REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Alex Bicket Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
for |
Alex Bicket Limited |
Alex Bicket Limited (Registered number: SC080612) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Alex Bicket Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Alex Bicket Limited (Registered number: SC080612) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other non distributable |
reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Alex Bicket Limited (Registered number: SC080612) |
Balance Sheet - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Alex Bicket Limited (Registered number: SC080612) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Alex Bicket Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
Going Concern |
The company has substantial financial resources and continues to trade well. With this in mind the director is of the view that the accounts can be prepared on a going concern basis. |
Turnover/revenue recognition |
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates and discounts. |
The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met. |
Depreciation |
Depreciation is provided to write off the cost or revaluation, less estimated residual values, of all tangible fixed asset, except for investment properties and freehold land, evenly over their expected useful lives. It is calculated at the following rates:- |
Agricultural buildings | 5% straight line |
Freehold heritable property | 2% straight line |
Freehold land | No depreciation is provided |
Plant, machinery and tractors | 25% reducing balance |
Motor vehicles | 25% reducing balance |
Office equipment | 33% straight line |
Investment property |
Investment properties are included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
FRS 102 requires the company to provide for deferred tax on the timing difference arising on the date of transition, which represents the full revaluation gain less indexed cost. As the balance on the revaluation reserve at the date of transition is wholly immaterial it has not been considered necessary to make such an adjustment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. |
Alex Bicket Limited (Registered number: SC080612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
Loans and other receivables |
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
Other financial liabilities |
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
Impairment of financial instruments |
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
Alex Bicket Limited (Registered number: SC080612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant, |
Freehold | machinery |
heritable | Agricultural | and |
properties | buildings | equipment |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Alex Bicket Limited (Registered number: SC080612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Included within freehold heritable properties is land of £842,226 which is not depreciated. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
This represents an investment in the share capital of a trading co-operative. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
Disposals | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Alex Bicket Limited (Registered number: SC080612) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | INVESTMENT PROPERTY - continued |
The director considers that the cost of the investment property plus capital improvements currently reflects the current fair value. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The balance on the director's loan account is interest free and repayable on demand. |
10. | RELATED PARTY DISCLOSURES |
The company paid a grazing charge at market value to the director for the use from time to time of land in his ownership. This amounted to £10,000 (2022: £10,000). |
During the year services of £46,080 (2022: £48,776) were provided to the company at market value from a business under the control of a family member. |
11. | CONTROLLING PARTY |
The director is in control of the company by virtue of his and his late wife's entire ownership of the issued share capital. |