Company Registration No. SC248915 (Scotland)
BEATTIE COMMUNICATIONS GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
BEATTIE COMMUNICATIONS GROUP LIMITED
COMPANY INFORMATION
Directors
Ms L Woods
L Mitchell
Ms E Brown
Company number
SC248915
Registered office
118 North Main Street
Carronshore
Falkirk
United Kingdom
FK2 8HU
Auditor
Azets Audit Services
Titanium 1
King's Inch Place
Renfrew
Renfrewshire
United Kingdom
PA4 8WF
BEATTIE COMMUNICATIONS GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 10
BEATTIE COMMUNICATIONS GROUP LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,585,610
1,628,829
Investments
5
76,666
75,966
1,662,276
1,704,795
Current assets
Debtors
8
1,021,968
1,231,273
Cash at bank and in hand
729,459
543,210
1,751,427
1,774,483
Creditors: amounts falling due within one year
9
(1,370,815)
(1,496,706)
Net current assets
380,612
277,777
Total assets less current liabilities
2,042,888
1,982,572
Creditors: amounts falling due after more than one year
Loans and overdrafts
11
50,000
(50,000)
-
Provisions for liabilities
(17,486)
(20,967)
Net assets
1,975,402
1,961,605
Capital and reserves
Called up share capital
12
80,016
80,016
Profit and loss reserves
1,895,386
1,881,589
Total equity
1,975,402
1,961,605
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 4 March 2021 and are signed on its behalf by:
Ms L Woods
Director
Company Registration No. SC248915
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
Beattie Communications Group Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
118 North Main Street, Carronshore, Falkirk, United Kingdom, FK2 8HU.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors are
true
required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
In satisfaction of this responsibility,
they
have
reviewed the current and future financial position of the company and its
ability to meet its liabilities as they fall due. This assessment considers the company’s principal risks and uncertainties, including those in respect of Covid-19.
The current economic environment as a result of the Covid-19 pandemic continues to be challenging. During the year the company took advantage of Government support measures where required, restructured its operating cost base and managed its working capital and cash flow closely to ensure it maintained sufficient financial resources throughout.
As a result, the business has continued to be profitable and cash generative since the start of the pandemic.
Whilst the directors acknowledge that this could change depending on how the situation evolves, the measures noted above have left the company with a solid platform from which to move forward with the necessary flexibility and agility to scale the business appropriately.
Following their review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes sufficient headroom to meet any additional cash requirements that would be contingent on an extended downturn in activity in relation to the Covid-19 pandemic.
As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
integrated marketing and communication services
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover is recognised when the service is provided with a deferment or accrual of income where appropriate to reflect this.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
1% on cost
Leasehold land and buildings
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Motor vehicles
25% on reducing balance
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
Investments in subsidiary and associate undertakings are recognised at cost.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 6 -
1.13
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 lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to estimates are recognised in the period in which the estimate is revised and in any future periods affected.
The directors are of the opinion there are no matters of significant judgement and estimation which are material to the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
78
84
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2019
1,606,038
111,125
853,259
45,020
2,615,442
Additions
2,125
15,654
17,779
At 31 July 2020
1,606,038
113,250
868,913
45,020
2,633,221
Depreciation and impairment
At 1 August 2019
208,784
46,780
720,279
10,770
986,613
Depreciation charged in the year
16,061
6,647
29,727
8,563
60,998
At 31 July 2020
224,845
53,427
750,006
19,333
1,047,611
Carrying amount
At 31 July 2020
1,381,193
59,823
118,907
25,687
1,585,610
At 31 July 2019
1,397,254
64,345
132,980
34,250
1,628,829
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
76,666
75,966
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 August 2019
75,966
Additions
700
At 31 July 2020
76,666
Carrying amount
At 31 July 2020
76,666
At 31 July 2019
75,966
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 8 -
6
Subsidiaries
Details of the company's subsidiaries at 31 July 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Beattie Communications Limtied
Scotland
Ordinary
100.00
Beattie Media Limited
Scotland
Ordinary
100.00
Beattie New Media Limited
Scotland
Ordinary
100.00
Beattie Tartan Communications Limited
Canada
Ordinary
75.00
Eleventen Limited
Scotland
Ordinary
100.00
Beattie Ireland Ltd
Northern Ireland
Ordinary
70.00
7
Associates
Details of the company's associates at 31 July 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Eleventen Direct Limited
Scotland
450
45.00
8
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
678,026
886,729
Other debtors
343,942
344,544
1,021,968
1,231,273
9
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
144
Trade creditors
288,264
437,370
Corporation tax
14,174
5,587
Other taxation and social security
270,577
280,393
Other creditors
797,800
773,212
1,370,815
1,496,706
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 9 -
10
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
11
50,000
11
Loans and overdrafts
2020
2019
£
£
Bank loans
50,000
144
Payable within one year
144
Payable after one year
50,000
The bank facilities are secured by a bond and floating charge over the assets of the company and a standard security over the property.
12
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
8,000,600
8,000,600
80,006
80,006
B Ordinary of 1p each
1,000
1,000
10
10
8,001,600
8,001,600
80,016
80,016
The B ordinary shares have no voting rights. In the event of a sale, or winding up the holders participate pari-passu with ordinary shareholders.
13
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.
The senior statutory auditor was Alan Brown.
The auditor was Azets Audit Services.
BEATTIE COMMUNICATIONS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 10 -
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Total
80,700
147,317
2020-07-31
2019-08-01
false
10 March 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
G Beattie
Ms L Woods
L Mitchell
Ms E Brown
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