BEVERLY TRADING LIMITED
Registered number: 12300959
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,548 3,428
7,548 3,428
Current assets
Debtors 4 84,686 82,907
Cash at bank and in hand 134,725 179,939
219,411 262,846
Creditors: amounts falling due within one year 5 (40,992) (29,711)
Net current assets 178,419 233,135
Total assets less current liabilities 185,967 236,563
Creditors: amounts falling due after more than one year 6 (192,909) (171,209)
Net (liabilities)/assets (6,942) 65,354
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account (206,942) (134,646)
Shareholders' funds (6,942) 65,354
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Chukwunonso Umar
Director
Approved by the board on 26 August 2024
BEVERLY TRADING LIMITED
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Tangible fixed assets
Furniture & Fittings Office Equipment Total
£ £ £
Cost
At 1 December 2022 1,024 3,474 4,498
Additions 4,500 1,507 6,007
At 30 November 2023 5,524 4,981 10,505
Depreciation
At 1 December 2022 205 865 1,070
Charge for the year 1,064 823 1,887
At 30 November 2023 1,269 1,688 2,957
Net book value
At 30 November 2023 4,255 3,293 7,548
At 30 November 2022 819 2,609 3,428
4 Debtors 2023 2022
£ £
Trade debtors 181 -
VAT Receivable 1,214 5,870
Narada Trading Aesop 72,291 72,331
Prepayments - 3,706
Other debtors 1,000 1,000
Beverly Travels Ltd - Inter Co loan 10,000 -
84,686 82,907
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,900
PAYE payable 1,028
Trade creditors 273 -
Taxation and social security costs 67 461
Net wages payable 39,624 26,350
40,992 29,711
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's Loan Account 192,909 171,209
192,909 171,209
7 Related party transactions
Between 2020 to 2023 year, Uzoamaka Roseline Okoronkwo & Chukwunonso Umar have invested £392,909. The investment comprises £200,000 Share Capital and £192,909 by the way of long term unsecured director's loan.
8 Controlling party
Uzoamaka Roseline Okoronkwo & Chukwunonso Umar are the ultimate controlling party of the company by holding 50% of the company shares each respectively.
9 Other information
BEVERLY TRADING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Equitable House
Unit 209,
7 General Gordon Square,
Woolwich, London
SE18 6FH
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