Beech Forklifts Limited Filleted accounts for Companies House (small and micro)

Beech Forklifts Limited Filleted accounts for Companies House (small and micro)

BEECH FORKLIFTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07682456
Beech Forklifts Limited
Filleted Unaudited Abridged Financial Statements
30 June 2020
Beech Forklifts Limited
Abridged Statement of Financial Position
30 June 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
6
24,500
31,000
Tangible assets
7
305,575
224,857
---------
---------
330,075
255,857
Current assets
Stocks
138,530
135,700
Debtors
8
128,927
137,273
Cash at bank and in hand
53,991
–
---------
---------
321,448
272,973
Creditors: amounts falling due within one year
9
338,053
370,488
---------
---------
Net current liabilities
16,605
97,515
---------
---------
Total assets less current liabilities
313,470
158,342
Creditors: amounts falling due after more than one year
10
232,841
118,769
Provisions
Taxation including deferred tax
32,693
22,897
---------
---------
Net assets
47,936
16,676
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
47,836
16,576
--------
--------
Shareholders funds
47,936
16,676
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Beech Forklifts Limited
Abridged Statement of Financial Position (continued)
30 June 2020
For the 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 15 March 2021 , and are signed on behalf of the board by:
Mr G P Hayton
Mrs L M Hayton
Director
Director
Mr G Hayton
Director
Company registration number: 07682456
Beech Forklifts Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beechcroft, Church Lane, Winmarleigh, Preston, Lancashire, PR3 0LA.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2019: 12 ).
5. Tax on profit
Major components of tax expense
2020
2019
£
£
Deferred tax:
Origination and reversal of timing differences
9,796
2,528
-------
-------
Tax on profit
9,796
2,528
-------
-------
6. Intangible assets
£
Cost
At 1 July 2019 and 30 June 2020
65,000
--------
Amortisation
At 1 July 2019
34,000
Charge for the year
6,500
--------
At 30 June 2020
40,500
--------
Carrying amount
At 30 June 2020
24,500
--------
At 30 June 2019
31,000
--------
7. Tangible assets
£
Cost
At 1 July 2019
416,800
Additions
127,651
Disposals
( 9,800)
---------
At 30 June 2020
534,651
---------
Depreciation
At 1 July 2019
191,943
Charge for the year
44,125
Disposals
( 6,992)
---------
At 30 June 2020
229,076
---------
Carrying amount
At 30 June 2020
305,575
---------
At 30 June 2019
224,857
---------
8. Debtors
2020
2019
£
£
Trade debtors
119,257
134,333
Prepayments and accrued income
2,092
2,940
Other debtors
7,578
–
---------
---------
128,927
137,273
---------
---------
9. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
8,900
18,282
Trade creditors
66,737
87,704
Accruals and deferred income
21,754
22,563
Social security and other taxes
33,010
32,890
Obligations under finance leases and hire purchase contracts
36,384
19,969
Director loan accounts
171,268
189,080
---------
---------
338,053
370,488
---------
---------
10. Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
70,521
29,707
Obligations under finance leases and hire purchase contracts
162,320
89,062
---------
---------
232,841
118,769
---------
---------