REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2020 |
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BEVERLEY VENEERS LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2020 |
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FOR |
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BEVERLEY VENEERS LIMITED |
BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2020 |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 2 |
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BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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STATEMENT OF FINANCIAL POSITION |
30 DECEMBER 2020 |
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30.12.20 | 30.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Beverley Veneers Limited is a
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Registered number: | 01632099 |
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Registered office: | c/o Midland Funeral Supplies Limited |
Richmond Street South |
West Bromwich |
B70 0DG |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. Management considers that certain accounting assumptions relating to taxation and provisions are its critical accounting policies. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Directors have reviewed the depreciation policy for Improvements to property and decided that 10% on cost is a more reasonable reflection of the useful life of the assets and changed the policy accordingly. |
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Stocks |
Stock is stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern and covid-19 |
The coronavirus pandemic has significantly disrupted individuals’ personal lives and businesses’ economic prospects in the UK and across the globe. The UK entered lockdown in March 2020 and again in November 2020 and some restrictions and social distancing provisions remain in place. |
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The effect of COVID-19 on the company has been increased turnover however costs have also increased with unstable raw material and overtime premiums being paid. With the increased throughput it has tested some of our older machines and vehicles which have been replaced or upgrade. Despite trading difficulties, we have managed to conserve sufficient cash to ensure that the business has |
continued to serve customers and to act responsibly with suppliers and employees. |
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The company has continued to prepare the accounts on a going concern basis and deem this appropriate. The director does not consider that a material uncertainty about the going concern status currently exists. In making this assessment the director has considered the likely trading conditions for a period of twelve months from the date of the approval of these accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 December 2019 |
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Additions |
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At 30 December 2020 |
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DEPRECIATION |
At 31 December 2019 |
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Charge for year |
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At 30 December 2020 |
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NET BOOK VALUE |
At 30 December 2020 |
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At 30 December 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Hire purchase contracts |
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Invoice finance |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.12.20 | 30.12.19 |
£ | £ |
Hire purchase contracts |
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BEVERLEY VENEERS LIMITED (REGISTERED NUMBER: 01632099) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 DECEMBER 2020 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.12.20 | 30.12.19 |
£ | £ |
Hire purchase contracts | 118,006 | 167,951 |
Invoice discounting loan | 163,180 | 626,500 |
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The hire purchase liabilities are secured over the assets to which they relate. |
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The invoice discounting loan is secured by way of a charge over the related trade debtors. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | FINANCIAL COMMITMENTS |
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Total financial commitments which are not included in the balance sheet amount to £12,517 (2019 - £17,803). |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Jukes Group Limited who registered office is Richmond Street South, Swan Village, West Bromwich, B70 0DG. |