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COMPANY REGISTRATION NUMBER: 03078175
Beckwith & Son (Engineering) Limited
Filleted Unaudited Financial Statements
31 July 2023
Beckwith & Son (Engineering) Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
912,071
921,016
Investments
6
3
3
---------
---------
912,074
921,019
Current assets
Stocks
7,901
11,719
Debtors
7
280,701
335,835
Cash at bank and in hand
1,631,019
1,358,642
------------
------------
1,919,621
1,706,196
Creditors: amounts falling due within one year
8
362,167
296,591
------------
------------
Net current assets
1,557,454
1,409,605
------------
------------
Total assets less current liabilities
2,469,528
2,330,624
Provisions
Taxation including deferred tax
67,731
52,087
------------
------------
Net assets
2,401,797
2,278,537
------------
------------
Capital and reserves
Called up share capital
9
47,368
47,368
Profit and loss account
2,354,429
2,231,169
------------
------------
Shareholders funds
2,401,797
2,278,537
------------
------------
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 .
Beckwith & Son (Engineering) Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr M Beckwith
Mrs S Foster
Director
Director
Company registration number: 03078175
Beckwith & Son (Engineering) 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Freehold property
-
1% straight line
Plant & equipment
-
15% reducing balance
Office equipment
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Property improvements
-
10 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 14 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Aug 2022
452,702
780,048
38,536
28,891
325,000
1,625,177
Additions
24,197
108
24,305
---------
---------
--------
--------
---------
------------
At 31 Jul 2023
452,702
804,245
38,644
28,891
325,000
1,649,482
---------
---------
--------
--------
---------
------------
Depreciation
At 1 Aug 2022
30,557
621,946
27,500
24,158
704,161
Charge for the year
4,527
24,990
2,786
947
33,250
---------
---------
--------
--------
---------
------------
At 31 Jul 2023
35,084
646,936
30,286
25,105
737,411
---------
---------
--------
--------
---------
------------
Carrying amount
At 31 Jul 2023
417,618
157,309
8,358
3,786
325,000
912,071
---------
---------
--------
--------
---------
------------
At 31 Jul 2022
422,145
158,102
11,036
4,733
325,000
921,016
---------
---------
--------
--------
---------
------------
The directors consider that the carrying value of the freehold and investment properties is materially accurate at the balance sheet date.
6. Investments
Investment
£
Cost
At 1 August 2022 and 31 July 2023
3
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
3
----
At 31 July 2022
3
----
The company holds 29% of the ordinary share capital of Danbury Business Park Limited.
7. Debtors
2023
2022
£
£
Trade debtors
183,722
265,602
Prepayments and accrued income
29,951
29,912
Amounts recoverable on contracts
67,028
40,321
---------
---------
280,701
335,835
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
182,000
141,571
Accruals and deferred income
35,970
3,400
Corporation tax
82,518
86,991
Other taxes and social security
61,679
64,629
---------
---------
362,167
296,591
---------
---------
Barclays Bank PLC have a charge over the freehold property included within the accounts.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
47,368
47,368
47,368
47,368
--------
--------
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
8,126
8,126
Later than 1 year and not later than 5 years
8,126
15,604
--------
--------
16,252
23,730
--------
--------