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Registration number: 11959560

Old Beams Ibsley Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Old Beams Ibsley Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Old Beams Ibsley Ltd

Company Information

Director

Mr Peter Cheal

Registered office

Old Beams Inn
Salisbury Road
Ibsley
Ringwood
BH24 3PP

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

Old Beams Ibsley Ltd

(Registration number: 11959560)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

49,286

59,919

Current assets

 

Stocks

5

9,019

7,806

Debtors

6

3,938

8,851

Cash at bank and in hand

 

24,052

106,447

 

37,009

123,104

Creditors: Amounts falling due within one year

7

(184,966)

(343,431)

Net current liabilities

 

(147,957)

(220,327)

Net liabilities

 

(98,671)

(160,408)

Capital and reserves

 

Called up share capital

90

90

Retained earnings

(98,761)

(160,498)

Shareholders' deficit

 

(98,671)

(160,408)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Peter Cheal
Director

 

Old Beams Ibsley Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Old Beams Inn
Salisbury Road
Ibsley
Ringwood
BH24 3PP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The company had a deficiency of assets at the balance sheet date of £98,671 (2023: £160,408) and is dependent on the continued support of its director. The director has given his assurance that he will provide sufficient further finance as may prove necessary to meet the company's working capital requirements for the foreseeable future.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of sales of goods and services to customers.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

15% straight line basis

Furniture, fittings and equipment

25% straight line basis

Plant and machinery

15% straight line basis

 

Old Beams Ibsley Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 24 (2023 - 21).

 

Old Beams Ibsley Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Leasehold improvements
£

Furniture fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

22,907

1,397

81,625

105,929

Additions

-

836

6,568

7,404

At 30 April 2024

22,907

2,233

88,193

113,333

Depreciation

At 1 May 2023

6,270

587

39,153

46,010

Charge for the year

3,436

419

14,182

18,037

At 30 April 2024

9,706

1,006

53,335

64,047

Carrying amount

At 30 April 2024

13,201

1,227

34,858

49,286

At 30 April 2023

16,637

810

42,472

59,919

Included within the net book value of land and buildings above is £13,201 (2023 - £16,637) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

9,019

7,806

6

Debtors

2024
£

2023
£

Trade debtors

-

3,114

Prepayments

1,538

1,337

Other debtors

2,400

4,400

3,938

8,851

 

Old Beams Ibsley Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

46,311

89,413

Taxation and social security

41,489

38,087

Accruals and deferred income

11,544

6,058

Other creditors

85,622

209,873

184,966

343,431

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £50,000 (2023 - £90,000). This includes an annual rental commitment of £40,000.