BESBLOCK LIMITED
Company registration number 01059042 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
BESBLOCK LIMITED
COMPANY INFORMATION
Directors
Mr A B Huxley
Mr D J Icke
Mr M J Fulwell
Secretary
Mr A B Huxley
Company number
01059042
Registered office
Heslop
Halesfield 21
Telford
Shropshire
TF7 4NF
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
BESBLOCK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
BESBLOCK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 1 -
The directors present the strategic report for the year ended 30 April 2022.
Fair review of the business
Trading conditions have recovered to pre Covid 19 levels. Builders merchant trade shows stable trading throughout the year. Private Housebuilder volumes have increased further but have an uncertain future in light of interest rate and inflationary pressures. Our housebuilder customers are predicting a potential reduction is sales of around 10%. The SME developer market has continued to grow allowing us to retain a broad customer base thus reducing exposure to potential market volatility.
Principal risks and uncertainties
Whilst the potential for recession is greater than the previous year, the directors have considered potential measures in the event of a market contraction. Production volumes could be reduced in order to mitigate the potential financial burden. A cautious approach with regard to overhead and capital purchases will continue as the market enters a difficult period.
Financial Risk
Increased price inflation has exerted considerable pressure for some of our customers. The need to exercise caution within all sectors is recognised. Stronger credit control procedures for all elements of our business have been implemented. A continuing cautious approach for new account applications is encouraged by the directors.
Research and development
The directors have continued to develop new products and have allowed the introduction of new solutions in order to satisfy forthcoming building regulation changes. Our commitment to further reduce operational co2 has been augmented significantly with the further acquisition of electric and hybrid electric vehicles. Our energy from waste wood plant enters its second year of operation following its commissioning in May 2021. The reliance on the business to use fossil fuels has been heavily reduced with a large proportion of our production fuelled by waste wood. The company commits to continue to stay ahead of its competition as this global agenda develops. The continued representation by directors via working groups and trade associations ensures a broad knowledge of current and proposed regulatory matters.
Mr A B Huxley
Director
6 January 2023
BESBLOCK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2022.
Principal activities
The principal activity of the company continued to be that of the manufacture of high quality building blocks.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £1,450,864. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A B Huxley
Mr D J Icke
Mr M J Fulwell
Mr N J Chadwick
(Resigned 7 October 2021)
Market value of land and buildings
The land and buildings were professionally valued on 1 May 2014 by Andrew Dixon & Company and carried forward as deemed cost under FRS 102.
Auditor
The auditors, Dyke Yaxley Limited, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
Disclosure in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.
On behalf of the board
Mr A B Huxley
Director
6 January 2023
BESBLOCK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BESBLOCK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESBLOCK LIMITED
- 4 -
Opinion
We have audited the financial statements of Besblock Limited (the 'company') for the year ended 30 April 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 company's affairs as at 30 April 2022 and of its 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.
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
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BESBLOCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BESBLOCK LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
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 directors'
r
esponsibilities
s
tatement, 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 is 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 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 company or to cease operations, or have
no realistic alternative but to do so.
Auditor's 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 an
auditor's
report 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
.
BESBLOCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BESBLOCK LIMITED
- 6 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material
misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material
misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Elwyn Turner FCA
Senior Statutory Auditor
For and on behalf of Dyke Yaxley Limited
6 January 2023
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
BESBLOCK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2022
- 7 -
2022
2021
Notes
£
£
Turnover
3
16,001,857
13,817,371
Cost of sales
(10,628,577)
(9,328,251)
Gross profit
5,373,280
4,489,120
Administrative expenses
(2,514,988)
(2,101,444)
Other operating income
18,117
121,024
Operating profit
4
2,876,409
2,508,700
Interest receivable and similar income
7
84
1,864
Interest payable and similar expenses
8
(93,267)
(81,628)
Profit before taxation
2,783,226
2,428,936
Tax on profit
9
(368,726)
(260,145)
Profit for the financial year
2,414,500
2,168,791
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BESBLOCK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2022
- 8 -
2022
2021
£
£
Profit for the year
2,414,500
2,168,791
Other comprehensive income
-
-
Total comprehensive income for the year
2,414,500
2,168,791
BESBLOCK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
10,060,064
9,758,305
Current assets
Stocks
12
781,308
572,984
Debtors
13
3,163,134
2,948,926
Cash at bank and in hand
344,555
480,189
4,288,997
4,002,099
Creditors: amounts falling due within one year
14
(2,840,112)
(2,634,655)
Net current assets
1,448,885
1,367,444
Total assets less current liabilities
11,508,949
11,125,749
Creditors: amounts falling due after more than one year
15
(1,250,788)
(1,860,486)
Provisions for liabilities
Deferred tax liability
18
802,537
773,275
(802,537)
(773,275)
Net assets
9,455,624
8,491,988
Capital and reserves
Called up share capital
20
9,548
9,548
Revaluation reserve
799,426
799,426
Capital redemption reserve
9,547
9,547
Profit and loss reserves
8,637,103
7,673,467
Total equity
9,455,624
8,491,988
The financial statements were approved by the board of directors and authorised for issue on 6 January 2023 and are signed on its behalf by:
Mr A B Huxley
Director
Company Registration No. 01059042
BESBLOCK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 10 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2020
9,548
799,426
9,547
5,829,676
6,648,197
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
-
-
2,168,791
2,168,791
Dividends
10
-
-
-
(325,000)
(325,000)
Balance at 30 April 2021
9,548
799,426
9,547
7,673,467
8,491,988
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
-
2,414,500
2,414,500
Dividends
10
-
-
-
(1,450,864)
(1,450,864)
Balance at 30 April 2022
9,548
799,426
9,547
8,637,103
9,455,624
BESBLOCK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2022
- 11 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,638,575
2,882,175
Interest paid
(93,267)
(81,628)
Income taxes paid
(268,043)
(277,678)
Net cash inflow from operating activities
3,277,265
2,522,869
Investing activities
Purchase of tangible fixed assets
(1,285,076)
(3,192,683)
Proceeds from disposal of tangible fixed assets
152,430
145,907
Interest received
84
1,864
Net cash used in investing activities
(1,132,562)
(3,044,912)
Financing activities
Proceeds from new bank loans
1,232,544
Repayment of bank loans
(335,570)
(197,068)
Payment of finance leases obligations
(493,903)
(677,617)
Dividends paid
(1,450,864)
(325,000)
Net cash (used in)/generated from financing activities
(2,280,337)
32,859
Net decrease in cash and cash equivalents
(135,634)
(489,184)
Cash and cash equivalents at beginning of year
480,189
969,373
Cash and cash equivalents at end of year
344,555
480,189
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 12 -
1
Accounting policies
Company information
Besblock Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Heslop, Halesfield 21, Telford, Shropshire, TF7 4NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Not depreciated/2% straight line
Plant and machinery
10% reducing balance or 20% straight line
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 13 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in
profit
or
loss
or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss
es
are recognised in
profit
or
loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the
stocks
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the
directors
, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by class of business
Sale of blocks
13,545,733
11,559,366
Transport
2,219,911
1,970,571
Air pressure and SAP calculations
236,213
287,434
16,001,857
13,817,371
2022
2021
£
£
Other revenue
Interest income
84
1,864
Grants received
18,117
121,024
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
809
2,911
Government grants
(18,117)
(121,024)
Fees payable to the company's auditor for the audit of the company's financial statements
11,950
11,000
Depreciation of owned tangible fixed assets
589,819
466,528
Depreciation of tangible fixed assets held under finance leases
249,458
325,973
(Profit)/loss on disposal of tangible fixed assets
(8,390)
16,546
Operating lease charges
49,583
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 16 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
66
65
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,613,638
2,491,163
Social security costs
294,859
277,298
Pension costs
84,658
91,013
2,993,155
2,859,474
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
419,449
405,399
Company pension contributions to defined contribution schemes
41,670
47,307
461,119
452,706
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2021 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
246,070
219,288
Company pension contributions to defined contribution schemes
10,000
10,000
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
84
160
Other interest income
1,704
Total income
84
1,864
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
7
Interest receivable and similar income
(Continued)
- 17 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
84
160
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
66,630
48,315
Other finance costs:
Interest on finance leases and hire purchase contracts
26,637
33,313
93,267
81,628
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
451,421
262,686
Adjustments in respect of prior periods
(111,957)
(74,902)
Total current tax
339,464
187,784
Deferred tax
Origination and reversal of timing differences
36,407
72,361
Previously unrecognised tax loss, tax credit or timing difference
(7,145)
Total deferred tax
29,262
72,361
Total tax charge
368,726
260,145
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
9
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
2,783,226
2,428,936
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
528,813
461,498
Tax effect of expenses that are not deductible in determining taxable profit
8,007
5,340
Adjustments in respect of prior years
(111,957)
(74,902)
Permanent capital allowances in excess of depreciation
(80,576)
(204,152)
Under/(over) provided in prior years
(11,968)
Deferred tax adjustments in respect of prior years
36,407
72,361
Taxation charge for the year
368,726
260,145
10
Dividends
2022
2021
£
£
Interim paid
1,450,864
325,000
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2021
3,639,842
6,083,974
244,356
3,658,458
13,626,630
Additions
585,593
413,788
67,040
218,655
1,285,076
Disposals
(133,073)
(287,476)
(420,549)
At 30 April 2022
4,225,435
6,364,689
311,396
3,589,637
14,491,157
Depreciation and impairment
At 1 May 2021
214,024
1,548,861
107,096
1,998,344
3,868,325
Depreciation charged in the year
31,000
331,033
41,096
436,148
839,277
Eliminated in respect of disposals
(75,873)
(200,636)
(276,509)
At 30 April 2022
245,024
1,804,021
148,192
2,233,856
4,431,093
Carrying amount
At 30 April 2022
3,980,411
4,560,668
163,204
1,355,781
10,060,064
At 30 April 2021
3,425,818
4,535,113
137,260
1,660,114
9,758,305
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
11
Tangible fixed assets
(Continued)
- 19 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Plant and machinery
434,277
520,287
Motor vehicles
603,615
979,908
1,037,892
1,500,195
Land and buildings are carried at valuation.
If land and buildings were measured using the cost model, the carrying amounts
would
have been approximately £
2,595,392
(2021 - £
2,323,726)
, being cost £
2,840,416
(2021 - £
2,537,750
) and depreciation £
245,024
(2021 - £
214,024
).
12
Stocks
2022
2021
£
£
Raw materials and consumables
181,288
146,133
Finished goods and goods for resale
600,020
426,851
781,308
572,984
13
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,870,826
2,692,485
Prepayments and accrued income
292,308
256,441
3,163,134
2,948,926
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 20 -
14
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
16
360,231
326,479
Obligations under finance leases
17
247,890
501,417
Trade creditors
1,237,618
1,175,974
Corporation tax
76,260
4,839
Other taxation and social security
414,288
242,254
Other creditors
71,071
45,288
Accruals and deferred income
432,754
338,404
2,840,112
2,634,655
The finance lease obligations are secured on the relevant assets.
The loan balance includes chattel mortgages secured on relevant assets.
15
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
16
1,137,281
1,506,603
Obligations under finance leases
17
113,507
353,883
1,250,788
1,860,486
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
132,893
16
Loans and overdrafts
2022
2021
£
£
Bank loans
1,497,512
1,833,082
Payable within one year
360,231
326,479
Payable after one year
1,137,281
1,506,603
The loans are secured by fixed charges over the freehold property registered at the land registry with title number SL18789.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 21 -
17
Finance lease obligations
2022
2021
Future minimum lease payments due under finance leases:
£
£
Within one year
263,354
528,583
In two to five years
120,661
376,027
384,015
904,610
Less: future finance charges
(22,618)
(49,310)
361,397
855,300
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
ACAs
615,016
585,754
Revaluations
187,521
187,521
802,537
773,275
2022
Movements in the year:
£
Liability at 1 May 2021
773,275
Charge to profit or loss
29,262
Liability at 30 April 2022
802,537
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,658
91,013
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 22 -
20
Share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
8,420 Ordinary A shares of £1 each
8,420
8,420
564 Ordinary C shares of £1 each
564
564
564 Ordinary D shares of £1 each
564
564
9,548
9,548
All shares have the same rights attached to them with the exception of the voting rights. The A, C, and
D
Ordinary Shares shall have attached to them full voting and capital distribution (including on winding up) rights; they shall have the right to a dividend as declared from time to time for that class of Shares but so that all classes of Ordinary Shares shall not rank pari passu for dividend entitlement purposes. The A, C, and
D
Ordinary Shares do not confer any rights of redemption.
21
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
1,466,409
-
Capital commitments have been made to the total of £1,466,409 of this £779,329 is due in the next 12 months.
22
Related party transactions
Included within Other Creditors is a loan of £
71,768
(20
2
1: £45,556) owing to the director, Mr A Huxley.
BESBLOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 23 -
23
Cash generated from operations
2022
2021
£
£
Profit for the year after tax
2,414,500
2,168,791
Adjustments for:
Taxation charged
368,726
260,145
Finance costs
93,267
81,628
Investment income
(84)
(1,864)
(Gain)/loss on disposal of tangible fixed assets
(8,390)
16,546
Depreciation and impairment of tangible fixed assets
839,277
792,501
Movements in working capital:
(Increase)/decrease in stocks
(208,324)
126,657
Increase in debtors
(214,208)
(1,020,883)
Increase in creditors
353,811
458,654
Cash generated from operations
3,638,575
2,882,175
24
Analysis of changes in net debt
1 May 2021
Cash flows
30 April 2022
£
£
£
Cash at bank and in hand
480,189
(135,634)
344,555
Borrowings excluding overdrafts
(1,833,082)
335,570
(1,497,512)
Obligations under finance leases
(855,300)
493,903
(361,397)
(2,208,193)
693,839
(1,514,354)
2022-04-30
2021-05-01
false
CCH Software
CCH Accounts Production 2022.300
Mr A B Huxley
Mr D J Icke
Mr D J Icke
Mr M J Fulwell
Mr A B Huxley
01059042
2021-05-01
2022-04-30
01059042
bus:CompanySecretaryDirector1
2021-05-01
2022-04-30
01059042
bus:Director3
2021-05-01
2022-04-30
01059042
bus:Director4
2021-05-01
2022-04-30
01059042
bus:CompanySecretary1
2021-05-01
2022-04-30
01059042
bus:Director5
2021-05-01
2022-04-30
01059042
bus:Director1
2021-05-01
2022-04-30
01059042
bus:Director2
2021-05-01
2022-04-30
01059042
bus:RegisteredOffice
2021-05-01
2022-04-30
01059042
2022-04-30
01059042
2020-05-01
2021-04-30
01059042
core:RetainedEarningsAccumulatedLosses
2020-05-01
2021-04-30
01059042
core:RetainedEarningsAccumulatedLosses
2021-05-01
2022-04-30
01059042
2021-04-30
01059042
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-04-30
01059042
core:PlantMachinery
2022-04-30
01059042
core:FurnitureFittings
2022-04-30
01059042
core:MotorVehicles
2022-04-30
01059042
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-30
01059042
core:PlantMachinery
2021-04-30
01059042
core:FurnitureFittings
2021-04-30
01059042
core:MotorVehicles
2021-04-30
01059042
core:CurrentFinancialInstruments
core:WithinOneYear
2022-04-30
01059042
core:CurrentFinancialInstruments
core:WithinOneYear
2021-04-30
01059042
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-04-30
01059042
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-04-30
01059042
core:CurrentFinancialInstruments
2022-04-30
01059042
core:CurrentFinancialInstruments
2021-04-30
01059042
core:Non-currentFinancialInstruments
2022-04-30
01059042
core:Non-currentFinancialInstruments
2021-04-30
01059042
core:ShareCapital
2022-04-30
01059042
core:ShareCapital
2021-04-30
01059042
core:RevaluationReserve
2022-04-30
01059042
core:RevaluationReserve
2021-04-30
01059042
core:CapitalRedemptionReserve
2022-04-30
01059042
core:CapitalRedemptionReserve
2021-04-30
01059042
core:RetainedEarningsAccumulatedLosses
2022-04-30
01059042
core:RetainedEarningsAccumulatedLosses
2021-04-30
01059042
core:ShareCapital
2020-04-30
01059042
core:RevaluationReserve
2020-04-30
01059042
core:CapitalRedemptionReserve
core:RestatedAmount
2020-04-30
01059042
core:RetainedEarningsAccumulatedLosses
2020-04-30
01059042
core:ShareCapitalOrdinaryShares
2022-04-30
01059042
core:ShareCapitalOrdinaryShares
2021-04-30
01059042
1
2021-05-01
2022-04-30
01059042
1
2020-05-01
2021-04-30
01059042
2
2021-05-01
2022-04-30
01059042
2
2020-05-01
2021-04-30
01059042
2021-04-30
01059042
2020-04-30
01059042
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-05-01
2022-04-30
01059042
core:PlantMachinery
2021-05-01
2022-04-30
01059042
core:FurnitureFittings
2021-05-01
2022-04-30
01059042
core:MotorVehicles
2021-05-01
2022-04-30
01059042
core:UKTax
2021-05-01
2022-04-30
01059042
core:UKTax
2020-05-01
2021-04-30
01059042
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-30
01059042
core:PlantMachinery
2021-04-30
01059042
core:FurnitureFittings
2021-04-30
01059042
core:MotorVehicles
2021-04-30
01059042
core:WithinOneYear
2022-04-30
01059042
core:WithinOneYear
2021-04-30
01059042
core:BetweenTwoFiveYears
2022-04-30
01059042
core:BetweenTwoFiveYears
2021-04-30
01059042
bus:PrivateLimitedCompanyLtd
2021-05-01
2022-04-30
01059042
bus:FRS102
2021-05-01
2022-04-30
01059042
bus:Audited
2021-05-01
2022-04-30
01059042
bus:FullAccounts
2021-05-01
2022-04-30
xbrli:pure
xbrli:shares
iso4217:GBP