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Registration number: 10851318

Beamat Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Beamat Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Beamat Holdings Limited

Company Information

Directors

B Chandaria

K K Chandaria

Registered office

Unitec House
2 Albert Place
London
N3 1QB

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Beamat Holdings Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beamat Holdings Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Beamat Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Beamat Holdings Limited. You consider that Beamat Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Beamat Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made solely to the Board of Directors of Beamat Holdings Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Beamat Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Beamat Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beamat Holdings Limited and its Board of Directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

9 August 2024

 

Beamat Holdings Limited

(Registration number: 10851318)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

605,300

605,300

Other investments

5

255,864

232,526

 

861,164

837,826

Current assets

 

Debtors

6

230,171

232,399

Cash at bank and in hand

 

18,989

42,259

 

249,160

274,658

Creditors: Amounts falling due within one year

7

(2,991)

(2,996)

Net current assets

 

246,169

271,662

Net assets

 

1,107,333

1,109,488

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,107,233

1,109,388

Shareholders' funds

 

1,107,333

1,109,488

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 8 August 2024 and signed on its behalf by:

.........................................
B Chandaria
Director

 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital and incorporated in England. The registered office address is shown on page 1.

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements, the directors have had to make the following significant judgement:

- Determine to what extent there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments.

There were no other significant judgements.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Tax

The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recoverable against suitable future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to profit or loss. Any non-monetary items that are initially measured at historic cost in a foreign currency are not re-translated at each reporting date.

Investments

Investments are measured in the company's balance sheet at cost less any accumulated impairment.

An entity is treated as an associate where the company exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

Cash at bank and in hand

This comprises cash at bank.

Financial instruments including other fixed asset investments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank and in hand, other debtors and other creditors are measured initially at transaction price and subsequently at amortised cost using the effective interest method, where appropriate.

Investments in unlisted investments which are not publicly traded and where fair value cannot be measured reliably are measured at cost less any accumulated impairment.

Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold or advance them on a continuing basis.

3

Employee information

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2). The directors did not receive any remuneration from the company during the year (2022 - £nil).

 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment in associates

2023
£

2022
£

Investment in associates

605,300

605,300

Associates

£

Cost

At 1 January 2023

620,335

At 31 December 2023

620,335

Impairment

At 1 January 2023

15,035

At 31 December 2023

15,035

Carrying amount

At 31 December 2023

605,300

At 31 December 2022

605,300

Details of associates are as follows:

Registered office

Nature of capital

Percentage of voting rights and shares held

     

2023

2022

Name

Limanex Properties Limited

Unitec House
2 Albert Place
London
N3 1QB

Ordinary shares

50%

50%

 

England

     

Universal Impex Limited

Unitec House
2 Albert Place
London
N3 1QB

Ordinary shares

50%

50%

 

England

     
 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment in associates (continued)

Registered office

Nature of capital

Percentage of voting rights and shares held

Doonbeg Holdings Limited

Belfry House
Champions Way
Hendon
London
NW4 1PX

Ordinary shares

50%

50%

 

England

     

Principal activity at 31 December 2023

Limanex Properties Limited

The principal activity of Limanex Properties Limited is ownership and management of a freehold property.

Universal Impex Limited

The principal activity of Universal Impex Limited is that of confirming agents and traders.

Doonbeg Holdings Limited
 

Doonbeg Holdings Limited is inactive and only earns interest on its bank balances.

5

Other investments

Unlisted investments
£

Total
£

Cost

At 1 January 2023

232,526

232,526

Additions in the year

23,338

23,338

At 31 December 2023

255,864

255,864

Carrying amount

At 31 December 2023

255,864

255,864

At 31 December 2022

232,526

232,526

 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by associates

9

223,450

223,450

Other debtors

 

6,721

8,949

   

230,171

232,399

7

Creditors: amounts due within one year

2023
£

2022
£

Accruals

1,800

1,800

Other creditors

1,191

1,196

2,991

2,996

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Related party transactions

Loans to related parties

2023

Associates
£

At start of year

223,450

At end of year

223,450

2022

Associates
£

At start of year

223,450

At end of year

223,450

 

Beamat Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions (continued)

Terms of loans to related parties

Loans to associates are unsecured, interest free and repayable on demand.