Company registration number 01282692 (England and Wales)
Bethermole Limited
Unaudited financial statements
For the year ended 28 March 2024
Bethermole Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Bethermole Limited
Balance sheet
As at 28 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
124,925
128,088
Investment property
4
140,000
140,000
264,925
268,088
Current assets
Stocks
150
150
Debtors
5
880
1,655
1,030
1,805
Creditors: amounts falling due within one year
6
(46,223)
(39,379)
Net current liabilities
(45,193)
(37,574)
Total assets less current liabilities
219,732
230,514
Creditors: amounts falling due after more than one year
7
(78,845)
(89,712)
Provisions for liabilities
(42,352)
(42,397)
Net assets
98,535
98,405
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
9
37,144
37,144
Fair value reserve
10
43,414
43,414
Distributable profit and loss reserves
16,977
16,847
Total equity
98,535
98,405
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Bethermole Limited
Balance sheet (continued)
As at 28 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 October 2024 and are signed on its behalf by:
Mr C J Heighton
Director
Company registration number 01282692 (England and Wales)
Bethermole Limited
Notes to the financial statements
For the year ended 28 March 2024
- 3 -
1
Accounting policies
Company information
Bethermole Limited is a private company limited by shares incorporated in England and Wales. The business address is Alderley Road, Hoylake, Wirral, CH47 3BT.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received and receivable for motor vehicle MOT and repair services provided in the normal course of business, and is shown net of VAT where applicable.
1.3
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:
Land and buildings Freehold
2% on buildings. No depreciation charge on land.
Plant and machinery
15% reducing balance / over the lease term
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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 estimated selling price less costs to complete and sell.
Bethermole Limited
Notes to the financial statements (continued)
For the year ended 28 March 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 balance sheet 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. As all financial assets are classified within one year, they are not amortised but carried at face value.
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
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 continue to be measured at face value.
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 profit and loss account 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.
Bethermole Limited
Notes to the financial statements (continued)
For the year ended 28 March 2024
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors without service contracts) employed by the company during the year was 3 (2023 - 3).
2024
2023
Number
Number
Total
3
3
Bethermole Limited
Notes to the financial statements (continued)
For the year ended 28 March 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 March 2023
146,393
67,632
214,025
Additions
565
565
At 28 March 2024
146,393
68,197
214,590
Depreciation and impairment
At 29 March 2023
22,923
63,014
85,937
Depreciation charged in the year
2,928
800
3,728
At 28 March 2024
25,851
63,814
89,665
Carrying amount
At 28 March 2024
120,542
4,383
124,925
At 28 March 2023
123,470
4,618
128,088
4
Investment property
2024
£
Fair value
At 29 March 2023 and 28 March 2024
140,000
Investment property comprises an apartment. The fair value of the investment property has been arrived at on the basis of a market appraisal carried out in 2017 by Jones and Chapman who are not connected with the company. The valuation was made on a market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that this value continues to represent the fair value of the property.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
880
1,655
Bethermole Limited
Notes to the financial statements (continued)
For the year ended 28 March 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,437
17,027
Trade creditors
10,271
11,327
Taxation and social security
5,717
5,160
Other creditors
8,798
5,865
46,223
39,379
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
78,845
89,712
8
Secured debts
Apart from a total bounce back loan liability of £8,209 (2023 £10,646), bank loans and overdrafts disclosed within creditors due within one year and after one year are secured by a fixed and floating charge over the company's assets.
9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
37,144
37,144
10
Fair value reserve
2024
2023
£
£
At the beginning and end of the year
43,414
43,414
11
Related party transactions
The Directors who are also shareholders of the company have advanced funds to the company on an interest free and repayable upon demand basis. As at 28th March 2024 the amount due to the Directors was £5,696 (2023 £3,672).