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REGISTERED NUMBER: 03867698 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Becsco Limited

Becsco Limited (Registered number: 03867698)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Independent Auditors' Report 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Becsco Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr S Padgett
Mrs C L Padgett





SECRETARIES: Mr S Padgett
Mrs C L Padgett





REGISTERED OFFICE: Units 2 - 5 Albion Road
Carlton Industrial Estate
Carlton
Barnsley
South Yorkshire
S71 3HW





REGISTERED NUMBER: 03867698 (England and Wales)





AUDITORS: Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

Becsco Limited (Registered number: 03867698)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Turnover increased by £10,150k (22.6%) to £54,998k, and the gross profit percentage increased to 7.9% (2023: 7.0%) which, taken together, resulted in a £1,210k increase in gross profit to £4,356k (2023: £3,146k). Distribution costs increased by £181k, administrative expenses increased by £840k and interest payable increased by £127k which, taken with the increase in gross profit, resulted in the company recording a profit before tax of £563k (2023: £498k).

The directors continue to monitor the principal risks of the business, as well as the ongoing external factors that have the potential to impact the business.

The Company's financial projections indicate it has sufficient facilities and funds to operate for at least the next 12 months and its bankers continue to be supportive. Accordingly the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

The board of directors is responsible for monitoring financial risks and for deciding where it would be appropriate to use financial instruments to manage this risk.

Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before credit sales are made.

Liquidity risk
The company actively maintains a mixture of long-term and short-term debt to ensure that it has sufficient available funds for its operations.

Interest rate cashflow risk
The company has interest bearing liabilities by way of bank loans and overdrafts, and therefore is exposed to interest rate cashflow risk. The board of directors regularly review the level and mix of debt to manage interest rate risk.


Becsco Limited (Registered number: 03867698)

Strategic Report
for the Year Ended 31 March 2024

KEY PERFORMANCE INDICATORS
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole. Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.

2024 2023

Profit ratios: Gross profit margin 7.9% 7.0%
Net profit (before tax) margin 1.0% 1.1%

Liquidity ratios: Current ratio 1.31 : 1 1.39 : 1

Activity ratios: Debtor days 19.8 days 20.9 days
Creditors days 50.0 days 47.0 days
Stock turnover 8.80 times 10.07 times

ON BEHALF OF THE BOARD:





Mr S Padgett - Director


24 October 2024

Becsco Limited (Registered number: 03867698)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the Company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the Company in the year under review was that of the wholesale distribution of soft drinks.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 was £173,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr S Padgett
Mrs C L Padgett

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S Padgett - Director


24 October 2024

Independent Auditors' Report to the Members of
Becsco Limited

Qualified opinion
We have audited the financial statements of Becsco Limited (the 'Company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion, except for the possible effects on the corresponding figures of the matters described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of it's profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £3,542,084 held at 31 March 2022 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 March 2022 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2023. Our audit opinion on the financial statements for the period ended 31 March 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the
company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Independent Auditors' Report to the Members of
Becsco Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £3,542,084 held at 31 March 2022. We have concluded that where the other information refers to the comparative cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.
We were not appointed as auditor of the company until after 31 March 2022 and thus did not observe the
counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means using other audit procedures on the inventory quantities held as at 31 March 2022. Consequently, we were unable to determine whether any adjustments to either of these amounts were necessary and consequently, we were unable to determine whether any adjustments to the comparative cost of sales were necessary.

Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Except for the matters described in the basis for qualified opinion section of our report, in the light of the
knowledge and understanding of the Company and its environment obtained in the course of the audit, we
have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to prior year inventory quantities, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made.

Independent Auditors' Report to the Members of
Becsco Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations;
- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, tax legislation, data protection, anti bribery, employment and health & safety regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Independent Auditors' Report to the Members of
Becsco Limited


Audit response to risks identified
Our procedures to respond to risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with relevant laws and regulations;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of
journal entries and other adjustments; assessing the judgements used in accounting estimates to assess
whether these may be indicative of potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Tom Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

24 October 2024

Becsco Limited (Registered number: 03867698)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 54,997,759 44,848,318

Cost of sales 50,642,216 41,702,461
GROSS PROFIT 4,355,543 3,145,857

Distribution costs 711,818 530,544
Administrative expenses 2,697,051 1,857,245
3,408,869 2,387,789
946,674 758,068

Other operating income 4 26,525 22,863
OPERATING PROFIT 6 973,199 780,931


Interest payable and similar expenses 7 410,477 283,183
PROFIT BEFORE TAXATION 562,722 497,748

Tax on profit 8 155,514 72,000
PROFIT FOR THE FINANCIAL YEAR 407,208 425,748

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

407,208

425,748

Becsco Limited (Registered number: 03867698)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,109,466 1,002,690

CURRENT ASSETS
Stocks 11 5,753,521 4,139,860
Debtors 12 4,079,139 3,526,799
Cash at bank and in hand 66,978 106,469
9,899,638 7,773,128
CREDITORS
Amounts falling due within one year 13 7,545,464 5,593,251
NET CURRENT ASSETS 2,354,174 2,179,877
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,463,640

3,182,567

CREDITORS
Amounts falling due after more than one
year

14

(490,858

)

(521,791

)

PROVISIONS FOR LIABILITIES 18 (272,517 ) (194,719 )
NET ASSETS 2,700,265 2,466,057

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 2,700,263 2,466,055
SHAREHOLDERS' FUNDS 2,700,265 2,466,057

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





Mr S Padgett - Director


Becsco Limited (Registered number: 03867698)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 2 2,175,307 2,175,309

Changes in equity
Dividends - (135,000 ) (135,000 )
Total comprehensive income - 425,748 425,748
Balance at 31 March 2023 2 2,466,055 2,466,057

Changes in equity
Dividends - (173,000 ) (173,000 )
Total comprehensive income - 407,208 407,208
Balance at 31 March 2024 2 2,700,263 2,700,265

Becsco Limited (Registered number: 03867698)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 865,022 365,961
Interest paid (309,760 ) (206,781 )
Interest element of hire purchase
payments paid

(21,796

)

(12,993

)
Finance costs paid (78,921 ) (63,409 )
Tax repaid/ (paid) 47,388 32,110
Net cash from operating activities 501,933 114,888

Cash flows from investing activities
Purchase of tangible fixed assets (384,157 ) (639,913 )
Sale of tangible fixed assets - 110,500
Net cash from investing activities (384,157 ) (529,413 )

Cash flows from financing activities
Loan repayments in year (9,908 ) (8,878 )
New HP loans in the year 262,488 504,977
HP repayments in the year (244,136 ) -
Capital repayments in year - (271,342 )
Amount introduced by directors 147,289 -
Amount withdrawn by directors (140,000 ) (150,000 )
Equity dividends paid (173,000 ) (135,000 )
Net cash from financing activities (157,267 ) (60,243 )

Decrease in cash and cash equivalents (39,491 ) (474,768 )
Cash and cash equivalents at
beginning of year

2

106,469

581,237

Cash and cash equivalents at end of
year

2

66,978

106,469

Becsco Limited (Registered number: 03867698)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 562,722 497,748
Depreciation charges 277,381 222,090
Profit on disposal of fixed assets - (65,665 )
Finance costs 410,477 283,183
1,250,580 937,356
Increase in stocks (1,613,661 ) (597,776 )
Increase in trade and other debtors (559,629 ) (613,001 )
Increase in trade and other creditors 1,787,732 639,382
Cash generated from operations 865,022 365,961

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 66,978 106,469
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 106,469 581,237


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 106,469 (39,491 ) 66,978
106,469 (39,491 ) 66,978
Debt
Finance leases (665,409 ) (18,352 ) (683,761 )
Debts falling due within 1 year (9,911 ) (251 ) (10,162 )
Debts falling due after 1 year (24,112 ) 10,159 (13,953 )
(699,432 ) (8,444 ) (707,876 )
Total (592,963 ) (47,935 ) (640,898 )

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Becsco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared under the historical cost convention and in compliance with FRS 102, 'The Financial Standard Applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

Going concern
The Company's financial projections indicate it has sufficient facilities and funds to operate for at least the next 12 months and its bankers continue to be supportive. Accordingly the directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and so the financial statements are prepared on a going concern basis.

Significant judgements and estimates
The significant judgements and estimates applied in the preparation of these financial statements are the useful lives and residual values of fixed assets, stock provisions and supplier rebates receivable. All accounting policies, judgements and estimates have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-20% and 33.3% reducing balance basis
Motor vehicles-25% reducing balance basis

All fixed assets are initially recorded at cost.

Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is valued using the weighted average cost method and includes all purchase, transport and handling costs bringing stocks to their present location and condition.

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102.

Taxation
Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. OTHER OPERATING INCOME
2024 2023
£    £   
Other income 26,525 22,863

In the opinion of the directors, there are no material unfulfilled conditions or other contingencies relating to this income.

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,222,488 894,954
Social security costs 90,159 74,612
Other pension costs 154,428 93,545
1,467,075 1,063,111

The average number of employees during the year was as follows:
2024 2023

Warehouse 13 11
Distribution 10 10
Administration 8 8
31 29

2024 2023
£    £   
Directors' remuneration 22,821 22,288
Directors' pension contributions to money purchase schemes 116,000 80,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

During the year the company also paid £25,000 (2023: £96,500) in management charges for the services of both directors.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 18,595 13,646
Depreciation - owned assets 82,828 79,248
Depreciation - assets on hire purchase contracts 194,553 142,842
Profit on disposal of fixed assets - (65,665 )
Auditors' remuneration 16,000 30,000

The auditors were appointed after the 31 March 2022 year end and their 2022 audit fee has been charged in the 2023 financial statements.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 309,760 206,781
Hire purchase 21,796 12,993
Invoice financing charges 78,921 63,409
410,477 283,183

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 77,716 (5,707 )

Deferred tax 77,798 77,707
Tax on profit 155,514 72,000

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 562,722 497,748
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

140,681

94,572

Effects of:
Expenses not deductible for tax purposes 5,472 1,635
Income not taxable for tax purposes - (12,476 )
Capital allowances in excess of depreciation (15,471 ) (76,235 )
Utilisation of tax losses (52,966 ) (7,496 )
Adjustments to tax charge in respect of previous periods - (5,707 )


Deferred tax 77,798 77,707
Total tax charge 155,514 72,000

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1 each
Interim 173,000 135,000

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 339,302 1,518,233 1,857,535
Additions 112,088 272,069 384,157
At 31 March 2024 451,390 1,790,302 2,241,692
DEPRECIATION
At 1 April 2023 195,266 659,579 854,845
Charge for year 52,853 224,528 277,381
At 31 March 2024 248,119 884,107 1,132,226
NET BOOK VALUE
At 31 March 2024 203,271 906,195 1,109,466
At 31 March 2023 144,036 858,654 1,002,690

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 62,000 974,067 1,036,067
Additions 59,433 159,307 218,740
At 31 March 2024 121,433 1,133,374 1,254,807
DEPRECIATION
At 1 April 2023 22,320 288,417 310,737
Charge for year 19,822 174,731 194,553
At 31 March 2024 42,142 463,148 505,290
NET BOOK VALUE
At 31 March 2024 79,291 670,226 749,517
At 31 March 2023 39,680 685,650 725,330

11. STOCKS
2024 2023
£    £   
Stocks 5,753,521 4,139,860

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,980,478 2,572,606
Other debtors 504,129 306,967
Related party balances 432,652 478,057
Directors' current accounts 140,410 147,699
Prepayments and accrued income 21,470 21,470
4,079,139 3,526,799

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 10,162 9,911
Hire purchase contracts (see note 16) 206,856 167,730
Trade creditors 6,934,219 5,374,186
Corporation tax 125,104 -
Social security and other taxes 41,068 20,230
VAT 194,013 -
Related party balances 1,000 1,000
Accrued expenses 33,042 20,194
7,545,464 5,593,251

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 13,953 24,112
Hire purchase contracts (see note 16) 476,905 497,679
490,858 521,791

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,162 9,911

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,419 10,162

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,534 13,950

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 206,856 167,730
Between one and five years 476,905 497,679
683,761 665,409

Non-cancellable operating leases
2024 2023
£    £   
Within one year 77,431 74,634
Between one and five years 363,684 416,135
In more than five years 235,533 381,094
676,648 871,863

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 683,761 665,409

The net obligations under hire purchase contracts are secured on the assets, held on the balance sheet, to which they relate. The contracts are repayable over between 1 and 5 years and carry an annual interest rate of between 2.53% and 6.21%.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 272,517 194,719

Deferred
tax
£   
Balance at 1 April 2023 194,719
Charge to Statement of Comprehensive Income during year 77,798
Balance at 31 March 2024 272,517

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2

The Ordinary shares carry full voting and distribution rights.

20. RESERVES
Retained
earnings
£   

At 1 April 2023 2,466,055
Profit for the year 407,208
Dividends (173,000 )
At 31 March 2024 2,700,263

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr S Padgett
Balance outstanding at start of year 73,849 (2,301 )
Amounts advanced 70,000 76,150
Amounts repaid (73,644 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 70,205 73,849

Mrs C L Padgett
Balance outstanding at start of year 73,850 -
Amounts advanced 70,000 73,850
Amounts repaid (73,645 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 70,205 73,850

All advances and credits granted to the directors by the company are interest free and repayable on demand.

22. RELATED PARTY DISCLOSURES

Entities that provide key management personnel services to the entity

During the year the company received key management personnel services totalling £25,000 (2023: £96,500) from an unincorporated partnership owned and controlled by the directors. The balance due to the partnership from Becsco Limited at 31 March 2024 was £1,000 (2023: £1,000) and is included within creditors due within one year.

Becsco Limited (Registered number: 03867698)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

Other related parties

During the year the company sold trade goods totalling £325,373 (2023: £395,028) to, and bought trade goods totalling £nil (2023: £323,899) from, a company of which S Padgett is a director and shareholder. The amount due from that company to Becsco Limited at 31 March 2024 was £582,652 (2023: £478,057) and is included within debtors due within one year.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are S and CL Padgett.