Company registration number 12970431 (England and Wales)
BETATEC SOLUTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
BETATEC SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BETATEC SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investments
3
11,354,377
11,354,377
Current assets
Debtors
4
53,378
53,378
Creditors: amounts falling due within one year
5
(3,861,016)
(4,758,352)
Net current liabilities
(3,807,638)
(4,704,974)
Total assets less current liabilities
7,546,739
6,649,403
Creditors: amounts falling due after more than one year
6
(4,113,008)
(3,215,672)
Net assets
3,433,731
3,433,731
Capital and reserves
Called up share capital
7
10
10
Share premium account
111,992
111,992
Profit and loss reserves
3,321,729
3,321,729
Total equity
3,433,731
3,433,731

The directors of the company have elected not to include a copy of the profit and loss account 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 7 November 2024 and are signed on its behalf by:
Mrs A L Hough
Director
Company registration number 12970431 (England and Wales)
BETATEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Betatec Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 10-11 Shield Drive, Wardley Industrial Estate, Worsley, Manchester, M28 2QB.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The financial statements are prepared on the going concern basis.true

 

In recent times, the company's trading subsidiary has endured a challenging period where financial performance was impacted. However, at the time of approving the financial statements this has stabilised and the subsidiary enjoys a significant fully confirmed orderbook, with further significant unconfirmed upside, which it has the capability and resources to deliver in full, together with the support of a key customer.

 

The directors have produced and referred to prudent future cash flow forecasts for the trading subsidiary, covering a 12 month period from the approval of these financial statements. The directors have also received confirmation from third parties to whom deferred consideration is owed by Betatec Solutions Limited, that they will not demand any repayment of these balances for a period of at least 12 months following the approval of these financial statements.

 

Given these representations and noting that the subsidiary company cash flow forecasts, incorporating all sources of funding, indicate sufficient funds are in place across the group to meet all liabilities as they are projected to fall due for payment over the next twelve months, leading the directors to conclude that it is correct to adopt the going concern basis at the time of signing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BETATEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.4
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. 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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. 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.

1.5
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.

2
Employees

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

2023
2022
Number
Number
Total
3
4
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
11,354,377
11,354,377
BETATEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
53,378
53,378
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,861,016
3,758,352
Other creditors
-
0
1,000,000
3,861,016
4,758,352

Amounts totalling £Nil (2022: £1,000,000) have been secured by way of a fixed and floating charge over all current and future assets of the company, as well as a cross company guarantee as detailed in note 9.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,113,008
3,215,672

Amounts totalling £4,113,008 (2022: £3,215,672) have been secured by way of a fixed and floating charge over all current and future assets of the company, as well as a cross company guarantee as detailed in note 9.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
130
130
1
1
B Ordinary shares of 1p each
570
570
6
6
C Ordinary shares of 1p each
200
200
2
2
D Ordinary shares of 1p each
100
100
1
1
1,000
1,000
10
10

The shares have differing rights to dividends, but rank pari passu in all other respects, apart from in the case of an underperformance event whilst the funder debt is outstanding in which case the votes in respect of the A Ordinary shares will be enhanced such that the A Ordinary shareholders received the same 100% of the total number of votes attached to all shares of any other class in issue on any resolution at a general meeting.

BETATEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
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 unqualified.

Senior Statutory Auditor:
Joe Sullivan FCA
Statutory Auditor:
MHA
9
Financial commitments, guarantees and contingent liabilities

A cross company guarantee is in place in favour of a member of key management personnel between the company, Sareline Holdings Limited, AT Engine Controls Limited, Sareline (EU) Limited and HSDE Limited. At the balance sheet date, group borrowings payable to the member of key management personnel totalled £4,113,008.

10
Related party transactions
Balances with related parties
Category
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Entities over which the entity has control, joint control or significant influence
-
0
-
0
3,861,016
3,758,352
Key management personnel
53,378
53,378
4,113,009
4,215,673
11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Advance
5.00
53,378
2,669
(2,669)
53,378
53,378
2,669
(2,669)
53,378

The advance was unsecured and repayable in line with the facility letter between the company and the director.

BETATEC SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
12
Prior period adjustment
Reconciliation of changes in equity
1 August
31 July
2021
2022
Notes
£
£
Adjustments to prior year
Share premium
(i)
-
111,992
Equity as previously reported
3,121,739
3,321,739
Equity as adjusted
3,121,739
3,433,731
Analysis of the effect upon equity
Share premium
-
111,992
Notes to reconciliation
(i) Share premium omission

The prior year financial statements omitted the share premium on the issue of 569 Ordinary B 1p shares, 200 Ordinary A 1p shares and 100 Ordinary D 1p shares, with this resulting in an increase in investment value and an increase in amounts due from shareholders for the element unpaid.

2023-07-312022-08-01false07 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr S AthertonMr J G BowdenMr M A PooleMrs A L HoughMiss B A Abdullafalsefalse129704312022-08-012023-07-31129704312023-07-31129704312022-07-3112970431core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3112970431core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3112970431core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3112970431core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3112970431core:CurrentFinancialInstruments2023-07-3112970431core:CurrentFinancialInstruments2022-07-3112970431core:ShareCapital2023-07-3112970431core:ShareCapital2022-07-3112970431core:SharePremium2023-07-3112970431core:SharePremium2022-07-3112970431core:RetainedEarningsAccumulatedLosses2023-07-3112970431core:RetainedEarningsAccumulatedLosses2022-07-3112970431core:ShareCapitalOrdinaryShares2023-07-3112970431core:ShareCapitalOrdinaryShares2022-07-3112970431bus:Director42022-08-012023-07-31129704312021-08-012022-07-3112970431core:WithinOneYear2023-07-3112970431core:WithinOneYear2022-07-3112970431core:Non-currentFinancialInstruments2023-07-3112970431core:Non-currentFinancialInstruments2022-07-3112970431core:AllSubsidiaries2022-08-012023-07-3112970431core:KeyManagementIndividualGroup12022-08-012023-07-3112970431core:AllSubsidiaries2023-07-3112970431core:AllSubsidiaries2022-07-3112970431core:KeyManagementIndividualGroup12023-07-3112970431core:KeyManagementIndividualGroup12022-07-3112970431bus:PrivateLimitedCompanyLtd2022-08-012023-07-3112970431bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3112970431bus:FRS1022022-08-012023-07-3112970431bus:Audited2022-08-012023-07-3112970431bus:Director12022-08-012023-07-3112970431bus:Director22022-08-012023-07-3112970431bus:Director32022-08-012023-07-3112970431bus:CompanySecretary12022-08-012023-07-3112970431bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP