Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
COMPANY INFORMATION
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J & A BEARE LIMITED
CONTENTS
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J & A BEARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his Strategic Report for the year ended 31 March 2024.
The principal activity of the Company continued to be that of dealers, restorers and makers of fine violins, other stringed instruments and antique bows.
The key risks facing the business are market conditions, availability of instruments, maintaining the quality of products offered, competitive pressures and currency fluctuations.
Whilst no immediate or material impacts from the Brexit decision have yet been seen, aside from significant exchange rate fluctuations, the Company recognises that the coming years will be challenging in the UK and is monitoring political and macro-economic developments closely.
The Company's financial key performance indicators are stock turnover and sales growth.
The Company's stock turnover ratio and turnover experienced a significant increase compared to prior year. This is a result of a move back to normal performance based on pre pandemic levels. J & A Beare's stock turnover continues to be above industry average performance due to strong internal controls and effective management of antique instruments. The directors are of the opinion that J & A Beare will continue to grow its market share in the year ended 31 March 2025.
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J & A BEARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The Directors acknowledge the need to maintain high standards of business conduct and recognise the importance of stakeholder engagement within the decision-making process. The Directors understand their obligations under section 172 of the Companies Act 2006 and in order to ensure that this is fulfilled, delegate their authority to senior management within the Company.
During the decision-making process management ensure that they have due regard to the impact on their decisions to the Company's stakeholders, as required in section 172 of the Companies Act 2006, taking into account likely consequences of any decision in the long term. Management ensures they understand the views of stakeholders and strive to build productive business relationships with them. The Company continues to engage significantly with its stakeholders throughout the year and continues to further the inclusion of stakeholders' interests within the decision-making process. The Board recognises that it has a duty of care to both internal and external stakeholders of the company. Additional regular reporting to our Bankers as an external significant stakeholder is also carried out, with regular meetings to discuss cashflow and financial performance of the business both historical and forecasted. EMPLOYEE INTERESTS During the year management has considered engagement with its employees in a constructive way to enable the consideration of the employees directly when decisions are being made and strategies being formulated. In order to better understand the levels of engagement and how our working environments can be improved, we conduct periodic employee surveys in order that we can understand more on what the needs of our workforce are. It is critical to our business strategy that we offer an inclusive working environment where we value differences and commit to ensuring that diverse groups are fully and properly represented at all levels of the organisation. We are proud of our strive to ensure that we have the best people in every role regardless of race, gender, disability, sexual orientation or any other factor. We continue to place additional focus on employee welfare and training across the business to ensure the safety of our staff, customers and the musicians. FOSTERING BUSINESS RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS Suppliers The Company operates a collaborative approach with its major suppliers in order to facilitate the best business relationships as possible. The Company has a good track record of adhering to the payment terms of its suppliers and reports this data on a 6 monthly basis at Companies House. Customers It is essential that our customers experience a high service level for each service provided at each service location. We have a robust client relationship management function that continuously is in close contact with clients to ensure that high levels of satisfaction is maintained. OPERATIONAL IMPACT ON COMMUNITY AND ENVIRONMENT We recognise that our operations may impact the environment and that with effective management in line with our strategic goals that we minimise any potentially harmful effects of such activity.
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J & A BEARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board on 23 December 2024 and signed on its behalf.
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J & A BEARE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The director presents his report and the audited financial statements for the year ended 31 March 2024.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent; and
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,083,374 (2023 - £1,155,236).
The director does not recommend the payment of a dividend.
The director who served during the year was:
The Company is exposed to credit risk and liquidity risk from the financial instruments it holds.
Credit Risk Credit Risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cashflows. Risk is mitigated by requesting up front deposits from the customers to secure future sales. Liquidity risk Liquidity risk arises from a decline in liquid assets to meet liabilities as they fall due. To manage liquidity risk the Company is using short and long term funding.
The engagement with suppliers, customers and others has been disclosed in the strategic report.
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J & A BEARE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The company consumed 40,000 kWh of energy or less in the United Kingdom during the period in respect of which the directors’ report in prepared and company is therefore exempt from the Department for Business, Energy and Industrial Strategy (BEIS)’s Streamlined Energy and Carbon reporting requirement.
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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J & A BEARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED
We have audited the financial statements of J & A Beare Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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J & A BEARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
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J & A BEARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax and pensions legislation and distributable profits legislation; and
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include GDPR in relation to retail standards, employment law and health and safety legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. Where irregularities have been found and treatments have differed from what we have expected additional procedures have been conducted to ratify the discrepancies. If the irregularity is financial in nature then samples have been extended, and the irregular items extrapolated to ensure no material misstatement has occurred. These irregularities are also communicated to management so that they can rectify the discrepancies or provide an explanation for the difference. Where the irregularity is a difference in treatment to what we had expected this has been communicated to management and additional explanation has been added to ensure adequate disclosure where necessary. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect that irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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J & A BEARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF J & A BEARE LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1st Floor, Sackville House
143-149 Fenchurch Street
EC3M 6BL
Date:
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J & A BEARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
REGISTERED NUMBER: 03487761
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 28 form part of these financial statements.
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J & A BEARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
J & A Beare Limited (Company number 03487761), having its registered office and principal place of business at 30 Queen Anne Street, London, W1G 8HX, is a private limited company incorporated in England and Wales.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at Balance Sheet date.
Functional and presentation currency
Transactions and balances
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
The directors believe disclosing segmental information would be seriously prejudicial to the Company's interests.
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Cost or valuation at 31 March 2024 is as follows:
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Revaluation reserve
Other reserves
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J & A BEARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company has provided a cross guarantee between itself and Beares Publishing Limited in favour of Barclays Bank Plc in respect of the latter company's overdraft facility. A contingent liability therefore exists to the extent of the indebtedness to the bank of Beares Publishing Limited. At 31 March 2024 the contingent liability of the Company was £Nil (2023: £184,005). No liability is expected to crystallise in this respect.
The Company operates a defined contribution pension scheme. The pension costs for the year amounted to £80,828 (2023: £17,514). There were contributions totalling £30,688 (2023: £2,851) payable to the scheme at the year end.
During the year purchases were made from related companies of £2,325,262 (2023: £920,314). Included within accruals are amounts due to related companies of £700,000 (2023: £500,000). The related companies are related by virtue of common ownership.
During the year sales of £206,671 (2023: £470,314) were made to related companies. At the Balance Sheet date the amount due from related companies was £71,192 (2023: £69,508). These companies are related through common ownership. At the Balance Sheet date an amount due to the director of the company of £58,305 (2023: £820,844) was included in other creditors. J & A Beare Limited has also provided a guarantee to Beares Publishing Limited in relation to the latter company's overdraft facility. Beares Publishing Limited is related by virtue of common control.
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