Beachampton Group Limited - Limited company accounts 20.1

REGISTERED NUMBER: 04555500 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 April 2021

for

Beachampton Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mrs S R Smith

J G Smith

A D Smith

SECRETARY:

Ms R E Hull

REGISTERED OFFICE:

Station Yard

Station Road

Ridgmont

Bedfordshire

MK43 0XP

REGISTERED NUMBER:

04555500 (England and Wales)

AUDITORS:

Godfrey Laws & Co Limited

Statutory Auditors

69 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

The directors present their strategic report of the company and the group for the year ended 30 April 2021.

REVIEW OF BUSINESS

The tipper trailer and walking floor markets in the UK remain small, highly segmented and extremely volatile. The group has a good portfolio of brands to offer each segment, with each of the brands recognized by customers as desirable and in the top two of their type.

This year has been positive with an increase in both total trailers supplied and sales revenues. The hire business continues to provide a small portion of revenue and online has improved substantially in the period.

PRINCIPAL RISKS AND UNCERTAINTIES

The future of the uk market is based on the Covid-19 pandemic and the uncertainty of future shut downs of supplier factories in Europe and the UK going forward.

We would see a successful year to be trading 2021/22 at an increase of 10% of sales revenue.

New participants in the industry will act as strong competitors to us in 2021/22 and will potentially squeeze both margins and sales revenues, in reaction to that we continue to take on low levels of borrowing, the group is strongly cash positive as stock has been reduced.

We maintain a small staffing level and hae no plans to reduce head count nor to recruit unless talented individuals present themselves due to redundancies arising elsewhere due to Covid 19.

There is large potential for disturbance in the supply of trailers, we are preparing for this by exploring additional product choices for the future.

DEVELOPMENT AND PERFORMANCE

As outlined previously we are not a manufacturer but a dealer in a highly volatile sector. Our aim is to build resilience and a small overhead of very competent staff who have the capacity to scale either a downturn or an upturn with equal speed and effectiveness.

Our goal for 2022 is to continue to maintain our market share by supplying the best products in their respective segment whilst keeping a small overhead to weather any changes Covid-19 might bring. We aim to have the most effective online sales and marketing offer in the UK.

KEY PERFORMANCE INDICATORS

Key Financial performance indicators for the group during the year were

- Turnover improved to £31,932,876 (2020 -£28,267,932) +13.0%

- Operating profit improved to £2,953,578 (2020 - £1,694,178) +74.3%

- Profit after tax for the year improved to £2,565,289 (2020 - £1,337,721) +91.8%

- Shareholders equity increased to 13,880,075 (2020 - £11.447,186) +21.2%

ON BEHALF OF THE BOARD:

A D Smith - Director

19 January 2022

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2021.

DIVIDENDS

An interim dividend of 1824 per share on the Ordinary 1 shares was paid on 31 March 2021. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 April 2021 will be £ 182,400 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2020 to the date of this report.

Mrs S R Smith

J G Smith

A D Smith

POLITICAL DONATIONS AND EXPENDITURE

A donation was made to the Sue Ryder charitable organisation on 20th October 2020 for £10,000.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

A D Smith - Director

19 January 2022

Opinion

We have audited the financial statements of Beachampton Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2021 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2021 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. however, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:-

Based on our understanding of the Company, the industry and discussions with management we identified Financial Reporting Standard 102 and Companies Act 2006 and UK taxation legislation.

We obtained an understanding of how the Company complies with these requirement by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur and whether there had been known instances of non compliance or suspected non compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of the financial statements of the financial statements, whether due to fraud and error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, misrepresentations, or intentional omissions.

Enquiries of management regarding compliance of Laws & Regulations and any known instances of non compliance,;

Examining supporting documentation for all material balances, transactions and disclosures;

Evaluation of the selection and application of accounting policies;

Reviewing the appropriateness of journal entries made in the general ledger and other adjustments made in the preparation of financial statements;

Review of accounting estimates for bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Howard Ashmore FCA (Senior Statutory Auditor)

for and on behalf of Godfrey Laws & Co Limited

Statutory Auditors

69 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

19 January 2022

TURNOVER

31,932,876

28,267,932

Cost of sales

26,587,438

23,997,103

GROSS PROFIT

5,345,438

4,270,829

Administrative expenses

2,418,877

2,595,644

2,926,561

1,675,185

Other operating income

27,017

18,993

OPERATING PROFIT

4

2,953,578

1,694,178

Income from interest in associated undertakings

200,000

-

Interest receivable and similar income

373

83

200,373

83

3,153,951

1,694,261

Interest payable and similar expenses

5

1,974

33,600

PROFIT BEFORE TAXATION

3,151,977

1,660,661

Tax on profit

6

586,688

322,940

PROFIT FOR THE FINANCIAL YEAR

2,565,289

1,337,721

Profit attributable to:

Owners of the parent

2,565,289

1,337,721

PROFIT FOR THE YEAR

2,565,289

1,337,721

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,565,289

1,337,721

Total comprehensive income attributable to:

Owners of the parent

2,565,289

1,337,721

FIXED ASSETS

Tangible assets

9

8,351,264

9,370,788

Investments

10

20

20

8,351,284

9,370,808

CURRENT ASSETS

Stocks

11

3,652,754

4,341,440

Debtors

12

4,442,631

1,632,885

Cash at bank and in hand

2,557,347

42,085

10,652,732

6,016,410

CREDITORS

Amounts falling due within one year

13

4,693,031

3,545,001

NET CURRENT ASSETS

5,959,701

2,471,409

TOTAL ASSETS LESS CURRENT LIABILITIES

14,310,985

11,842,217

PROVISIONS FOR LIABILITIES

15

480,910

395,031

NET ASSETS

13,830,075

11,447,186

CAPITAL AND RESERVES

Called up share capital

16

120

120

Retained earnings

17

13,829,955

11,447,066

SHAREHOLDERS' FUNDS

13,830,075

11,447,186

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2022 and were signed on its behalf by:

A D Smith - Director

FIXED ASSETS

Tangible assets

9

8,351,264

9,370,788

Investments

10

21

121

8,351,285

9,370,909

CURRENT ASSETS

Debtors

12

5,586,653

3,286,480

Cash at bank

243,828

39,357

5,830,481

3,325,837

CREDITORS

Amounts falling due within one year

13

1,124,498

1,117,997

NET CURRENT ASSETS

4,705,983

2,207,840

TOTAL ASSETS LESS CURRENT LIABILITIES

13,057,268

11,578,749

PROVISIONS FOR LIABILITIES

15

480,910

395,031

NET ASSETS

12,576,358

11,183,718

CAPITAL AND RESERVES

Called up share capital

16

120

120

Retained earnings

17

12,576,238

11,183,598

SHAREHOLDERS' FUNDS

12,576,358

11,183,718

Company's profit for the financial year

1,575,040

1,453,718

The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2022 and were signed on its behalf by:

A D Smith - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2019

120

10,109,345

10,109,465

Changes in equity

Total comprehensive income

-

1,337,721

1,337,721

Balance at 30 April 2020

120

11,447,066

11,447,186

Changes in equity

Dividends

-

(182,400

)

(182,400

)

Total comprehensive income

-

2,565,289

2,565,289

Balance at 30 April 2021

120

13,829,955

13,830,075

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2019

120

9,729,880

9,730,000

Changes in equity

Total comprehensive income

-

1,453,718

1,453,718

Balance at 30 April 2020

120

11,183,598

11,183,718

Changes in equity

Dividends

-

(182,400

)

(182,400

)

Total comprehensive income

-

1,575,040

1,575,040

Balance at 30 April 2021

120

12,576,238

12,576,358

Cash flows from operating activities

Cash generated from operations

1

4,268,478

3,007,070

Interest paid

(1,974

)

(33,600

)

Tax paid

(74,907

)

(350,256

)

Net cash from operating activities

4,191,597

2,623,214

Cash flows from investing activities

Purchase of tangible fixed assets

(2,177,914

)

(3,439,961

)

Sale of intangible fixed assets

213

13,610

Sale of tangible fixed assets

1,508,717

932,651

Interest received

373

83

Dividends received

200,000

-

Net cash from investing activities

(468,611

)

(2,493,617

)

Cash flows from financing activities

Loan repayments in year

(144,472

)

(186,636

)

Amount withdrawn by directors

(155,234

)

(119,330

)

Equity dividends paid

(182,400

)

-

Net cash from financing activities

(482,106

)

(305,966

)

Increase/(decrease) in cash and cash equivalents

3,240,880

(176,369

)

Cash and cash equivalents at beginning of year

2

(683,533

)

(507,164

)

Cash and cash equivalents at end of year

2

2,557,347

(683,533

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.4.21

30.4.20

£

£

Profit before taxation

3,151,977

1,660,661

Depreciation charges

1,688,721

1,790,457

Profit on disposal of fixed assets

(213

)

(13,610

)

Finance costs

1,974

33,600

Finance income

(200,373

)

(83

)

4,642,086

3,471,025

Decrease in stocks

688,686

230,425

(Increase)/decrease in trade and other debtors

(2,809,746

)

458,578

Increase/(decrease) in trade and other creditors

1,747,452

(1,152,958

)

Cash generated from operations

4,268,478

3,007,070

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2021

30.4.21

1.5.20

£

£

Cash and cash equivalents

2,557,347

42,085

Bank overdrafts

-

(725,618

)

2,557,347

(683,533

)

Year ended 30 April 2020

30.4.20

1.5.19

£

£

Cash and cash equivalents

42,085

67,491

Bank overdrafts

(725,618

)

(574,655

)

(683,533

)

(507,164

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.5.20

Cash flow

At 30.4.21

£

£

£

Net cash

Cash at bank and in hand

42,085

2,515,262

2,557,347

Bank overdrafts

(725,618

)

725,618

-

(683,533

)

3,240,880

2,557,347

Debt

Debts falling due within 1 year

(144,472

)

144,472

-

(144,472

)

144,472

-

Total

(828,005

)

3,385,352

2,557,347

1.	STATUTORY INFORMATION

Beachampton Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Deferred tax

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

30.4.21

30.4.20

£

£

Wages and salaries

1,080,629

1,013,094

Social security costs

119,057

111,396

Other pension costs

27,521

23,982

1,227,207

1,148,472

The average number of employees during the year was as follows:

30.4.21

30.4.20

Administration

13

14

Workshop

13

12

26

26

The average number of employees by undertakings that were proportionately consolidated during the year was 3 (2020 - 3 ) .

30.4.21

30.4.20

£

£

Directors' remuneration

97,605

80,000

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.4.21

30.4.20

£

£

Other operating leases

73,311

71,571

Depreciation - owned assets

1,688,721

1,790,456

Profit on disposal of fixed assets

(213

)

(13,610

)

Foreign exchange differences

(6,697

)

(17,733

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.4.21

30.4.20

£

£

Bank interest

(262

)

6,066

Bank loan interest

2,236

27,534

1,974

33,600