Company registration number 06211805 (England and Wales)
BETTWS LIFEHOUSE LIMITED
Unaudited financial statements
For the year ended 31 July 2023
Pages for filing with registrar
BETTWS LIFEHOUSE LIMITED
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BETTWS LIFEHOUSE LIMITED
Balance sheet
As at 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
316,762
190,455
Current assets
Stocks
7,754
6,004
Debtors
5
454,625
269,660
Cash at bank and in hand
1,065,120
609,553
1,527,499
885,217
Creditors: amounts falling due within one year
6
Creditors
471,666
301,387
Deferred income
782,625
387,792
1,254,291
689,179
Net current assets
273,208
196,038
Total assets less current liabilities
589,970
386,493
Provisions for liabilities
(52,838)
(20,581)
Net assets
537,132
365,912
Capital and reserves
Called up share capital
75
75
Profit and loss reserves
537,057
365,837
Total equity
537,132
365,912
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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.
BETTWS LIFEHOUSE LIMITED
Balance sheet (continued)
As at 31 July 2023
2023
2022
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2023 and are signed on its behalf by:
Mrs K Jones
Director
Company Registration No. 06211805
BETTWS LIFEHOUSE LIMITED
Notes to the financial statements
For the year ended 31 July 2023
- 3 -
1
Accounting policies
Company information
Bettws Lifehouse Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eagle House, 25 Severn street, Welshpool, Powys, SY21 7AD.
1.1
Accounting convention
These financial statements have been prepared 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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
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.
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:
Land and buildings Leasehold
10% straight line
Plant and machinery
20% reducing balance
Motor vehicles
25% reducing balance
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
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.
BETTWS LIFEHOUSE LIMITED
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BETTWS LIFEHOUSE LIMITED
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 5 -
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.
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.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BETTWS LIFEHOUSE LIMITED
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
94
46
4
Tangible fixed assets
Leasehold Property Improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
131,949
284,102
416,051
Additions
8,290
195,005
203,295
Disposals
(1,167)
(1,167)
At 31 July 2023
140,239
477,940
618,179
Depreciation and impairment
At 1 August 2022
77,143
148,453
225,596
Depreciation charged in the year
12,464
63,704
76,168
Eliminated in respect of disposals
(347)
(347)
At 31 July 2023
89,607
211,810
301,417
Carrying amount
At 31 July 2023
50,632
266,130
316,762
At 31 July 2022
54,806
135,649
190,455
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
252,411
119,033
Other debtors
148,332
122,176
Prepayments and accrued income
53,882
28,451
454,625
269,660
BETTWS LIFEHOUSE LIMITED
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Deferred income
782,625
387,792
Trade creditors
41,907
28,439
Other creditors
29,621
13,610
Corporation tax
59,640
64,417
Other taxation and social security
340,498
194,921
1,254,291
689,179