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2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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01185900
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2023-12-31
Company registration number:
01185900
Beta Power Engineering Limited
Unaudited filleted financial statements
31 December 2023
Beta Power Engineering Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Beta Power Engineering Limited
Directors and other information
|
|
|
|
Directors |
|
|
Directors |
Mr Andrew Geoffrey Brown |
|
|
Mrs Gaynor Louise Brown |
|
|
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|
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|
|
Secretary |
Mrs Gaynor Brown |
|
|
|
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|
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Company number |
01185900 |
|
|
|
|
|
|
|
Registered office |
Precision Works |
|
|
Discovery Park |
|
|
Crossley Road |
|
|
Stockport |
|
|
SK4 5BN |
|
|
|
|
|
|
|
Accountants |
Forshaws Accountants Limited |
|
|
Crossens Way Business Park |
|
|
Crossens Way |
|
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Southport |
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PR9 9LY |
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|
Beta Power Engineering Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Beta Power Engineering Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beta Power Engineering Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Beta Power Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Beta Power Engineering Limited and state those matters that we have agreed to state to the board of directors of Beta Power Engineering Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beta Power Engineering Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Beta Power Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Beta Power Engineering Limited. You consider that Beta Power Engineering Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Beta Power Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Forshaws Accountants Limited
Chartered Accountants
Crossens Way Business Park
Crossens Way
Southport
PR9 9LY
13 September 2024
Beta Power Engineering Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
8 |
200,592 |
|
|
|
153,760 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
200,592 |
|
|
|
153,760 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
361,499 |
|
|
|
343,469 |
|
|
Debtors |
|
9 |
993,310 |
|
|
|
1,207,912 |
|
|
Cash at bank and in hand |
|
|
1,086,770 |
|
|
|
730,994 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,441,579 |
|
|
|
2,282,375 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
939,902) |
|
|
|
(
1,058,819) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,501,677 |
|
|
|
1,223,556 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,702,269 |
|
|
|
1,377,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
11 |
|
|
(
47,798) |
|
|
|
(
25,439) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,654,471 |
|
|
|
1,351,877 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
13 |
|
|
3,832 |
|
|
|
3,832 |
Capital redemption reserve |
|
|
|
|
1,350 |
|
|
|
- |
Profit and loss account |
|
|
|
|
1,649,289 |
|
|
|
1,348,045 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,654,471 |
|
|
|
1,351,877 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
13 September 2024
, and are signed on behalf of the board by:
Mr Andrew Geoffrey Brown
Director
Company registration number:
01185900
Beta Power Engineering Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Precision Works, Discovery Park, Crossley Road, Stockport, SK4 5BN.
The principal activity of the company is that of the distribution of industrial bearings and power transmission equipment and the manufacture of engineering components.
2.
Statement of compliance
The financial statements have been prepared in accordance with FRS 102 Section 1A – The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
|
|
|
|
|
Short leasehold property |
- |
Straight line over the life of the lease |
|
|
Plant and machinery |
- |
25% Reducing balance |
|
|
Fittings fixtures and equipment |
- |
25% Reducing balance |
|
|
Motor vehicles |
- |
25% Straight line |
|
|
Computer equipment |
- |
33% Straight line |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
68,678 |
52,296 |
|
Impairment of trade debtors |
|
|
6,840 |
(53) |
|
Foreign exchange differences |
|
|
26,741 |
16,208 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Employee numbers
The average number of persons employed by the company during the year amounted to
16
(2022:
15
).
7.
Dividends
Equity dividends
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |
|
152,452 |
211,208 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer Equipment |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
40,545 |
249,534 |
104,924 |
153,750 |
57,116 |
605,869 |
|
|
Additions |
- |
- |
- |
112,601 |
2,909 |
115,510 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
40,545 |
249,534 |
104,924 |
266,351 |
60,025 |
721,379 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
40,545 |
199,451 |
95,600 |
72,959 |
43,554 |
452,109 |
|
|
Charge for the year |
- |
12,641 |
2,917 |
41,691 |
11,429 |
68,678 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
40,545 |
212,092 |
98,517 |
114,650 |
54,983 |
520,787 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
- |
37,442 |
6,407 |
151,701 |
5,042 |
200,592 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2022 |
- |
50,083 |
9,324 |
80,791 |
13,562 |
153,760 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
977,101 |
1,202,992 |
|
Other debtors |
|
16,209 |
4,920 |
|
|
|
_______ |
_______ |
|
|
|
993,310 |
1,207,912 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
657,661 |
700,101 |
|
Social security and other taxes |
|
197,417 |
161,497 |
|
Other creditors |
|
84,824 |
197,221 |
|
|
|
_______ |
_______ |
|
|
|
939,902 |
1,058,819 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Provisions
|
|
Deferred tax (note 12) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 January 2023 |
25,439 |
25,439 |
|
|
|
|
Charges against provisions |
22,359 |
22,359 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 December 2023 |
47,798 |
47,798 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
12.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 11) |
|
47,798 |
25,439 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
46,733 |
25,439 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
3,832 |
|
3,832 |
|
3,832 |
|
3,832 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
14.
Events after the end of the reporting period
On 31st July 2023, dividends totalling £555,640 were voted.
15.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
|
Transaction value |
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
|
Beta Power Engineering Pension Fund |
44,000 |
44,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
At the balance sheet date, other creditors included £1,577 (2022: £38,475) due to the Directors and Shareholders. These amounts are unsecured, interest free and repayable on demand.
16.
Controlling party
The company is not under the control of any one single party.