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Registration number: 05122604

Becketts F S Ltd

trading as Becketts F S Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Becketts F S Ltd

trading as Becketts F S Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 16

 

Becketts F S Ltd

trading as Becketts F S Limited

Company Information

Directors

Mr D McLoughney FPFS, IMC

Mrs LT McLoughney FCA

Mr James Edward Thompson FPFS,IMC

Company secretary

Mrs LT McLoughney FCA

Registered office

Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

Accountants

Beckett Rawcliffe Limited
Chartered AccountantsUnit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

Becketts F S Ltd

trading as Becketts F S Limited

Directors' Report for the Year Ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr D McLoughney FPFS, IMC

Mrs LT McLoughney FCA - Company secretary and director

Mr James Edward Thompson FPFS,IMC

Principal activity

The principal activity of the company is provision of independent financial services

Small companies provision statement

This report has 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.

Approved by the Board on 1 November 2024 and signed on its behalf by:

.........................................
Mr D McLoughney FPFS, IMC
Director

.........................................
Mrs LT McLoughney FCA
Company secretary and director

 
     
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Becketts F S Ltd

trading as Becketts F S Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Becketts F S Ltd for the year ended 30 September 2024 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Becketts F S Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2005. Our work has been undertaken solely to prepare for your approval the accounts of Becketts F S Ltd and state those matters that we have agreed to state to the Board of Directors of Becketts F S Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Becketts F S Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Becketts F S Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Becketts F S Ltd. You consider that Becketts F S Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Becketts F S Ltd. 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 accounts.

......................................

Beckett Rawcliffe Limited
Chartered Accountants
Unit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

1 November 2024

 

Becketts F S Ltd

trading as Becketts F S Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

1,555,195

1,471,631

Cost of sales

 

(151,228)

(205,710)

Gross profit

 

1,403,967

1,265,921

Administrative expenses

 

(1,002,632)

(863,914)

Other operating income

 

430

86

Operating profit

 

401,765

402,093

Profit before tax

401,765

402,093

Tax on profit

 

(213,032)

(75,635)

Profit for the financial year

 

188,733

326,458

The above results were derived from continuing operations.

 

Becketts F S Ltd

trading as Becketts F S Limited

Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

188,733

326,458

Other comprehensive income

32,718

(30,960)

Total comprehensive income for the year

221,451

295,498

 

Becketts F S Ltd

trading as Becketts F S Limited

(Registration number: 05122604)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

104,457

50,002

Tangible assets

5

446,651

425,749

 

551,108

475,751

Current assets

 

Debtors

7

69,959

14,871

Other financial assets

6

257,446

299,286

Cash at bank and in hand

 

216,594

176,300

 

543,999

490,457

Creditors: Amounts falling due within one year

8

(539,439)

(244,182)

Net current assets

 

4,560

246,275

Total assets less current liabilities

 

555,668

722,026

Creditors: Amounts falling due after more than one year

8

(23,284)

(223,974)

Provisions for liabilities

(111,663)

(4,084)

Net assets

 

420,721

493,968

Capital and reserves

 

Called up share capital

9

48

48

Retained earnings

420,673

493,920

Shareholders' funds

 

420,721

493,968

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

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:
 

 

Becketts F S Ltd

trading as Becketts F S Limited

(Registration number: 05122604)
Balance Sheet as at 30 September 2024

.........................................
Mr D McLoughney FPFS, IMC
Director

.........................................
Mrs LT McLoughney FCA
Company secretary and director

 
     
 

Becketts F S Ltd

trading as Becketts F S Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

48

493,920

493,968

Profit for the year

-

188,733

188,733

Other comprehensive income

-

32,718

32,718

Total comprehensive income

-

221,451

221,451

Dividends

-

(294,698)

(294,698)

At 30 September 2024

48

420,673

420,721

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

48

470,965

471,013

Profit for the year

-

326,458

326,458

Other comprehensive income

-

(30,960)

(30,960)

Total comprehensive income

-

295,498

295,498

Dividends

-

(272,543)

(272,543)

At 30 September 2023

48

493,920

493,968

 

Becketts F S Ltd

trading as Becketts F S Limited

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

1

General information

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

The address of its registered office is:
Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX
England

These financial statements were authorised for issue by the Board on 1 November 2024.

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Becketts F S Ltd

trading as Becketts F S Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

10% reducing balance

Motor vehicles

18% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation

16.66% straight line

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.

 

Becketts F S Ltd

trading as Becketts F S Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Becketts F S Ltd

trading as Becketts F S Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 17).

 

Becketts F S Ltd

trading as Becketts F S Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

100,000

100,000

Additions acquired separately

160,000

160,000

Disposals

(80,000)

(80,000)

At 30 September 2024

180,000

180,000

Amortisation

At 1 October 2023

49,998

49,998

Amortisation charge

25,545

25,545

At 30 September 2024

75,543

75,543

Carrying amount

At 30 September 2024

104,457

104,457

At 30 September 2023

50,002

50,002

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

379,165

176,402

555,567

Additions

101,380

4,474

105,854

Disposals

(36,715)

-

(36,715)

At 30 September 2024

443,830

180,876

624,706

Depreciation

At 1 October 2023

73,950

55,869

129,819

Charge for the year

52,424

12,091

64,515

Eliminated on disposal

(16,279)

-

(16,279)

At 30 September 2024

110,095

67,960

178,055

Carrying amount

At 30 September 2024

333,735

112,916

446,651

At 30 September 2023

305,216

120,533

425,749

 

Becketts F S Ltd

trading as Becketts F S Limited

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

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

2024
£

2023
£

Current financial assets

Derivatives not used for hedging

-

55,040

Financial assets at fair value through profit and loss

257,446

244,246

257,446

299,286

7

Debtors

Current

2024
£

2023
£

Prepayments

30,878

-

Other debtors

39,081

14,871

 

69,959

14,871

 

Becketts F S Ltd

trading as Becketts F S Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

311,403

135,946

Taxation and social security

 

105,453

75,630

Accruals and deferred income

 

114,455

32,606

Other creditors

 

8,128

-

 

539,439

244,182

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

23,284

223,974

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

48

48

48

48

Ordinary A of £0 each

-

-

-

-

Ordinary B of £0 each

-

-

-

-

Ordinary C of £0 each

-

-

-

-

Ordinary D of £0 each

-

-

-

-

Bonus Issue of £0 each

-

-

-

-

48

48

48

48

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Other comprehensive income

32,718

32,718

 

Becketts F S Ltd

trading as Becketts F S Limited

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

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Other comprehensive income

(30,960)

(30,960)

11

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £1.00) per ordinary share

-

-

Interim dividend of £6,140.00 (2023 - £5,678.00) per ordinary share

294,698

272,543

294,698

272,543

 

 

12

Parent and ultimate parent undertaking

Wholly owned subsidiary

 The company's immediate parent is Becketts Financial Group Ltd , incorporated in England.

 The most senior parent entity producing publicly available financial statements is Becketts Financial Group Ltd.