Registered number
03223639
BEATEFFECT LIMITED
Filleted Accounts
31 July 2023
BEATEFFECT LIMITED
Registered number: 03223639
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 28,975 23,774
Current assets
Stocks 16,901 16,901
Debtors 4 100,587 94,954
Cash at bank and in hand 44,113 19,235
161,601 131,090
Creditors: amounts falling due within one year 5 (107,711) (88,874)
Net current assets 53,890 42,216
Total assets less current liabilities 82,865 65,990
Creditors: amounts falling due after more than one year 6 (23,374) (48,183)
Net assets 59,491 17,807
Capital and reserves
Called up share capital 2 2
Profit and loss account 59,489 17,805
Shareholder's funds 59,491 17,807
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
John Barks
Director
Approved by the board on 22 April 2024
BEATEFFECT LIMITED
Notes to the Accounts
for the year ended 31 July 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:
Property improvements 15% reducing balance basis
Motor vehicles 15% reducing balance basis
Plant and machinery 15% reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 845 81,678 14,111 96,634
Additions - 10,747 1,500 12,247
At 31 July 2023 845 92,425 15,611 108,881
Depreciation
At 1 August 2022 845 63,182 8,833 72,860
Charge for the year - 5,426 1,620 7,046
At 31 July 2023 845 68,608 10,453 79,906
Net book value
At 31 July 2023 - 23,817 5,158 28,975
At 31 July 2022 - 18,496 5,278 23,774
4 Debtors 2023 2022
£ £
Trade debtors 27,284 20,693
Other debtors 73,303 74,261
100,587 94,954
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,190 19,748
Trade creditors 37,509 30,224
Taxation and social security costs 41,862 17,845
Other creditors 16,150 21,057
107,711 88,874
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,374 48,183
7 Controlling party
The Company is wholly under the control of its sole Director and Shareholder.
8 Other information
BEATEFFECT LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
54 Ashton Vale Road
Ashton Vale
Bristol
BS3 2HQ
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