1 June 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP031225532022-06-012023-05-31031225532023-05-31031225532022-05-3103122553core:WithinOneYear2023-05-3103122553core:WithinOneYear2022-05-3103122553core:AfterOneYear2023-05-3103122553core:AfterOneYear2022-05-3103122553core:ShareCapital2023-05-3103122553core:ShareCapital2022-05-3103122553core:SharePremium2023-05-3103122553core:SharePremium2022-05-3103122553core:OtherReservesSubtotal2023-05-3103122553core:OtherReservesSubtotal2022-05-3103122553core:RetainedEarningsAccumulatedLosses2023-05-3103122553core:RetainedEarningsAccumulatedLosses2022-05-3103122553bus:Director12022-06-012023-05-3103122553bus:RegisteredOffice2022-06-012023-05-3103122553core:PlantMachinery2022-06-012023-05-3103122553core:FurnitureFittingsToolsEquipment2022-06-012023-05-3103122553core:MotorVehicles2022-06-012023-05-3103122553core:OfficeEquipment2022-06-012023-05-31031225532021-06-012022-05-3103122553core:PlantMachinery2022-06-0103122553core:PlantMachinery2023-05-3103122553core:PlantMachinery2022-05-310312255312022-06-012023-05-310312255312022-06-012023-05-3103122553countries:EnglandWales2022-06-012023-05-3103122553bus:AuditExemptWithAccountantsReport2022-06-012023-05-3103122553bus:PrivateLimitedCompanyLtd2022-06-012023-05-3103122553bus:SmallEntities2022-06-012023-05-3103122553bus:FullAccounts2022-06-012023-05-31
Company registration number:
03122553
Beech Developments (NW) Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2023
Beech Developments (NW) Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Beech Developments (NW) Limited
Year ended
31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Beech Developments (NW) Limited
for the year ended
31 May 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Beech Developments (NW) Limited
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
Beech Developments (NW) Limited
and state those matters that I have agreed to state to the Board of Directors of
Beech Developments (NW) Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Beech Developments (NW) Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Beech Developments (NW) 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
Beech Developments (NW) Limited
. You consider that
Beech Developments (NW) Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Beech Developments (NW) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Real Time Accountants
Anson House
1 Cae'r Llynen
Llandudno Junction
Conwy
LL31 9LS
United Kingdom
Beech Developments (NW) Limited
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Tangible assets 5
65,601
 
121,002
 
Current assets    
Stocks
255,557
 
1,846,969
 
Debtors 6
3,387,408
 
3,801,276
 
Cash at bank and in hand
10,160
 
3,069
 
3,653,125
 
5,651,314
 
Creditors: amounts falling due within one year 7
(2,718,946
)
(4,890,654
)
Net current assets
934,179
 
760,660
 
Total assets less current liabilities 999,780   881,662  
Creditors: amounts falling due after more than one year 8
(262,580
)
(315,858
)
Provisions for liabilities
(12,465
)
(22,991
)
Net assets
724,735
 
542,813
 
Capital and reserves    
Called up share capital
32,500
 
32,500
 
Share premium
34,500
 
34,500
 
Other reserves
118,680
 
118,680
 
Profit and loss account
539,055
 
357,133
 
Shareholders funds
724,735
 
542,813
 
For the year ending
31 May 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
12 February 2024
, and are signed on behalf of the board by:
Mr J Gardiner
Director
Company registration number:
03122553
Beech Developments (NW) Limited
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Anson House
,
1 Cae'r Llynen
,
Llandudno Junction
,
LL31 9LS
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

Based on current bank balances and facilities, current funding and current trading, the directors have a reasonable expectation that the company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared these financial statements on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% straight line
Fixtures, fittings and equipment
20% straight line
Motor vehicles
25% straight line
Office equipment
20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4 Average number of employees

The average number of persons employed by the company during the year was
19
(2022:
29.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2022
419,882
 
Disposals
(25,906
)
At
31 May 2023
393,976
 
Depreciation  
At
1 June 2022
298,880
 
Charge
29,495
 
At
31 May 2023
328,375
 
Carrying amount  
At
31 May 2023
65,601
 
At 31 May 2022
121,002
 

6 Debtors

20232022
££
Trade debtors
156,948
 
339,495
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,712,717
 
2,601,967
 
Other debtors
517,743
 
859,814
 
3,387,408
 
3,801,276
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
51,685
 
73,571
 
Trade creditors
2,238,345
 
3,578,820
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest -  
124,433
 
Taxation and social security -  
380,525
 
Other creditors
428,916
 
733,305
 
2,718,946
 
4,890,654
 
Other loans, within Bank loans and overdrafts, includes one (2022: one) loan amounting to £25,000 (2022: £50,000) which is unsecured, repayable within 12 months and interest bearing.
Net obligations under finance leases and hire purchase contracts are secured by the assets to which they relate.

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
178,384
 
208,183
 
Other creditors
84,196
 
107,675
 
262,580
 
315,858
 
Net obligations under finance leases and hire purchase contracts are secured by the assets to which they relate.

9 Events after the end of the reporting period

On the 9 June 2023, CMMCO Holdings Limited which is the parent company of Beech Developments (NW) Limited, was sold to Prodig (NW) Limited. As part of the sale it was agreed that the creditor balance of £1,052,547 owed to Prodig (NW) Limited was to be written off. The creditor balance of £124,433 owed to CMM Properties Limited was also to be written off in favour of Beech Developments (NW) Limited. Two of the directors' loan accounts were also to be written off, totalling a £71,021 write off in favour of Beech Developments (NW) Limited.

10 Directors' advances, credit and guarantees

Included within other creditors are the following directors’ loan accounts:
Mr J. Gardiner - £45,034 (2022: £15,034). During the year, the amount advanced was £nil and the amount repaid was £30,000.
Mr M. Roberts - £nil (2022: £89,837). During the year, the amount advanced was £50,000 and the amount repaid was £nil. An amount of £39,837 was written off at the year end, this is included in other income.
Mr M. Gilmartin - £nil (2022: £58,450). During the year, the amount advanced was £27,266 and the amount repaid was £nil. An amount of £31,184 was written off at the year end, this is included in other income.
The loans are unsecured, interest bearing and repayable on demand.

12 Controlling party

The ultimate parent company is CMMCO Holdings Limited. The ultimate controlling parties are considered to be the directors of CMMCO Holdings Limited, by virtue of their shareholdings in the company.
Consolidated accounts are not prepared by the Group headed by CMMCO Holdings Limited as the Group qualifies as small under SI2015/980 and as such the exemption has been taken from the requirement to prepare Group accounts.