Company registration number SC593529 (Scotland)

 

 

 

 

 

 

 

 

BEAMISH INTERNATIONAL LTD

 

UNAUDITED FINANCIAL STATEMENTS

 

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

 

237,817

 

3,623

Tangible assets

4

 

23,429

 

19,308

      
   

261,246

 

22,931

Current assets

     

Stocks

 

-

 

18,237

 

Debtors

5

837,850

 

582,932

 

Cash at bank and in hand

 

96,123

 

122,892

 
      
  

933,973

 

724,061

 

Creditors: amounts falling due within one year

6

(897,802)

 

(442,872)

 
      

Net current assets

  

36,171

 

281,189

      

Total assets less current liabilities

  

297,417

 

304,120

      

Creditors: amounts falling due after more than one year

7

 

-

 

(114,456)

      

Provisions for liabilities

  

(1,866)

 

(2,695)

      

Net assets

  

295,551

 

186,969

      

Capital and reserves

     

Called up share capital

8

 

100

 

100

Profit and loss reserves

  

295,451

 

186,869

      

Total equity

  

295,551

 

186,969

 

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 period ended 31 October 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.

BEAMISH INTERNATIONAL LTD

 

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2023

 

The members have not required the company to obtain an audit of its financial statements for the period 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.

 

The financial statements were approved and signed by the director and authorised for issue on 30 July 2024.

 

 

 

 

Mr C W Beamish

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 Scotland. The registered office is Unit 3 Bankhead Steading, Bankhead Farm, South Queensferry, West Lothian, Scotland, EH30 9TF.

 

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

1.2     Reporting period

The financial statements for the period ended 31 October 2023 are prepared from 1 May 2022 to 31 October 2023. As a result of this, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

1.3     Turnover

Turnover represents the amounts derived from provision of services which fall within the company's principal activity, stated net of value added tax. Turnover from rendering of services is recognised when services are rendered, no matter when cash is received.

 

1.4     Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation 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:

 

Patents & licences

10% on cost

Domain names

10% on cost

Development costs

10% on cost

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

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

 

Leasehold improvements

10% on cost

Fixtures and fittings

20% on cost and 33.33% on cost

Computer equipment

33.33% on cost

 

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

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

 

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

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

1.10     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.

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

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

 

1.13     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.

 

1.14     Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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

5

4

 

3     Intangible fixed assets

 

 

Patents

Domain

Development

Total

  

names

costs

 
     
 

£

£

£

£

Cost

    

At 1 May 2022

-

5,956

-

5,956

Additions

2,160

-

233,130

235,290

     

At 31 October 2023

2,160

5,956

233,130

241,246

     

Amortisation and impairment

    

At 1 May 2022

-

2,334

-

2,334

Amortisation charged for the period

202

893

-

1,095

     

At 31 October 2023

202

3,227

-

3,429

     

Carrying amount

    

At 31 October 2023

1,958

2,729

233,130

237,817

     

At 30 April 2022

-

3,623

-

3,623

 

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

7,296

31,694

38,990

Additions

-

18,511

18,511

Disposals

-

(7,192)

(7,192)

    

At 31 October 2023

7,296

43,013

50,309

    

Depreciation and impairment

   

At 1 May 2022

2,171

17,511

19,682

Depreciation charged in the period

1,094

10,549

11,643

Eliminated in respect of disposals

-

(4,445)

(4,445)

    

At 31 October 2023

3,265

23,615

26,880

    

Carrying amount

   

At 31 October 2023

4,031

19,398

23,429

    

At 30 April 2022

5,125

14,183

19,308

 

5     Debtors

 

2023

2022

Amounts falling due within one year:

£

£

   

Trade debtors

12,993

317,771

Other debtors

824,857

265,161

   
 

837,850

582,932

 

6     Creditors: amounts falling due within one year

 

2023

2022

 

£

£

   

Bank loans

57,057

59,925

Trade creditors

231,973

5,365

Taxation and social security

257,965

151,127

Other creditors

350,807

226,455

   
 

897,802

442,872

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

-

114,456

 

8     Called up share capital

 

2023

2022

 

£

£

Ordinary share capital

  

Issued and fully paid

  
   

100 Ordinary shares of £1 each

100

100

 

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

 

£

£

   
 

22,867

35,652

 

10     Related party transactions

 

Included within other debtors is an amount owed from Prestige Whisky Limited of £600 (2022: £Nil). Mr C W Beamish is a director and shareholder of Prestige Whisky Limited.

 

11     Director's transactions

 

Description

%

Opening

Amounts

Interest

Amounts

Closing

 

Rate

balance

advanced

charged

repaid

balance

  

£

£

£

£

£

       
       

Charles William Beamish

2.25

174,197

1,554,089

28,012

(376,510)

1,379,788

       
  

174,197

1,554,089

28,012

(376,510)

1,379,788