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COMPANY REGISTRATION NUMBER: 05487591
Betteridge & Milsom Limited
Filleted Unaudited Financial Statements
31 March 2024
Betteridge & Milsom Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Betteridge & Milsom Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
52,663
46,832
Current assets
Stocks
227,467
52,500
Debtors
7
602,423
403,710
Cash at bank and in hand
4,629
40,931
---------
---------
834,519
497,141
Creditors: amounts falling due within one year
8
560,199
214,070
---------
---------
Net current assets
274,320
283,071
---------
---------
Total assets less current liabilities
326,983
329,903
Creditors: amounts falling due after more than one year
9
84,589
52,636
Provisions
11,456
7,725
---------
---------
Net assets
230,938
269,542
---------
---------
Capital and reserves
Called up share capital
55
55
Capital redemption reserve
45
45
Profit and loss account
230,838
269,442
---------
---------
Shareholders funds
230,938
269,542
---------
---------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Betteridge & Milsom Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
Mr P A Gannaway
Director
Company registration number: 05487591
Betteridge & Milsom Limited
Notes to the Financial Statements
Year ended 31 March 2024
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, United Kingdom.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
20% 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 improvements
-
25% straight line
Computer Equipment
-
25% straight line
Office Equipment
-
20% reducing balance
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 the 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
89,213
--------
Amortisation
At 1 April 2023 and 31 March 2024
89,213
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Leasehold improvements
Computer Equipment
Office Equipment
Total
£
£
£
£
Cost
At 1 April 2023
15,042
78,261
27,548
120,851
Additions
18,519
5,626
1,144
25,289
--------
--------
--------
---------
At 31 March 2024
33,561
83,887
28,692
146,140
--------
--------
--------
---------
Depreciation
At 1 April 2023
2,355
57,284
14,380
74,019
Charge for the year
6,478
10,235
2,745
19,458
--------
--------
--------
---------
At 31 March 2024
8,833
67,519
17,125
93,477
--------
--------
--------
---------
Carrying amount
At 31 March 2024
24,728
16,368
11,567
52,663
--------
--------
--------
---------
At 31 March 2023
12,687
20,977
13,168
46,832
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
374,758
248,729
Amounts owed by group undertakings and undertakings in which the company has a participating interest
199,458
120,449
Other debtors
28,207
34,532
---------
---------
602,423
403,710
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
47,841
17,432
Trade creditors
150,218
40,215
Amounts owed to group undertakings and undertakings in which the company has a participating interest
74,101
Corporation tax
53,174
25,709
Social security and other taxes
137,283
119,052
Company credit card
4,565
3,344
Other creditors
93,017
8,318
---------
---------
560,199
214,070
---------
---------
The loans are secured against the company and all property and assets present and future by way of fixed and floating charges.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
84,589
52,636
--------
--------
The loans are secured against the company and all property and assets present and future by way of fixed and floating charges.
10. Related party transactions
At the year end the Directors were owed £79,266 (2023: £5,668) from the company. At the year end the company was owed £199,458 (2023: £120,449) by group companies. At the year end the company owed £74,101 (2023: £nil) to group companies.
11. Controlling party
At the balance sheet date, the company's immediate parent company was Gannaway Walker Limited , a company registered in the United Kingdom. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom .