A.L.BETTS LIMITED |
Notes to the Accounts |
for the year ended 31 January 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
10% on a reducing balance basis |
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Office equipment |
25% on a reducing balance basis |
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Plant and machinery |
15% on a reducing balance basis |
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Motor vehicles |
25% on a reducing balance basis |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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3 |
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3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
Office equipment |
Total |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 February 2023 |
186,425 |
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147,647 |
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88,712 |
2,423 |
425,207 |
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Additions |
26,773 |
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6,851 |
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- |
- |
33,624 |
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Disposals |
- |
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(47,695) |
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(88,712) |
- |
(136,407) |
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At 31 January 2024 |
213,198 |
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106,803 |
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- |
2,423 |
322,424 |
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Depreciation |
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At 1 February 2023 |
148,949 |
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114,267 |
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27,194 |
1,771 |
292,181 |
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Charge for the year |
6,356 |
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4,778 |
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- |
163 |
11,297 |
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On disposals |
- |
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(36,730) |
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(27,194) |
- |
(63,924) |
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At 31 January 2024 |
155,305 |
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82,315 |
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- |
1,934 |
239,554 |
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Net book value |
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At 31 January 2024 |
57,893 |
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24,488 |
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- |
489 |
82,870 |
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At 31 January 2023 |
37,476 |
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33,380 |
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61,518 |
652 |
133,026 |
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4 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 February 2023 |
28,262 |
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Revaluation |
(6,665) |
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At 31 January 2024 |
21,597 |
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Historical cost |
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At 1 February 2023 |
28,262 |
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The historical cost of the above investments were £439 |
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5 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
- |
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17,954 |
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Other debtors |
21,000 |
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28,170 |
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21,000 |
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46,124 |
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6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Other loans |
10,107 |
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10,107 |
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Bank loans and overdrafts |
20,044 |
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17,944 |
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Obligations under finance lease and hire purchase contracts |
- |
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12,384 |
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Trade creditors |
- |
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13,742 |
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Corporation tax |
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2,964 |
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2,964 |
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Taxation and social security costs |
9,185 |
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- |
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Other creditors and accruals |
35,055 |
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34,425 |
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77,355 |
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91,566 |
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7 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Bank overdrafts and loans |
42,578 |
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49,149 |
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Obligations under finance lease and hire purchase contracts |
- |
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41,360 |
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Other creditors and accruals |
225,381 |
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243,248 |
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267,959 |
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333,757 |
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The following liabilities were secured: |
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2024 |
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2023 |
£ |
£ |
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Bank overdraft |
- |
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21,299 |
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Bank loans |
49,761 |
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63,929 |
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Other loans |
221,458 |
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248,914 |
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271,219 |
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334,142 |
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Details of security provided: |
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Bank loans and overdafts are secured by a legal mortgage dated 13 March 2000 over the freehold |
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property known as Platt House Farm,Wrotham,Sevenoaks,Kent. |
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Other loans are secured by a first legal charge dated 17 February 1964 and by two further charges dated |
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15 May 1968 and 15 October 1991 respectivly over the freehold property known as Platt House Farm, |
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Wrotham,Sevenoaks,Kent. |
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8 |
Loans |
2024 |
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2023 |
£ |
£ |
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Creditors include: |
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Amounts payable otherwise than by instalment falling due for payment after more than five years |
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225,381 |
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243,247 |
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Instalments falling due for payment after more than five years |
42,578 |
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49,148 |
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267,959 |
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292,395 |
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Secured bank loans |
42,578 |
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54,231 |
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9 |
Fair value reserve |
2024 |
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2023 |
£ |
£ |
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At 1 February 2023 |
22,537 |
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29,017 |
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Loss on revaluation of investments |
(6,665) |
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(8,001) |
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Deferred taxation arising on the revaluation of the company's |
1,266 |
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1,521 |
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At 31 January 2024 |
17,138 |
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22,537 |
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10 |
Other information |
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A.L.BETTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Platt House Farm |
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Wrotham |
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Severnoaks |
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Kent |
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TN15 7QB |
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11 |
Fair value reserve |
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The fair value reserve represents the movements on the valuation of the company's listed investments |
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less the deferred tax thereon and icludes a transfer to the profit and loss account in relation to those |
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movements of £5,399 (2023 from £6,480) |
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