Company registration number 00265446 (England and Wales)
H. & C. BEART, LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
H. & C. BEART, LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
H. & C. BEART, LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,362,665
1,447,163
Current assets
Stocks
1,032,321
1,154,782
Debtors
5
329,504
384,265
Cash at bank and in hand
2,194
2,130
1,364,019
1,541,177
Creditors: amounts falling due within one year
6
(1,122,148)
(1,276,622)
Net current assets
241,871
264,555
Total assets less current liabilities
1,604,536
1,711,718
Creditors: amounts falling due after more than one year
7
(108,850)
(187,444)
Provisions for liabilities
(132,389)
(108,890)
Net assets
1,363,297
1,415,384
Capital and reserves
Called up share capital
2,502
2,502
Profit and loss reserves
1,360,795
1,412,882
Total equity
1,363,297
1,415,384
H. & C. BEART, LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

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 March 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.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Mr S J Brighton
Director
Company Registration No. 00265446
H. & C. BEART, LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
1
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.

2
Accounting policies
Company information

H. & C. BEART, LIMITED is a private company limited by shares incorporated in England and Wales. The registered office and business address is Brighton Mill, Station Road, Stow Bridge, King's Lynn, Norfolk, PE34 3PD.

2.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recorded at the date of issue of the sales invoice to the customer.

2.3
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:

Land and buildings
Land - no depreciation, Buildings 10% per annum of net book value
Plant and machinery
15%/20%/25% per annum of net book value
Motor vehicles
25% per annum of net book value
2.4
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.

H. & C. BEART, LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 4 -
2.5
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.

 

2.6
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.

2.7
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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.8
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.

2.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

H. & C. BEART, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Accounting policies
(Continued)
- 5 -
2.10
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.

3
Employees

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

2024
2023
Number
Number
Total
44
39
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
1,139,537
2,017,485
3,157,022
Additions
-
0
80,265
80,265
At 31 March 2024
1,139,537
2,097,750
3,237,287
Depreciation and impairment
At 1 April 2023
376,998
1,332,859
1,709,857
Depreciation charged in the year
21,895
142,870
164,765
At 31 March 2024
398,893
1,475,729
1,874,622
Carrying amount
At 31 March 2024
740,644
622,021
1,362,665
At 31 March 2023
762,538
684,625
1,447,163

The gross amount of depreciable assets included in land and buildings at 31 March 2024 was £595,948 (2023 - £764,140).

H. & C. BEART, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
318,344
367,530
Other debtors
11,160
16,735
329,504
384,265
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
437,813
311,474
Trade creditors
514,527
710,269
Taxation and social security
38,895
35,442
Other creditors
130,913
219,437
1,122,148
1,276,622

The bank overdraft is secured by way of a fixed and floating charge over the undertaking and all property and assets present and future by way of a legal charge over land and buildings owned by the company.

 

The bank loans are secured by way of legal charges over Brighton Mill and various land at Station Road, Stow Bridge.

 

Obligations under hire purchase contracts are secured upon the assets for which they were used to purchase.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
75,021
110,246
Other creditors
33,829
77,198
108,850
187,444
Amounts included above which fall due after five years are as follows:
Payable by instalments
4,422
72,057
Payable other than by instalments
1,000
1,000
5,422
73,057
H. & C. BEART, LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Included in other creditors are preference shares which represent non-equity interest stated at par value. Dividends are fixed cumulative and payable annually at 6% gross. These shares are non redeemable; have priority over ordinary shares, in the event of winding up (to the extent of their par value and the arrears (if any) of dividends); and have no vote.

 

The bank loans are secured by way of legal charges over Brighton Mill and various land at Station Road, Stow Bridge.

 

Obligations under hire purchase contracts are secured upon the assets for which they were used to purchase.

 

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
£
£
9,034
53,034
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