Registration number:
Bezaleel Limited
for the Year Ended 25 February 2023
Bezaleel Limited
(Registration number: NI609143)
Balance Sheet as at 25 February 2023
Note |
2023 |
2022 |
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Current assets |
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Stocks |
|
|
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Total assets less current liabilities |
( |
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|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
2 |
2 |
|
Retained earnings |
(40,110) |
(27,688) |
|
Shareholders' deficit |
(40,108) |
(27,686) |
For the financial year ending 25 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Bezaleel Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 February 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Northern Ireland
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.
The presentation currency is £ Sterling.
Going concern
The company's balance sheet position as at 25 February 2023 shows net liabilities of £40,108 (2022: £27,686) and the company is dependant on support from its directors, in order to continue to pay its liabilities as they fall due. The directors have undertaken to provide such financial support as may be necessary for a period of at least one year from the date of signing of the financial statements.
The directors have reviewed the applicability of the going concern principle and have determined that it is appropriate to prepare the company's accounts on the basis that it will continue as a going concern for the foreseeable future.
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.
Bezaleel Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 February 2023
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.
Debtors
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 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.
Creditors
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.
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.
Financial instruments
Classification
Bezaleel Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 February 2023
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
2023 |
2022 |
|
VAT |
- |
|
Other debtors |
|
|
|
|
Bezaleel Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 February 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
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Loans and borrowings |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
Directors' Loan Account |
- |
661 |
|
|
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Due after one year |
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Loans and borrowings |
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|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Bezaleel Limited
Notes to the Unaudited Financial Statements for the Year Ended 25 February 2023
Related party transactions |
Transactions with the director |
2023 |
At 26 February 2022 |
Advances to director |
At 25 February 2023 |
Peter Cleland |
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|
( |
|
- |
The above loan is unsecured, interest free and repayable on demand.
Other Related Party Transactions
Ebenezer Properties N.I. Ltd, a company which had a common director, is owed £3,846 by the company (2022: -£5,844).
Grace Communications N.I. Ltd, a company which had common directors, owed the company £NIL (2022: £20,823).
Trinity Investments (N.I.) Ltd, a company which had common directors, is owed by the company £NIL (2022: £11,900).
Step 2 Developments Ltd, a company which had common directors, is owed £50,000 by the company (2022: £50,000).