Company registration number 01319370 (England and Wales)
A.C. BECK & SON (CONTRACTS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
A.C. BECK & SON (CONTRACTS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
A.C. BECK & SON (CONTRACTS) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
152,859
205,440
Investment property
5
175,000
175,000
327,859
380,440
Current assets
Debtors
6
1,513,513
1,081,455
Cash at bank and in hand
697,178
1,567,143
2,210,691
2,648,598
Creditors: amounts falling due within one year
7
(648,079)
(399,837)
Net current assets
1,562,612
2,248,761
Total assets less current liabilities
1,890,471
2,629,201
Provisions for liabilities
(34,696)
(47,406)
Net assets
1,855,775
2,581,795
Capital and reserves
Called up share capital
8
2,520
2,520
Profit and loss reserves
1,853,255
2,579,275
Total equity
1,855,775
2,581,795
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 August 2023 and are signed on its behalf by:
Mr S P Beck
Mr L Beck
Director
Director
Company registration number 01319370 (England and Wales)
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
A.C. Beck & Son (Contracts) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, The Metro Centre, Toutley Road, Wokingham, Berkshire, England, RG41 1QW.
The company's registered number is 01319370.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
-the amount of revenue can be measured reliably;
-it is probable that the company will receive the consideration due under the contract;
-the stage of completion of the contract at the end of the reporting period can be measured reliably; and
-the costs incurred and the costs to complete the contract can be measured reliably.
Long term contracts
Where the time taken to substantially complete a sales contract is such that the activity falls into different accounting periods, these contracts are treated as long term contracts. Attributable profit is taken on long term contracts when the outcome of the contract can be assessed with reasonable certainty. Provision is made for any anticipated loss. Turnover is based on valuation certificates issued and work completed, including retentions, at the balance sheet date.
1.3
Tangible fixed assets
Tangible fixed assets, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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:
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss in the year in which the revaluation occurs. The gain or loss on revaluation is adjusted for any deferred tax movement.
At the balance sheet date the fair value of the property is considered to be £175,000 and £84,462 of gains have been recognised in the profit and loss reserve in previous financial periods.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the plan are held separately from the company in independently administered funds.
1.8
Leases
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 leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received 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.
1.10
Short term debtors and creditors are measured at the transaction price, less any impairment.
1.11
Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders.
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.
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Amounts recoverable on contracts
The company's revenue is largely derived from contracts which are satisfied over a period of time. Revenue is recognised as described in paragraph 1.2. The attributable profit on contracts, which have been partially fulfilled at the balance sheet date, is estimated and recognised in the financial results. This gives rise to the 'Amounts recoverable on contracts' value shown under the Debtors note.
The company reviews the level of profits being achieved on the 'open' contracts after the balance sheet date and up to the approval of the financial statements. If material variances have occurred in the performance of these contracts this is reflected in the current year to minimise the risk of a material misstatement in the carrying amount in the next financial year.
Investment properties
The investment property is revalued by the directors annually. A revaluation is recognised when there is a material difference between the carrying value on the balance sheet and the estimated market value of the property.
The valuation is based on yields being achieved on similar properties at the balance sheet date.
This year the valuation of £175,000 has been retained as materially correct.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
46
47
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
336,414
304,134
640,548
Additions
17,687
21,112
38,799
Disposals
(88,442)
(88,442)
At 31 March 2023
354,101
236,804
590,905
Depreciation and impairment
At 1 April 2022
241,485
193,623
435,108
Depreciation charged in the year
28,155
26,251
54,406
Eliminated in respect of disposals
(51,468)
(51,468)
At 31 March 2023
269,640
168,406
438,046
Carrying amount
At 31 March 2023
84,461
68,398
152,859
At 31 March 2022
94,929
110,511
205,440
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
175,000
The investment property is shown at fair value as required by FRS102. The valuation has been determined by the directors who believe that £175,000 (2022: £175,000) represents the fair value of the investment property held at the balance sheet date.
On a historical basis the investment property would have been included at an original cost of £90,538 (2022: £90,538). No depreciation has been charged.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,097,722
603,570
Amounts recoverable on contracts
208,600
253,300
Amounts owed by group undertakings
94,722
83,822
Other debtors
4,385
113,161
Prepayments and accrued income
32,270
27,602
1,437,699
1,081,455
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Debtors
(Continued)
- 7 -
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
75,814
Total debtors
1,513,513
1,081,455
Amounts owed by group undertakings are unsecured, interest free and have no fixed date for repayment. As a result, these have been classified as repayable on demand.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
154,737
191,649
Corporation tax
94,462
3,709
Other taxation and social security
186,664
93,683
Other creditors
7,169
5,955
Accruals and deferred income
205,047
104,841
648,079
399,837
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,520
2,520
2,520
2,520
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Palmer FCA
Statutory Auditor:
Nunn Hayward LLP
10
Financial commitments, guarantees and contingent liabilities
At 31 March 2023 the company had financial commitments of £37,917 under operating leases.
A.C. BECK & SON (CONTRACTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
11
Events after the reporting date
On the 6 June 2023 the company paid an interim dividend of £150,000, which is treated as a disclosed non-adjusting post balance sheet event in these financial statements.
12
Directors' transactions
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
2.00
110,340
72
(108,935)
1,477
110,340
72
(108,935)
1,477
13
Parent company
The ultimate holding company is Lola Beck Limited.
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