B.E.D. (Corby) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02671639 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

B.E.D. (CORBY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M J Allanson

C P Allanson

G A Cook

SECRETARY:

C P Allanson

REGISTERED OFFICE:

Unit E Crawley House

Shelton Road

Corby

Northamptonshire

NN17 5XH

REGISTERED NUMBER:

02671639 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co LLP

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Tangible assets

4

416,449

470,583

CURRENT ASSETS

Stocks

1,207,193

1,172,739

Debtors

5

2,027,136

2,808,377

Cash at bank and in hand

361,263

171,979

3,595,592

4,153,095

CREDITORS

Amounts falling due within one year

6

2,367,093

3,116,101

NET CURRENT ASSETS

1,228,499

1,036,994

TOTAL ASSETS LESS CURRENT LIABILITIES

1,644,948

1,507,577

CREDITORS

Amounts falling due after more than one year

7

(100,551

)

(156,446

)

PROVISIONS FOR LIABILITIES

(14,727

)

(22,643

)

NET ASSETS

1,529,670

1,328,488

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Share premium

174,518

174,518

Retained earnings

1,345,152

1,143,970

1,529,670

1,328,488

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd February 2024 and were signed on its behalf by:

M J Allanson - Director

1.	STATUTORY INFORMATION

B.E.D. (Corby) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

10% on cost

Plant and machinery etc

-

20% on cost

Government grants

Income from government grants have been recognised using the accruals model. Grants received related to revenue have been recognised on a systematic basis over the period in which the entity has recognised the related cost. Grants received giving immediate financial support to the entity with no future related costs have been recognised in the period in which it became receivable.

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 Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st July 2022

586,336

601,191

1,187,527

Additions

-

101,852

101,852

Disposals

(13,000

)

(18,371

)

(31,371

)

At 30th June 2023

573,336

684,672

1,258,008

DEPRECIATION

At 1st July 2022

260,328

456,616

716,944

Charge for year

54,146

75,690

129,836

Eliminated on disposal

(2,600

)

(2,621

)

(5,221

)

At 30th June 2023

311,874

529,685

841,559

NET BOOK VALUE

At 30th June 2023

261,462

154,987

416,449

At 30th June 2022

326,008

144,575

470,583

Included in fixed assets are items with a net book value of £247,207 (2022 £233,438) held under hire purchase contracts. The finance is secured upon the asset financed.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,717,040

2,720,986

Amounts owed by group undertakings

169,417

-

Other debtors

140,679

87,391

2,027,136

2,808,377

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

553,114

539,405

Hire purchase contracts (see note 8)

105,835

95,675

Trade creditors

1,160,680

1,886,336

Taxation and social security

294,936

420,948

Other creditors

252,528

173,737

2,367,093

3,116,101

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

19,804

29,821

Hire purchase contracts (see note 8)

80,747

126,625

100,551

156,446

The company has a government backed bounce back loan. The amount owing at the year end was £29,886 (2022 £39,650)

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2023

2022

£

£

Net obligations repayable:

Within one year

105,835

95,675

Between one and five years

80,747

126,625

186,582

222,300

Non-cancellable

operating leases

2023

2022

£

£

Within one year

163,980

162,490

Between one and five years

416,092

165,404

In more than five years

-

12,199

580,072

340,093

The operating lease commitment consists of property, printers and vehicle lease rentals that the company is committed to.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

543,032

529,576

Hire purchase contracts

186,582

222,300

729,614

751,876

Amounts outstanding under hire purchase and financing agreements are secured on the assets financed.

RBS Invoice Finance Ltd hold a fixed and floating debenture charge over the companies assets securing their debts.

National Westminster Bank PLC hold a fixed and floating debenture charge over the companies assets, securing their debts.

10.	RELATED PARTY DISCLOSURES

Included in debtors is £169,417 (2022 - nil) which was owed from the company's parent. During the year £169,417 was advanced. No interest has been charged on the amount owing. The balance is repayable on demand.

Included in other debtors is nil (2022 £4,948) owed from a company with common control. During the year £4,948 was repaid. No interest has been charged on the amount owing. The balance at the year end is repayable on demand.