Registered number
06654893
BESTING LIMITED
Filleted Accounts
31 December 2022
BESTING LIMITED
Company Information
Directors
R Simpson (appointed on 19 September 2023)
A Simonetti (appointed on 19 September 2023)
J Callister (resigned on 19 September 2023)
Secretary
London Secretaries Limited (resigned on 19 September 2023))
Auditors
Matthew Edwards & Co
2nd Floor
Queen Victoria House
Victoria Street
Douglas, Isle of Man
IM1 2LF
Registered office
Unit 5 Drakes Courtyard
291 Kilburn Road
London
NW6 7JR
Registered number
06654893
BESTING LIMITED
Registered number: 06654893
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Investments 6 348,765 295,327
Current assets
Stocks - 4,000
Debtors 7 21,262 30,371
Cash at bank and in hand 103,917 161,749
125,179 196,120
Creditors: amounts falling due within one year 8 (8,980,465) (8,602,873)
Net current liabilities (8,855,286) (8,406,753)
Net liabilities (8,506,521) (8,111,426)
Capital and reserves
Called up share capital 1 1
Profit and loss account (8,506,522) (8,111,427)
Shareholder's funds (8,506,521) (8,111,426)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Simpson
Director
Approved by the board on 25 October 2023
BESTING LIMITED
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounling policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements have been prepared on the going concern basis. This is considered appropriate as the ultimate beneficial shareholders will continue to provide financial support to the company for the foreseeable future.
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intan9 ie asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. Amortisation is recognised so as to write oPthe cost or valuation of assets less their residual values over their useful lives on the following bases:
Software - 50% Straight Line
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. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Fixtures, fittings and equipment 50% Straight Line
Fixed Assets Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long- term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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 cost and replacement 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.

Stock was valued by the Director of the company at the net realisable value.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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’ and Section 12 'Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and 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 debtors 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 transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:
Basic financial liabilities, induding creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pñce and subsequently measured at amortised cost using the effective interest method.
Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.Termination benefits are recognised immediatety as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement Benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Foreign Exchange
Transactions in currencies other than GBP are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Judgements and key sources of estimation uncertainty
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.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Nigel Morris
Firm: Matthew Edwards & Co
Date of audit report: 25 October 2023
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 1
4 Intangible fixed assets £
Software:
Cost
At 1 January 2022 7,481
At 31 December 2022 7,481
Amortisation
At 1 January 2022 7,481
At 31 December 2022 7,481
Net book value
At 31 December 2022 -
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 631,868
At 31 December 2022 631,868
Depreciation
At 1 January 2022 631,868
At 31 December 2022 631,868
Net book value
At 31 December 2022 -
6 Investments
Other
investments
£
Cost
At 1 January 2022 295,327
Additions 53,438
At 31 December 2022 348,765
7 Debtors 2022 2021
£ £
Trade debtors - 7,787
Other debtors 21,262 22,584
21,262 30,371
8 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 85,762 14,652
Shareholder Loan 8,005,993 7,707,307
Other creditors 888,710 880,914
8,980,465 8,602,873
9 Audit Report Information
As the income statement has been omitted from the financial statements, the following inforrriation in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor’s report was unqualified.

Emphasis of matter re Going Concern
We draw attention to note of the financial statements, which describes the Company’s reliance on continued support from its ultimate controlling party. Additionally we draw your attention to note which indicates that the stock was valued by the director of the company.
The opinion was not modified in tnese respects. The auditor was Matthew Edwards & Co.
10 Related party transactions
During the year, the company made purchases of £72,478 (2021: £74,321) from LM Europe SA, its parent company. As at 31 December 2022, an amount of £73,663 (2021: nil) was due to LM Europe SA from trading activity.
LM Europe SA also provided shareholders loans of £niI during 2022 (2021: £485,302), and as at 31 December 2022 an amount of £8,005,993 (2021: £7,707,307) was due to LM Europe SA as shareholders loans.
11 Controlling party
The ultimate controlling party is Mr Lando Simonetti who indirectly holds more than 75% of the shares in the Company
12 Other information
BESTING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Drakes Courtyard
291 Kilburn Road
London
NW6 7JR
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