ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Company Registration Number 01055930

	BEA FASTENING SYSTEMS LIMITED

	FINANCIAL STATEMENTS

	31 DECEMBER 2024

BEA FASTENING SYSTEMS LIMITED

REGISTERED NUMBER: 01055930

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		As restated 2023
Note		£		£

Fixed assets
Intangible assets	7		13,370		-
Tangible assets	8		449,424		511,219
Investments	9		-		1,000
			462,794		512,219
Current assets
Stocks	10	2,336,608		2,682,046
Debtors: amounts falling due within one year	11	1,302,786		1,344,216
Cash at bank and in hand	12	701,055		15,406
		4,340,449		4,041,668
Creditors: amounts falling due within one year	13	(1,013,003)		(1,012,532)
Net current assets			3,327,446		3,029,136
Total assets less current liabilities			3,790,240		3,541,355
Provisions for liabilities
Deferred tax	14	(83,694)		(100,954)
			(83,694)		(100,954)
Net assets			3,706,546		3,440,401

Capital and reserves
Called up share capital	15	1,200,000	1,200,000
Profit and loss account	16	2,506,546	2,240,401
		3,706,546	3,440,401

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2025.

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

J D Mercer

Director

Page 1

BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

BeA Fastening Systems Limited is a private company limited by shares incorporated in England with a registered number 01055930.
Its registered office is Behrens House, Plaxton Bridge Road, Woodmansey, Beverley, HU17 0RT.
The principal activity of the company is the supply of pneumatic tackers, nailers, clipping tools, gas fuelled nailers, hot melt glue applicators, timber connectors, other air tools and associated fasteners.

2.Accounting policies

2.1

Basis of preparation of financial statements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have prepared the financial statements on a going concern basis.
In reaching their conclusion, the directors have considered the wider macro-economic environment, including inflation and any subsequent effect on consumer confidence. The directors have prepared cash flow forecasts, taking into account available funding facilities, which reflect a positive performance. The company has continued to trade profitability after the year end, and the expectation is that this will continue, notwithstanding the wider economic challenges outlined above.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements and the accounts are not modified in this regard.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Intangible assets

Intangible assets are stated at cost less any accumulated amortisation. Capitalised intangibles relate to software and are amortised over 2 years.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property	-	10%
Plant and machinery	-	15% - 33%
Fixtures and fittings	-	10% - 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.18

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.19

Dividends

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.

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.20

Restatement

Following a review by the Directors, the comparative figure for trade creditors and stock for the period ended 31 December 2023 have been increased by £443,243 to reflect the control and ownership of goods in transit. There have been no changes to the previously reported profit for the year ended 31 December 2023, or the net assets at 31 December 2023.

Turnover

					2024	2023
					£	£

United Kingdom	9,104,159	9,600,014
	9,104,159	9,600,014

All turnover arose within the United Kingdom.

Other operating lease rentals

52,050

50,409

5.	Employees
		2024	2023
		£	£

Wages and salaries	1,454,162	1,453,479
Social security costs	169,470	170,009
Cost of defined contribution scheme	142,149	151,082
	1,765,781	1,774,570

The average monthly number of employees, including directors, during the year was 34 (2023 - 34).

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	101,633	96,524
Company contributions to defined contribution pension schemes	60,006	53,337
	161,639	149,861

During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.
The key management personnel of the group is considered to be the directors and their total remuneration is disclosed above.

7.	Intangible assets

		Computer software
		£
	Cost
	Additions	16,887
	At 31 December 2024	16,887
	Amortisation
	Charge for the year	3,517
	At 31 December 2024	3,517
	Net book value
	At 31 December 2024	13,370
	At 31 December 2023	-

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Tangible fixed assets

	Freehold property improvements	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	48,558	39,914	2,288,946	2,377,418
Additions	-	19,623	229,198	248,821
Disposals	-	-	(1,472,363)	(1,472,363)
At 31 December 2024	48,558	59,537	1,045,781	1,153,876
Depreciation
At 1 January 2024	48,558	35,583	1,782,058	1,866,199
Charge for the year on owned assets	-	4,403	285,981	290,384
Disposals	-	-	(1,452,131)	(1,452,131)
At 31 December 2024	48,558	39,986	615,908	704,452
Net book value
At 31 December 2024	-	19,551	429,873	449,424
At 31 December 2023	-	4,331	506,888	511,219

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	1,000
	At 31 December 2024	1,000
	Impairment
	Charge for the period	1,000
	At 31 December 2024	1,000
	Net book value
	At 31 December 2024	-
	At 31 December 2023	1,000

10.	Stocks
		2024	As restated 2023
		£	£

Raw materials and consumables	18,417	19,514
Goods in transit	409,156	443,243
Finished goods and goods for resale	1,909,035	2,219,289
	2,336,608	2,682,046

11.

Debtors

					2024	2023
					£	£


Trade debtors	1,231,715	1,268,577
Other debtors	14,893	63,369
Prepayments and accrued income	56,178	12,270
	1,302,786	1,344,216

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BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	701,055	15,406
Less: bank overdrafts	-	(46,702)
	701,055	(31,296)

13.	Creditors: Amounts falling due within one year
		2024	As restated 2023
		£	£

Bank overdrafts	-	46,702
Trade creditors	625,714	568,736
Corporation tax	13,352	55,894
Other taxation and social security	248,933	252,982
Other creditors	-	2,656
Accruals and deferred income	125,004	85,562
	1,013,003	1,012,532

The banking facilities are secured by a fixed and floating charge over the assets of the company.

14.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(100,954)	(66,676)
Charged to profit or loss	17,260	(34,278)
At end of year	(83,694)	(100,954)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	(87,786)	(93,766)
Other items	4,092	(7,188)
	(83,694)	(100,954)

Page 10

BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,200,000 (2023 - 1,200,000) Ordinary shares of £1.00 each	1,200,000	1,200,000

The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

16.

Reserves

Profit and loss account

This reserve represents cumulative profits and losses, net of any dividends paid.

17.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £142,149 (2023 - £151,082). Contributions totalling £16,369 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Under 1 year	214,237	110,698
1 to 5 years	710,294	814,851
	924,531	925,549

19.	Related party transactions
	The company has taken advantage of the exemption contained in Section 33 of the FRS 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.

20.	Controlling party

The immediate parent company is BeA GmbH, a company incorporated in Germany and the ultimate parent company is Hangzhou Great Star Industrial Co., Ltd, a company incorporated in China.

Page 11

BEA FASTENING SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 6 March 2025 by Steven Williams (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.

Page 12