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COMPANY REGISTRATION NUMBER: 12049641
Beagle Create Limited
Filleted Unaudited Financial Statements
For the year ending
31 July 2023
Beagle Create Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Beagle Create Limited
Officers and Professional Advisers
THE BOARD OF DIRECTORS
M A Stapleton
D A Goss
REGISTERED OFFICE
Unit 8
Great North Business Park
Axus Close
Upper Caldecote
Biggleswade
England
SG18 9GH
ACCOUNTANTS
Streets
Chartered accountants
Potton House
Wyboston Lakes
Great North Road
Wyboston
Bedford
MK44 3BZ
Beagle Create Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
628,947
334,579
Current assets
Debtors
6
198,694
85,059
Cash at bank and in hand
312,779
150,008
---------
---------
511,473
235,067
Creditors: amounts falling due within one year
7
232,557
80,682
---------
---------
Net current assets
278,916
154,385
---------
---------
Total assets less current liabilities
907,863
488,964
Creditors: amounts falling due after more than one year
8
120,696
142,868
Provisions
119,570
70,768
---------
---------
Net assets
667,597
275,328
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
667,587
275,318
---------
---------
Shareholders funds
667,597
275,328
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 .
Beagle Create Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 19 April 2024 , and are signed on behalf of the board by:
M A Stapleton
D A Goss
Director
Director
Company registration number: 12049641
Beagle Create Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8, Great North Business Park, Axus Close, Upper Caldecote, Biggleswade, SG18 9GH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Provisions
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 as a finance cost in profit or loss in the period it arises.
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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
360,457
11,632
30,487
402,576
Additions
331,512
16,819
52,000
400,331
Disposals
( 17,191)
( 17,191)
---------
--------
--------
---------
At 31 July 2023
691,969
28,451
65,296
785,716
---------
--------
--------
---------
Depreciation
At 1 August 2022
59,057
2,522
6,418
67,997
Charge for the year
86,466
3,781
6,548
96,795
Disposals
( 8,023)
( 8,023)
---------
--------
--------
---------
At 31 July 2023
145,523
6,303
4,943
156,769
---------
--------
--------
---------
Carrying amount
At 31 July 2023
546,446
22,148
60,353
628,947
---------
--------
--------
---------
At 31 July 2022
301,400
9,110
24,069
334,579
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
190,954
77,319
Other debtors
7,740
7,740
---------
--------
198,694
85,059
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,074
Trade creditors
45,721
14,523
Corporation tax
39,166
3,985
Social security and other taxes
59,922
31,472
Other creditors
87,748
16,628
---------
--------
232,557
80,682
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
120,696
142,868
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
119,570
70,768
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
119,570
70,768
---------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
22,800
22,800
Later than 1 year and not later than 5 years
43,700
66,500
--------
--------
66,500
89,300
--------
--------