Registered number
00625872
A.L.BETTS LIMITED
Filleted Accounts
31 January 2024
A.L.BETTS LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Freehold buildings 10% on a reducing balance basis
Office equipment 25% on a reducing balance basis
Plant and machinery 15% on a reducing balance basis
Motor vehicles 25% on a reducing balance basis
Investments
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.
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Office equipment Total
£ £ £ £ £
Cost
At 1 February 2023 186,425 147,647 88,712 2,423 425,207
Additions 26,773 6,851 - - 33,624
Disposals - (47,695) (88,712) - (136,407)
At 31 January 2024 213,198 106,803 - 2,423 322,424
Depreciation
At 1 February 2023 148,949 114,267 27,194 1,771 292,181
Charge for the year 6,356 4,778 - 163 11,297
On disposals - (36,730) (27,194) - (63,924)
At 31 January 2024 155,305 82,315 - 1,934 239,554
Net book value
At 31 January 2024 57,893 24,488 - 489 82,870
At 31 January 2023 37,476 33,380 61,518 652 133,026
4 Investments
Other
investments
£
Cost
At 1 February 2023 28,262
Revaluation (6,665)
At 31 January 2024 21,597
Historical cost
At 1 February 2023 28,262
The historical cost of the above investments were £439
5 Debtors 2024 2023
£ £
Trade debtors - 17,954
Other debtors 21,000 28,170
21,000 46,124
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans 10,107 10,107
Bank loans and overdrafts 20,044 17,944
Obligations under finance lease and hire purchase contracts - 12,384
Trade creditors - 13,742
Corporation tax 2,964 2,964
Taxation and social security costs 9,185 -
Other creditors and accruals 35,055 34,425
77,355 91,566
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank overdrafts and loans 42,578 49,149
Obligations under finance lease and hire purchase contracts - 41,360
Other creditors and accruals 225,381 243,248
267,959 333,757
The following liabilities were secured:
2024 2023
£ £
Bank overdraft - 21,299
Bank loans 49,761 63,929
Other loans 221,458 248,914
271,219 334,142
Details of security provided:
Bank loans and overdafts are secured by a legal mortgage dated 13 March 2000 over the freehold
property known as Platt House Farm,Wrotham,Sevenoaks,Kent.
Other loans are secured by a first legal charge dated 17 February 1964 and by two further charges dated
15 May 1968 and 15 October 1991 respectivly over the freehold property known as Platt House Farm,
Wrotham,Sevenoaks,Kent.
8 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 225,381 243,247
Instalments falling due for payment after more than five years 42,578 49,148
267,959 292,395
Secured bank loans 42,578 54,231
9 Fair value reserve 2024 2023
£ £
At 1 February 2023 22,537 29,017
Loss on revaluation of investments (6,665) (8,001)
Deferred taxation arising on the revaluation of the company's 1,266 1,521
At 31 January 2024 17,138 22,537
10 Other information
A.L.BETTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Platt House Farm
Wrotham
Severnoaks
Kent
TN15 7QB
11 Fair value reserve
The fair value reserve represents the movements on the valuation of the company's listed investments
less the deferred tax thereon and icludes a transfer to the profit and loss account in relation to those
movements of £5,399 (2023 from £6,480)
A.L.BETTS LIMITED
Registered number: 00625872
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 82,870 133,026
Investments 4 21,597 28,262
104,467 161,288
Current assets
Stocks - 126,700
Debtors 5 21,000 46,124
Cash at bank and in hand 100,005 71,194
121,005 244,018
Creditors: amounts falling due within one year 6 (77,355) (91,566)
Net current assets 43,650 152,452
Total assets less current liabilities 148,117 313,740
Creditors: amounts falling due after more than one year 7 (267,959) (333,757)
Provisions for liabilities (2,735) (4,001)
Net liabilities (122,577) (24,018)
Capital and reserves
Called up share capital 1,000 1,000
Fair value reserve 9 17,138 22,537
Profit and loss account (140,715) (47,555)
Shareholders' funds (122,577) (24,018)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Nigel James Betts
Director
Approved by the board on 31 October 2024
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