Company No:
Contents
Directors | M W C Begg |
Mrs M Begg | |
Ms P Neal | |
Mrs M Nicholls |
Secretary | Mrs M Nicholls |
Registered office | 37 St Margarets Street |
Canterbury | |
Kent | |
CT1 2TU | |
United Kingdom |
Company number | 00574711 (England and Wales) |
Accountant | Kreston Reeves LLP |
2nd Floor, Maritime Place | |
Quayside | |
Chatham Maritime | |
Chatham | |
Kent | |
ME4 4QZ |
Bankers | HSBC Bank Plc |
38 High Street | |
Dartford | |
DA1 1DG |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 December 2024.
Directors
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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Small companies exemption
Approved by the Board of Directors and signed on its behalf by:
Madeleine Eva Nicholls
Director |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Begg & Co Thermoplastics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Begg & Co Thermoplastics Limited. You consider that Begg & Co Thermoplastics Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Begg & Co Thermoplastics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ
2024 | 2023 | |||
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Turnover |
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Cost of sales | (
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Gross profit |
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Distribution costs | (
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Administrative expenses | (
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Operating profit |
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Interest payable and similar expenses | (
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Profit/(loss) before taxation |
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Tax on profit/(loss) |
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Profit/(loss) for the financial year |
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Other comprehensive income | 0 | 0 | ||
Total comprehensive income/(loss) for the financial year |
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Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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205,180 | 197,119 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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1,996,595 | 1,769,385 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 642,043 | 643,897 | ||
Total assets less current liabilities | 847,223 | 841,016 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Revaluation reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Begg & Co Thermoplastics Limited (registered number:
Madeleine Eva Nicholls
Director |
Called-up share capital | Revaluation reserve | Capital redemption reserve | Profit and loss account | Total | |||||
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At 01 January 2023 |
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Loss for the financial year |
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Transfer depreciation on revaluation of leasehold property |
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Total comprehensive loss |
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At 31 December 2023 |
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At 01 January 2024 |
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Profit for the financial year |
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Transfer depreciation on revaluation of leasehold property |
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Total comprehensive income |
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At 31 December 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Begg & Co Thermoplastics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 37 St Margarets Street, Canterbury, Kent, CT1 2TU, United Kingdom. The Company's principal continued to be supplying raw materials and products to the plastic moulding industry.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings | depreciated over the life of the lease |
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
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Cost/Valuation | |||||||||
At 01 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Accumulated depreciation | |||||||||
At 01 January 2024 |
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Charge for the financial year |
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Disposals |
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At 31 December 2024 |
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Net book value | |||||||||
At 31 December 2024 |
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At 31 December 2023 |
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Revaluation of tangible assets
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Historical cost | 181,601 | 181,601 | |
Accumulated depreciation | (124,850) | (122,580) | |
Carrying value |
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Trade debtors |
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Prepayments |
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Bank overdrafts |
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Trade creditors |
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Other taxation and social security |
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Other creditors |
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The company has an invoice financing arrangement. Under this arrangement, trade receivables are assigned to the finance provider, and the company receives an advance on the invoiced amounts. The finance provider charges interest and fees on the amounts advanced. As at 31 December 2024, the outstanding balance of the advance was £674,855 (2023: £525,601).
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Allotted, called-up and fully-paid | |||
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The Company has not undertaken any related party transactions during the financial year (2023: £Nil)
The remuneration and other employment benefits paid to key management personnel, including employer's national insurance contributions, amounted to £119,434 (2023: £74,840) in the year.