Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-293false2023-03-01Other Construction Installation2truefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08422003 2023-03-01 2024-02-29 08422003 2022-03-01 2023-02-28 08422003 2024-02-29 08422003 2023-02-28 08422003 c:Director1 2023-03-01 2024-02-29 08422003 c:RegisteredOffice 2023-03-01 2024-02-29 08422003 d:PlantMachinery 2023-03-01 2024-02-29 08422003 d:PlantMachinery 2024-02-29 08422003 d:PlantMachinery 2023-02-28 08422003 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08422003 d:MotorVehicles 2023-03-01 2024-02-29 08422003 d:MotorVehicles 2024-02-29 08422003 d:MotorVehicles 2023-02-28 08422003 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08422003 d:OfficeEquipment 2023-03-01 2024-02-29 08422003 d:OfficeEquipment 2024-02-29 08422003 d:OfficeEquipment 2023-02-28 08422003 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08422003 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 08422003 d:Goodwill 2023-03-01 2024-02-29 08422003 d:Goodwill 2024-02-29 08422003 d:Goodwill 2023-02-28 08422003 d:CurrentFinancialInstruments 2024-02-29 08422003 d:CurrentFinancialInstruments 2023-02-28 08422003 d:Non-currentFinancialInstruments 2024-02-29 08422003 d:Non-currentFinancialInstruments 2023-02-28 08422003 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 08422003 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08422003 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 08422003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 08422003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 08422003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 08422003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 08422003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 08422003 d:ShareCapital 2024-02-29 08422003 d:ShareCapital 2023-02-28 08422003 d:RetainedEarningsAccumulatedLosses 2024-02-29 08422003 d:RetainedEarningsAccumulatedLosses 2023-02-28 08422003 c:FRS102 2023-03-01 2024-02-29 08422003 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 08422003 c:FullAccounts 2023-03-01 2024-02-29 08422003 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08422003 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 08422003 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 08422003 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2024-02-29 08422003 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 08422003










DARREN BETTS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
DARREN BETTS LTD
 
 
COMPANY INFORMATION


Director
Darren Betts 




Registered number
08422003



Registered office
12 Church Street

Cromer

Norfolk

NR27 9ER




Accountants
MA Partners LLP
Chartered Accountants

12 Church Street

Cromer

Norfolk

NR27 9ER





 
DARREN BETTS LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 10


 
DARREN BETTS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DARREN BETTS LTD
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Darren Betts Ltd for the year ended 29 February 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Darren Betts Ltd in accordance with the terms of our engagement letter dated April 2020Our work has been undertaken solely to prepare for your approval the financial statements of Darren Betts Ltd and state those matters that we have agreed to state to the director of Darren Betts Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Darren Betts Ltd and its director for our work or for this report. 

It is your duty to ensure that Darren Betts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Darren Betts Ltd. You consider that Darren Betts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Darren Betts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
12 Church Street
Cromer
Norfolk
NR27 9ER
23 October 2024
Page 1

 
DARREN BETTS LTD
REGISTERED NUMBER: 08422003

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
861

Tangible assets
 5 
347
464

  
347
1,325

Current assets
  

Stocks
 6 
3,055
2,911

Debtors: amounts falling due within one year
 7 
20,796
22,166

Cash at bank and in hand
  
-
1,643

  
23,851
26,720

Creditors: amounts falling due within one year
 8 
(17,306)
(14,696)

Net current assets
  
 
 
6,545
 
 
12,024

Total assets less current liabilities
  
6,892
13,349

Creditors: amounts falling due after more than one year
 9 
(2,790)
(4,822)

Provisions for liabilities
  

Deferred tax
 11 
(66)
(88)

  
 
 
(66)
 
 
(88)

Net assets
  
4,036
8,439


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,936
8,339

  
4,036
8,439


Page 2

 
DARREN BETTS LTD
REGISTERED NUMBER: 08422003
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 October 2024.


................................................
Darren Betts
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company is a United Kingdom company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 12 Church Street, Cromer, Norfolk, NR27 9ER.
The company's principle activity is that of home construction and installations. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services for building and construction and home improvements is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are valued at the lower of cost and estimate selling price less costs to complete and sell.  Costs, which comprise of direct production costs, are based on the method most appropriated to the type of inventory class, but usually on a first in first ou basis.  Overheads are charged to profit and loss as incurred.  Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred in the sale.  When stocks are sold, the carrying amount of those stocks is recognised as an expenses in the period in which the related revenue is recognised.  

Page 5

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).


4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
8,646



At 29 February 2024

8,646



Amortisation


At 1 March 2023
7,785


Charge for the year on owned assets
861



At 29 February 2024

8,646



Net book value



At 29 February 2024
-



At 28 February 2023
861



Page 6

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
478
3,000
19
3,497



At 29 February 2024

478
3,000
19
3,497



Depreciation


At 1 March 2023
313
2,701
19
3,033


Charge for the year on owned assets
42
75
-
117



At 29 February 2024

355
2,776
19
3,150



Net book value



At 29 February 2024
123
224
-
347



At 28 February 2023
165
299
-
464


6.


Stocks

29 February
28 February
2024
2023
£
£

Raw materials and consumables
3,055
2,911

3,055
2,911


Page 7

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
20,796
22,166

20,796
22,166



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
3,901
-

Bank loans
2,032
1,982

Trade creditors
1,840
1,316

Corporation tax
5,632
7,066

Other taxation and social security
1,647
3,090

Other creditors
1,241
286

Accruals and deferred income
1,013
956

17,306
14,696



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
2,790
4,822

2,790
4,822


Page 8

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
2,032
1,982


2,032
1,982

Amounts falling due 1-2 years

Bank loans
2,084
2,032


2,084
2,032

Amounts falling due 2-5 years

Bank loans
706
2,790


706
2,790


4,822
6,804



11.


Deferred taxation






2024


£






At beginning of year
(88)


Charged to profit or loss
22



At end of year
(66)

Page 9

 
DARREN BETTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(66)
(88)

(66)
(88)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £190 (2023 £190).

 
Page 10