Registered number |
Company Information |
Directors |
Secretary |
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 |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2022 | 2021 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 6 | ||||||
Current assets | |||||||
Stocks | - | ||||||
Debtors | 7 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 8 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholder's funds | ( |
( |
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R Simpson | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
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. |
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Turnover | ||||||||
Intangible fixed assets other than goodwill | ||||||||
Software - 50% Straight Line |
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Tangible fixed assets | ||||||||
Fixtures, fittings and equipment | 50% Straight Line | |||||||
Fixed Assets Investments | ||||||||
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. |
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Stocks | ||||||||
Stock was valued by the Director of the company at the net realisable value. |
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Cash and cash equivalents | ||||||||
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. |
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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. |
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Equity Instruments | ||||||||
Employee Benefits | ||||||||
Retirement Benefits | ||||||||
Foreign Exchange | ||||||||
Judgements and key sources of estimation uncertainty | ||||||||
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. |
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2 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
3 | Employees | 2022 | 2021 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
4 | Intangible fixed assets | £ | ||||||
Software: | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Amortisation | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | - | |||||||
5 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Depreciation | ||||||||
At 1 January 2022 | ||||||||
At 31 December 2022 | ||||||||
Net book value | ||||||||
At 31 December 2022 | - | |||||||
6 | Investments | |||||||
Other | ||||||||
investments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2022 | ||||||||
Additions | ||||||||
At 31 December 2022 | ||||||||
7 | Debtors | 2022 | 2021 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Other debtors | ||||||||
8 | Creditors: amounts falling due within one year | 2022 | 2021 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Shareholder Loan | ||||||||
Other creditors | ||||||||
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. |
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10 | Related party transactions | |||||||
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. |
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11 | Controlling party | |||||||
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 |