Company registration number 06955991 (England and Wales)
BELLSURE SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
BELLSURE SUPPLIES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
BELLSURE SUPPLIES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R. C. Freeman
Mr R. J. Freeman
Company number
06955991
Registered office
Unit A Quedgeley West Business Park
Bristol Road
Hardwick
Gloucester
Gloucestershire
GL2 4PA
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
BELLSURE SUPPLIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
51,698
56,727
Tangible assets
4
225,027
247,117
276,725
303,844
Current assets
Stocks
1,227,942
1,185,244
Debtors
5
1,610,521
2,666,959
Cash at bank and in hand
843,907
238,894
3,682,370
4,091,097
Creditors: amounts falling due within one year
6
(1,121,930)
(1,724,531)
Net current assets
2,560,440
2,366,566
Total assets less current liabilities
2,837,165
2,670,410
Creditors: amounts falling due after more than one year
7
(22,887)
(36,045)
Net assets
2,814,278
2,634,365
Capital and reserves
Called up share capital
8
2,675
2,675
Profit and loss reserves
2,811,603
2,631,690
Total equity
2,814,278
2,634,365
BELLSURE SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -

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 December 2023 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.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr R. C. Freeman
Director
Company Registration No. 06955991
BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Bellsure Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A Quedgeley West Business Park, Bristol Road, Hardwick, Gloucester, Gloucestershire, GL2 4PA.

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 pound.

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

1.2
Turnover

Turnover represents net invoiced sales of goods and services arising from the company's principal activities, excluding value added tax. Retentions are recognised immediately upon invoicing the customer on completion of work undertaken.

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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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:

Long leasehold
20% on cost
Plant and machinery
20% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
Motor vehicles
25% 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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

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

2023
2022
Number
Number
Total
27
27
3
Intangible fixed assets
Goodwill
Patent
Total
£
£
£
Cost
At 1 January 2023
2,482,500
137,025
2,619,525
Additions
-
0
34,712
34,712
At 31 December 2023
2,482,500
171,737
2,654,237
Amortisation and impairment
At 1 January 2023
2,482,500
80,298
2,562,798
Amortisation charged for the year
-
0
39,741
39,741
At 31 December 2023
2,482,500
120,039
2,602,539
Carrying amount
At 31 December 2023
-
0
51,698
51,698
At 31 December 2022
-
0
56,727
56,727
BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Long leasehold
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
193,157
257,322
100,775
289,956
23,786
864,996
Additions
915
37,354
5,706
11,605
-
0
55,580
Disposals
-
0
-
0
-
0
-
0
(23,786)
(23,786)
At 31 December 2023
194,072
294,676
106,481
301,561
-
0
896,790
Depreciation
At 1 January 2023
157,983
87,121
97,155
251,834
23,786
617,879
Depreciation charged in the year
10,136
47,372
1,561
18,601
-
0
77,670
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(23,786)
(23,786)
At 31 December 2023
168,119
134,493
98,716
270,435
-
0
671,763
Carrying amount
At 31 December 2023
25,953
160,183
7,765
31,126
-
0
225,027
At 31 December 2022
35,174
170,201
3,620
38,122
-
0
247,117
BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
481,549
1,529,350
Amounts due from parent undertaking
151,207
-
0
Amounts due from other group companies
-
0
8,039
Other debtors
257,369
477,566
Prepayments and accrued income
720,396
652,004
1,610,521
2,666,959
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases
3,246
3,251
Trade creditors
457,329
544,437
Amounts owed to group companies
-
0
315,281
Other taxation and social security
109,058
130,264
Other creditors
525,304
670,807
Accruals and deferred income
16,993
50,491
1,121,930
1,724,531
Obligations under finance leases are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,729
27,646
Obligations under finance leases
5,158
8,399
22,887
36,045
Obligations under finance leases are secured against the assets to which they relate.
BELLSURE SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,675
2,675
2,675
2,675
9
Related party transactions
Transactions with related parties

In accordance with Section 33.1A of FRS102 the company has taken exemption from disclosing transactions between members of the wholly owned group.

 

The directors, having regard to Section 1AC.35 of FRS102 consider there to be no transactions with related parties undertaken outside of normal commercial terms, requiring disclosure within these financial statements except for the below.

 

At the year end, there is a balance of £300,000 (2022 - £500,000) owed to a company which is under common control.

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:

2023
2022
£
£
233,880
300,507
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