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COMPANY REGISTRATION NUMBER: 04890256
Beara Properties Limited
Filleted Unaudited Financial Statements
31 December 2023
Beara Properties Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
80,780
12,588
Current assets
Debtors
6
250,307
246,707
Cash at bank and in hand
52,997
88,459
---------
---------
303,304
335,166
Creditors: amounts falling due within one year
7
147,590
147,674
---------
---------
Net current assets
155,714
187,492
---------
---------
Total assets less current liabilities
236,494
200,080
Provisions
Taxation including deferred tax
2,392
2,392
---------
---------
Net assets
234,102
197,688
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
234,002
197,588
---------
---------
Shareholders funds
234,102
197,688
---------
---------
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 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 .
Beara Properties Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr E Fleming
Mr JJ Fleming
Director
Director
Company registration number: 04890256
Beara Properties 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 and Wales. The address of the registered office is Enterprise Point, Altrincham Road, Sharston, Manchester, M22 9AF.
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.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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
-
20% straight line
Equipment
-
33% 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.
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 9 (2022: 8 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023
74,121
24,881
99,002
Additions
76,795
4,228
81,023
Disposals
( 36,088)
( 36,088)
---------
--------
---------
At 31 December 2023
114,828
29,109
143,937
---------
--------
---------
Depreciation
At 1 January 2023
66,272
20,142
86,414
Charge for the year
8,552
1,944
10,496
Disposals
( 33,753)
( 33,753)
---------
--------
---------
At 31 December 2023
41,071
22,086
63,157
---------
--------
---------
Carrying amount
At 31 December 2023
73,757
7,023
80,780
---------
--------
---------
At 31 December 2022
7,849
4,739
12,588
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
219,567
218,866
Other debtors
30,740
27,841
---------
---------
250,307
246,707
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
108,580
77,098
Corporation tax
6,887
34,544
Social security and other taxes
24,818
27,251
Company credit cards and tenant deposits
1,633
3,639
Pension
1,093
1,662
Other creditors
4,579
3,480
---------
---------
147,590
147,674
---------
---------