Company registration number 02875974 (England and Wales)
Beanacre Enterprises Limited
financial statements
For the period ended 31 January 2024
Beanacre Enterprises Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
Beanacre Enterprises Limited
Statement of financial position
As at 31 January 2024
31 January 2024
- 1 -
31 January 2024
31 December 2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,523,808
1,578,005
Current assets
Stocks
24,332
47,415
Debtors
4
1,372,839
2,227,425
Cash at bank and in hand
30,655
800
1,427,826
2,275,640
Creditors: amounts falling due within one year
5
(2,603,303)
(2,279,124)
Net current liabilities
(1,175,477)
(3,484)
Total assets less current liabilities
1,348,331
1,574,521
Creditors: amounts falling due after more than one year
6
(1,381,397)
(479,239)
Provisions for liabilities
(268,700)
(129,187)
Net (liabilities)/assets
(301,766)
966,095
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
(301,886)
965,975
Total equity
(301,766)
966,095

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr R I Lockwood
Director
Company registration number 02875974 (England and Wales)
Beanacre Enterprises Limited
Notes to the financial statements
For the period ended 31 January 2024
- 2 -
1
Accounting policies
Company information

Beanacre Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ripley Road, Sawmills, Ambergate, Derbyshire, DE56 2JR.

1.1
Reporting period

The financial statements presented are for an extended period, to align the year end with other group companies. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Beanacre Enterprises Limited is a wholly owned subsidiary of Lockwood Group Limited and the results of Beanacre Enterprises Limited are included in the consolidated financial statements of Lockwood Holdings Limited which are available from Companies House.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10 years straight line basis
Plant and equipment
4 years straight line basis
Motor vehicles
3 to 5 years straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the weighted average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

2024
2022
Number
Number
Total
77
84
Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
148,248
492,655
6,967,286
7,608,189
Additions
94,150
55,987
1,542,214
1,692,351
Disposals
-
0
(70,369)
-
0
(70,369)
At 31 January 2024
242,398
478,273
8,509,500
9,230,171
Depreciation and impairment
At 1 January 2023
121,569
343,020
5,565,595
6,030,184
Depreciation charged in the period
5,689
95,848
628,595
730,132
Eliminated in respect of disposals
-
0
(53,953)
-
0
(53,953)
At 31 January 2024
127,258
384,915
6,194,190
6,706,363
Carrying amount
At 31 January 2024
115,140
93,358
2,315,310
2,523,808
At 31 December 2022
26,679
149,635
1,401,691
1,578,005
4
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
1,148,547
1,693,677
Other debtors
224,292
533,748
1,372,839
2,227,425
5
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
28,252
508,743
Trade creditors
462,708
414,858
Amounts owed to group undertakings
536,779
-
0
Taxation and social security
160,251
611,404
Other creditors
1,415,313
744,119
2,603,303
2,279,124

Included within other creditors are invoice financing facilities of £699,946 (2022 - £137,539), which are secured by fixed charges over the assets to which they relate.

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
1,381,397
479,239
7
Security

Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.

 

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
8
Audit report information
(Continued)
- 8 -

Qualified Opinion

We have audited the financial statements of Beanacre Enterprises Limited (the 'company') for the period ended 31 January 2024 which comprise , the statement of financial position and notes to the financial statements, including 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 effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after September 2023 when the company was acquired. Our work has been limited in the following key areas;

 

We have been unable to obtain sufficient accounting records to enable us to gather evidence to support the opening balance sheet position.

 

We have been unable to complete sufficient testing for the period noted and trace back to adequate supporting evidence such as sales invoices and sales delivery notes to confirm revenue recognition is correct in this period.

 

We have been unable to complete sufficient testing for the period noted and trace back to adequate supporting evidence such as timesheets and employee records to confirm existence and gross pay.

 

At the date of approval of the financial statements, there were no other satisfactory audit procedures that we could adopt to satisfy ourselves that the above were free from material misstatement.

 

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.

 

 

Senior Statutory Auditor:
Stacey Parr FCCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
31 October 2024
Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
- 9 -
9
Financial commitments, guarantees and contingent liabilities

An unlimited multilateral guarantee was given to National Westminster Bank plc by the company and its fellow group companies, dated 21 October 2014, against the company and groups combined bank facilities.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2022
£
£
592,500
671,500
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
-
887
887
-
887
887
12
Parent company

The ultimate parent company is Lockwood Holdings Limited, incorporated in England and Wales.

Their registered office address is Lockwood Group, Ripley Road, Sawmills, Ambergate, Derbyshire, DE56 2JR.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Lockwood Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company.

13
Prior period adjustment
Adjustments to equity
The prior period adjustments do not give rise to any effect upon equity.
Notes to adjustments
Reclassification of payroll costs

A prior period adjustment has been processed to reclassify payroll costs from overheads to cost of sales. The reclassification adjustment totals £3,491,069.

The adjustment has no impact on the closing profit or reserves of the company.

Beanacre Enterprises Limited
Notes to the financial statements (continued)
For the period ended 31 January 2024
13
Prior period adjustment
(Continued)
- 10 -
Reclassification of Land & Buildings

A prior period adjustment has been processed to reclassify property costs incorrectly classified as freehold property to leasehold property. The reclassification adjustment totals £269,817.

The adjustment has no impact on the closing profit or reserves of the company.

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