Bestyear Limited - Period Ending 2020-06-30
Bestyear Limited - Period Ending 2020-06-30
Registration number:
Bestyear Limited
for the Year Ended 30 June 2020
Bestyear Limited
(Registration number: 03209925)
Statement of Financial Position as at 30 June 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
50 |
50 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
200 |
200 |
|
Fair value reserve |
4,342,538 |
4,427,682 |
|
Profit and loss account |
1,873,454 |
1,733,275 |
|
Shareholders' funds |
6,216,192 |
6,161,157 |
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
Bestyear Limited
(Registration number: 03209925)
Statement of Financial Position as at 30 June 2020
.........................................
Director
Bestyear Limited
Statement of Changes in Equity for the Year Ended 30 June 2020
Share capital |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 July 2019 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Transfers |
- |
(85,144) |
85,144 |
- |
At 30 June 2020 |
|
|
|
|
Share capital |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 July 2018 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Transfers |
- |
271,310 |
(271,310) |
- |
At 30 June 2019 |
|
|
|
|
Bestyear Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 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.
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.
Bestyear Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Investment property
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 |
Goodwill |
Nil |
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
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 Income Statement 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Bestyear Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 July 2019 |
|
|
At 30 June 2020 |
|
|
Carrying amount |
||
At 30 June 2020 |
|
|
At 30 June 2019 |
|
|
Investment properties |
2020 |
|
At 1 July 2019 |
|
Disposals |
( |
Fair value adjustments |
|
At 30 June 2020 |
|
The investment properties were valued on an open market basis on 30 June 2020 by the directors, who are also chartered surveyors.
Bestyear Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Other financial assets (current and non-current) |
Shares in participating interest |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 July 2019 |
50 |
50 |
At 30 June 2020 |
50 |
50 |
Carrying amount |
||
At 30 June 2020 |
|
50 |
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
|
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Loans and borrowings |
|
|
Bestyear Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
The bank borrowings are secured on the investment properties.
Related party transactions |
During the year Bestyear Limited loaned monies to a company in which it has a 33.33% interest. At the year end date the loan was £100,000 (2019 - £80,000). The loan is unsecured, interest free and repayable on demand.