B.E.D. (Corby) Limited - Accounts to registrar (filleted) - small 18.2
B.E.D. (Corby) Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020 |
| FOR |
| B.E.D. (CORBY) LIMITED |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 JUNE 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| B.E.D. (CORBY) LIMITED |
| COMPANY INFORMATION |
| for the year ended 30 JUNE 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| BALANCE SHEET |
| 30 JUNE 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| BALANCE SHEET - continued |
| 30 JUNE 2020 |
| 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 |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 JUNE 2020 |
| 1. | STATUTORY INFORMATION |
| B.E.D. (Corby) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the amounts invoiced by the company in respect of goods and services provided during the year, excluding Value Added Tax. No goods were exported during either period. |
| Tangible fixed assets |
| Leasehold property improvements | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Government grants and support |
| Government grants are recognised once they have been received, as the company agrees to comply with all the conditions attached to the grant. |
| Where grants are received as financial support, with no future related costs, then the grant is recognised as income in the period it has been received. |
| Where grants are received as compensation for costs incurred, then the grants are recognised in the same period as the costs to which it relates. |
| During the year, the company received £143,519 in respect of the Government's Job Retention Scheme Support. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 JUNE 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Going concern |
| The accounting period was affected by the Coronavirus pandemic which has affected businesses worldwide. At the date of signing the company has continued trading and has received Government Support. However, the virus continues to have a major effect on UK society, as well as the ability of businesses to trade normally. |
| Based on the review, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 JUNE 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Leasehold | Fixtures |
| property | and | Motor |
| improvements | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 July 2019 |
| Additions |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 July 2019 |
| Charge for year |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 30 June 2019 |
| The net book value of tangible fixed assets includes £ 477,000 (2019 - £ 414,103 ) in respect of assets held under hire purchase contracts. |
| 5. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Goods for resale |
| 6. | DEBTORS |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 JUNE 2020 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2020 | 2019 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| The operating lease commitment consists of rental and Hire Purchase contracts that the company is committed to, which total £264,978 within the next 12 months. |
| B.E.D. (CORBY) LIMITED (REGISTERED NUMBER: 02671639) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 JUNE 2020 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 396,395 | 327,757 |
| National Westminster Bank PLC hold a fixed and floating debenture charge over the companies assets, securing their debts. |
| RBS Invoice Finance Limited hold a fixed and floating debenture charge over the companies assets, securing their debts. |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | 1 | 10,000 | 10,000 |