Beulah Wholesale Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is: 9 Woodhill Commercial Park, Ballymena Road, Cullybackey, Ballymena, BT43 5QS.

These financial statements were authorised for issue by the Board on 12 September 2025.

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.

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. Revenue from the sale of goods is recognised at the point of delivery and customer acceptance. Revenue from the rendering of services is recognised on completion on the service provision, at which point the Company has generated a right to consideration.

Beulah Wholesale Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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	20% reducing balance
Fixtures and fittings	20% reducing balance
Office equipment	25% reducing balance

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Beulah Wholesale Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

Beulah Wholesale Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4	Tangible assets

	Furniture, fittings and equipment  £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	29,163	4,800	33,963
At 31 December 2024	29,163	4,800	33,963
Depreciation
At 1 January 2024	26,068	4,725	30,793
Charge for the year	708	15	723
At 31 December 2024	26,776	4,740	31,516
Carrying amount
At 31 December 2024	2,387	60	2,447
At 31 December 2023	3,095	75	3,170

5

Stocks

	2024 £	2023 £
Goods for resale	164,316	204,391

6

Debtors

Current	2024 £	2023 £
Trade debtors	79,553	95,854
Prepayments	758	700
	80,311	96,554

Beulah Wholesale Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Bank loans and overdrafts	-	9,029
Trade creditors	49,769	49,783
Amounts owed to directors	57,321	52,671
Taxation and social security	15,967	18,053
Other creditors and accruals	27,751	28,214
	150,808	157,750

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Amounts owed to directors	50,000	50,000

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	1,000	1,000	1,000	1,000

9	Related party transactions

	2024  £	2023  £
Directors' current account	(107,321)	(102,671)