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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Beal (UK) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Beal (UK) Limited |
Beal (UK) Limited (Registered number: 03746726) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Beal (UK) Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
55 Fountain Street |
Morley |
Leeds |
West Yorkshire |
LS27 0AA |
Beal (UK) Limited (Registered number: 03746726) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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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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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Beal (UK) Limited (Registered number: 03746726) |
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Balance Sheet - continued |
31 December 2017 |
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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 Board of Directors on
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Beal (UK) Limited (Registered number: 03746726) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Beal (UK) Limited is a
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registered number and registered office address can be found on the Company Information page. |
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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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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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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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Revenue from the sale of goods is recognised when goods are delivered and legal title passes. |
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Goodwill |
Goodwill arising on an acquisition of a business is carried at cost less accumulated amortization and impairment |
losses, if any. Amortization is calculated on a straight line basis over the useful economic life of 10 years. |
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In the current financial year, the company has implemented a true and fair override. The company's investment in |
a subsidiary which was acquired at the close of the 2015 trading year has been reclassified as goodwill arising on |
acquisition. This follows from the hive up of the business activity of the subsidiary into the company and the |
subsequent dissolution of the subsidiary entity.The amortization charge in 2017 represents the charge for both |
the 2016 and 2017 trading years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss.If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Beal (UK) Limited (Registered number: 03746726) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Purchases of goods are recognised as stock at the point at which title to the goods passes to the company which |
in respect of goods acquired from overseas is at the point of delivery to the company warehouse facilities. |
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Payments made in advance for goods ordered from overseas are recognised by the company as debtors (deposits |
paid). |
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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 balance sheet 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 balance |
sheet 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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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Investment in subsidiaries |
Investment in subsidiaries are accounted for at cost less impairment in the financial statements. |
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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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Beal (UK) Limited (Registered number: 03746726) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
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Reclassification/transfer |
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At 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Amortisation for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | FIXED ASSET INVESTMENTS |
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The market value of the company's fixed asset investments were not materially different to their carrying value in |
the balance sheet. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Beal (UK) Limited (Registered number: 03746726) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
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The company has provided a guarantee and debenture to the company's bankers in support of bank borrowings |
(loans) of entities either under the full control of the director/shareholder or entities in which the |
director/shareholder has a participating interest.The value as at 31 December 2017 of loan balances for which a |
guarantee have been provided is £1.75m. |
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10. | RELATED PARTY DISCLOSURES |
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A director loaned funds to the company on an interest free basis throughout the financial year. The balance owed |
to the director at the beginning and close of the year was £9,845. |
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