Beehive Coils Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00926489 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BEEHIVE COILS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

R.F. Bartram

M R Bartram

D Mills

T Hills

Mrs K E Briggs

D L Thompson

SECRETARY:

R.F. Bartram

REGISTERED OFFICE:

Studland Park Avenue

Newmarket

Suffolk

CB8 7AU

REGISTERED NUMBER:

00926489 (England and Wales)

AUDITORS:

Myrus Smith

Chartered Accountants & Statutory Auditor

Norman House

8 Burnell Road

Sutton

Surrey

SM1 4BW

FIXED ASSETS

Investments

4

100

100

CURRENT ASSETS

Stocks

5

1,663,842

1,123,190

Debtors

6

2,030,329

2,656,321

Cash at bank and in hand

506,726

498,866

4,200,897

4,278,377

CREDITORS

Amounts falling due within one year

7

1,998,851

2,155,642

NET CURRENT ASSETS

2,202,046

2,122,735

TOTAL ASSETS LESS CURRENT LIABILITIES

2,202,146

2,122,835

CAPITAL AND RESERVES

Called up share capital

70,314

70,314

Share premium

63,000

63,000

Capital redemption reserve

172,186

172,186

Other reserves

896

896

Retained earnings

1,895,750

1,816,439

SHAREHOLDERS' FUNDS

2,202,146

2,122,835

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2023 and were signed on its behalf by:

R.F. Bartram - Director

1.	STATUTORY INFORMATION

Beehive Coils 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.

Turnover relating to the sale of goods is recognised when substantively all the risks and rewards in connection with the goods have been passed to the buyer. This is usually when the goods are delivered.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items. Cost is calculated using the first-in first-out (FIFO) basis of valuation.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. The assets of the scheme are administered by trustees in a fund independent from those of the company.

Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 114 (2022 - 112 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

100

NET BOOK VALUE

At 31 March 2023

100

At 31 March 2022

100

5.

STOCKS

2023

2022

£

£

Stocks

1,563,220

1,044,435

Work-in-progress

100,622

78,755

1,663,842

1,123,190

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,784,021

2,653,286

Amounts owed by group undertakings

245,268

-

Other debtors

1,040

-

Prepayments

-

3,035

2,030,329

2,656,321

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

850,672

988,435

Amounts owed to group undertakings

-

460,260

Tax

230,749

80,506

Social security and other taxes

236,134

213,040

Other creditors

364,594

145,642

Accruals and deferred income

316,702

267,759

1,998,851

2,155,642

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Fisher BA FCA CTA (Senior Statutory Auditor)

for and on behalf of Myrus Smith

9.	CONTINGENT LIABILITIES

The Company has indemnified the Bank for sums up to a maximum of £40,000 in respect of a guarantee given to HM Revenue & Customs.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is Gem Industrial Products Limited, a company incorporated in Great Britain and registered in England and Wales.

The registered office of the parent undertaking is: Studlands Park Avenue, Newmarket, Suffolk, CB8 7AU.