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REGISTERED NUMBER: 07457691 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 November 2023

for

Beyond Retail Limited

Beyond Retail Limited (Registered number: 07457691)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Beyond Retail Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr D Lees-Bell
Mr E J Lees-Bell
Miss S Marshallsay
Mr F A Myklebust
Ms A C Nieuwoudt
Mr J T Younger





REGISTERED OFFICE: Units 1 & 2, Building 446
Aviation Business Park
Bournemouth Airport, Hurn
Christchurch
Dorset
BH23 6NW





REGISTERED NUMBER: 07457691 (England and Wales)





AUDITORS: Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

Beyond Retail Limited (Registered number: 07457691)

Strategic Report
for the Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
Beyond Retail is principally engaged in the online retail of bathroom, kitchen and heating products to UK consumers via three websites: Drench, Tap Warehouse and Only Radiators.

2023 was a tough year for many retail businesses amidst the cost of living crisis, rising interest rates, and supply chain challenges.

Against this backdrop, the directors were pleased with the results for the year ending 30th November 2023. Revenue grew by 2.4% - an encouraging result in the current economic climate, particularly given the slowdown seen within the bathroom & kitchen industry over the last 12 months.

More pleasing is the healthy growth in gross margin rate by 3 percentage points, equating to a 9.1% relative increase year-on-year. Careful consideration was given to discounting and pricing strategies to carefully manage cost price increases, and continued investment was made in the company's own-label product offering and direct-source activities.

Key Performance Indicators

KPI 2023 2022

Revenue £45.3m £44.3m
Gross margin % 35.8% 32.8%
EBITDA £1.8m £2.0m
EBITDA margin % 4.0% 4.6%

EBITDA is slightly below 2022 due to cost increases, predominantly in performance marketing which continues to be a competitive arena due to the challenging climate and the reduction in the number of consumers currently in the market for new bathroom, kitchen or heating products.

Beyond Retail has always strongly believed that a healthy and thriving workplace culture can have disproportionately positive effects, and also that engaged and motivated people are vital for the success of a growing, evolving business. To this end, salaries remain one of the highest costs of the business with continued investment through annual pay rises, one-off cost of living payments, and new senior roles recruited during the year.

Property costs have also increased during the year due to the acquisition of a temporary warehouse for 12 months in order to facilitate growth and support planned increases in stock. Further to this, a long-term lease for a new-build at Bournemouth's Aviation Business Park was signed on 1st December. This building will become Beyond Retail's new HQ, as well as providing additional warehouse space for future growth.

2023 also saw:
- Improved IT support and security improvements
- Various improvements to the websites, including a new wishlist functionality, an overhaul to customer account pages, and improved category pagination
- Over 2,000 new products launched, and progress made on new brand partnerships
- Expansion and refinement of product data to improve the shopping experience for customers and build increased confidence
- Insights gathered to better understand customer demographics and to support continued efforts to build wider awareness of the Drench brand


Beyond Retail Limited (Registered number: 07457691)

Strategic Report
for the Year Ended 30 November 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Beyond Retail operates in a highly competitive retail landscape, with competition from independent bricks and mortar specialists, national DIY chains and other online retailers.
To mitigate risk, the company constantly reviews trading activities and puts in place plans to ensure that it can react quickly to changes in the external environment.

Of particular note is the importance of product range, price, customer service, stock availability and prominence in search engines such as Google. Failure to pay sufficient attention to one or more of these factors could result in a reduction of visitors to the websites, a decline in sales, or inappropriate stock holdings.

The company aims to manage these risks by continuing to strengthen both product and marketing propositions, as well as through introducing enhanced business intelligence capabilities. Beyond Retail uses business management software to monitor key performance indicators and operational procedures, and works closely with its key suppliers to foster strong working relationships. It strives to offer a great working environment for its employees, to identify and nurture talent within the workforce, and to engage and empower its employees to act in the company's best interests.

The management team regularly reviews performance across a variety of key indicators. Regular management accounts are presented, and working capital requirements are monitored.

The company's sales are almost entirely made within the United Kingdom, and the majority of purchases are from UK-based companies or from outside of the European Union. Accordingly, the impacts of Brexit continue to be limited. The company continues to monitor the effects of Brexit closely to ensure associated risks are mitigated.

CURRENT TRADING AND OUTLOOK
Results in the first two months of the year are largely in line with expectations, albeit with a slightly slower January than anticipated. 2024 continues to look challenging, although a reduction in inflation and interest rates should help. So too should lower mortgage rates, given the importance of a healthy housing market to the industry.

The directors feel that the company is well-placed to manage these conditions, and to capitalise on the structural shift towards online retail. Beyond Retail continues to believe in its long term plans for growth, and 2024 will see some of these executed with continued new product launches, brand partnerships, website enhancements, and a focus on trade customers. Additionally, Beyond Retail has strong cash reserves with no immediate need for external funding, which stands it in very good stead.

ON BEHALF OF THE BOARD:





Mr E J Lees-Bell - Director


22 February 2024

Beyond Retail Limited (Registered number: 07457691)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2023 will be £266,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mr D Lees-Bell
Mr E J Lees-Bell
Miss S Marshallsay
Mr F A Myklebust
Ms A C Nieuwoudt
Mr J T Younger

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with S414C certain matters which are required to be disclosed in the Reports of the Directors have been omitted as they are included in the Strategic Report. These matters relate to the review of the business and financial performance, principal risks and uncertainties and future outlook.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Beyond Retail Limited (Registered number: 07457691)

Report of the Directors
for the Year Ended 30 November 2023


AUDITORS
The auditors, Ward Goodman Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr E J Lees-Bell - Director


22 February 2024

Report of the Independent Auditors to the Members of
Beyond Retail Limited

Opinion
We have audited the financial statements of Beyond Retail Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Beyond Retail Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the group and the sector in which they operate.
- We obtained an understanding of how the company and the group are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports.
- We assessed the susceptibility of the company and the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
o Challenging assumptions and judgments made by management in its significant accounting estimates;
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
o Assessing the extent of compliance with the relevant law and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Beyond Retail Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I M Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Ltd
4 Cedar Park
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

22 February 2024

Beyond Retail Limited (Registered number: 07457691)

Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £'000 £'000

TURNOVER 3 45,258 44,258

Cost of sales 29,067 29,743
GROSS PROFIT 16,191 14,515

Administrative expenses 15,084 13,098
1,107 1,417

Other operating income - 2
OPERATING PROFIT 6 1,107 1,419

Interest receivable and similar income 189 20
1,296 1,439

Interest payable and similar expenses 7 - 1
PROFIT BEFORE TAXATION 1,296 1,438

Tax on profit 8 327 251
PROFIT FOR THE FINANCIAL YEAR 969 1,187

Beyond Retail Limited (Registered number: 07457691)

Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £'000 £'000

PROFIT FOR THE YEAR 969 1,187


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

969

1,187

Beyond Retail Limited (Registered number: 07457691)

Balance Sheet
30 November 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 10 1,876 1,649
Tangible assets 11 419 318
2,295 1,967

CURRENT ASSETS
Stocks 12 5,039 3,770
Debtors 13 1,949 847
Cash at bank 7,795 10,295
14,783 14,912
CREDITORS
Amounts falling due within one year 14 6,233 6,820
NET CURRENT ASSETS 8,550 8,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,845

10,059

PROVISIONS FOR LIABILITIES 16 547 464
NET ASSETS 10,298 9,595

CAPITAL AND RESERVES
Called up share capital 17 - -
Retained earnings 10,298 9,595
SHAREHOLDERS' FUNDS 10,298 9,595

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





Mr E J Lees-Bell - Director


Beyond Retail Limited (Registered number: 07457691)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000

Balance at 1 December 2021 - 8,598 8,598

Changes in equity
Dividends - (190 ) (190 )
Total comprehensive income - 1,187 1,187
Balance at 30 November 2022 - 9,595 9,595

Changes in equity
Dividends - (266 ) (266 )
Total comprehensive income - 969 969
Balance at 30 November 2023 - 10,298 10,298

Beyond Retail Limited (Registered number: 07457691)

Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 (774 ) 2,710
Interest paid - (1 )
Tax paid (181 ) (400 )
Net cash from operating activities (955 ) 2,309

Cash flows from investing activities
Purchase of intangible fixed assets (832 ) (719 )
Purchase of tangible fixed assets (190 ) (112 )
Sale of tangible fixed assets - 21
Interest received 189 20
Net cash from investing activities (833 ) (790 )

Cash flows from financing activities
Amount withdrawn by directors (446 ) (144 )
Equity dividends paid (266 ) -
Net cash from financing activities (712 ) (144 )

(Decrease)/increase in cash and cash equivalents (2,500 ) 1,375
Cash and cash equivalents at beginning of
year

2

10,295

8,920

Cash and cash equivalents at end of year 2 7,795 10,295

Beyond Retail Limited (Registered number: 07457691)

Notes to the Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£'000 £'000
Profit before taxation 1,296 1,438
Depreciation charges 90 92
Profit on disposal of fixed assets - (5 )
Amortisation charges 605 509
Finance costs - 1
Finance income (189 ) (20 )
1,802 2,015
Increase in stocks (1,269 ) (307 )
(Increase)/decrease in trade and other debtors (1,103 ) 46
(Decrease)/increase in trade and other creditors (204 ) 956
Cash generated from operations (774 ) 2,710

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£'000 £'000
Cash and cash equivalents 7,795 10,295
Year ended 30 November 2022
30.11.22 1.12.21
£'000 £'000
Cash and cash equivalents 10,295 8,920


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£'000 £'000 £'000
Net cash
Cash at bank 10,295 (2,500 ) 7,795
10,295 (2,500 ) 7,795
Total 10,295 (2,500 ) 7,795

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Beyond Retail Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are presented in £   's.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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.

Significant judgements and estimates
In the application of the company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

There are no areas that require significant judgements from management.

The most significant estimates made by management, which are based on their own experience, are for the useful life of tangible and intangible fixed assets. The carrying value of fixed assets at 30 November 2023 is £2.30m (2022: £1.97m).

Turnover
Revenue for the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible fixed assets are amortised at rates calculated to write off the assets on a straight basis over their useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Amortisation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Trademarks and Domain10% Straight line
Web development & imagery costs20% Straight line
Computer software33% Straight line

Tangible fixed assets
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Plant & machinery 33% Straight line
Motor vehicles25% Reducing balance
Fixtures & fittings15% Reducing balance / 10% Straight line
Office equipment33% Straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to leave the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at at market rate of interest.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Debtors
Short term debtors are measured at transaction price, less any provisions for amounts considered irrecoverable. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective rate of interest method, less any impairment.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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.

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£'000 £'000
United Kingdom 45,091 44,025
Europe 147 158
Rest of the world 20 75
45,258 44,258

4. EMPLOYEES AND DIRECTORS
2023 2022
£'000 £'000
Wages and salaries 4,892 4,675
Social security costs 509 468
Other pension costs 180 177
5,581 5,320

The average number of employees during the year was as follows:
2023 2022

Employees 156 163

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. DIRECTORS' EMOLUMENTS

2023 2022
£'000 £'000
Directors' remuneration 329 290
Directors' pension contributions to money purchase schemes 14 14

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2023 2022
£'000 £'000
Emoluments etc 131 123
Pension contributions to money purchase schemes 7 6

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£'000 £'000
Other operating leases 668 416
Depreciation - owned assets 89 92
Profit on disposal of fixed assets - (5 )
Trademarks and Domain amortisation 2 9
Web development & imagery costs amortisation 598 499
Computer software amortisation 5 1
Foreign exchange differences 12 7
Auditors remuneration 16 15

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£'000 £'000
Other interest - 1

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£'000 £'000
Current tax:
UK corporation tax 244 181

Deferred tax 83 70
Tax on profit 327 251

UK corporation tax was charged at 19%) in 2022.

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£'000 £'000
Profit before tax 1,296 1,438
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

298

273

Effects of:
Expenses not deductible for tax purposes 32 7
Capital allowances in excess of depreciation (86 ) (98 )
Deferred tax charge 83 70
Profit on disposal of assets - (1 )
Total tax charge 327 251

9. DIVIDENDS
2023 2022
£'000 £'000
Ordinary A shares of 0.01 each
Interim 133 95
Ordinary B shares of 0.01 each
Interim 133 95
266 190

10. INTANGIBLE FIXED ASSETS
Web
Trademarks development
and & imagery Computer
Domain costs software Totals
£'000 £'000 £'000 £'000
COST
At 1 December 2022 18 3,024 19 3,061
Additions - 750 82 832
At 30 November 2023 18 3,774 101 3,893
AMORTISATION
At 1 December 2022 9 1,402 1 1,412
Amortisation for year 2 598 5 605
At 30 November 2023 11 2,000 6 2,017
NET BOOK VALUE
At 30 November 2023 7 1,774 95 1,876
At 30 November 2022 9 1,622 18 1,649

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

11. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 December 2022 67 369 17 166 619
Additions 16 139 - 35 190
At 30 November 2023 83 508 17 201 809
DEPRECIATION
At 1 December 2022 53 109 8 131 301
Charge for year 17 40 2 30 89
At 30 November 2023 70 149 10 161 390
NET BOOK VALUE
At 30 November 2023 13 359 7 40 419
At 30 November 2022 14 260 9 35 318

12. STOCKS
2023 2022
£'000 £'000
Stocks 5,039 3,770

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade debtors 189 7
Amounts owed by group undertakings 2 1
Other debtors 505 158
Prepayments and accrued income 1,253 681
1,949 847

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade creditors 3,924 3,590
Tax 244 181
Social security and other taxes 126 107
VAT 347 657
Other creditors 439 40
Directors' loan accounts 71 517
Deferred income 522 639
Accrued expenses 560 1,089
6,233 6,820

Beyond Retail Limited (Registered number: 07457691)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£'000 £'000
Within one year 544 512
Between one and five years 1,207 320
1,751 832

16. PROVISIONS FOR LIABILITIES
2023 2022
£'000 £'000
Deferred tax 547 464

Deferred
tax
£'000
Balance at 1 December 2022 464
Charge to Income Statement during year 83
Balance at 30 November 2023 547

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class Nominal 2023 2022
Value: £ £
100 Ordinary A 0.01 1.00 1.00
80 Ordinary B 0.01 0.80 0.80
20 Ordinary C 0.01 0.20 0.20
2.00 2.00

All shares rank pari passu save that the directors may determine in their absolute discretion different dividends on different share classes.

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions paid during the year amounted to £181k (2022: £177k). A balance of £28k was outstanding at the year end (2022: £26k).

19. RELATED PARTY DISCLOSURES

Both Mr D Lees-Bell and Mr E.J. Lees-Bell are directors of Island Bathrooms Limited. During the year the company made purchases of £1k (2022: £3k) and sales of £78k (2022: £96k) with Island Bathrooms Limited. At the year end £5k (2022: £8k) was included in debtors.

Key management personnel are considered to be the directors. Their remuneration is disclosed in note 5.

20. POST BALANCE SHEET EVENTS

Commencing 1 December 2023, Beyond Retail Limited entered into a new long term lease agreement of 15 years.