REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
FOR |
|
BEACH VIEW ABERSOCH LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
FOR |
|
BEACH VIEW ABERSOCH LTD |
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Statement of Financial Position | 1 | to | 2 |
|
Notes to the Financial Statements | 3 | to | 8 |
|
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2022 |
|
31.10.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
|
|
|
|
|
|
|
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. |
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2022 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
1. | STATUTORY INFORMATION |
|
Beach View Abersoch Ltd is a
|
|
Registered number: |
|
|
Registered office: |
|
|
|
|
|
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
|
Going concern |
|
The directors have concluded with reasonable certainty that the company will be able to realise its assets and discharge its liabilities in the normal course of business for a period of at least twelve months from the date of approval of these financial statements. This assessment is supported by the continued financial support of the directors. These financial statements have therefore been prepared on a going concern basis. |
|
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
|
Key sources of estimation uncertainty |
|
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
|
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior periods. |
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
REVENUE RECOGNITION |
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: |
|
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. |
|
Revenue is recognised in the period when the customers occupy the site. |
|
GOODWILL |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
|
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
|
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: |
|
Goodwill - 10% straight line |
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. |
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
TANGIBLE FIXED ASSETS |
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. |
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives as follows: |
|
Freehold land - not depreciated |
Plant and machinery - 25% straight line |
Motor vehicles - 25% straight line |
Computer equipment - 25% straight line |
Site office - 5% straight line |
|
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 the statement of income and retained earnings. |
|
Impairment of fixed assets |
|
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
|
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. |
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
3. | ACCOUNTING POLICIES - continued |
|
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
|
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
|
Debt instruments are subsequently measured at amortised cost. |
|
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
|
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
|
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
|
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
|
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
|
CORPORATION TAX |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. |
|
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
|
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
|
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
3. | ACCOUNTING POLICIES - continued |
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. |
|
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 period end and that are expected to apply to the reversal of the timing difference. |
|
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. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the period was
|
|
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2022 |
and 31 October 2022 |
|
AMORTISATION |
At 1 January 2022 |
|
Amortisation for period |
|
At 31 October 2022 |
|
NET BOOK VALUE |
At 31 October 2022 |
|
At 31 December 2021 |
|
|
6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Site |
land | machinery | office |
£ | £ | £ |
COST |
At 1 January 2022 |
|
|
|
Additions |
|
|
|
At 31 October 2022 |
|
|
|
DEPRECIATION |
At 1 January 2022 |
|
|
|
Charge for period |
|
|
|
At 31 October 2022 |
|
|
|
NET BOOK VALUE |
At 31 October 2022 |
|
|
|
At 31 December 2021 |
|
|
|
BEACH VIEW ABERSOCH LTD (REGISTERED NUMBER: 10345739) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2022 TO 31 OCTOBER 2022 |
|
|
6. | TANGIBLE FIXED ASSETS - continued |
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
|
|
|
Additions |
|
|
|
At 31 October 2022 |
|
|
|
DEPRECIATION |
At 1 January 2022 |
|
|
|
Charge for period |
|
|
|
At 31 October 2022 |
|
|
|
NET BOOK VALUE |
At 31 October 2022 |
|
|
|
At 31 December 2021 |
|
|
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.12.21 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepayments |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.12.21 |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
VAT | - | 12,698 |
Other creditors |
|
|
Directors' loan accounts | 597,621 | 643,542 |
Accruals and deferred income |
|
|
|
|
|
9. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
|
There were no other material events up to the date of approval of the financial statements by the Board. |