REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Becsco Limited |
REGISTERED NUMBER: |
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: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
Becsco Limited (Registered number: 03867698) |
Statement of Comprehensive |
Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,408,869 | 2,387,789 |
946,674 | 758,068 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Becsco Limited (Registered number: 03867698) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Finance costs paid | (78,921 | ) | (63,409 | ) |
Tax repaid/ (paid) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
New HP loans in the year | 262,488 | 504,977 |
HP repayments in the year | (244,136 | ) | - |
Capital repayments in year | ( |
) |
Amount introduced by directors | 147,289 | - |
Amount withdrawn by directors | (140,000 | ) | (150,000 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 410,477 | 283,183 |
1,250,580 | 937,356 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | 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 |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
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. |
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 |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Warehouse | 13 | 11 |
Distribution | 10 | 10 |
Administration | 8 | 8 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
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 |
Hire purchase |
Invoice financing charges |
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 | ( |
) |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax |
Total tax charge | 155,514 | 72,000 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
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 |
Other debtors |
Related party balances | 432,652 | 478,057 |
Directors' current accounts | 140,410 | 147,699 |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 194,013 | - |
Related party balances | 1,000 | 1,000 |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | 1 | 2 | 2 |
The Ordinary shares carry full voting and distribution rights. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
All advances and credits granted to the directors by the company are interest free and repayable on demand. |
22. | RELATED PARTY DISCLOSURES |
Becsco Limited (Registered number: 03867698) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
23. | ULTIMATE CONTROLLING PARTY |