Good Beef Index Limited - Period Ending 2022-07-31

Good Beef Index Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Good Beef Index Limited

Balance Sheet

31 July 2022

	Note	2022 £	2021 £
Fixed assets
Intangible assets	4	275,699	235,596
Tangible assets	5	5,781	11,504
		281,480	247,100
Current assets
Debtors	6	2,529	46,132
Cash at bank and in hand		3,550	1,172
		6,079	47,304
Creditors: Amounts falling due within one year	7	(523,030)	(425,527)
Net current liabilities		(516,951)	(378,223)
Net liabilities		(235,471)	(131,123)
Capital and reserves
Called up share capital	8	1,000	1,000
Profit and loss account		(236,471)	(132,123)
Shareholders' deficit		(235,471)	(131,123)

Good Beef Index Limited

Balance Sheet

31 July 2022

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 28 April 2023
 

......................................... D W Andrews Director

Company Registration Number: 12123942

Good Beef Index Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Francis Clark LLP
Melville Building East
Royal William Yard
PLYMOUTH
PL1 3RP

The principal place of business is:
Warson Barton
Coryton
Okehampton
EX20 4PQ

These financial statements were authorised for issue by the director on 28 April 2023.

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

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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;
and specific criteria have been met for each of the company's activities.

Good Beef Index Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Asset class	Amortisation method and rate
Trademarks, patents and licenses	5% straight line
Website costs	5% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Good Beef Index Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 5).

Good Beef Index Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

4	Intangible assets

	Trademarks, patents and licenses  £	Website costs  £	Total £
Cost or valuation
At 1 August 2021	35,952	200,251	236,203
Additions acquired separately	-	54,649	54,649
At 31 July 2022	35,952	254,900	290,852
Amortisation
At 1 August 2021	303	304	607
Amortisation charge	1,800	12,746	14,546
At 31 July 2022	2,103	13,050	15,153
Carrying amount
At 31 July 2022	33,849	241,850	275,699
At 31 July 2021	35,649	199,947	235,596

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2021	17,170	17,170
At 31 July 2022	17,170	17,170
Depreciation
At 1 August 2021	5,666	5,666
Charge for the year	5,723	5,723
At 31 July 2022	11,389	11,389
Carrying amount
At 31 July 2022	5,781	5,781
At 31 July 2021	11,504	11,504

Good Beef Index Limited

Notes to the Unaudited Financial Statements

Year Ended 31 July 2022

6

Debtors

	2022 £	2021 £
Other debtors	2,529	46,132
	2,529	46,132

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	-	53,352
Other creditors	521,655	371,675
Accruals and deferred income	1,375	500
	523,030	425,527

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

9	Related party transactions

Summary of transactions with key management

The director has provided funds to the company amounting to £521,654 as at 31 July 2022 (31 July 2021: £ 371,675). No interest is charged on this loan.