Backbeet Limited
Unaudited Financial Statements
For the year ended 30 September 2023
Pages for Filing with Registrar
Company Registration No. 05562429 (England and Wales)
Backbeet Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Backbeet Limited
Balance Sheet
As at 30 September 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,064
7,384
Current assets
Debtors
4
126,614
77,542
Cash at bank and in hand
19,713
65,175
146,327
142,717
Creditors: amounts falling due within one year
5
(126,711)
(93,239)
Net current assets
19,616
49,478
Net assets
24,680
56,862
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
24,580
56,762
Total equity
24,680
56,862
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 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 27 March 2024 and are signed on its behalf by:
A Payne
Director
Company Registration No. 05562429
Backbeet Limited
Notes to the Financial Statements
For the year ended 30 September 2023
Page 2
1
Accounting policies
Company information
Backbeet Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Plant and machinery
20% straight line basis
Fixtures, fittings & equipment
20% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
Backbeet Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
1
Accounting policies
(Continued)
Page 3
1.5
Financial instruments
The company has only basic financial instruments at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Backbeet Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 and 30 September 2023
32,092
Depreciation and impairment
At 1 October 2022
24,708
Depreciation charged in the year
2,320
At 30 September 2023
27,028
Carrying amount
At 30 September 2023
5,064
At 30 September 2022
7,384
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
73,800
2,400
Other debtors
50,000
75,142
Prepayments and accrued income
2,814
126,614
77,542
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,976
Corporation tax
16,382
13,659
Other taxation and social security
23,728
7,850
Other creditors
86,601
68,754
126,711
93,239
Backbeet Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2023
Page 5
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
During the year dividends of £87,500 (2022: £50,000) were paid to the directors of the company. Included in other creditors at year end is a balance of £7,239 (2022: £64,777) due to the directors.
The company shares a common director with The Good The Bad and The Rugby Ltd. During the year, the company made sales totaling £92,667 (2022: £44,161) to The Good The Bad and The Rugby Ltd. As at year end, the company is owed £65,400 (2022: £nil) by The Good The Bad and The Rugby Ltd.
As at year end the company is owed £50,000 (2022: £69,142) by The Room Group and £nil (2022: £6,000) by BigJam Productions Limited, companies with a common director. During the year, the company made sales of services totaling £36,667 (2022: £nil) to BigJam Productions Limited.
8
Controlling party
The company is under the control of its director A Payne, by virtue of his majority holding of the issued share capital.