Registered number:
05672520
BEE LIGHTING LTD
Financial statements
Information for filing with the registrar
For the 15 month period Ended
31 December 2019
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BEE LIGHTING LTD
Registered number:
05672520
Balance Sheet
As at
31 December 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
25 November 2020
.
The notes on pages 3 to 13 form part of these financial statements.
Page 1
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BEE LIGHTING LTD
Statement of Changes in Equity
For the 15 month period Ended
31 December 2019
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the 15 month period
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Profit for the 15 month period
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Total comprehensive income for the 15 month period
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Total transactions with owners
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The notes on pages 3 to 13 form part of these financial statements.
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Page 2
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
he Company is a limited company and is incorporated in England and Wales and details of its registered office are set out in the company information page. The principal activity of the Company is operation of warehousing and storage facilities for land transport activities.
2.
Accounting policies
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Basis of preparation of financial statements
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The Company's functional and presentation currency is £ sterling. The financial statements have been prepared to the nearest £.
The impact of the Covid 19 pandemic on the business post year end has been challenging, but the directors have sought to address these challenges by reducing all non-essential costs and furloughing staff where possible to safeguard the economic future of the Company and ensuring it utilises available financial support, where appropriate. The Company has experienced some reduction in its turnover levels but cashflows have been healthy. The directors have not considered it necessary to prepare formal forecasts for the Company given the overall strength of the cash position of the Group, which retains considerable levels of cash and no external debt.
The directors, therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, for a variety of potential scenarios. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Page 3
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
2.
Accounting policies (continued)
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be measured reliably. Profits are recognised as stages of the overall contracts are completed. Where an element of the contract has not yet completed no profit is recognised until the outcome can be assessed with reasonable certainty. Turnover is calculated as that proportion of total contract value that covers costs incurred to date for completed contract stages and profit in relation to any completed stages of the contract based on the specific performance of the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Monies received over the value of work done are classified as payments on account and included in creditors.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Page 4
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
2.
Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the 15 month period in which they are incurred.
Defined contribution pension plan
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 are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 5
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
2.
Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the 15 month period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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.
Page 6
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.
Depreciation is provided on the following basis:
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Short-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 7
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of judgment are:
Profit on long-term contracts is recognised based upon staged completion of contracts. These stages are separable and can be clearly distinguished. No profit is recognised on contract stages that are not yet complete on the basis that profits attributable to these specific stages cannot be assessed with reasonably certainty.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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The average monthly number of employees, including directors, during the 15 month period was
54
(2018 -
46
)
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Page 8
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
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Charge for the 15 month period
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Page 9
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
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Short-term leasehold property
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Charge for the 15 month period on owned assets
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The net book value of land and buildings may be further analysed as follows:
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Page 10
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Page 11
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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The expected net reversal of net deferred taxation assets and liabilities is not expected to be material.
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Allotted, called up and fully paid
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200
(2018 - Nil)
)
Ordinary
shares of £
0.01
each
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Nil
(2018 -
2
)
Ordinary
shares of £
1.00
each
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During the year the 2 £1 ordinary shares were converted into 200 £0.01p shares.
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
41,691
( 12 months ended 2018 - £
41,691
). Contributions totalling £Nil (30 September 2018 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
Page 12
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BEE LIGHTING LTD
Notes to the Financial Statements
For the 15 month period Ended 31 December 2019
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Related party transactions
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The Company has the following transactions with its parent company, purchases of £
17,782
and recharges of £
121,238
and purchases of £
48,628
from a company under common control. £
121,238
was due from the parent company as at the 31 December 2019.
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The Company's ultimate parent company is
Pektron Group Limited
, a company registered in England and Wales, which has a beneficial interest in 75% of the Company's share capital. No one party is considered to have control of Pektron Group Limited.
The auditors' report on the financial statements for the 15 month period ended 31 December 2019 was
unqualified
. The audit report was signed by
Janet Morgan
(Senior Statutory Auditor) on
25/11/2020
on behalf of
Smith Cooper Audit Limited
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Page 13
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