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Company registration number: 02222297
Bees Electrical Supplies (London) Limited
Unaudited filleted financial statements
31 May 2024
Bees Electrical Supplies (London) Limited
Contents
Statement of financial position
Notes to the financial statements
Bees Electrical Supplies (London) Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 53,015 55,821
_______ _______
53,016 55,822
Current assets
Stocks 105,369 99,332
Debtors 7 65,039 143,921
Cash at bank and in hand 339,957 257,401
_______ _______
510,365 500,654
Creditors: amounts falling due
within one year 8 ( 111,499) ( 109,085)
_______ _______
Net current assets 398,866 391,569
_______ _______
Total assets less current liabilities 451,882 447,391
_______ _______
Net assets 451,882 447,391
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 450,882 446,391
_______ _______
Shareholders funds 451,882 447,391
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr M N Pathan
Director
Company registration number: 02222297
Bees Electrical Supplies (London) Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 118 Greyhound Lane, London, SW16 5RN. The principal activity of the company during the year was that of wholesale and retail distributors of electrical goods and accessories .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements.The directors have reasonable expectations for the company to continue in operational existence for the foreseeable future as it has adequate resources. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 2 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land - Nil, Building over 50 years - 2% % straight line
Fittings fixtures and equipment - 15% % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Pension contributions
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 199,582 199,582
_______ _______
Amortisation
At 1 June 2023 and 31 May 2024 199,581 199,581
_______ _______
Carrying amount
At 31 May 2024 1 1
_______ _______
At 31 May 2023 1 1
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2023 and 31 May 2024 125,486 34,876 160,362
_______ _______ _______
Depreciation
At 1 June 2023 71,635 32,906 104,541
Charge for the year 2,510 296 2,806
_______ _______ _______
At 31 May 2024 74,145 33,202 107,347
_______ _______ _______
Carrying amount
At 31 May 2024 51,341 1,674 53,015
_______ _______ _______
At 31 May 2023 53,851 1,970 55,821
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 2,137 1,107
Other debtors 62,902 142,814
_______ _______
65,039 143,921
_______ _______
Other debtors include a loan of £60,000 to the holding company Bees 2 Limited. The loan is interest free, unsecured and repayable on demand .
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 52,756 52,866
Corporation tax 42,233 36,137
Social security and other taxes 10,576 14,813
Other creditors 5,934 5,269
_______ _______
111,499 109,085
_______ _______
9. Controlling party
In the opinion of the directors, there is no single controlling party .