Registered number
08241338
Best Experience Limited
Report and Financial Statements
31 December 2023
Best Experience Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2 to 3
Statement of director's responsibilities 4
Strategic report 5 to 6
Independent auditor's report 7 to 9
Income statement 10
Statement of comprehensive income 11
Statement of financial position 12
Statement of changes in equity 13
Statement of cash flows 14
Notes to the financial statements 15 to 22
Information for the director only
The following pages do not form part of the statutory accounts
Detailed Profit & Loss account 23 to 24
Best Experience Limited
Company Information
Director
P A Pearson
Auditors
Bennett Whitehouse Ltd
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
Registered office
Ist Floor Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
Registered number
08241338
Best Experience Limited
Registered number: 08241338
Director's Report
The director presents his report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be the operation of a McDonalds restaurant franchise.
Results
The profit for the year, after taxation, amounted to £214,762 (2022 £243,328 )
Future developments
The company continues to invest substantially in its restaurants to enhance their appearance and equipment, aiming to improve the experience for both customers and employees.
Financial instrument risk
Objectives and policies
The company's principal financial instruments comprise cash. The main purpose of these financial instruments is to raise finance for the company's operations. The company does not enter into derivative transactions. It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken.
Price risk, credit risk, liquidity risk and cash flow risk
The main risks arising from the company's financial instruments are interest risk and liquidity risk. The board reviews and agrees policies for managing each of these risks as summarised below:-
Interest rate risk - the company's exposure to market risk for changes in interest rates is limited to bank loans. Additional requirements for medium to long term debt are reviewed by the director based on the company's forecast requirements.
Liquidity risk - the company's objective is to maintain a balance between continuity of funding and flexibility by the utilisation of cash and bank loans.
Dividends
During the year, dividends paid were £94,943 (2022 £144,280). The directors do not recommend the payment of a final dividend.
Directors
The following persons served as directors during the year:
P A Pearson
Disclosure of information to auditors
The director confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditors
Bennett Whitehouse Limited were appointed as auditors in accordance with section 485 of companies Act 2006. The auditor, Bennett Whitehouse Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Employment of disabled persons
The company operates an equal opportunities policy in all areas of recruitment and seeks to offer suitable work and training wherever practicable to persons with disabilities. The policy of the company is to ensure that disabled applicants are given full and fair consideration having regards to their personal aptitudes and abilities. Existing disabled employees are given equal access to appropriate training, career development and promotion opportunities within the company. In the event of employees becoming disabled while in employment of the company, all reasonable means are explored to achieve retention in employment in the same or an alternative capacity.
Employee Involvement
The company aims to promote a working environment free from harassment, victimisation, bullying and discrimination. The company regards all employees as members of a team where opinions are valued and everyone is regarded as equal in status and treated with fairness and respect. The company's recruitment procedures are intended to ensure that employees are selected, promoted and treated according to their ability and that everyone has an equal opportunity to receive training and development. The company communicates regularly with all employees on matters relating to its performance, with employees encouraged to contribute to the decision making process through regular staff meetings. In addition, there is a bulletin board in each restaurant where memoranda relating to company policy are displayed. There is also an online portal known as Our Lounge, which contains news and information for McDonald's employees.
This report was approved by the board on 27 August 2024 and signed on its behalf.
P A Pearson
Director
Best Experience Limited
Statement of Director's Responsibilities
The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Best Experience Limited
Strategic Report
The directors present their strategic report for the year ended 31 December 2023. 
Review of Business: The directors would like to highlight that, despite an improvement in turnover, significant cost pressures have resulted in a decline in margins and a much reduced operating profit.
Key Performance Indicators: 2023 2022
Turnover: 15,876,892 14,765,907
Gross Profit: 10,346,078 9,546,613
Gross Profit %: 65.16% 64.65%
Net Profit before taxation 277,541 363,931
The net assets of Best Experience Ltd were £2,010,809  (2022 £1,890,990) as of the balance sheet date, indicating the company's solvency.
Principal Risks and Uncertainties: The management of Best Experience Ltd recognizes several principal risks that may affect the business. These risks are continuously assessed, and the company has established processes to mitigate them. The key risks include:
1. Economic Downturn: The business's success relies on consumer spending. Senior management closely monitors economic conditions and adjusts marketing and pricing strategies in response to mitigate this risk.
2. Inflation and Cost of Living Crisis: Global inflationary pressures, intensified by the war in Ukraine, pose significant risks to the company. Best Experience Ltd diligently assesses food cost inflation and wage cost inflation to mitigate potential threats. The company also ensures compliance with labour market regulations and strives to provide competitive remuneration and benefits packages to attract and retain talented employees.
3. Utilities Costs: Increasing volatility, cost pressures, and environmental awareness in the UK market present challenges. To manage and mitigate these risks, Best Experience Ltd has entered into Power Purchase Agreements (PPAs) for cost-effective clean energy from environmentally friendly sources.
4. Competition: Operating in a highly competitive market, Best Experience Ltd constantly evaluates pricing strategies and conducts thorough market research to address price sensitivities.
5. Liquidity Risk: Despite positive cash flows and a current asset position, the directors closely monitor liquidity and cash flow to ensure effective operational procedures and minimize risks.
Best Experience Limited
Strategic Report
The directors acknowledge that future business development plans may be influenced by unforeseen events beyond their control and thus constantly reassess their strategies accordingly.
This report was approved by the board on 27th August 2024 and signed on its behalf.
P A Pearson
Director
Best Experience Limited
Independent auditor's report
to the members of Best Experience Limited
Opinion
We have audited the financial statements of Best Experience Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, health & safety legislation and FRS102.
We designed audit procedures to respond to the risks of material misstatement in the financial statements.
We focussed on laws and regulations that could give rise to a material misstatement in the company financial statements. Our tests included, but were not limited to:
Agreement of the financial statement disclosures to underlying documentation; enquiries of management, and obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Gavin Whitehouse BSocSc, FCA
(Senior Statutory Auditor) Waterfront One
for and on behalf of Waterfront Business Park
Bennett Whitehouse Limited Brierley Hill
Statutory Auditor West Midlands
27 August 2024 DY5 1LX
Best Experience Limited
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 2 15,876,892 14,765,907
Cost of sales (5,530,814) (5,219,294)
Gross profit 10,346,078 9,546,613
Administrative expenses (10,068,565) (9,182,701)
Operating profit 3 277,513 363,912
Interest receivable 28 19
Profit on ordinary activities before taxation 277,541 363,931
Tax on profit on ordinary activities 6 (62,779) (120,603)
Profit for the financial year 214,762 243,328
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Best Experience Limited
Statement of Comprehensive Income
for the year ended 31 December 2023
Notes 2023 2022
£ £
Profit for the financial year 214,762 243,328
Other comprehensive income - -
Total comprehensive income for the year 214,762 243,328
Best Experience Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 7 88,162 96,473
Tangible assets 8 1,249,623 1,573,758
Investments 9 3,750 3,750
1,341,535 1,673,981
Current assets
Stocks 10 84,132 70,498
Debtors 11 83,287 159,770
Cash at bank and in hand 12 2,226,201 1,736,137
2,393,620 1,966,405
Creditors: amounts falling due within one year 13 (1,522,616) (1,496,074)
Net current assets 871,004 470,331
Total assets less current liabilities 2,212,539 2,144,312
Provisions for liabilities
Deferred taxation 14 (201,730) (253,322)
Net assets 2,010,809 1,890,990
Capital and reserves
Called up share capital 15 200 200
Profit and loss account 16 2,010,609 1,890,790
Total equity 2,010,809 1,890,990
Approved and authorised by the board on 27 August 2024
and signed on its behalf by:
P A Pearson
Director
Best Experience Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 January 2022 200 1,791,742 1,791,942
Profit for the financial year 243,328 243,328
Dividends (144,280) (144,280)
At 31 December 2022 200 1,890,790 1,890,990
At 1 January 2023 200 1,890,790 1,890,990
Profit for the financial year 214,762 214,762
Dividends (94,943) (94,943)
At 31 December 2023 200 2,010,609 2,010,809
Best Experience Limited
Statement of Cash Flows
for the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 214,762 243,328
Adjustments for:
Interest receivable (28) (19)
Tax on profit on ordinary activities 62,779 120,603
Depreciation 373,179 405,099
Amortisation of goodwill 8,311 8,311
Increase in stocks (13,634) (16,340)
Decrease/(increase) in debtors 76,483 (51,109)
(Decrease)/increase in creditors (20,429) 367,955
701,423 1,077,828
Interest received 28 19
Corporation tax paid (67,400) (231,913)
Cash generated by operating activities 634,051 845,934
Investing activities
Payments to acquire tangible fixed assets (49,044) (241,504)
Cash used in investing activities (49,044) (241,504)
Financing activities
Equity dividends paid (94,943) (144,280)
Cash used in financing activities (94,943) (144,280)
Net cash generated
Cash generated by operating activities 634,051 845,934
Cash used in investing activities (49,044) (241,504)
Cash used in financing activities (94,943) (144,280)
Net cash generated 490,064 460,150
Cash and cash equivalents at 1 January 1,736,137 1,275,987
Cash and cash equivalents at 31 December 2,226,201 1,736,137
Cash and cash equivalents comprise:
Cash at bank 2,226,201 1,736,137
Best Experience Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimares
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 stated otherwise.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Basis of preparation
The financial statements 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.
The financial statements are presented in sterling.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold land and buildings over the lease term
Plant and machinery over 5 to 10 years
Fixtures, fittings, tools and equipment over 5 to 10 years
Motor vehicles over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2 Analysis of turnover 2023 2022
£ £
Sale of goods 15,876,892 14,765,907
By geographical market:
UK 15,876,892 14,765,907
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 373,179 405,099
Amortisation of goodwill 8,311 8,311
Operating lease rentals - land and buildings 1,662,335 1,670,395
Auditors' remuneration for audit services 6,200 5,300
4 Director's emoluments 2023 2022
£ £
Emoluments 11,051 8,400
Company contributions to defined contribution pension plans 60,000 40,000
71,051 48,400
5 Staff costs 2023 2022
£ £
Wages and salaries 4,108,336 3,650,974
Social security costs 172,216 161,925
Other pension costs 104,618 73,553
4,385,170 3,886,452
Average number of employees during the year Number Number
Employees 419 348
419 348
6 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 114,371 67,391
Deferred tax:
Origination and reversal of timing differences (51,592) 41,205
Effect of increased tax rate on opening liability - 12,007
(51,592) 53,212
Tax on profit on ordinary activities 62,779 120,603
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 277,541 363,931
Standard rate of corporation tax in the UK 25% / 19% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 65,279 69,147
Effects of:
Expenses not deductible for tax purposes 1,214 570
Capital allowances for period in excess of depreciation 47,878 (2,326)
Current tax charge for period 114,371 67,391
Factors that may affect future tax charges
The main rate of Corporation Tax increased to 25% from 1st April 2023 in respect of taxable profits above £250,000. In addition to the main rate there will remain a small profit rate of 19% for taxable profits below £50,000. Marginal relief will provide a gradual increase in the Corporation Tax rate between the small profits rate and the main rate.
Deferred tax balances must be recognised at the future rate applicable when the balance is expected to unwind. As such, deferred tax balances are recognised using the main rate of 25%.
7 Intangible fixed assets £
Franchise costs:
Cost
At 1 January 2023 166,211
At 31 December 2023 166,211
Amortisation
At 1 January 2023 69,738
Provided during the year 8,311
At 31 December 2023 78,049
Carrying amount
At 31 December 2023 88,162
At 31 December 2022 96,473
Franchise costs are being written off in equal annual instalments over its estimated economic life of 20 years.
8 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 January 2023 62,669 3,505,181 51,965 3,619,815
Additions - 49,044 - 49,044
At 31 December 2023 62,669 3,554,225 51,965 3,668,859
Depreciation
At 1 January 2023 27,534 1,982,148 36,375 2,046,057
Charge for the year 3,358 359,428 10,393 373,179
At 31 December 2023 30,892 2,341,576 46,768 2,419,236
Carrying amount
At 31 December 2023 31,777 1,212,649 5,197 1,249,623
At 31 December 2022 35,135 1,523,033 15,590 1,573,758
Land and Buildings above represents the cost of Stamp Duty Land Tax (SDLT) on the signing of
the franchise agreements.
9 Investments
Other
investments
£
Cost
At 1 January 2023 3,750
At 31 December 2023 3,750
10 Stocks 2023 2022
£ £
Raw materials and consumables 84,132 70,498
11 Debtors 2023 2022
£ £
Trade debtors 48,484 80,096
Other debtors - 23,388
Prepayments and accrued income 34,803 56,286
83,287 159,770
12 Cash and cash equivalents 2023 2022
£ £
Cash on hand 204,467 171,001
Cash at bank 2,021,734 1,565,136
2,226,201 1,736,137
13 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 417,709 560,449
Corporation tax 114,343 67,372
Other taxes and social security costs 576,097 458,010
Other creditors 143,298 575
Accruals and deferred income 271,169 409,668
1,522,616 1,496,074
14 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 201,730 253,322
2023 2022
£ £
At 1 January 253,322 200,110
(Credited)/charged to the profit and loss account (51,592) 53,212
At 31 December 201,730 253,322
15 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
A Ordinary shares £1 each 100 100 100
B Ordinary shares £1 each 100 100 100
200 200
16 Profit and loss account 2023 2022
£ £
At 1 January 1,890,790 1,791,742
Profit for the financial year 214,762 243,328
Dividends (94,943) (144,280)
At 31 December 2,010,609 1,890,790
17 Dividends 2023 2022
£ £
Dividends on ordinary shares (note 16) 94,943 144,280
18 Defined Contributions pension schemes
The Company operates defined contributions pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £104,618 (2022 £73,553). Contributions totalling £8,184 (2022 £3,565) were payable to the fund at the balance sheet date and are included in creditors.
19 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
2023 2022
£ £
Falling due:
within one year 606,252 606,252
within two to five years 2,425,008 2,425,008
in over five years 3,234,631 3,840,883
6,265,891 6,872,143
20 Related party transactions
A company wholly owned and controlled by a shareholder act as HR consultants to the company. Charges of £140,000 were incurred during the year (2022 £120,000).
21 Controlling party
The company is a close company under the provisions of the taxing acts and is under the control of Mr P A Pearson.
22 Legal form of entity and country of incorporation
Best Experience Limited is a private company limited by shares and incorporated in England.
23 Principal place of business
The address of the company's principal place of business is:
40 Southgate, Bath, BA1 1TG
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