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COMPANY REGISTRATION NUMBER: 13400475
Beck Evans Holdings Limited
Financial Statements
For the year ended
31 December 2023
R E Jones & Co.
Beck Evans Holdings Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
5
Independent auditor's report to the members
7
Consolidated statement of income and retained earnings
12
Company statement of income and retained earnings
13
Consolidated statement of financial position
14
Company statement of financial position
15
Consolidated statement of cash flows
16
Notes to the financial statements
18
R E Jones & Co.
Beck Evans Holdings Limited
Strategic Report
Year ended 31 December 2023
Fair review of the business, and of its development and performance The Group was principally involved in motor vehicle sales and repairs throughout this and the previous year, though it also owns a farmshop and children's soft play facility, as well as renting space to a restaurant. During the year, the business continued with its focus approach in line with its long-term business plan of expansion. The results are found on pages 13 to 34. Sales (pro rata) across the Group have decreased by 3% (mainly due to the closure of a subsidiary) the Directors are satisfied with this given the market continues to be very competitive with aggressive pricing being offered by competitors. The approach of the Group has been cautious, by through its main business not purchasing stock that is not profitable, and to concentrate on vehicles which can be sold quickly. The directors are pleased with the results for the year. The gross margin level across the Group has increased from 6.6% to 8.1% mainly due to there being better margins on the continuing subsidiaries. The Group suffered an inter company loan loss of £526,432 after an associated company failed. This has resulted in a Group loss before taxation of £327,724 down from a £121,358 profit, in the previous year. Without this loss the Group would have made a pre-tax profit of £198,708. The Directors are satisfied with the results given the tough trading conditions and the credit crunch. Overheads have remained constant compared with the previous year (pro rata), the Directors are pleased with this, but they continue to monitor these. Principal risks and uncertainties facing the company The directors have performed a robust and systematic review of those risks that they believe could seriously affect the Groups performance, future prospects, reputation or its ability to deliver against its priorities. They maintain a Risk Register of the principal risks faced by the Group. All departments perform regular risk assessments that consider and assess the Groups principal risks and specific local risks pertinent to the market in which they operate. The content of the Risk Register is is considered and discussed through regular meetings with senior management and reviewed by the Directors. This development of our risk process has resulted in the inclusion of liquidity risk as a principal risk in this section. The Directors have also carefully considered the impact of Brexit and the credit crunch upon the business, they are convinced they have prepared as best they can and are confident they have mitigated this risk as much as possible, by research and training. Analysis of key performance indicators The directors monitor the Group performance by reviewing the following key performance indicators (KPI's):
2023 2022
£ £
PERFORMANCE
Gross profit margin % 8 7
Operating margin % 1
Net profit margin % 1
EBITDA 386,457 506,768
Net asset turnover 14 12
2023 2022
£ £
LIQUIDITY
Current ratio 1 1
Quickratio
2023 2022
£ £
SOLVENCY
Net gearing % 136 121
Gross gearing % 156 131
Asset cover ratio 2 2
Year end position The directors are satisfied with the Group Statement of Financial Position at the year end. The directors continue to maintain their robust controls over debtors and creditors. The outlook for the business continues to remain positive with key personnel and business infrastructure in place, strong financial control, review of suppliers to maximise margins and a sufficient level of available working capital to allow the business to expand organically. and are already seeing positive signs of a recovery. Future developments The directors are continuing to work towards having the new premises up and running as soon as possible.
This report was approved by the board of directors on 27 September 2024 and signed on behalf of the board by:
Mr S Evans
Director
Registered office:
132 Burnt Ash Road
Lee
London
United Kingdom
SE12 8PU
R E Jones & Co.
Beck Evans Holdings Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mrs L Evans
Mr D Evans
Mr S Evans
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
The strategic report is on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 September 2024 and signed on behalf of the board by:
Mr S Evans
Director
Registered office:
132 Burnt Ash Road
Lee
London
United Kingdom
SE12 8PU
R E Jones & Co.
Beck Evans Holdings Limited
Independent Auditor's Report to the Members of Beck Evans Holdings Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Beck Evans Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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: Capability of the audit in detecting irregularities, including fraud The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the company and industry, and through discussion with the directors and other managed (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alter to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or or reduce expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included : " Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and " Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and " Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions that may indicate risks of material misstatements due to fraud; and " Identifying and testing journal entries, in particular any manual entries made ate year-end for financial statement preparation. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
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 auditor's 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.
S E Jones
(Senior Statutory Auditor)
For and on behalf of
R. E. Jones & Co.
Chartered accountants & statutory auditor
132 Burnt Ash Road
Lee
London
SE12 8PU
27 September 2024
R E Jones & Co.
Beck Evans Holdings Limited
Consolidated Statement of Income and Retained Earnings
Year ended 31 December 2023
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
Note
£
£
Turnover
4
35,691,836
36,728,339
Cost of sales
32,805,734
34,310,983
--------------
--------------
Gross profit
2,886,102
2,417,356
Distribution costs
1,374
10,085
Administrative expenses
3,078,823
2,534,427
Other operating income
5
341,952
422,775
-------------
-------------
Operating profit
6
147,857
295,619
Other interest receivable and similar income
10
50
Interest payable and similar expenses
11
475,581
207,960
-------------
-------------
(Loss)/profit before taxation
( 327,724)
87,709
Tax on (loss)/profit
12
71,415
( 33,649)
----------
----------
(Loss)/profit for the financial year and total comprehensive income
( 399,139)
121,358
----------
----------
Dividends paid and payable
13
( 308,175)
( 602,075)
Retained earnings at the start of the year (as previously reported)
3,044,266
3,489,025
Prior period adjustments
144,993
-------------
-------------
Retained earnings at the start of the year (restated)
3,189,259
3,489,025
-------------
-------------
Retained earnings at the end of the year
2,481,945
3,008,308
-------------
-------------
All the activities of the group are from continuing operations.
R E Jones & Co.
Beck Evans Holdings Limited
Company Statement of Income and Retained Earnings
Year ended 31 December 2023
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
Note
£
£
(Loss)/profit for the financial year and total comprehensive income
( 27,877)
1,886,269
Dividends paid and payable
13
( 308,175)
( 520,075)
Retained earnings at the start of the year
1,417,943
51,749
-------------
-------------
Retained earnings at the end of the year
1,081,891
1,417,943
-------------
-------------
R E Jones & Co.
Beck Evans Holdings Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
14
239,502
269,440
Tangible assets
15
5,352,280
5,357,288
Investments
16
( 100)
-------------
-------------
5,591,682
5,626,728
Current assets
Stocks
17
4,118,668
5,056,553
Debtors
18
417,972
457,233
Cash at bank and in hand
517,540
316,855
-------------
-------------
5,054,180
5,830,641
Creditors: amounts falling due within one year
19
4,221,875
4,698,786
-------------
-------------
Net current assets
832,305
1,131,855
-------------
-------------
Total assets less current liabilities
6,423,987
6,758,583
Creditors: amounts falling due after more than one year
20
3,885,625
3,672,183
Provisions
22
54,417
40,134
-------------
-------------
Net assets
2,483,945
3,046,266
-------------
-------------
Capital and reserves
Called up share capital
26
2,000
2,000
Profit and loss account
2,481,945
3,044,266
-------------
-------------
Shareholders funds
2,483,945
3,046,266
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr S Evans
Director
Company registration number: 13400475
R E Jones & Co.
Beck Evans Holdings Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
15
5,032,123
5,082,768
Investments
16
300,480
300,580
-------------
-------------
5,332,603
5,383,348
Current assets
Debtors
18
20,402
484,677
Cash at bank and in hand
1,000
20,005
---------
----------
21,402
504,682
Creditors: amounts falling due within one year
19
1,715,565
2,000,288
-------------
-------------
Net current liabilities
1,694,163
1,495,606
-------------
-------------
Total assets less current liabilities
3,638,440
3,887,742
Creditors: amounts falling due after more than one year
20
2,554,549
2,467,799
-------------
-------------
Net assets
1,083,891
1,419,943
-------------
-------------
Capital and reserves
Called up share capital
26
2,000
2,000
Profit and loss account
1,081,891
1,417,943
-------------
-------------
Shareholders funds
1,083,891
1,419,943
-------------
-------------
The loss for the financial year of the parent company was £ 27,877 (2022: £ 1,886,269 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 September 2024 , and are signed on behalf of the board by:
Mr S Evans
Director
Company registration number: 13400475
R E Jones & Co.
Beck Evans Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
(Loss)/profit for the financial year
( 399,139)
121,358
Adjustments for:
Depreciation of tangible assets
208,661
181,211
Amortisation of intangible assets
29,938
29,938
Government grant income
( 681)
Other interest receivable and similar income
( 50)
Interest payable and similar expenses
475,581
207,960
Gains on disposal of tangible assets
( 20,451)
( 52,210)
Tax on (loss)/profit
71,415
( 33,649)
Accrued income
( 22,252)
( 59,147)
Other operating cash flow adjustment
19,152
Other operating cash flow adjustment
144,993
Changes in:
Stocks
937,885
368,860
Trade and other debtors
39,261
( 136,049)
Trade and other creditors
( 184,872)
1,856,262
-------------
-------------
Cash generated from operations
1,281,020
2,502,955
Interest paid
( 475,581)
( 207,960)
Interest received
50
Tax paid
( 11,670)
( 192,360)
-------------
-------------
Net cash from operating activities
793,769
2,102,685
-------------
-------------
Cash flows from investing activities
Purchase of tangible assets
( 266,502)
( 5,233,813)
Proceeds from sale of tangible assets
83,300
3,322,061
Purchase of intangible assets
( 299,378)
Proceeds from sale of subsidiaries
100
-------------
-------------
Net cash used in investing activities
( 183,102)
( 2,211,130)
-------------
-------------
Cash flows from financing activities
Proceeds from borrowings
( 77,196)
794,202
Government grant income
681
Payments of finance lease liabilities
( 24,611)
( 116,182)
Dividends paid
( 308,175)
( 602,075)
-------------
-------------
Net cash (used in)/from financing activities
( 409,982)
76,626
-------------
-------------
R E Jones & Co.
Beck Evans Holdings Limited
Consolidated Statement of Cash Flows (continued)
Year ended 31 December 2023
2023
2022
Note
£
£
Net increase/(decrease) in cash and cash equivalents
200,685
( 31,819)
Cash and cash equivalents at beginning of year
316,855
348,674
----------
----------
Cash and cash equivalents at end of year
517,540
316,855
----------
----------
R E Jones & Co.
Beck Evans Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 132 Burnt Ash Road, Lee, London, SE12 8PU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Beck Evans Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten 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
-
10% 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% straight line
Short leasehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Integral features
-
25 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Sale of goods
35,691,836
36,728,339
--------------
--------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Rental income
10,930
30,069
Commission receivable
331,022
386,044
Government grant income
681
Other operating income
5,981
----------
----------
341,952
422,775
----------
----------
6. Operating loss
Operating profit or loss is stated after charging/crediting:
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Amortisation of intangible assets
29,938
29,938
Depreciation of tangible assets
208,661
181,211
Gains on disposal of tangible assets
( 20,451)
( 52,210)
Impairment of trade debtors
74,639
10
----------
----------
7. Auditor's remuneration
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Fees payable for the audit of the financial statements
25,100
23,925
---------
---------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
45
43
Administrative staff
2
2
Management staff
7
5
----
----
54
50
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Wages and salaries
1,137,482
985,059
Social security costs
120,620
109,245
Other pension costs
17,262
17,841
-------------
-------------
1,275,364
1,112,145
-------------
-------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Remuneration
87,050
53,796
---------
---------
10. Other interest receivable and similar income
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Interest on bank deposits
50
----
----
11. Interest payable and similar expenses
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Interest on banks loans and overdrafts
468,307
197,319
Interest on obligations under finance leases and hire purchase contracts
7,274
10,641
----------
----------
475,581
207,960
----------
----------
12. Tax on (loss)/profit
Major components of tax income
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
Current tax:
UK current tax income
57,132
Deferred tax:
Origination and reversal of timing differences
14,283
( 33,649)
---------
---------
Tax on (loss)/profit
71,415
( 33,649)
---------
---------
Reconciliation of tax expense/(income)
The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 70.56 % (2022: 19 %).
Period from
Year to
1 Oct 21 to
31 Dec 23
31 Dec 22
£
£
(Loss)/profit on ordinary activities before taxation
( 327,724)
87,709
----------
---------
(Loss)/profit on ordinary activities by rate of tax
10,867
358,391
Effect of expenses not deductible for tax purposes
663
Effect of capital allowances and depreciation
9,383
( 114,403)
Effect of revenue exempt from tax
( 72,483)
( 379,890)
Utilisation of tax losses
94,701
Unused tax losses
41,201
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
46,743
(33,649)
Other tax adjustment to increase/(decrease) tax liability 2 - desc in a/cs
76,242
----------
----------
Tax on (loss)/profit
71,415
( 33,649)
----------
----------
13. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
308,175
602,075
----------
----------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
299,378
----------
Amortisation
At 1 January 2023
29,938
Charge for the year
29,938
----------
At 31 December 2023
59,876
----------
Carrying amount
At 31 December 2023
239,502
----------
At 31 December 2022
269,440
----------
The company has no intangible assets.
15. Tangible assets
Group
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Integral features
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
4,650,922
579,884
648,094
11,285
102,848
5,993,033
Additions
57,962
179,159
5,011
24,370
266,502
Disposals
( 60,539)
( 43,848)
( 104,387)
-------------
----------
----------
---------
----------
-------------
At 31 Dec 2023
4,708,884
698,504
609,257
35,655
102,848
6,155,148
-------------
----------
----------
---------
----------
-------------
Depreciation
At 1 Jan 2023
23,189
326,544
264,444
11,285
10,283
635,745
Charge for the year
7,281
97,060
89,163
4,874
10,283
208,661
Disposals
( 30,576)
( 10,962)
( 41,538)
-------------
----------
----------
---------
----------
-------------
At 31 Dec 2023
30,470
393,028
342,645
16,159
20,566
802,868
-------------
----------
----------
---------
----------
-------------
Carrying amount
At 31 Dec 2023
4,678,414
305,476
266,612
19,496
82,282
5,352,280
-------------
----------
----------
---------
----------
-------------
At 31 Dec 2022
4,627,733
253,340
383,650
92,565
5,357,288
-------------
----------
----------
---------
----------
-------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Equipment
Integral features
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
4,623,822
153,365
157,746
135,407
102,848
5,173,188
Additions
57,962
1,011
58,973
-------------
----------
----------
----------
----------
-------------
At 31 Dec 2023
4,681,784
153,365
158,757
135,407
102,848
5,232,161
-------------
----------
----------
----------
----------
-------------
Depreciation
At 1 Jan 2023
6,171
38,341
1,773
33,852
10,283
90,420
Charge for the year
6,171
28,756
39,019
25,389
10,283
109,618
-------------
----------
----------
----------
----------
-------------
At 31 Dec 2023
12,342
67,097
40,792
59,241
20,566
200,038
-------------
----------
----------
----------
----------
-------------
Carrying amount
At 31 Dec 2023
4,669,442
86,268
117,965
76,166
82,282
5,032,123
-------------
----------
----------
----------
----------
-------------
At 31 Dec 2022
4,617,651
115,024
155,973
101,555
92,565
5,082,768
-------------
----------
----------
----------
----------
-------------
16. Investments
Group
Shares in group undertakings
£
Cost
At 1 January 2023
Disposals
( 100)
----
At 31 December 2023
( 100)
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
( 100)
----
At 31 December 2022
----
Company
Shares in group undertakings
£
Cost
At 1 January 2023
300,580
Disposals
( 100)
----------
At 31 December 2023
300,480
----------
Impairment
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
300,480
----------
At 31 December 2022
300,580
----------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Beck Evans (2000) Limited 132 Burnt Ash Road, Lee, London,SE12 8PU
Ordinary
100
Crazy Club Limited 132 Burnt Ash Road, Lee, London, SE12 8PU
Ordinary
100
D V B Automotive Trading as Beck Evans Automotive Limited 132 Burnt Ash Road, Lee London SE12 8PU
Ordinary
100
Penelopes Restaurant Limited 132 Burnt Ash Road, Lee London SE12 8PU
Ordinary
100
Beck Evans Farm Limited 132 Burnt Ash Road, Lee, London SE12 8PU
Ordinary
100
17. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
12,024
20,697
Finished goods and goods for resale
4,106,644
5,035,856
-------------
-------------
----
----
4,118,668
5,056,553
-------------
-------------
----
----
18. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
116,310
143,631
20,402
331,732
Prepayments and accrued income
28,706
12,511
( 8,403)
Other debtors
31,770
Other debtors
272,956
269,321
161,348
----------
----------
---------
----------
417,972
457,233
20,402
484,677
----------
----------
---------
----------
19. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
277,346
4,568
271,790
Trade creditors
1,009,451
1,440,158
53,559
103,833
Amounts owed to group undertakings
1,635,238
1,549,746
Amounts owed to undertakings in which the company has a participating interest
16,719
16,719
Accruals and deferred income
54,455
76,707
5,300
15,192
Corporation tax
57,132
11,670
11,670
Social security and other taxes
41,929
27,421
181
Obligations under finance leases and hire purchase contracts
37,903
Other creditors
3,058,908
2,827,581
31,338
-------------
-------------
-------------
-------------
4,221,875
4,698,786
1,715,565
2,000,288
-------------
-------------
-------------
-------------
20. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
2,613,323
2,502,627
2,554,549
2,467,799
Obligations under finance leases and hire purchase contracts
79,107
65,815
Director loan accounts
1,193,195
1,103,741
-------------
-------------
-------------
-------------
3,885,625
3,672,183
2,554,549
2,467,799
-------------
-------------
-------------
-------------
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
79,107
37,903
Later than 1 year and not later than 5 years
65,815
---------
----------
----
----
79,107
103,718
---------
----------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 January 2023
40,134
Additions
14,283
---------
At 31 December 2023
54,417
---------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 22)
54,417
40,134
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
40,134
40,134
Provisions
14,283
---------
---------
----
----
54,417
40,134
---------
---------
----
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 17,262 (2022: £ 17,841 ).
25. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
681
----
----
----
----
26. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,920
1,920
1,920
1,920
Ordinary Class 2 shares of £ 1 each
40
40
40
40
Ordinary Class 3 shares of £ 1 each
40
40
40
40
-------
-------
-------
-------
2,000
2,000
2,000
2,000
-------
-------
-------
-------
27. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
316,855
200,685
517,540
Debt due within one year
(315,249)
315,249
Debt due after one year
(3,672,183)
(213,442)
(3,885,625)
-------------
----------
-------------
( 3,670,577)
302,492
( 3,368,085)
-------------
----------
-------------
R E Jones & Co.
Beck Evans Holdings Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2023
28. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs L Evans
( 586,783)
( 63,940)
53,516
( 597,207)
Mr D Evans
( 443)
( 101,470)
101,118
( 795)
Mr S Evans
( 516,515)
( 101,470)
22,792
( 595,193)
-------------
----------
----------
-------------
( 1,103,741)
( 266,880)
177,426
( 1,193,195)
-------------
----------
----------
-------------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs L Evans
( 824,902)
( 115,460)
353,579
( 586,783)
Mr D Evans
( 452)
( 183,230)
183,239
( 443)
Mr S Evans
( 508,195)
( 183,230)
174,910
( 516,515)
-------------
----------
----------
-------------
( 1,333,549)
( 481,920)
711,728
( 1,103,741)
-------------
----------
----------
-------------