 (England and Wales)






BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 18,750
Tangible assets 5 107,092 133,203
107,092 151,953

CURRENT ASSETS
Stocks 213,775 240,102
Debtors 6 243,698 194,007
Cash at bank and in hand 345,050 268,112
802,523 702,221
CREDITORS
Amounts falling due within one year 7 130,655 129,157
NET CURRENT ASSETS 671,868 573,064
TOTAL ASSETS LESS CURRENT
LIABILITIES

778,960

725,017

PROVISIONS FOR LIABILITIES 9 25,646 24,228
NET ASSETS 753,314 700,789

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

BALANCE SHEET - continued
31 MAY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 753,312 700,787
SHAREHOLDERS' FUNDS 753,314 700,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14 November 2023 and were signed on its behalf by:





T Mulroy - Director


BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Belmey Industrial Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management makes an estimate of the recoverable value of trade and other debtors. When assessing these balances for impairment, management considers a range of factors including the current credit rating of the debtor, ageing profile as well as historical experience.

The company's principal activity is that of the retail sale of industrial supplies. An obsolete stock provision is recognised with reference to the age of the retail stock held.

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods:

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is at the point that the customer has signed for the delivery of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except where deferred in other comprehensive income as qualifying cash flow hedges.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 benefit will be required in settlement and the amount can be reliable estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured 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 assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 375,000
AMORTISATION
At 1 June 2022 356,250
Charge for year 18,750
At 31 May 2023 375,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 18,750

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 173,161 97,621 101,549 372,331
Additions 2,843 - 3,668 6,511
At 31 May 2023 176,004 97,621 105,217 378,842
DEPRECIATION
At 1 June 2022 105,262 69,146 64,720 239,128
Charge for year 10,476 7,119 15,027 32,622
At 31 May 2023 115,738 76,265 79,747 271,750
NET BOOK VALUE
At 31 May 2023 60,266 21,356 25,470 107,092
At 31 May 2022 67,899 28,475 36,829 133,203

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 231,834 189,528
VAT - 2,885
Prepayments 11,864 1,594
243,698 194,007

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,200 -
Hire purchase contracts (see note 8) - 1,276
Trade creditors 57,308 81,953
Tax 44,157 30,471
Social security and other taxes 3,354 2,646
VAT 15,440 -
Accruals and deferred income 7,196 12,811
130,655 129,157

BELMEY INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03056649)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year - 1,276

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 25,646 24,228

Deferred
tax
£   
Balance at 1 June 2022 24,228
Accelerated capital allowances 1,418
Balance at 31 May 2023 25,646

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

11. OTHER FINANCIAL COMMITMENTS

At 31 May 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £30,500 (2022 - £30,500).

12. TRANSACTIONS WITH DIRECTORS

All loans are on an interest free basis at fair value and repayable on demand.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr M G Bell and Mrs D Bell.