Registered number
03021237
The Belt Company Limited
Filleted Accounts
28 February 2023
The Belt Company Limited
Registered number: 03021237
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 41,024 56,846
Investments 4 1,000 1,000
42,024 57,846
Current assets
Stocks 20,878 20,878
Debtors 5 620,468 735,909
Cash at bank and in hand 259,099 233,816
900,445 990,603
Creditors: amounts falling due within one year 6 (578,880) (588,651)
Net current assets 321,565 401,952
Total assets less current liabilities 363,589 459,798
Provisions for liabilities (4,224) (5,577)
Net assets 359,365 454,221
Capital and reserves
Called up share capital 46,666 46,666
Share premium 46,666 46,666
Profit and loss account 266,033 360,889
Shareholders' funds 359,365 454,221
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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.
D S McMaster
Director
Approved by the board on 22 November 2023
The Belt Company Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 86,979 201,161 65,653 353,793
At 28 February 2023 86,979 201,161 65,653 353,793
Depreciation
At 1 March 2022 61,500 186,766 48,681 296,947
Charge for the year 8,700 2,879 4,243 15,822
At 28 February 2023 70,200 189,645 52,924 312,769
Net book value
At 28 February 2023 16,779 11,516 12,729 41,024
At 28 February 2022 25,479 14,395 16,972 56,846
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2022 1,000
At 28 February 2023 1,000
5 Debtors 2023 2022
£ £
Trade debtors 584,288 729,361
Other debtors 36,180 6,548
620,468 735,909
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 524,861 527,614
Taxation and social security costs 15,552 22,969
Other creditors 38,467 38,068
578,880 588,651
7 Contingent liabilities
There is a fixed charge on all debts and related rights and a floating charge on all other property, and two debentures.
8 Loans to directors
See note 9 for conditions of loans B/fwd Paid Repaid C/fwd
£ £ £ £
D S McMaster
Loan 3,808 8,326 (3,000) 9,134
3,808 8,326 (3,000) 9,134
9 Related party transactions
The director is a related party to the company. At 28 February the related party owed the company £9,134 (at 28 February 2022 the company owed the director £3,808); all loans are interest free, unsecured loans, short term and repayable upon demand.
# Controlling party
D S McMaster is the controlling party owning more than 50% of the company's issued share capital.
11 Other information
The Belt Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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