ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

BEETLES (UK) LTD - Company Information

Print Friendly Version

Caseware UK (AP4) 2019.0.227 2019.0.227 2019-08-312019-08-31The 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. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2018-09-01No description of principal activitytruetrue 02925082 2018-09-01 2019-08-31 02925082 2017-07-01 2018-08-31 02925082 2019-08-31 02925082 2018-08-31 02925082 c:Director5 2018-09-01 2019-08-31 02925082 d:FreeholdInvestmentProperty 2018-09-01 2019-08-31 02925082 d:FreeholdInvestmentProperty 2019-08-31 02925082 d:FreeholdInvestmentProperty 2018-08-31 02925082 d:CurrentFinancialInstruments 2019-08-31 02925082 d:CurrentFinancialInstruments 2018-08-31 02925082 d:Non-currentFinancialInstruments 2019-08-31 02925082 d:Non-currentFinancialInstruments 2018-08-31 02925082 d:CurrentFinancialInstruments d:WithinOneYear 2019-08-31 02925082 d:CurrentFinancialInstruments d:WithinOneYear 2018-08-31 02925082 d:Non-currentFinancialInstruments d:AfterOneYear 2019-08-31 02925082 d:Non-currentFinancialInstruments d:AfterOneYear 2018-08-31 02925082 d:ShareCapital 2019-08-31 02925082 d:ShareCapital 2018-08-31 02925082 d:RetainedEarningsAccumulatedLosses 2018-09-01 2019-08-31 02925082 d:RetainedEarningsAccumulatedLosses 2019-08-31 02925082 d:RetainedEarningsAccumulatedLosses 2018-08-31 02925082 c:OrdinaryShareClass1 2018-09-01 2019-08-31 02925082 c:OrdinaryShareClass1 2019-08-31 02925082 c:OrdinaryShareClass1 2018-08-31 02925082 c:FRS102 2018-09-01 2019-08-31 02925082 c:Audited 2018-09-01 2019-08-31 02925082 c:FullAccounts 2018-09-01 2019-08-31 02925082 c:PrivateLimitedCompanyLtd 2018-09-01 2019-08-31 02925082 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-09-01 2019-08-31 02925082 c:SmallCompaniesRegimeForAccounts 2018-09-01 2019-08-31 02925082 d:AcceleratedTaxDepreciationDeferredTax 2019-08-31 02925082 d:AcceleratedTaxDepreciationDeferredTax 2018-08-31 02925082 d:TaxLossesCarry-forwardsDeferredTax 2019-08-31 02925082 d:TaxLossesCarry-forwardsDeferredTax 2018-08-31 02925082 2 2018-09-01 2019-08-31 02925082 4 2018-09-01 2019-08-31 02925082 6 2018-09-01 2019-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02925082
















BEETLES (UK) LTD



FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2019
































BEETLES (UK) LTD
REGISTERED NUMBER:02925082

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2019

2019
2018
Note
£
£

FIXED ASSETS
  

Investments
 4 
-
1

Investment property
 5 
3,316,020
4,233,700

  
3,316,020
4,233,701

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
22,625
1,089,758

Cash at bank and in hand
  
928,880
74,198

  
951,505
1,163,956

Creditors: amounts falling due within one year
 7 
(165,874)
(182,133)

NET CURRENT ASSETS
  
 
 
785,631
 
 
981,823

TOTAL ASSETS LESS CURRENT LIABILITIES
  
4,101,651
5,215,524

Creditors: amounts falling due after more than one year
 8 
(753,713)
(871,751)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 9 
-
(6,969)

NET ASSETS
  
3,347,938
4,336,804


CAPITAL AND RESERVES
  

Called up share capital 
 10 
2
2

Profit and loss account
 11 
3,347,936
4,336,802

  
3,347,938
4,336,804


Page 1

BEETLES (UK) LTD
REGISTERED NUMBER:02925082
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2019

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 by: 





M J Stevens
Director

Date: 24 August 2020

The notes on pages 3 to 9 form part of these financial statements.

Page 2

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

1.


GENERAL INFORMATION

Beetles (UK) Ltd is a private company, limited by shares and registered in England. Its registered office is: Danbury House, Great Western Business Park, Armstrong Way, Yate, Bristol, BS37 5NG. Its registered number is: 02925082

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The principal activity of the company has been that of holding the investment in the trading subsidiary, Danbury Motor Caravans Limited and of owning investment property.
Since the year end the ultimate parent company, Groupe Pilote SAS, took the decision to cease trading in the UK and as such the trade of the subsidiary company is being wound down with the support of the ultimate parent company. The investment in the subsidiary company has been fully impaired.
The company continues to hold investment property for investment return and whilst the directors may pursue opportunities to dispose of the investment properties if market conditions are favourable they consider it appropriate to continue to prepare the accounts on a going concern basis.

 
2.3

REVENUE

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.

 
2.4

INTEREST INCOME

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.5

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.6

BORROWING COSTS

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

Page 3

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

2.ACCOUNTING POLICIES (continued)

 
2.7

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 reporting date in the countries where the Company operates and generates income.

 
2.8

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.10

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

DEBTORS

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.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

CREDITORS

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.

 
2.14

FINANCIAL INSTRUMENTS

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 0 (2018: 0).

Page 4

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

4.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 September 2018
1


Additions
1,187,291



At 31 August 2019

1,187,292



IMPAIRMENT


Charge for the period
1,187,292



At 31 August 2019

1,187,292



NET BOOK VALUE



At 31 August 2019
-



At 31 August 2018
1

During the year, the company waived a loan of £1,187,291 due from its subsidiary, Danbury Motor Caravans Limited. This has been treated as a capital contribution and recognised as an addition above.

Page 5

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

5.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 September 2018
4,233,700


Disposals
(917,680)



AT 31 AUGUST 2019
3,316,020


COMPRISING


Cost
2,651,900

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

Recognised in previous years
451,100

Period ended 30 June 2017
73,320

Period ended 31 August 2018
139,700

At 31 August 2019
3,316,020

The 2019 valuations were made by the directors, who have used surveys and reports from various 3rd parties to influence their appraisal, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2019
2018
£
£


Historic cost
2,651,900
3,176,436

Page 6

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

6.


DEBTORS

2019
2018
£
£


Trade debtors
18,996
27,361

Amounts owed by group undertakings
-
1,059,291

Prepayments and accrued income
3,170
3,106

Deferred taxation
459
-

22,625
1,089,758


Amounts due from group undertakings are unsecured, interest free and repayable on demand.


7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019
2018
£
£

Bank loans
139,584
137,251

Other taxation and social security
2,732
6,912

Accruals and deferred income
23,558
37,970

165,874
182,133



8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019
2018
£
£

Bank loans
753,713
871,751



9.


DEFERRED TAXATION




2019


£






At beginning of year
(6,969)


Charged to profit or loss
7,428



AT END OF YEAR
459

Page 7

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
 
9.DEFERRED TAXATION (CONTINUED)

The deferred taxation balance is made up as follows:

2019
2018
£
£


Accelerated capital allowances
459
495

Capital gains
-
(7,464)

459
(6,969)

Page 8

BEETLES (UK) LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019

10.


SHARE CAPITAL

2019
2018
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2018: 2) Ordinary shares of £1.00 each
2
2


11.


RESERVES

Profit and loss account

Included in the Profit & Loss account is £662,320 (2018: £1,055,464) of profits which are not available for distribution as they relate to unrealised gains on revaluation of investment property. 


12.


CONTINGENT LIABILITIES

The company has guaranteed the bank overdraft of its subsidiary Danbury Motor Caravans Ltd up to a limit of £1,000,000. At the period end, Danbury Motor Caravans Ltd bank overdraft was £719,862 (2018: £427,560).


13.


RELATED PARTY TRANSACTIONS

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.


14.


CONTROLLING PARTY

Throughout the year GP SAS, a company incorporated in France, was the ultimate controlling party. 


15.


AUDITORS' INFORMATION

The Auditors' Report on the accounts for the period ended 31 August 2019 was unqualified.
The Audit Report was signed on 27 August 2020 by Simon Morrison FCA on behalf of Bishop Fleming Bath Limited.

 
Page 9