Company registration number 04771843 (England and Wales)
SIMON BEAUGIE PICTURE FRAMES LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2023
Pages For Filing With Registrar
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Simon Beaugie Picture Frames Limited For The Year Ended 31 July 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simon Beaugie Picture Frames Limited for the year ended 31 July 2023 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Simon Beaugie Picture Frames Limited, as a body, in accordance with the terms of our engagement letter dated 8 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Simon Beaugie Picture Frames Limited and state those matters that we have agreed to state to the board of directors of Simon Beaugie Picture Frames Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simon Beaugie Picture Frames Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Simon Beaugie Picture Frames Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Simon Beaugie Picture Frames Limited. You consider that Simon Beaugie Picture Frames Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Simon Beaugie Picture Frames Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
23 April 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Balance Sheet
As At 31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
102,477
132,601
Investments
5
127,472
127,472
229,949
260,073
Current assets
Stocks
68,789
66,996
Debtors
6
551,949
572,863
Cash at bank and in hand
432,688
392,855
1,053,426
1,032,714
Creditors: amounts falling due within one year
7
(376,779)
(295,702)
Net current assets
676,647
737,012
Total assets less current liabilities
906,596
997,085
Creditors: amounts falling due after more than one year
8
(152,648)
(209,893)
Provisions for liabilities
1,103
(4,760)
Net assets
755,051
782,432
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
754,951
782,332
Total equity
755,051
782,432
The notes on pages 5 to 11 form part of these financial statements.
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Balance Sheet (Continued)
As At 31 July 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
Mrs P J S Beaugie
Director
Company registration number 04771843 (England and Wales)
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Statement Of Changes In Equity
For The Year Ended 31 July 2023
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2021
100
734,954
735,054
Year ended 31 July 2022:
Profit and total comprehensive income
-
277,378
277,378
Dividends
-
(230,000)
(230,000)
Balance at 31 July 2022
100
782,332
782,432
Year ended 31 July 2023:
Profit and total comprehensive income
-
259,099
259,099
Dividends
-
(286,480)
(286,480)
Balance at 31 July 2023
100
754,951
755,051
The notes on pages 5 to 11 form part of these financial statements.
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements
For The Year Ended 31 July 2023
- 5 -
1
Accounting policies
Company information
Simon Beaugie Picture Frames Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm Workshops, Hamstreet Road, Shadoxhurst, Ashford, Kent, England, TN26 1NW.
1.1
Accounting convention
These financial statements have been prepared under the historical cost convention unless otherwise specified within the accounting policies and in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenants' improvements
Over the period of the lease
Plant and equipment
10-20% straight line
Fixtures, fittings and equipment
10-33% straight line
Motor vehicles
15-20% straight line
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Investments held as fixed assets are shown as cost less provision for impairment.
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
26
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
62,864
61,174
Adjustments in respect of prior periods
(108)
Total current tax
62,756
61,174
Deferred tax
Origination and reversal of timing differences
(5,863)
(5,728)
Total tax charge
56,893
55,446
There were no factors that may affect future tax charges.
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 9 -
4
Tangible fixed assets
Tenants' improvements
Assets under construction
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2022
138,766
15,000
391,162
117,325
37,134
699,387
Additions
5,369
9,559
14,928
Disposals
(598)
(598)
At 31 July 2023
138,766
15,000
395,933
126,884
37,134
713,717
Depreciation and impairment
At 1 August 2022
67,562
363,602
105,682
29,940
566,786
Depreciation charged in the year
23,521
11,198
7,264
3,069
45,052
Eliminated in respect of disposals
(598)
(598)
At 31 July 2023
91,083
374,202
112,946
33,009
611,240
Carrying amount
At 31 July 2023
47,683
15,000
21,731
13,938
4,125
102,477
At 31 July 2022
71,204
15,000
27,560
11,643
7,194
132,601
5
Fixed asset investments
2023
2022
£
£
Unlisted investments
127,472
127,472
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
502,017
503,352
Amounts owed by group undertakings
9,904
9,904
Other debtors and prepayments
40,028
59,607
551,949
572,863
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 10 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
55,442
53,089
Trade creditors
76,903
51,399
Corporation tax
62,864
61,174
Other taxation and social security
106,165
110,052
Other creditors
5,937
5,454
Accruals and deferred income
69,468
14,534
376,779
295,702
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
152,648
209,893
Bank loans are secured by way of a charge over the assets of the company.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
(1,103)
4,760
2023
Movements in the year:
£
Liability at 1 August 2022
4,760
Released to the profit and loss account
(5,863)
Asset at 31 July 2023
(1,103)
Simon Beaugie Picture Frames Limited
SIMON BEAUGIE PICTURE FRAMES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 July 2023
- 11 -
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,138
40,582
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions of £5,937 (2022 - £5,455) were outstanding at the balance sheet date.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
245,387
291,435
The lease commitments consist of the rental payments due on the premises occupied and vehicles used by the company in its trade.
12
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Elmsted Holdings Limited
9,904
9,904
13
Directors' transactions
During the year the directors withdrew monies and the company paid the personal expenses of the directors totalling £3,501 (2022 - £55,376) and the directors introduced £28,733 (2022 - £30,877). At the year end no amounts (2022 - £25,232) were due from the directors.
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