Company registration number 00866824 (England and Wales)
M D BECKWITH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
M D BECKWITH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
M D BECKWITH LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
672,726
744,145
Current assets
Debtors
5
754,324
719,677
Cash at bank and in hand
426,875
581,402
1,181,199
1,301,079
Creditors: amounts falling due within one year
6
(1,163,566)
(1,326,811)
Net current assets/(liabilities)
17,633
(25,732)
Total assets less current liabilities
690,359
718,413
Creditors: amounts falling due after more than one year
7
(70,640)
(138,667)
Provisions for liabilities
(100,867)
(100,867)
Net assets
518,852
478,879
Capital and reserves
Called up share capital
75,000
75,000
Profit and loss reserves
443,852
403,879
Total equity
518,852
478,879
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 January 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.
M D BECKWITH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Ms D Resker
Director
Company registration number 00866824 (England and Wales)
M D BECKWITH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2022
75,000
460,286
535,286
Year ended 31 January 2023:
Loss and total comprehensive income
-
(56,407)
(56,407)
Balance at 31 January 2023
75,000
403,879
478,879
Year ended 31 January 2024:
Profit and total comprehensive income
-
39,973
39,973
Balance at 31 January 2024
75,000
443,852
518,852
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
M D Beckwith Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cavendish House, Cavendish Road, Stevenage, Hertfordshire, SG1 2EQ.
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.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year to UK customers.
The turnover and profit before taxation are attributable to the one principal activity of the company during the year.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
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:
Leasehold improvements
5-10% reducing balance
Plant and machinery
20% reducing balance
Office furniture and fittings
15% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
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.
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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 taxation is fully provided using the liability method on all short term timing differences and accelerated capital allowances.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.10
Retirement benefits
The company operates two defined contribution pension schemes, one for the benefit of employees and one for the benefit of the directors. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the company's assets. The assets of the scheme are held in an independently administered fund.
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 7 -
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 34 (2023 - 35).
2024
2023
Number
Number
Total
34
35
The directors of the company are remunerated through the parent company, MDB (Holdings) Limited.
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
56,894
3,017,814
3,074,708
Additions
141,666
141,666
Disposals
(41,995)
(41,995)
At 31 January 2024
56,894
3,117,485
3,174,379
Depreciation and impairment
At 1 February 2023
31,854
2,298,709
2,330,563
Depreciation charged in the year
2,253
207,679
209,932
Eliminated in respect of disposals
(38,842)
(38,842)
At 31 January 2024
34,107
2,467,546
2,501,653
Carrying amount
At 31 January 2024
22,787
649,939
672,726
At 31 January 2023
25,040
719,105
744,145
The company's bankers have a fixed and floating charge over the undertaking and all property and assets, present and future, including goodwill bookdebts, uncalled capital, buildings, fixtures, and plant and machinery.
The company also has a cross guarantee regarding a similar charge over an associated company, Becker Rentals Limited.
These charges are in place in order to more easily facilitate an application for credit or likewise facilities in future periods should it be required. The company is not currently in debt to its bankers, and its bankers do not currently provide any facilities, loans or other advances to either the company or its associated company, Becker Rentals Limited.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
567,494
560,632
Other debtors
186,830
159,045
754,324
719,677
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
236,661
218,820
Amounts owed to group undertakings
430,727
572,020
Corporation tax
5,350
Other taxation and social security
59,160
154,058
Other creditors
431,668
381,913
1,163,566
1,326,811
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
70,640
138,667
8
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
£
£
169,532
169,412
9
Related party transactions
Remuneration of key management personnel
Remuneration of key management personnel relates to the cash equivalent value of health insurance paid by the company on behalf of it's directors.
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Other related parties
3,579
4,677
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Related party transactions
(Continued)
- 10 -
Services provided
Services received
2024
2023
2024
2023
£
£
£
£
Other related parties
26,853
25,923
205,902
191,582
The sale and purchase of goods to other parties relates to Becker Rentals Limited, the share capital of which is held by R Resker, a director of M D Beckwith Limited and the controlling shareholder of MDB (Holdings) Limited, the parent company of M D Beckwith Limited.
Services provided relates to wages costs recharged to Becker Rentals Limited. The relationship between M D Beckwith Limited and Becker Rentals Limited is described above.
Services received relates to rent paid under operating leases for land and buildings. Amounts totalling £126,100 (2023: £126,100) were paid to Becker Transport Directors Retirement Fund, a pension scheme for the company directors. Amounts totalling £42,900 (2023: £32,175) were paid to the children of R Resker; a director and the controlling shareholder of M D Beckwith Limited's parent company, MDB (Holdings) Limited.
Services received also include an amount of £36,902 (2023: £33,307) paid to the son of one of the directors, who is an employee of M D Beckwith Limited, in return for services performed under the terms of their employment.
During the year the company also purchased fixed assets from Becker Rentals Limited for £nil (2023: £7,669).
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
430,727
572,020
Other related parties
213,870
207,999
Amounts owed to entities with control over the company relates to the intercompany balance with the company's parent company, MDB (Holdings) Limited. This amount is included within amounts due to group undertakings.
Amounts owed to other related parties includes an amount of £213,870 (2023: £207,999) due to Becker Rentals Limited. The relationship between Becker Rentals Limited and the company is described above. This amount is included within other creditors.
Other information
The company has a cross guarantee regarding a fixed and floating charge over the assets of the aforementioned associated company, Becker Rentals Limited.
These charges are in place in order to more easily facilitate an application for credit or likewise facilities in future periods should it be required, and Becker Rentals Limited is not currently in debt to its bankers, nor do its bankers currently provide any facilities, loans or other advances.
M D BECKWITH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
10
Parent company
The controlling party and parent company is MDB (Holdings) Limited by virtue of full ownership of the company's share capital. The ultimate controlling party is R Resker, who has a controlling shareholding in MDB (Holdings) Limited.
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