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COMPANY REGISTRATION NUMBER: 08703449
Becksway Limited
Filleted Unaudited Financial Statements
30 September 2023
Becksway Limited
Financial Statements
Year ended 30 September 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Becksway Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Becksway Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Becksway Limited for the year ended 30 September 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Becksway Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Becksway Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Becksway Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Becksway Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Becksway Limited. You consider that Becksway Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Becksway Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
27 November 2023
Becksway Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Current assets
Stocks
615
Cash at bank and in hand
20,267
9,026
--------
-------
20,267
9,641
Creditors: amounts falling due within one year
6
8,267
25,602
--------
--------
Net current assets/(liabilities)
12,000
( 15,961)
--------
--------
Total assets less current liabilities
12,000
( 15,961)
Creditors: amounts falling due after more than one year
7
7,750
--------
--------
Net assets/(liabilities)
12,000
( 23,711)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
11,900
( 23,811)
--------
--------
Shareholders funds/(deficit)
12,000
( 23,711)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Becksway Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr N A Taylor
Director
Company registration number: 08703449
Becksway Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Troedrhiwhedwen Crossing Cottage, Llanbister Road, Llandrindod Wells, LD1 5UP, Powys.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The figures in the financial statements are rounded to the nearest whole pound.
Going concern
The trading activity of the company was sold on 19 July 2023. The company has been dormant since that date and it is the intention of the Director to wind up the company following the year end.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, Fittings & Furniture
-
20% straight line
Catering & Computer Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
To support businesses during the Covid-19 pandemic local and central Government have given businesses financial assistance through a variety of loans and grants. The total grants received in the prior year are shown as other operating income in the Statement of Comprehensive Income.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 October 2022
16,071
12,355
28,426
Disposals
( 16,071)
( 12,355)
( 28,426)
--------
--------
--------
At 30 September 2023
--------
--------
--------
Depreciation
At 1 October 2022
16,071
12,355
28,426
Disposals
( 16,071)
( 12,355)
( 28,426)
--------
--------
--------
At 30 September 2023
--------
--------
--------
Carrying amount
At 30 September 2023
--------
--------
--------
At 30 September 2022
--------
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,000
Trade creditors
332
Corporation tax
3,111
Other creditors
5,156
22,270
-------
--------
8,267
25,602
-------
--------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,750
----
-------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr N A Taylor
( 21,406)
( 1,978)
21,406
( 1,978)
Mrs C Taylor
( 1,978)
( 1,978)
--------
-------
--------
-------
( 21,406)
( 3,956)
21,406
( 3,956)
--------
-------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr N A Taylor
( 20,235)
( 1,171)
( 21,406)
Mrs C Taylor
--------
-------
----
--------
( 20,235)
( 1,171)
( 21,406)
--------
-------
----
--------
9. Related party transactions
The company was under the control of Mr Neil Taylor throughout the current year and preceding period. Mr Taylor is the managing director and, with his wife, owns 100% of the share capital of the company. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.