Company registration number 04665907 (England and Wales)
BETTS ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BETTS ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BETTS ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,540
22,423
Current assets
Stocks
5
32,700
32,717
Debtors
6
582,373
654,890
Cash at bank and in hand
19,669
208,377
634,742
895,984
Creditors: amounts falling due within one year
7
(383,109)
(409,684)
Net current assets
251,633
486,300
Total assets less current liabilities
268,173
508,723
Creditors: amounts falling due after more than one year
8
(58,333)
(108,333)
Provisions for liabilities
(3,929)
(5,354)
Net assets
205,911
395,036
Capital and reserves
Called up share capital
9
190
190
Profit and loss reserves
205,721
394,846
Total equity
205,911
395,036

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

BETTS ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2024 and are signed on its behalf by:
Mr R M Frimston
Mr R V Ankers
Director
Director
Company Registration No. 04665907
BETTS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Betts Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6-7 Old Marsh Farm Barns, Welsh Road, Sealand, Deeside, Flintshire, CH5 2LY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

The turnover shown in the profit and loss account represents the invoice value of services provided during the period, net of value added tax.

 

Turnover is recognised at the time work is completed and includes unbilled work in progress at the balance sheet date.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
20% per annum on reducing balance
Computer equipment
33% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Work in progress

Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate.

BETTS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
30
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
78,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
78,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
BETTS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2023
41,708
123,981
165,689
Additions
3,307
5,983
9,290
At 31 March 2024
45,015
129,964
174,979
Depreciation and impairment
At 1 April 2023
34,071
109,195
143,266
Depreciation charged in the year
2,189
12,984
15,173
At 31 March 2024
36,260
122,179
158,439
Carrying amount
At 31 March 2024
8,755
7,785
16,540
At 31 March 2023
7,637
14,786
22,423
5
Stocks
2024
2023
£
£
Work in progress
32,700
32,717
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
326,803
358,164
Amounts due from related companies
234,542
276,500
Other debtors
945
6,693
Prepayments and accrued income
20,083
13,533
582,373
654,890
BETTS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
108,932
50,000
Trade creditors
35,016
37,834
Amounts due to related companies
10,722
-
0
Other taxation and social security
133,289
248,411
Other creditors
95,150
73,439
383,109
409,684
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
58,333
108,333
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary shares of £1 each
90
90
90 Ordinary A shares of £1 each
90
90
10 Ordinary B shares of £1 each
10
10
190
190
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
46,431
47,331
Between two and five years
18,266
64,696
In over five years
-
0
-
0
64,697
112,027
11
Parent company

The company is under the control of Betts Frimston Limited which purchased all of the issued share capital on 31 March 2010. The registered office is 6-7 Old Marsh Farm Barns, Welsh Road, Sealand, Deeside, Flintshire, CH5 2LY. Betts Frimston Limited is under the control of Mr R M Frimston.

BETTS ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
12
Related Party Transactions

During the year, expenses totalling £720 (2023 - £720) were paid on behalf of Betts Frimston Limited and dividend payments totalling £233,333 (2023 - £266,667) were made to the shareholders of Betts Frimston Limited. A dividend of £234,053 (2023 - £267,387) was paid to Betts Frimston Limited during the year. At 31 March 2024 debtors included £216,958 (2023 - £216,958) due from Betts Frimston Limited. No interest is charged on this balance.

 

Mr R F Frimston, Mr R V Ankers and Mrs A J Jackson are also directors of Betts Frimston Limited.

 

During the year, management and administration charges of £40,266 (2023 - £52,280) were charged to Betts Geo Environmental Limited, a company operating from the same premises with shareholders in common. At 31 March 2024 creditors included £10,722 (2023 - £29,910 debtor) due to Betts Geo Environmental Limited.

 

Mr R M Frimston is also a director of Betts Geo Environmental Limited.

 

During the year, management and administration charges of £34,556 (2023 - £36,667) were charged to Betts Hydro Limited, a company operating from the same premises. Sales for work undertaken for Betts Hydro Limited totalled £2,500 (2023 - £18,000). At 31 March 2024 debtors included £17,584 (2023 - £29,632) due from Betts Hydro Limited.

 

Mr R F Frimston, Mr R V Ankers and Mrs A J Jackson are also directors of Betts Hydro Limited.

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