Company Registration No. 04472680 (England and Wales)
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the company continued to be that of a firm of chartered accountants.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R Maples
A J Brooker
(Appointed 20 November 2023)
K Dee
C Durai-Bates
M Firman
C Pexton
S Richards
J Staines
V Underhill
D Valentine
C Wain
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R Maples
Director
6 March 2024
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
2023
2022
£
£
Turnover
3,345,625
3,286,203
Administrative expenses
(1,610,970)
(1,687,703)
Operating profit
1,734,655
1,598,500
Interest receivable and similar income
2,829
Profit before taxation
1,737,484
1,598,500
Tax on profit
(328,322)
(305,712)
Profit for the financial year
1,409,162
1,292,788
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
62,689
58,924
Current assets
Work in progress
222,000
222,000
Debtors
6
2,757,154
2,654,439
Cash at bank and in hand
1,558,055
912,582
4,537,209
3,789,021
Creditors: amounts falling due within one year
7
(1,567,873)
(625,082)
Net current assets
2,969,336
3,163,939
Total assets less current liabilities
3,032,025
3,222,863
Creditors: amounts falling due after more than one year
8
(2,200,000)
(2,200,000)
Net assets
832,025
1,022,863
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
822,025
1,012,863
Total equity
832,025
1,022,863
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
R Maples
Director
Company Registration No. 04472680
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
10,000
320,075
330,075
Year ended 31 March 2022:
Profit and total comprehensive income
-
1,292,788
1,292,788
Dividends
-
(600,000)
(600,000)
Balance at 31 March 2022
10,000
1,012,863
1,022,863
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,409,162
1,409,162
Dividends
-
(1,600,000)
(1,600,000)
Balance at 31 March 2023
10,000
822,025
832,025
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
1
Accounting policies
Company information
Begbies Chettle Agar Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, not exceeding five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
over the life of the lease
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price . Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 20 (2022 - 23).
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
6,555,254
Amortisation and impairment
At 1 April 2022 and 31 March 2023
6,555,254
Carrying amount
At 31 March 2023
At 31 March 2022
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
12,799
153,884
217,784
384,467
Additions
23,498
23,498
At 31 March 2023
12,799
153,884
241,282
407,965
Depreciation and impairment
At 1 April 2022
153,884
171,659
325,543
Depreciation charged in the year
2,327
17,406
19,733
At 31 March 2023
2,327
153,884
189,065
345,276
Carrying amount
At 31 March 2023
10,472
52,217
62,689
At 31 March 2022
12,799
46,125
58,924
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,456,334
1,630,911
Other debtors
1,300,820
1,023,528
2,757,154
2,654,439
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
145,911
2,509
Corporation tax
20,820
306,041
Other taxation and social security
297,941
210,095
Other creditors
1,103,201
106,437
1,567,873
625,082
BEGBIES CHETTLE AGAR LIMITED
BEGBIES CHARTERED ACCOUNTANTS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Shareholders loans
2,000,000
2,000,000
Deferred consideration
200,000
200,000
2,200,000
2,200,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
350,181
583,635
10
Parent company
The parent company of Begbies Chettle Agar Limited is Peasemoldia Limited and its registered office is 9 Bonhill Street, London EC2A 4DJ. The ultimate controlling party is R Maples.
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