Belston Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI642822 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR

BELSTON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

7

DIRECTOR:

J T Johnston

REGISTERED OFFICE:

17 Old Church Lane

Aghalee

Antrim

BT67 0EY

REGISTERED NUMBER:

NI642822 (Northern Ireland)

ACCOUNTANTS:

Patton Rainey and Associates

Chartered Accountants

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

FIXED ASSETS

Intangible assets

4

6,720

3,600

Tangible assets

5

13,588

1,537

20,308

5,137

CURRENT ASSETS

Stocks

184,215

161,900

Debtors

6

13,517

13,815

Cash at bank

17,988

3,951

215,720

179,666

CREDITORS

Amounts falling due within one year

7

409,661

233,937

NET CURRENT LIABILITIES

(193,941

)

(54,271

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(173,633

)

(49,134

)

CREDITORS

Amounts falling due after more than one year

8

37,669

48,122

NET LIABILITIES

(211,302

)

(97,256

)

RESERVES

Retained earnings

(211,302

)

(97,256

)

(211,302

)

(97,256

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 May 2022 and were signed by:

J T Johnston - Director

1.	STATUTORY INFORMATION

Belston Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Single Farm Payment Units are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2020

3,600

Additions

3,120

At 31 August 2021

6,720

NET BOOK VALUE

At 31 August 2021

6,720

At 31 August 2020

3,600

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

2,050

Additions

16,580

At 31 August 2021

18,630

DEPRECIATION

At 1 September 2020

513

Charge for year

4,529

At 31 August 2021

5,042

NET BOOK VALUE

At 31 August 2021

13,588

At 31 August 2020

1,537

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

2,830

2,830

Loan

5,445

5,445

Amounts owed by group undertakings

2,000

2,000

VAT

3,242

3,540

13,517

13,815

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Loan

9,827

1,879

Hire purchase contracts

5,500

-

Amounts owed to group undertakings

317,151

170,151

Directors' current accounts

64,564

59,364

Accrued expenses

12,619

2,543

409,661

233,937

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Loan - 1-2 years

9,827

11,274

Loan 2-5 years

27,842

33,822

Loan more than 5 years

-

3,026

37,669

48,122

Amounts falling due in more than five years:

Repayable by instalments

Loan more than 5 years

-

3,026

9.	ULTIMATE CONTROLLING PARTY

The controlling party is James Johnston Discretionary Trust.

The company is owned by James Johnston Discretionary Trust, the trustees of which are Mr James Johnston Jnr and Adel Parke.

10.	GOING CONCERN

At 31 August 2021 the company's liabilities exceeded its assets by £211,302. The company is dependant on the continuing support of its director and other related parties in order to meet its commitments as they fall due. The director has plans in place to ensure that the company deals with the outstanding liabilities in the near future.

On the basis that the director continues to support the company they believe it can continue as a going concern.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 August 2021 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Patton Rainey and Associates

Chartered Accountants

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

30 May 2022