Bel-Ingle Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04624751 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Bel-Ingle Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G S Southgate

REGISTERED OFFICE:

26 Dorset Gardens

Rochford

Essex

SS4 3AH

REGISTERED NUMBER:

04624751 (England and Wales)

ACCOUNTANTS:

HCL Accountancy Limited

26 Dorset Gardens

Rochford

Essex

SS4 3AH

FIXED ASSETS

Intangible assets

4

3,000

6,000

Tangible assets

5

21,233

1,773

24,233

7,773

CURRENT ASSETS

Stocks

6

1,019

2,635

Debtors

7

13,069

14,227

Cash at bank

19,614

60,453

33,702

77,315

CREDITORS

Amounts falling due within one year

8

46,772

69,099

NET CURRENT (LIABILITIES)/ASSETS

(13,070

)

8,216

TOTAL ASSETS LESS CURRENT LIABILITIES

11,163

15,989

CREDITORS

Amounts falling due after more than one year

9

(30,551

)

(40,000

)

PROVISIONS FOR LIABILITIES

(4,034

)

(337

)

NET LIABILITIES

(23,422

)

(24,348

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(23,522

)

(24,448

)

SHAREHOLDERS' FUNDS

(23,422

)

(24,348

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 29 December 2022 and were signed by:

G S Southgate - Director

1.	STATUTORY INFORMATION

Bel-Ingle Limited is a private company, limited by shares , registered in England and Wales. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised over its estimated useful life. As at transition to Section 1A of Financial Reporting Standard 102, its estimated useful life remained at 7 years.

If there is an indication that there has been a significant change in amortisation rate or residual value of goodwill, the amortisation of that goodwill is revised prospectively to reflect the new expectations.

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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants in relation to bounce back loan interest and the Coronavirus Job Retention Scheme have been recognised within the accounts on a receipts basis.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

60,000

AMORTISATION

At 1 April 2021

54,000

Amortisation for year

3,000

At 31 March 2022

57,000

NET BOOK VALUE

At 31 March 2022

3,000

At 31 March 2021

6,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2021

5,539

10,600

2,551

18,690

Additions

-

22,500

316

22,816

Disposals

-

(10,600

)

-

(10,600

)

At 31 March 2022

5,539

22,500

2,867

30,906

DEPRECIATION

At 1 April 2021

5,428

9,216

2,273

16,917

Charge for year

28

1,875

69

1,972

Eliminated on disposal

-

(9,216

)

-

(9,216

)

At 31 March 2022

5,456

1,875

2,342

9,673

NET BOOK VALUE

At 31 March 2022

83

20,625

525

21,233

At 31 March 2021

111

1,384

278

1,773

6.

STOCKS

31.3.22

31.3.21

£

£

Stocks

1,019

2,635

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

10,424

14,227

Other debtors

2,645

-

13,069

14,227

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

10,931

-

Trade creditors

30,575

54,527

Taxation and social security

4,126

13,481

Other creditors

1,140

1,091

46,772

69,099

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

30,551

40,000

31.3.22

31.3.21

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

9,333

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

100

Ordinary

£1

100

100

11.	RELATED PARTY DISCLOSURES

12.	POST BALANCE SHEET EVENTS

Since the year end a pandemic outbreak of Covid-19 has continued to have a significant impact on both people and industry across the world. The director is carefully monitoring the situation and following the applicable guidance issued by the UK Governments. Due to the nature of the outbreak and the ongoing affect it is having around the world it is currently very difficult to predict the overall impact this situation will have on the Company going forward. The director has exercised judgement in evaluating the impact of Covid-19 on these financial statements.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is G S Southgate.

14.	GOING CONCERN

As at the balance sheet date the company had a net deficiency of assets of £23,422 after a profit before taxation of £29,417 for the year. The continuation of the Company's activities is dependent on the support of its director. The financial statements are therefore drawn up under the historical cost convention and on a going concern.