BEAVRS Trading Limited - Period Ending 2020-09-30

BEAVRS Trading Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 5

BEAVRS Trading Limited

(Registration number: 09792384)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	39,255	68,103
Cash at bank and in hand		11,084	11,997
		50,339	80,100
Creditors: Amounts falling due within one year	5	(38,603)	(83,565)
Net assets/(liabilities)		11,736	(3,465)
Capital and reserves
Called up share capital		1	1
Profit and loss account		11,735	(3,466)
Total equity		11,736	(3,465)

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 June 2021 and signed on its behalf by:
 

.........................................

Dr D H W Steel
Director

BEAVRS Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
119 Harley Street
London
W1G 6AU

These financial statements were authorised for issue by the Board on 29 June 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.

The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably;
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably;
- specific criteria have been met for each of the company's activities.

BEAVRS Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

BEAVRS Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2019 - 2).

4

Debtors

	2020 £	2019 £
Prepayments	4,559	14,336
Other debtors	34,696	53,767
	39,255	68,103

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Trade creditors		20,812	17,397
Amounts owed to related parties		1,530	22,352
Taxation and social security		178	4,194
Accruals and deferred income		16,083	39,622
		38,603	83,565

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary share of £1 each	1	1	1	1

7	Related party transactions

Summary of transactions with parent

The company will be making a charitable donation of £11,735 (2019 - £Nil) to the parent entity within 9 months of the year end. The company received income relating to the parent entity within the year totalling £3,905 (2019 - £600). The parent entity received trading income on behalf of the company totalling £60 in 2020 (2019 - £25,366). At the balance sheet date the amount due to the parent entity was £1,530 (2019 - £22,352).
 

BEAVRS Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

8	Parent and ultimate parent undertaking

The company's immediate parent is British and Eire Association of Vitreoretinal Surgeons which is a Charitable Incorporated Organisation.

  These financial statements are available upon request from 119 Harley Street, London, W1G 6AU