| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| BEACON DESIGN & ENGINEERING LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| BEACON DESIGN & ENGINEERING LIMITED |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BEACON DESIGN & ENGINEERING LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditors |
| 327 Clifton Drive South |
| Lytham St Annes |
| Lancashire |
| FY8 1HN |
| BANKERS: |
| 74 High Street |
| Alton |
| GU34 1EZ |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings | 9 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Beacon Design & Engineering Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The Company made an operating loss in the year to 31st December 2024 of £221,150 (2023 - £264,250) and at the balance sheet date there was a net liability of £1,935,204 (2023 - £1763,686). Although management continue to take steps to improve the financial performance of the business since the year end, if the Company continues to be loss-making it may no longer enjoy the financial support of the parent company, and this is evidence that a material uncertainty exists which may cast doubt on the Company's ability to continue as a going concern. The Company does however continue to enjoy the full financial support of it's parent company, and this has enabled the financial statements to be prepared on a going concern basis. |
| Judgements and estimation uncertainty |
| The preparation of the financial statements requires the use of certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information or more experience. Significant accounting policies, estimate and assumptions, and judgements are provided below. |
| Significant estimates and assumptions: |
| Accruals - The company recognises expenditure where costs have been incurred but no invoice has yet been received. Provision for costs or overheads are based upon known order prices or tariffs for accepted liabilities. |
| Turnover |
| Turnover is stated net of trade discounts, volume rebates, VAT and similar taxes and derives from the provision of goods and services falling within the company's ordinary activities. Turnover on sale of goods is recognised when the company has transferred the significant risks and rewards of ownership of the goods, which usually takes place when the goods are physically delivered to the buyer. |
| Tangible fixed assets and depreciation |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Tangible fixed assets are initially recorded at historic cost and stated in the balance sheet at their net book value, being the amount of capital expenditure less accumulated depreciation. |
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
| The residual value and useful life of tangible assets are considered annually for indicators that these may have changed. Where such indicators are present, a review will be carried out of the residual value, depreciation method and useful lives, and these will be amended if necessary. Changes in depreciation rates arising from this review are accounted for prospectively over the remaining useful lives of the assets. |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises of average invoice cost exclusive of Value Added Tax, together with freight and carriage costs incurred. |
| Net realisable value comprises of actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing, selling and distribution. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Functional and presentation currency |
| Items included in the financial statements are presented in Sterling, the currency of the primary economic environment in which the entity operates. |
| Transactions and balances |
| Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date or contracted rate. Non-monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the date of the transaction. Non-monetary items measured at fair value are translated at the rate of exchange at the date of the valuation. All differences are taken to the profit and loss account as part of the fair value gain or loss with the exception of differences on foreign currency borrowings to the extent that they are used to finance or provide hedge against foreign equity investment. |
| Hire purchase and leasing commitments |
| Rentals payable under operating leases are charged against income on a straight line basis over the lease. |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Share Capital of the Company |
| Ordinary Share Capital - The ordinary share capital of the company is presented as equity. |
| Cash and cash equivalents |
| Cash consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value. |
| Other financial assets |
| Other financial assets including trade debtors for goods sold to customers on short-term credit, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of impairment. |
| Loans and borrowings |
| All loans and borrowings, both assets and liabilities are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date. |
| Other financial liabilities |
| Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | PROVISIONS FOR LIABILITIES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deferred tax | 13,885 | 12,047 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year |
| Balance at 31 December 2024 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |
| 9. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 December 2024 | ( |
) |
| BEACON DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 03550810) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 DECEMBER 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| Material uncertainty related to going concern |
| We draw attention to note 2 in the financial statements which indicates that the Company incurred an operating loss of £221,150 in the year to 31st December 2024, and as of that date the Company had net liabilities of £1,935,204. These conditions along with other matters set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the ability of the Company to continue as a going concern. Our opinion is not modified in respect of this matter. |
| 11. | ULTIMATE CONTROLLING PARTY |
| In the opinion of the directors the company is controlled by Mr D G Byrne and Mr D A Byrne who jointly control the majority of the issued shares of Fridge Spares (Wholesale) Holdings Limited. |
| 12. | ULTIMATE PARENT COMPANY |
| The Ultimate Parent Company at 31st December 2024 is Fridge Spares (Wholesale) Holdings Limited, a company registered in the Republic of Ireland, company number 6096366. |
| Fridge Spares (Wholesale) Holdings Limited holds 100% of the share capital of Fridge Spares Wholesale Ltd which in turn owns 100% of the share capital of Beacon Design & Engineering Limited. |
| Consolidated financial statements will be prepared by Fridge Spares Wholesale Ltd for the period to 31st December 2024 and it's registered office is Delta House, Fairway, Bridgtown, Cannock, Staffordshire, WS11 0DJ. |