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COMPANY REGISTRATION NUMBER: 05679096
Beckwith Retail Limited
Filleted Unaudited Financial Statements
31 December 2023
Beckwith Retail Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Beckwith Retail Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
285,881
333,529
Tangible assets
6
94,995
88,706
---------
---------
380,876
422,235
Current assets
Stocks
107,000
98,750
Debtors
7
71,494
22,494
Cash at bank and in hand
65,623
101,220
---------
---------
244,117
222,464
Creditors: amounts falling due within one year
8
243,911
207,568
---------
---------
Net current assets
206
14,896
---------
---------
Total assets less current liabilities
381,082
437,131
Provisions
Taxation including deferred tax
24,255
17,427
---------
---------
Net assets
356,827
419,704
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
356,727
419,604
---------
---------
Shareholders funds
356,827
419,704
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beckwith Retail Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
P M Taylor
Director
Company registration number: 05679096
Beckwith Retail Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
The director has chosen not to adopt FRS102 10 year amortisation policy, as it is believed that this will not show a true and fair view of the company's financial performance and position. Instead, the director is undertaking annual impairment reviews at the balance sheet date, and additionally the goodwill is amortised in line with the period of lease.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
15 Years Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Straight Line method over the lease period
Fixtures and fittings
-
10% straight line
Equipment
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2022: 25 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
714,713
---------
Amortisation
At 1 January 2023
381,184
Charge for the year
47,648
---------
At 31 December 2023
428,832
---------
Carrying amount
At 31 December 2023
285,881
---------
At 31 December 2022
333,529
---------
6. Tangible assets
Leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
34,441
149,084
221,497
405,022
Additions
25,779
2,875
28,654
--------
---------
---------
---------
At 31 December 2023
34,441
174,863
224,372
433,676
--------
---------
---------
---------
Depreciation
At 1 January 2023
28,700
116,370
171,246
316,316
Charge for the year
4,305
7,161
10,899
22,365
--------
---------
---------
---------
At 31 December 2023
33,005
123,531
182,145
338,681
--------
---------
---------
---------
Carrying amount
At 31 December 2023
1,436
51,332
42,227
94,995
--------
---------
---------
---------
At 31 December 2022
5,741
32,714
50,251
88,706
--------
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
966
Other debtors
71,494
21,528
--------
--------
71,494
22,494
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
218,468
174,992
Corporation tax
7,953
18,803
Social security and other taxes
5,334
1,693
Other creditors
12,156
12,080
---------
---------
243,911
207,568
---------
---------
Within other creditors, there is an amount owed of which is secured by a fixed and floating charge on all company assets.
9. Director's advances, credits and guarantees
At the year end a director owed the company £35,751 (2022: company owed the director £2,428).