Company registration number
FOR THE PERIOD ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
BEAMISH INTERNATIONAL LTD
CONTENTS
Page | |
Balance sheet | 1 |
Notes to the financial statements | 2 - 7 |
BEAMISH INTERNATIONAL LTD
BALANCE SHEET
AS AT31 OCTOBER 2023
2023 | 2022 | ||||
Notes | £ | £ | £ | £ | |
Fixed assets | |||||
Intangible assets | 3 | ||||
Tangible assets | 4 | ||||
Current assets | |||||
Stocks | - | ||||
Debtors | 5 | ||||
Cash at bank and in hand | |||||
Creditors: amounts falling due within one year | 6 | ( | ( | ||
Net current assets | |||||
Total assets less current liabilities | |||||
Creditors: amounts falling due after more than one year | 7 | - | ( | ||
Provisions for liabilities | ( | ( | |||
Net assets | |||||
Capital and reserves | |||||
Called up share capital | 8 | ||||
Profit and loss reserves | |||||
Total equity |
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
BEAMISH INTERNATIONAL LTD
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
The financial statements were approved and signed by
Mr
Director
Company Registration No. SC593529
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
1 Accounting policies
Company information
Beamish International Ltd is a private company limited by shares incorporated in
1.1 Accounting convention
1.2 Reporting period
1.3 Turnover
1.4 Intangible fixed assets other than goodwill
Patents & licences | |
Domain names | |
Development costs |
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1 Accounting policies (Continued)
1.5 Tangible fixed assets
Leasehold improvements | |
Fixtures and fittings | 20% on cost and |
Computer equipment |
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.
1.6 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 Cash and cash equivalents
1.8 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1 Accounting policies (Continued)
1.8 Financial instruments (Continued)
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.
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 creditors and bank loan, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9 Equity instruments
1.10 Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
1 Accounting policies (Continued)
1.10 Taxation (Continued)
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.
1.11 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.12 Retirement benefits
1.13 Leases
1.14 Foreign exchange
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
2 Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023 | 2022 | |
Number | Number | |
Total |
3 Intangible fixed assets
Patents | Domain | Development | Total | |
names | costs | |||
£ | £ | £ | £ | |
Cost | ||||
At | - | - | ||
Additions | - | |||
At | ||||
Amortisation and impairment | ||||
At 1 May 2022 | - | - | ||
Amortisation charged for the period | - | |||
At 31 October 2023 | - | |||
Carrying amount | ||||
At 31 October 2023 | ||||
At | - | - |
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
4 Tangible fixed assets
Land and | Plant and | Total | |
buildings | machinery | ||
etc | |||
£ | £ | £ | |
Cost | |||
At 1 May 2022 | |||
Additions | - | ||
Disposals | - | ( | ( |
At | |||
Depreciation and impairment | |||
At 1 May 2022 | |||
Depreciation charged in the period | |||
Eliminated in respect of disposals | - | ( | ( |
At 31 October 2023 | |||
Carrying amount | |||
At 31 October 2023 | |||
At 30 April 2022 |
5 Debtors
2023 | 2022 | |
Amounts falling due within one year: | £ | £ |
Trade debtors | ||
Other debtors | ||
6 Creditors: amounts falling due within one year
2023 | 2022 | |
£ | £ | |
Bank loans | ||
Trade creditors | ||
Taxation and social security | ||
Other creditors | ||
BEAMISH INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
7 Creditors: amounts falling due after more than one year
2023 | 2022 | |
£ | £ | |
Bank loans | - |
8 Called up share capital
2023 | 2022 | |
£ | £ | |
Ordinary share capital | ||
Issued and fully paid | ||
9 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 | |
£ | £ | |
10 Related party transactions
Included within other debtors is an amount owed from
11 Director's transactions
Description | % | Opening | Amounts | Interest | Amounts | Closing |
Rate | balance | advanced | charged | repaid | balance | |
£ | £ | £ | £ | £ | ||
2.25 | 1,554,089 | 28,012 | (376,510) | |||
1,554,089 | 28,012 | (376,510) |