Company Registration No. 08416831 (England and Wales)
Beegood Enterprises Ltd
Unaudited accounts
for the year ended 31 March 2019
Beegood Enterprises Ltd
Unaudited accounts
Contents
Beegood Enterprises Ltd
Company Information
for the year ended 31 March 2019
Directors
Ms H A Andrews
Mr S R Cavill
Mr J C Loosemore
Mr D J Parker
Company Number
08416831 (England and Wales)
Registered Office
PING CA
PO BOX 1077
CAMBERLEY
GU15 9QH
ENGLAND
Beegood Enterprises Ltd
Statement of financial position
as at 31 March 2019
Intangible assets
2,991
4,200
Cash at bank and in hand
9,232
34,343
Creditors: amounts falling due within one year
(89,968)
(63,651)
Net current (liabilities)/assets
(16,306)
37,681
Net (liabilities)/assets
(12,018)
42,179
Called up share capital
1,387
1,387
Share premium
481,524
481,524
Profit and loss account
(494,929)
(440,732)
Shareholders' funds
(12,018)
42,179
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 12 December 2019.
Mr S R Cavill
Director
Company Registration No. 08416831
Beegood Enterprises Ltd
Notes to the Accounts
for the year ended 31 March 2019
Beegood Enterprises Ltd is a private company, limited by shares, registered in England and Wales, registration number 08416831. The registered office is PING CA, PO BOX 1077, CAMBERLEY, GU15 9QH, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company has continued to invest heavily during the year to secure and establish the brand in the market place. Consequently, as a company transitioning from start up in 2013. to an established brand in 2019, this cost has been met from investors.
In the first half of 2020 the company have raised funds of £204,000 in exchange for shares via CrowdCube funding which they intend to use to target new markets, enter new sales channels and to accelerate growth.
Whilst the company has net shareholders funds of £12,774, the directors are confident that with the finance that has been raised, growth is achievable and a further increase to their customer base.
On this basis, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Beegood Enterprises Ltd
Notes to the Accounts
for the year ended 31 March 2019
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulaated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost of value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Website Costs: Over 3 years
Patents & licences: Over 5 years
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Straight Line
Computer equipment
33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Intangible fixed assets
Other
Beegood Enterprises Ltd
Notes to the Accounts
for the year ended 31 March 2019
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2018
1,127
15
1,142
At 31 March 2019
1,127
1,951
3,078
Charge for the year
283
654
937
At 31 March 2019
1,127
654
1,781
At 31 March 2019
-
1,297
1,297
At 31 March 2018
283
15
298
Finished goods
46,040
43,988
Trade debtors
17,160
21,775
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Creditors: amounts falling due within one year
2019
2018
Trade creditors
19,993
3,258
Taxes and social security
2,613
3,706
Loans from directors
64,499
54,137
The Directors Loan Account for Mr S Cavill has a debit balance of £5,302.
The Directors Loan Account for Mr G Jennison has a debit balance of £31,136.80.
The Directors Loan Account for Mr T Shepherd has a debit balance of £10,000.
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Post balance sheet events
The company raised capital via CrowdFunding in the first half of 2019/20 and received £253,980 in exchange for shares in Beegood Enterprises Ltd.
Beegood Enterprises Ltd
Notes to the Accounts
for the year ended 31 March 2019
11
Average number of employees
During the year the average number of employees was 2 (2018: 1).
