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Registration number: 00641227

B.E. Enterprises Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

B.E. Enterprises Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 35

 

B.E. Enterprises Limited

Company Information

Directors

H D Evans

M T Evans

B A K Eyre

Registered office

Bourne End Garden Centre
Hedsor Road
Bourne End
Buckinghamshire
SL8 5EE

Auditors

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

B.E. Enterprises Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the group, including the company and its subsidiary is to own and manage garden centres and nurseries.

Fair review of the business

The market remains challenging as we emerge from the effects of Covid and the subsequent change to customer buying habits. On balance, the business outlook is positive and improving notwithstanding unforeseen internal and external materially adverse influences.

The net assets of the group at the balance sheet date were £5,947,622 (2022: £5,916,527).

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

9,516,848

9,110,194

Turnover growth/(decline)

%

4

(6)

Gross profit margin

%

39

41

Profit before tax

£

175,621

852,107

Principal risks and uncertainties

The Group faces a number of risks and uncertainties and the directors believe that the key business risks are summarised below. In view of these risks and uncertainties, the directors are aware that the development of the Group may be affected by factors outside their control.

Competitive risks
Trading is influenced by the macroeconomic environment in the UK. Demand is sensitive to economic growth, interest rate movements, inflation, unemployment and demographic trends. The Group faces competition in its business from a variety of sources including large retail chains as well as small family owned garden centres. The Group has historically developed its business by means of organic growth and new development. If a competitor develops a similar outlet in the vicinity of the Group’s existing branches, this may have an impact on footfall and the potential revenue generation at that branch, The directors are confident that the positioning of the brand and offering, the quality of premises, plus the demographics of the population, will protect future income streams for the group.

Weather risk
One of the group’s principal risks is the weather. Adverse weather can impact on footfall and sales of certain product lines at key trading times of the year. The group diversifies its product offering to mitigate and spread this risk as far as it is able.

Supply chain risk
The group maintains strong, long standing relationships with its key suppliers. The directors regularly review trading terms and monitor alternative supply options.

National wage legislation
The group has a substantial number of emplyees and payroll costs is one of the group’s largest overheads. The directors monitor staffing levels in line with other factors such as the weather and expected footfall and adjust staff numbers accordingly.

 

B.E. Enterprises Limited

Strategic Report for the Year Ended 31 December 2023

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
B A K Eyre
Director

 

B.E. Enterprises Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Statement of directors' responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting 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; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors of the group

The directors who held office during the year were as follows:

B G R Evans (ceased 7 December 2023)

H D Evans

M T Evans

B A K Eyre

Dividends

Dividends paid during the year amounted to £84,000 (2022: £84,000). No final dividends are proposed.

 

B.E. Enterprises Limited

Directors' Report for the Year Ended 31 December 2023

Financial instruments

Objectives and policies

The company uses various financial instruments which include cash, trade debtors, trade creditors and amounts due to group undertakings that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail in the strategic report.

Price risk, credit risk, liquidity risk and cash flow risk

The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling. The group trades with foreign suppliers and is therefore exposed to currency fluctuations. The situation is regularly reviewed by the directors so that they can take approprite action. The group does not enter into any formally designated hedging arrangements. The group continues to be financed from the sources shown within the financial statements including third party lenders and continues to be required to meet their ongoing lending requirements, in the normal way. The group does not use financial instruments to hedge against interest rate risks.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
B A K Eyre
Director

 

B.E. Enterprises Limited

Independent Auditor's Report to the Members of B.E. Enterprises Limited

Opinion

We have audited the financial statements of B.E. Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 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 group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

We have nothing to report in this regard.

 

B.E. Enterprises Limited

Independent Auditor's Report to the Members of B.E. Enterprises Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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' Report [set out on page 8], 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 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.

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.

 

B.E. Enterprises Limited

Independent Auditor's Report to the Members of B.E. Enterprises Limited

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

B.E. Enterprises Limited

Independent Auditor's Report to the Members of B.E. Enterprises Limited

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.

......................................
Gino Paolo Amasanti FCCA (Senior Statutory Auditor)
For and on behalf of Sterling Grove Accountants Limited, Statutory Auditor

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

27 August 2024

 

B.E. Enterprises Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

9,516,848

9,110,194

Cost of sales

 

(5,855,279)

(5,394,801)

Gross profit

 

3,661,569

3,715,393

Administrative expenses

 

(3,931,147)

(3,384,263)

Other operating income

510,609

558,120

Operating profit

4

241,031

889,250

Other interest receivable and similar income

5

5,874

34

Interest payable and similar expenses

6

(71,284)

(37,177)

   

(65,410)

(37,143)

Profit before tax

 

175,621

852,107

Tax on profit

10

(60,526)

(209,782)

Profit for the financial year

 

115,095

642,325

Profit/(loss) attributable to:

 

Owners of the company

 

115,430

638,231

Non Controlling Interests

 

(335)

4,094

 

115,095

642,325

 

B.E. Enterprises Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

115,095

642,325

Total comprehensive income for the year

115,095

642,325

Total comprehensive income attributable to:

Owners of the company

115,430

638,231

Non Controlling Interests

(335)

4,094

115,095

642,325

 

B.E. Enterprises Limited

(Registration number: 00641227)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

5,791,390

5,576,003

Current assets

 

Stocks

14

3,006,299

2,888,954

Debtors

15

153,968

133,466

Cash at bank and in hand

 

211,211

245,556

 

3,371,478

3,267,976

Creditors: Amounts falling due within one year

17

(1,992,442)

(1,722,067)

Net current assets

 

1,379,036

1,545,909

Total assets less current liabilities

 

7,170,426

7,121,912

Creditors: Amounts falling due after more than one year

17

(864,668)

(907,775)

Provisions for liabilities

18

(358,136)

(297,610)

Net assets

 

5,947,622

5,916,527

Capital and reserves

 

Called up share capital

20

3,260

3,260

Share premium reserve

400

400

Other reserves

770

770

Retained earnings

5,798,345

5,766,915

Equity attributable to owners of the company

 

5,802,775

5,771,345

Non Controlling Interests

 

144,847

145,182

Shareholders' funds

 

5,947,622

5,916,527

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
B A K Eyre
Director

 

B.E. Enterprises Limited

(Registration number: 00641227)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

4,264,666

4,136,926

Investments

13

278,560

278,560

 

4,543,226

4,415,486

Current assets

 

Stocks

14

2,849,424

2,750,589

Debtors

15

312,872

258,077

Cash at bank and in hand

 

211,123

245,468

 

3,373,419

3,254,134

Creditors: Amounts falling due within one year

17

(1,886,884)

(1,673,414)

Net current assets

 

1,486,535

1,580,720

Total assets less current liabilities

 

6,029,761

5,996,206

Creditors: Amounts falling due after more than one year

17

(864,668)

(907,775)

Provisions for liabilities

18

(277,583)

(235,115)

Net assets

 

4,887,510

4,853,316

Capital and reserves

 

Called up share capital

20

3,260

3,260

Share premium reserve

400

400

Other reserves

770

770

Retained earnings

4,883,080

4,848,886

Shareholders' funds

 

4,887,510

4,853,316

The company made a profit after tax for the financial year of £118,194 (2022 - profit of £604,484).

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................
B A K Eyre
Director

 

B.E. Enterprises Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

At 1 January 2023

3,260

400

770

5,766,915

Profit/(loss) for the year

-

-

-

115,430

Dividends

-

-

-

(84,000)

At 31 December 2023

3,260

400

770

5,798,345

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 January 2023

5,771,345

145,182

5,916,527

Profit/(loss) for the year

115,430

(335)

115,095

Dividends

(84,000)

-

(84,000)

At 31 December 2023

5,802,775

144,847

5,947,622

 

B.E. Enterprises Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

At 1 January 2023

3,260

400

770

4,848,886

Profit for the year

-

-

-

118,194

Dividends

-

-

-

(84,000)

At 31 December 2023

3,260

400

770

4,883,080

Total
£

At 1 January 2023

4,853,316

Profit for the year

118,194

Dividends

(84,000)

At 31 December 2023

4,887,510

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

At 1 January 2022

3,260

400

770

4,328,402

Profit for the year

-

-

-

604,484

Dividends

-

-

-

(84,000)

At 31 December 2022

3,260

400

770

4,848,886

Total
£

At 1 January 2022

4,332,832

Profit for the year

604,484

Dividends

(84,000)

At 31 December 2022

4,853,316

 

B.E. Enterprises Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

115,095

642,325

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

262,694

225,206

Profit on disposal of tangible assets

(62)

-

Finance income

5

(5,874)

(34)

Finance costs

6

71,284

37,177

Taxation expense

10

60,526

209,782

 

503,663

1,114,456

Working capital adjustments

 

Increase in stocks

14

(117,345)

(385,331)

Decrease/(increase) in trade debtors

15

39,498

(25,958)

Increase in trade creditors

17

415,359

372,889

Cash generated from operations

 

841,175

1,076,056

Corporation tax paid

10

(77,158)

(232,566)

Net cash flow from operating activities

 

764,017

843,490

Cash flows from investing activities

 

Interest received

5,874

34

Acquisitions of tangible assets

(478,459)

(2,155,318)

Proceeds from sale of tangible assets

 

440

-

Net cash flows from investing activities

 

(472,145)

(2,155,284)

Cash flows from financing activities

 

Interest paid

6

(71,284)

(37,177)

Proceeds from bank borrowing draw downs

 

-

1,115,222

Repayment of bank borrowing

 

(242,425)

(265,433)

Proceeds from other borrowing draw downs

 

89,913

-

Payments to finance lease creditors

 

(18,421)

(7,820)

Proceeds from advance of government grants

 

-

(1,581)

Dividends paid

(84,000)

(84,000)

Net cash flows from financing activities

 

(326,217)

719,211

Net decrease in cash and cash equivalents

 

(34,345)

(592,583)

Cash and cash equivalents at 1 January

 

245,556

838,139

Cash and cash equivalents at 31 December

 

211,211

245,556

 

B.E. Enterprises Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, with company number 00641227.

The address of its registered office is:
Bourne End Garden Centre
Hedsor Road
Bourne End
Buckinghamshire
SL8 5EE

These financial statements were authorised for issue by the Board on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £118,194 (2022 - profit of £604,484).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

B.E. Enterprises Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the group's activities.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

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

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

B.E. Enterprises Limited

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

Asset class

Depreciation method and rate

Freehold property

2% on cost

Long leasehold

2% on cost

Plant and machinery

10% reducing balance

Fixtures and fittings

15% reducing balance

Motor Vehicles

20% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

B.E. Enterprises Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

B.E. Enterprises Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

9,516,848

9,110,194

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

262,694

225,206

Operating lease expense - plant and machinery

29,065

23,856

Profit on disposal of property, plant and equipment

(62)

-

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

-

34

Other finance income

5,874

-

5,874

34

6

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

66,884

33,702

Interest on obligations under finance leases and hire purchase contracts

2,549

666

Interest expense on other finance liabilities

1,851

2,809

71,284

37,177

 

B.E. Enterprises Limited

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

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,363,546

2,046,275

Social security costs

173,299

153,135

Pension costs, defined contribution scheme

39,547

33,510

2,576,392

2,232,920

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

10

17

Sales

130

99

Nursery

5

2

145

118

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

165,000

172,000

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

14,200

17,900

Other fees to auditors

Taxation compliance services

1,590

-

All other assurance services

5,000

-

6,590

-


 

 

B.E. Enterprises Limited

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

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

-

106,884

Deferred taxation

Arising from origination and reversal of timing differences

60,526

102,898

Tax expense in the income statement

60,526

209,782

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

175,621

852,107

Corporation tax at standard rate

41,271

161,900

Tax decrease from effect of capital allowances and depreciation

(45,656)

(39,471)

Effect of expense not deductible in determining taxable profit (tax loss)

1,717

(300)

Effect of tax losses

-

(15,245)

Tax increase from effect of unrelieved tax losses carried forward

2,668

-

Deferred tax expense from unrecognised temporary difference from a prior period

60,526

102,898

Total tax charge

60,526

209,782

In the Spring Budget 2021, an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%. The 25% rate is used to measure UK deferred taxes in 2023.

 

B.E. Enterprises Limited

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

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

136,000

136,000

At 31 December 2023

136,000

136,000

Amortisation

At 1 January 2023

136,000

136,000

At 31 December 2023

136,000

136,000

Carrying amount

At 31 December 2023

-

-

Company

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

136,000

136,000

At 31 December 2023

136,000

136,000

Amortisation

At 1 January 2023

136,000

136,000

At 31 December 2023

136,000

136,000

Carrying amount

At 31 December 2023

-

-

 

B.E. Enterprises Limited

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

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

5,123,769

965,935

296,663

2,975,423

Additions

49,863

190,837

52,154

185,605

Disposals

-

-

(13,410)

-

At 31 December 2023

5,173,632

1,156,772

335,407

3,161,028

Depreciation

At 1 January 2023

910,888

661,062

278,047

1,935,790

Charge for the year

51,736

74,357

14,078

122,523

Eliminated on disposal

-

-

(13,032)

-

At 31 December 2023

962,624

735,419

279,093

2,058,313

Carrying amount

At 31 December 2023

4,211,008

421,353

56,314

1,102,715

At 31 December 2022

4,212,881

304,873

18,616

1,039,633

Total
£

Cost or valuation

At 1 January 2023

9,361,790

Additions

478,459

Disposals

(13,410)

At 31 December 2023

9,826,839

Depreciation

At 1 January 2023

3,785,787

Charge for the year

262,694

Eliminated on disposal

(13,032)

At 31 December 2023

4,035,449

Carrying amount

At 31 December 2023

5,791,390

At 31 December 2022

5,576,003

 

B.E. Enterprises Limited

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

Included within the net book value of land and buildings above is £2,933,817 (2022 - £2,919,026) in respect of freehold land and buildings and £1,277,191 (2022 - £1,293,855) in respect of long leasehold land and buildings.

The directors estimate that 50% of the value of the freehold property shown above relates to land. This proportion has been excluded from the depreciation calculations.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2023
£

2022
£

Motor vehicles

39,563

-

Plant and machinery

77,947

-

117,510

-

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2023

3,712,655

860,101

153,517

1,816,813

Additions

2,041

96,205

52,154

172,381

Disposals

-

-

(13,410)

-

At 31 December 2023

3,714,696

956,306

192,261

1,989,194

Depreciation

At 1 January 2023

593,049

620,335

135,796

1,056,980

Charge for the year

37,147

50,396

13,899

93,221

Eliminated on disposal

-

-

(13,032)

-

At 31 December 2023

630,196

670,731

136,663

1,150,201

Carrying amount

At 31 December 2023

3,084,500

285,575

55,598

838,993

At 31 December 2022

3,119,606

239,766

17,721

759,833

 

B.E. Enterprises Limited

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

Total
£

Cost or valuation

At 1 January 2023

6,543,086

Additions

322,781

Disposals

(13,410)

At 31 December 2023

6,852,457

Depreciation

At 1 January 2023

2,406,160

Charge for the year

194,663

Eliminated on disposal

(13,032)

At 31 December 2023

2,587,791

Carrying amount

At 31 December 2023

4,264,666

At 31 December 2022

4,136,926

Included within the net book value of land and buildings above is £1,807,309 (2022 - £1,825,751) in respect of freehold land and buildings and £1,277,191 (2022 - £1,293,855) in respect of long leasehold land and buildings.

The directors estimate that 50% of the value of the freehold property shown above relates to land. This proportion has been excluded from the depreciation calculations.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2023
£

2022
£

Motor vehicles

39,563

-

Plant and machinery

77,947

-

117,510

-

 

B.E. Enterprises Limited

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

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Iver Flowerland Limited

Bourne End Garden Centre
Hedsor Road
Bourne End
Buckinghamshire
Sl8 5EE

Ordinary Shares

89%

89%

England and Wales

The principal activity of Iver Flowerland Limited is the wholesale of flowers and plants.

Company

2023
£

2022
£

Investments in subsidiaries

278,560

278,560

Subsidiaries

£

Cost or valuation

At 1 January 2023

278,560

Provision

Carrying amount

At 31 December 2023

278,560

At 31 December 2022

278,560

14

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Stocks

3,006,299

2,888,954

2,849,424

2,750,589

 

B.E. Enterprises Limited

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

15

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

29,405

60,668

27,096

60,668

Amounts owed by group companies

26

-

-

170,568

137,303

Other debtors

 

18,033

2,765

18,033

2,765

Prepayments

 

46,530

70,033

37,175

57,341

Corporation tax

10

60,000

-

60,000

-

   

153,968

133,466

312,872

258,077

16

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

6,731

-

6,643

-

Cash at bank

204,480

245,556

204,480

245,468

211,211

245,556

211,123

245,468

17

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

21

137,607

265,433

137,607

265,433

Trade creditors

 

1,200,873

790,539

1,124,223

759,685

Amounts due to related parties

26

327,175

347,782

327,175

343,422

Social security and other taxes

 

211,878

228,129

204,795

222,366

Outstanding defined contribution pension costs

 

8,676

587

7,915

-

Other payables

 

48,589

21,947

44,829

21,947

Accruals

 

57,644

50,492

40,340

44,072

Corporation tax

10

-

17,158

-

16,489

 

1,992,442

1,722,067

1,886,884

1,673,414

Due after one year

 

Loans and borrowings

21

864,668

907,775

864,668

907,775

 

B.E. Enterprises Limited

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

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

297,610

297,610

Additional provisions

60,526

60,526

At 31 December 2023

358,136

358,136

The deferred tax provision relates to differences between accumulated depreciation and capital allowances. The net deferred tax liability expected to reverse in 2024 is £33,000, relating to the reversal of existing timing differences on capital allowances.

Company

Deferred tax
£

Total
£

At 1 January 2023

235,115

235,115

Additional provisions

42,468

42,468

At 31 December 2023

277,583

277,583

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £39,547 (2022 - £33,510).

Contributions totalling £8,676 (2022 - £587) were payable to the scheme at the end of the year and are included in creditors.

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,200

1,200

1,200

1,200

Ordinary A shares of £0.10 each

20,600

2,060

20,600

2,060

21,800

3,260

21,800

3,260

 

B.E. Enterprises Limited

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

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares have full voting rights and rights to dividends and assets upon a winding up.

Ordinary A shares have the following rights, preferences and restrictions:
Ordinary A shares have rights to dividends but no voting rights and no rights to assets upon a winding up.

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

819,089

907,775

819,089

907,775

Hire purchase contracts

45,579

-

45,579

-

864,668

907,775

864,668

907,775

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

137,607

265,433

137,607

265,433

Group

Bank borrowings

The bank loan bears interest at 1.9% above the bank base rate and matures in 2032.

The bank borrowings are secured by a fixed charge over the freehold property and a guarantee for £150,000 by two directors of the company.

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

372,313

363,110

372,313

363,110

 

B.E. Enterprises Limited

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

22

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

25,913

-

Later than one year and not later than five years

45,579

-

71,492

-

Company

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

25,913

-

Later than one year and not later than five years

45,579

-

71,492

-

23

Dividends

2023
£

2022
£

Interim dividends paid

84,000

84,000

 

 

24

Contingent liabilities

Group

The subsidiary's banking arrangements are conducted through the parent company bank accounts, as such the subsidiary's assets also secure any credit arrangements entered into by the parent company.

 

B.E. Enterprises Limited

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

25

Analysis of changes in net debt

Group

At 1 January 2023
£

Financing cash flows
£

New finance leases
£

At 31 December 2023
£

Cash and cash equivalents

Cash

245,556

(34,345)

-

211,211

Borrowings

Long term borrowings

(1,173,208)

242,425

-

(930,783)

Lease liabilities

-

18,421

(89,913)

(71,492)

(1,173,208)

260,846

(89,913)

(1,002,275)

 

(927,652)

226,501

(89,913)

(791,064)

Company

At 1 January 2023
£

Financing cash flows
£

New finance leases
£

At 31 December 2023
£

Cash and cash equivalents

Cash

245,468

(34,345)

-

211,123

Borrowings

Long term borrowings

(1,173,208)

242,425

-

(930,783)

Lease liabilities

-

18,421

(89,913)

(71,492)

(1,173,208)

260,846

(89,913)

(1,002,275)

 

(927,740)

226,501

(89,913)

(791,152)

 

B.E. Enterprises Limited

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

26

Related party transactions

Group

Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

Other transactions with directors

During the year the directors operated directors' loan accounts. Repayments made by directors in the year were £20,607. At the balance sheet date amounts owed to the directors by the company was £327,175 (2022: £347,782). These loans are repayable on demand, unsecured and free of interest.

Company

Other transactions with directors

During the year the directors operated directors' loan accounts. Repayments made by directors in the year were £16,247. At the balance sheet date amounts owed to the directors by the company was £327,175 (2022: £343,422). These loans are repayable on demand, unsecured and free of interest.

Summary of transactions with subsidiaries

The company has intercompany balances relating to transactions with its subsidiary as set out in note 15. The debtors relate to loans repayable on demand, unsecured and free of interest.

Management charges were payable in the year totalling £168,000 (2022: £168,000) for parent company administration that has been undertaken by the subsidiary. Purchases of goods in the year from the subsidiary totalled £282,235 (2022: £278,770).

 

27

Financial instruments

Group

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at amortised cost

365,179

379,022

Financial liabilities measured at amortised cost

2,203,148

1,963,747

Company

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at amortised cost

353,427

366,330

Financial liabilities measured at amortised cost

2,126,498

1,932,893

Financial assets measured at amortised cost comprise of trade debtors, cash at bank and in hand and prepayments.

Financial liabilities measured at amortised cost comprise of trade creditors, bank loans and hire purchase contracts.

 

B.E. Enterprises Limited

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

28

Parent and ultimate parent undertaking

The ultimate controlling party is the directors.

29

Non adjusting events after the financial period

In January 2024, there was a fire at one of the garden centre sites causing significant damage to the stock. The site was closed during this period. At present, an estimate of its financial effect cannot be made, however this will be covered by an insurance claim.