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Registered number: 02925082
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BEETLES (UK) LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2020
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BEETLES (UK) LTD
REGISTERED NUMBER:02925082
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2020
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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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Creditors: amounts falling due after more than one year
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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 by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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 judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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.
During the year, 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 and the company has sold its investment property since the year end.
The trade of Beetles (UK) Limited is being wound down and assets realised with the support of the wider group. As such the directors consider it appropriate to continue to prepare the accounts on a basis other than going concern.
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.
Interest income is recognised in profit or loss using the effective interest method.
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 year in which they are incurred.
Page 2
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
2.ACCOUNTING POLICIES (continued)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year 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 reporting date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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. 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.
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.
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 ordinary shares.
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The average monthly number of employees, including directors, during the year was 0 (2019: 0).
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Page 3
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Freehold investment property
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Annual revaluation surplus/(deficit):
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Annual revaluation surplus/(deficit):
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Recognised in previous years
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Period ended 31 August 2020
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The 2020 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.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Page 4
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts due from group undertakings are unsecured, interest free and repayable on demand.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Other taxation and social security
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Accruals and deferred income
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Page 5
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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ALLOTTED, CALLED UP AND FULLY PAID
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2 (2019: 2) Ordinary shares of £1.00 each
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Profit and loss account
Included in the Profit & Loss account is £639,259 (2019: £662,320) of profits which are not available for distribution as they relate to unrealised gains on revaluation of investment property.
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's bank overdraft was £Nil (2019: £719,862).
The company has guaranteed the loan balance of its subsidiary Danbury Motor Caravans Ltd owed to GP SAS, the ultimate controlling entity. At the period end, Danbury Motor Caravans Ltd's balance owed to GP SAS was £1,915,000 (2019: £1,915,000).
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RELATED PARTY TRANSACTIONS
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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.
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Page 6
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BEETLES (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
Throughout the year GP SAS, a company incorporated in France, was the ultimate controlling party.
The Auditors' Report on the accounts for the period ended 31 August 2020 was unqualified.
In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that the company plans to cease trading operations and assets realised with the support of the wider group. As such, the accounts have been prepared on a basis other than that of a going concern. No adjustments were required to present the financial statements on this basis. Our opinion is not modified in respect of this matter.
The Audit Report was signed on 26 May 2021 by Simon Morrison FCA on behalf of Bishop Fleming Bath Limited.
Page 7
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