REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEATTIE FRC LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BEATTIE FRC LIMITED |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Reconciliation of Equity | 19 |
Reconciliation of Profit | 21 |
BEATTIE FRC LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditor |
22 Backbrae Street |
Kilsyth |
G65 0NH |
BANKERS: |
36 St Andrew Square |
Edinburgh |
EH2 2YB |
SOLICITORS: |
3 La Porte Precinct |
Grangemouth |
FK3 8AZ |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
STRATEGIC REPORT |
for the Year Ended 31 March 2023 |
The board of Directors have pleasure in presenting their strategic report for the year ended 31st March 2023. |
Principal Activities |
Beattie FRC Limited is a civil engineering firm specialising in Formwork; Rebar and Concrete works. |
The firm also offers a number of other construction related solutions including groundworks and scaffolding etc. |
Business Review |
Beattie FRC Limited saw a 33.3% increase in net profits (to £2,976,230 (£2,233,091 in 2022)) despite turnover falling 6.7% (to £17,944,938 (£19,237,048 in 2022)) from the preceding year. Operating profit also swelled by £880,943 to £3,612,819 from £2,731,876 in 2022. |
Despite a decrease in turnover, the growth in profitability from 2022 is attributable to the efficiencies gained from experience on some key major projects i.e. the Aberdeen Harbour Expansion Project and the Edinburgh Trams Extension. |
Whilst the firm remains focussed on controlling overheads, direct costs particularly labour costs, have proven difficult to manage due to the shortages of skilled operatives in the labour market. |
Current assets have risen by 17.3% principally due to the rise in cash at bank whilst trade debtors remain in line with previous years. |
The aforementioned growth in current assets have been offset by a 21.6% climb in current liabilities. |
This increase is fully attributable to retained profits declared as dividends and due and payable to Beattie FRC Limited's holding company. |
There are no liquidity concerns whatsoever with the firm maintaining a high and stable cash at bank balance. The company also has a negligible history of experiencing bad debts. |
Key Performance Indicators: 2023 2022 |
Turnover £17,944,938 £19,237,048 |
Gross Profit Margin 35.37% 34.70% |
Net Profit Margin 16.59% 11.61% |
Quarterly management accounts are prepared to gauge the company's success. Micro analysis of individual projects handled by the firm is also administered to ensure margins are maintained and projects are viable and contributing to the firm's overall prosperity. |
Beattie FRC is a family business and the owners adopt a very hands approach. In this way, deep rooted relationships have been forged with a great many customers who not only value the capability and professionalism that is offered, but also the personal friendships. Customer satisfaction is typified by these long lasting relationships and the repeat business that ensues. |
Strategy and Outlook |
Beattie FRC Limited aims to remain at the forefront of the UK civil engineering industry providing innovative and safe construction solutions. The firm also endeavours to continue to build new customer relations whilst maintaining existing ones. Beattie FRC Limited has always been working on a variety of projects ranging in value from a few thousand to several million pounds. The last few years has seen Beattie FRC Limited engaged on enormous projects which are nearing completion. This allows time to be allocated to the continued development of the evolving Groundworks branch of the business. As it stands, Beattie FRC Limited continues to win tenders and looks to have full books for the remainder of 2024 and well into 2025. |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
STRATEGIC REPORT |
for the Year Ended 31 March 2023 |
Risk and Uncertainties |
Margin Erosion |
As intimated previously, the shortages of skilled operatives in the labour market is of major concern. Through continued training of workers, Beattie FRC Limited has managed to maintain a capable workforce despite such shortages and industry typical high labour turnover. Having excellent customer relations has permitted Beattie FRC Limited to navigate these difficulties by negotiating the passing of these additional costs to our customers allowing us to maintain margins. |
Supply Chain |
Again, labour market shortages (due to Brexit / construction being a less popular career path) have been addressed through a combination of labour rate increases; training and budgetary discussions with clients. |
Competition |
The construction industry is notoriously flooded with transient firms pricing works at unsustainable levels. By working in tandem with main contractors, Beattie FRC Limited manages to establish prices and maintain margins safe in the knowledge that delivery will be made to the satisfaction of all parties. |
Industry Conditions |
Much of Beattie FRC Limited's work is on government projects meaning that (for the most part) whilst the business is not subject to cyclical / seasonal trade, it is at the mercy of government policy. Beattie FRC Limited continues the development of new services whilst building relationships and a client base in the private sector. |
ON BEHALF OF THE BOARD: |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
REPORT OF THE DIRECTOR |
for the Year Ended 31 March 2023 |
The director presents his report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the construction of roads and motorways. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Curle & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEATTIE FRC LIMITED |
Opinion |
We have audited the financial statements of Beattie Frc Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEATTIE FRC LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The Company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to general legislation and breaches of health & safety regulation. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statement such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting journal entries to manipulate revenue and profit. Audit procedures performed by the engagement team included: |
- discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations including fraud; |
- enquiring of management as to actual and potential litigation and claims |
- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
- challenging assumptions and judgements made by management, in their significant accounting estimates, particularly in relation to the value of accrued income and expenses |
- identifying and testing journal entries, in particular journal entries posted with unusual account combinations, backdated journals and journals with unusual descriptions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BEATTIE FRC LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Registered Auditor |
22 Backbrae Street |
Kilsyth |
G65 0NH |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
INCOME STATEMENT |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
BALANCE SHEET |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
CASH FLOW STATEMENT |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | (12,049 | ) | 42,942 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
330,525 |
Cash and cash equivalents at end of year | 2 | 1,941,589 | 1,119,998 |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (2,974 | ) | - |
3,733,517 | 2,772,748 |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,941,589 | 1,119,998 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 1,119,998 | 330,525 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,119,998 | 821,591 | 1,941,589 |
1,119,998 | 1,941,589 |
Debt |
Debts falling due within 1 year | (2,200,000 | ) | (800,000 | ) | (3,000,000 | ) |
(2,200,000 | ) | (800,000 | ) | (3,000,000 | ) |
Total | (1,080,002 | ) | 21,591 | (1,058,411 | ) |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Beattie Frc Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover and revenue recognition |
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before it is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
4. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Management | 2 | 2 |
Finance | 1 | 1 |
Administration | 2 | 2 |
31.3.23 | 31.3.22 |
£ | £ |
Director's remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Over/under provision of tax | (33,788 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
7. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of 1.00 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Other loans (see note 11) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 424,103 | 170,289 |
Other creditors |
Directors' current accounts | 30,893 | 42,942 |
Accrued expenses |
11. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
12. | SECURED DEBTS |
The Royal Bank of Scotland Plc hold a floating charge dated 5 October 2020 over all the property or undertaking of the company covering the company's credit card facility. |
13. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 55,763 | 18,027 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | 1.00 | 300 | 300 |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
16. | INTERCOMPANY LOAN |
The intercompany loan balance at the year end was £3,000,000 (PY £2,200,000) owing to Beattie Holdings Limited which has been included in other loans. |
17. | PARENT COMPANY |
The smallest group in which the company results are consolidated are headed by Beattie Holdings (Scotland) Limited, a company registered in Scotland. The registered address of Beattie Holdings (Scotland) Limited is Former Masterton Buildings, Bo'ness Road, Grangemouth, FK3 9XF. |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
RECONCILIATION OF EQUITY |
1 April 2021 |
(DATE OF TRANSITION TO FRS 102) |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | - | 83,205 |
CURRENT ASSETS |
Debtors | 398,109 | 1,685,763 |
Cash at bank | 284,171 | 330,525 |
682,280 | 2,016,288 |
CREDITORS |
Amounts falling due within one year | (675,545 | ) | ( |
) | (2,056,498 | ) |
NET CURRENT ASSETS/(LIABILITIES) | 6,735 | ( |
) | (40,210 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,735 |
42,995 |
PROVISIONS FOR LIABILITIES | - | ( |
) | (15,809 | ) |
NET ASSETS | 6,735 | 27,186 |
CAPITAL AND RESERVES |
Called up share capital | 300 | 300 |
Retained earnings | 6,435 | 26,886 |
SHAREHOLDERS' FUNDS | 6,735 | 27,186 |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
RECONCILIATION OF EQUITY - continued |
31 March 2022 |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 83,205 | 94,879 |
CURRENT ASSETS |
Debtors | 1,685,763 | 3,066,838 |
Cash at bank | 330,525 | 1,119,998 |
2,016,288 | 4,186,836 |
CREDITORS |
Amounts falling due within one year | (2,056,498 | ) | ( |
) | (4,203,411 | ) |
NET CURRENT LIABILITIES | (40,210 | ) | (16,575 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
42,995 |
78,304 |
PROVISIONS FOR LIABILITIES | (15,809 | ) | ( |
) | (18,027 | ) |
NET ASSETS | 27,186 | 60,277 |
CAPITAL AND RESERVES |
Called up share capital | 300 | 300 |
Retained earnings | 26,886 | 59,977 |
SHAREHOLDERS' FUNDS | 27,186 | 60,277 |
BEATTIE FRC LIMITED (REGISTERED NUMBER: SC593527) |
RECONCILIATION OF PROFIT |
for the Year Ended 31 March 2022 |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 4,914,084 | 19,237,048 |
Cost of sales | (3,982,496 | ) | ( |
) | (12,562,315 | ) |
GROSS PROFIT | 931,588 | 6,674,733 |
Administrative expenses | (545,550 | ) | ( |
) | (3,942,857 | ) |
OPERATING PROFIT | 386,038 | 2,731,876 |
and |
PROFIT BEFORE TAXATION | 386,038 | 2,731,876 |
Tax on profit | (55,587 | ) | ( |
) | (498,785 | ) |
PROFIT FOR THE FINANCIAL YEAR | 330,451 | 2,233,091 |