Registered number
03200633
Beta Shoes Ltd
Filleted Accounts
31 May 2024
Beta Shoes Ltd
Registered number: 03200633
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 51,606 55,211
Current assets
Stocks 1,015,250 842,972
Debtors 5 544,687 556,563
Cash at bank and in hand 34,423 62,544
1,594,360 1,462,079
Creditors: amounts falling due within one year 6 (867,568) (683,941)
Net current assets 726,792 778,138
Total assets less current liabilities 778,398 833,349
Creditors: amounts falling due after more than one year 7 - (31,645)
Net assets 778,398 801,704
Capital and reserves
Called up share capital 65,500 65,500
Profit and loss account 712,898 736,204
Shareholders' funds 778,398 801,704
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.
P S Dhandwar
Director
Approved by the board on 13 February 2025
Beta Shoes Ltd
Notes to the Accounts
for the year ended 31 May 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.
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:
Motor vehicles 25% straight line
Fixtures, fittings, tools and equipment 10% & 20% straight line
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: 0
Firm: Almas Consulting Ltd T/A Meridian Insight
Date of audit report: 13 February 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 10
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 285,546 72,711 358,257
Additions 1,000 14,000 15,000
At 31 May 2024 286,546 86,711 373,257
Depreciation
At 1 June 2023 263,780 39,266 303,046
Charge for the year 7,456 11,149 18,605
At 31 May 2024 271,236 50,415 321,651
Net book value
At 31 May 2024 15,310 36,296 51,606
At 31 May 2023 21,766 33,445 55,211
5 Debtors 2024 2023
£ £
Trade debtors 498,274 520,439
Other debtors 46,413 36,124
544,687 556,563
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 177,007 134,753
Trade creditors 187,955 160,344
Amounts owed to related undertakings and undertakings in which the company has a participating interest 233,518 254,128
Taxation and social security costs 50,375 58,122
Director's loan account 182,510 53,023
Other creditors 36,203 23,571
867,568 683,941
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 31,645
8 Loans and overdrafts 2024 2023
£ £
Creditors include:
Secured bank overdrafts 145,362 45,940
Bank overdrafts are secured over all assets of the company. It is also secured over the assets of it's related company, A & A Trading Co Ltd.
9 Related party transactions
During the year the company made related party transactions with A & A Trading Co Ltd, a company under common control. The company pays commercial rent for the use of premises on commercial terms to this related company. Both companies also give interest free cash advances to each other on need basis. The commercial rent for the year was £90,000 (2023: £90,000). As at the balance sheet the amount payable to A & A Tading Co Ltd was £233,518 (2023: £254,128).
10 Other information
Beta Shoes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 15 Slough Interchange
Industrial Estate, Whittenham Close
Slough
Berkshire
SL2 5EP
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