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Registered number: 06671484









BEAT CONCEPTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
BEAT CONCEPTS LIMITED
REGISTERED NUMBER: 06671484

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
38,351
46,590

  
38,351
46,590

Current assets
  

Stocks
 5 
592,129
559,632

Debtors: amounts falling due within one year
 6 
1,210,031
1,112,345

Cash at bank and in hand
 7 
5,992
19,248

  
1,808,152
1,691,225

Creditors: amounts falling due within one year
 8 
(1,338,089)
(1,212,506)

Net current assets
  
 
 
470,063
 
 
478,719

Total assets less current liabilities
  
508,414
525,309

Creditors: amounts falling due after more than one year
 9 
(90,000)
(130,000)

  

Net assets
  
418,414
395,309


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
417,414
394,309

  
418,414
395,309


Page 1

 
BEAT CONCEPTS LIMITED
REGISTERED NUMBER: 06671484
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.

M Davies-Benjamin
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BEAT CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Beat Concepts Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS and principal place of business is Unit 19, Westmoreland Road, London, NW9 9BW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
BEAT CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Computer equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Government grants

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.10

Dividends

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
BEAT CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 12).

Page 5

 
BEAT CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 September 2022
183,829


Additions
108



At 31 August 2023

183,937



Depreciation


At 1 September 2022
137,239


Charge for the year on owned assets
8,347



At 31 August 2023

145,586



Net book value



At 31 August 2023
38,351



At 31 August 2022
46,590


5.


Stocks

2023
2022
£
£

Stock
592,129
559,632

592,129
559,632



6.


Debtors

2023
2022
£
£


Trade debtors
239,726
234,276

Amounts owed by group undertakings
-
37,800

Other debtors
931,873
795,124

Prepayments and accrued income
38,432
45,145

1,210,031
1,112,345


Page 6

 
BEAT CONCEPTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,992
19,248

Less: bank overdrafts
(408,010)
(296,671)

(402,018)
(277,423)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
408,010
296,671

Bank loans
40,000
40,000

Trade creditors
239,998
769,950

Amounts owed to group undertakings
479,324
-

Corporation tax
54,919
28,919

Other taxation and social security
97,018
62,713

Other creditors
6,020
9,253

Accruals and deferred income
12,800
5,000

1,338,089
1,212,506



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
90,000
130,000

90,000
130,000


HSBC UK Bank PLC holds fixed and floating charges over Beat Concepts Limited. 


10.


Controlling party

Throughout the year, the ultimate controlling party was Beat Concepts Holdings Limited.

 
Page 7