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COMPANY REGISTRATION NUMBER: NI071739
Beam Property Services Limited
Filleted Unaudited Financial Statements
31 March 2024
Beam Property Services Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
64,411
89,695
Current assets
Stocks
6
42,223
71,600
Debtors
7
519,479
173,204
Cash at bank and in hand
6,892
84,770
---------
---------
568,594
329,574
Creditors: amounts falling due within one year
8
314,632
295,440
---------
---------
Net current assets
253,962
34,134
---------
---------
Total assets less current liabilities
318,373
123,829
Creditors: amounts falling due after more than one year
9
1,844
---------
---------
Net assets
318,373
121,985
---------
---------
Beam Property Services Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
13
318,273
121,885
---------
---------
Shareholders funds
318,373
121,985
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Mr P Higgins
Director
Company registration number: NI071739
Beam Property Services Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 1a Ladas Drive, Belfast, Co Down, BT6 9FQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
On 17th June 2020, the company entered a Corporate Voluntary Arrangement & this was successfully completed on 28 February 2023.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
100,282
18,457
102,767
27,038
248,544
Additions
11,070
11,070
Disposals
( 3,700)
( 11,000)
( 14,700)
---------
--------
---------
--------
---------
At 31 March 2024
107,652
18,457
91,767
27,038
244,914
---------
--------
---------
--------
---------
Depreciation
At 1 April 2023
42,071
17,414
73,739
25,625
158,849
Charge for the year
10,558
572
14,361
1,146
26,637
Disposals
( 400)
( 4,583)
( 4,983)
---------
--------
---------
--------
---------
At 31 March 2024
52,229
17,986
83,517
26,771
180,503
---------
--------
---------
--------
---------
Carrying amount
At 31 March 2024
55,423
471
8,250
267
64,411
---------
--------
---------
--------
---------
At 31 March 2023
58,211
1,043
29,028
1,413
89,695
---------
--------
---------
--------
---------
6. Stocks
2024
2023
£
£
Work in progress
42,223
71,600
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
447,476
148,412
Amounts owed by group undertakings and undertakings in which the company has a participating interest
30,000
Other debtors
42,003
24,792
---------
---------
519,479
173,204
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
237,110
175,833
Social security and other taxes
46,384
40,195
Other creditors
31,138
79,412
---------
---------
314,632
295,440
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
1,844
----
-------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
1,772
8,170
Later than 1 year and not later than 5 years
1,844
-------
--------
1,772
10,014
-------
--------
11. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 4,615 (2023: £ 2,955 ).
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Reserves
Profit and loss account reserve records retained earnings and accumulated losses.
14. Director's advances, credits and guarantees
During the year the director borrowed net loans from the company of £20,576 (2023: 5,837). At the year end the balance owed from the director was £18,159 (2023: £2,417 owed to the director).
15. Related party transactions
The company was under the control of Mr P Higgins throughout the current and previous year. Mr P Higgins is the managing director and majority shareholder at the year end through his shareholding in Finao Limited. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.