Company Registration No. 00924170 (England and Wales)
BESTPLATE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
BESTPLATE LIMITED
COMPANY INFORMATION
Directors
G Zell
T McNamee
Secretary
B Zell
Company number
00924170
Registered office
Zell-Em Group House
Snowdon Road
Lytham St. Annes
Lancashire
United Kingdom
FY8 3FR
Auditor
Azets Audit Services
St. Crispin House
St. Crispin Way
Haslingden
Rossendale
Lancashire
United Kingdom
BB4 4PW
BESTPLATE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 20
BESTPLATE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2020
- 1 -
The directors present the strategic report for the year ended 30 June 2020.
Fair review of the business
The results for the year and the financial position at the year end were, in view of the very difficult trading conditions experienced, considered satisfactory by the directors who continue to look for suitable growth opportunities.
The company's new modern trading premises together with recent large investment into new machinery and technology allows the company to operate more efficiently.
This investment allows the company to be more efficient in its day to day operations enabling cost savings to be passed on to our customer base. This allows the company to be more competitive in a very competitive market.
We recently further invested in an ultra modern “state of the art” test laboratory. These facilities have enabled us to be in a position to implement the new standard BSAU 145e which came into effect on 1 January 2021, with a transition period, until it will become mandatory for all new registrations from 1 September 2021; develop new products and most importantly ensure our customers receive the highest quality products consistently.
We listen to our customers’ requirements, to ensure we deliver the highest level of customer service, value for money and a quality, tested product.
Principal risks and uncertainties
The principal risk to the company is the competitive environment and the lack of enforcement with inferior products entering the market.
The company works hard with their customers to ensure they receive good value for money and the highest levels of customer service. This adds value to the company's commercial proposition and enhances the company's core skills of delivering a quality product.
At the time these financial statements were approved, we have come through 12 months of lockdown following the impact of COVID-19. The group has suffered a reduction in turnover over the past 12 months, however with strong cash reserves, we feel we are well placed to overcome the challenges this will bring going forward.
The directors feel they are well placed to mitigate and overcome any risks and uncertainties which the company is likely to face.
T McNamee
Director
30 March 2021
BESTPLATE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2020.
Principal activities
The principal activity of the company continued to be that of the manufacture of number plates.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G Zell
T McNamee
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £475,725. The directors do not recommend payment of a final dividend.
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The group’s principal financial instruments comprise bank balances, trade debtors
and
trade creditors. The main purpose of these instruments is to finance the business' operations.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to
customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented
in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Auditor
The auditor, Azets Audit Services (formerly Baldwins Audit Services), is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
BESTPLATE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
Matters covered in the strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
On behalf of the board
T McNamee
Director
30 March 2021
BESTPLATE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2020
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BESTPLATE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BESTPLATE LIMITED
- 5 -
Opinion
We have audited the financial statements of Bestplate Limited (the 'company') for the year ended 30 June 2020 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 June 2020 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BESTPLATE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BESTPLATE LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
BESTPLATE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BESTPLATE LIMITED
- 7 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Read (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
30 March 2021
Chartered Accountants
Statutory Auditor
St. Crispin House
St. Crispin Way
Haslingden
Rossendale
Lancashire
United Kingdom
BB4 4PW
BESTPLATE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
2020
2019
Notes
£
£
Turnover
8,773,890
11,212,542
Cost of sales
(7,927,111)
(9,379,637)
Gross profit
846,779
1,832,905
Administrative expenses
(1,076,951)
(1,233,780)
Other operating income
163,530
-
Operating (loss)/profit
3
(66,642)
599,125
Interest receivable and similar income
6
7,605
9,718
(Loss)/profit before taxation
(59,037)
608,843
Tax on (loss)/profit
7
25,247
(127,373)
(Loss)/profit for the financial year
(33,790)
481,470
Retained earnings brought forward
3,895,360
3,863,890
Dividends
8
(475,725)
(450,000)
Retained earnings carried forward
3,385,845
3,895,360
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BESTPLATE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 9 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,326,471
3,475,447
Current assets
Stocks
10
869,265
822,908
Debtors
11
1,256,209
1,844,026
Cash at bank and in hand
1,187,497
1,449,129
3,312,971
4,116,063
Creditors: amounts falling due within one year
12
(3,061,742)
(3,480,284)
Net current assets
251,229
635,779
Total assets less current liabilities
3,577,700
4,111,226
Provisions for liabilities
13
(131,075)
(155,086)
Net assets
3,446,625
3,956,140
Capital and reserves
Called up share capital
17
11,343
11,343
Share premium account
49,437
49,437
Profit and loss reserves
3,385,845
3,895,360
Total equity
3,446,625
3,956,140
The financial statements were approved by the board of directors and authorised for issue on 30 March 2021 and are signed on its behalf by:
T McNamee
Director
Company Registration No. 00924170
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 10 -
1
Accounting policies
Company information
Bestplate Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Zell-Em Group House, Snowdon Road, Lytham St. Annes, Lancashire, United Kingdom, FY8 3FR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of Zell-Em Group
Limited. These consolidated financial statements are available from its registered office, Zell-Em Group House Snowdon Road Lytham St Annes Lancashire FY8 3FR
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The directors have confirmed the wider group will provide continuing financial support
to
all companies within the group, including this company.
Despite uncertainty surrounding the impact of COVID-19, the directors consider that the availability of Government support packages, alongside the group’s strong cash position, places the group in a strong position to overcome the challenges that may arise over the coming months. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 11 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Computers
33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are
measured at transaction price including transaction costs
.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies are
initially recognised at transaction
. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Stock provision
A key area of judgement and estimation uncertainty that has a significant effect on the amounts recognised in the financial statements is in regard to any provision for impairment of stock. Management monitor the ageing of stock, along with market trends and conditions, in determining whether a provision is required in relation to particular stock items.
3
Operating (loss)/profit
2020
2019
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(168)
(69)
Government grants
(163,530)
-
Fees payable to the company's auditor for the audit of the company's financial statements
7,600
7,396
Depreciation of owned tangible fixed assets
187,076
173,522
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Production
21
20
Distribution
9
8
Administrative
21
24
Total
51
52
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
1,345,732
2,132,247
Social security costs
136,998
101,659
Pension costs
24,459
18,205
1,507,189
2,252,111
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 15 -
5
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
131,810
950,000
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
n/a
475,000
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
Directors' remuneration is paid by the parent company and recharged to other group companies, including this company, on an arms length basis.
6
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
7,605
9,718
7
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
-
88,000
Adjustments in respect of prior periods
(1,236)
-
Total current tax
(1,236)
88,000
Deferred tax
Origination and reversal of timing differences
(24,011)
39,373
Total tax (credit)/charge
(25,247)
127,373
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
7
Taxation
(Continued)
- 16 -
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
(Loss)/profit before taxation
(59,037)
608,843
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
(11,217)
115,680
Depreciation on assets not qualifying for tax allowances
-
11,693
Other
(14,030)
-
Taxation (credit)/charge for the year
(25,247)
127,373
8
Dividends
2020
2019
£
£
Interim paid
475,725
450,000
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2019
3,075,027
673,237
80,828
193,780
25,038
4,047,910
Additions
-
38,100
-
-
-
38,100
At 30 June 2020
3,075,027
711,337
80,828
193,780
25,038
4,086,010
Depreciation and impairment
At 1 July 2019
206,766
128,949
35,921
180,780
20,047
572,463
Depreciation charged in the year
58,299
105,174
12,123
6,489
4,991
187,076
At 30 June 2020
265,065
234,123
48,044
187,269
25,038
759,539
Carrying amount
At 30 June 2020
2,809,962
477,214
32,784
6,511
-
3,326,471
At 30 June 2019
2,868,261
544,288
44,907
13,000
4,991
3,475,447
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
9
Tangible fixed assets
(Continued)
- 17 -
Included in freehold land and buildings is land at a cost of £160,000 (201
9
: £160,000) which is not
depreciated.
10
Stocks
2020
2019
£
£
Raw materials and consumables
863,827
816,945
Finished goods and goods for resale
5,438
5,963
869,265
822,908
11
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
826,312
1,560,376
Corporation tax recoverable
2,628
81,927
Amounts owed by group undertakings
305,984
99,666
Prepayments and accrued income
121,285
102,057
1,256,209
1,844,026
12
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Trade creditors
164,656
935,295
Amounts owed to group undertakings
1,711,922
1,830,248
Taxation and social security
326,126
193,507
Government grants
15
350,000
350,000
Other creditors
24,072
27,365
Accruals and deferred income
484,966
143,869
3,061,742
3,480,284
13
Provisions for liabilities
2020
2019
Notes
£
£
Deferred tax liabilities
14
131,075
155,086
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 18 -
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
131,075
155,086
2020
Movements in the year:
£
Liability at 1 July 2019
155,086
Credit to profit or loss
(24,011)
Liability at 30 June 2020
131,075
15
Deferred grants
2020
2019
£
£
Arising from government grants
350,000
350,000
Deferred income comprises £350,000 of government grants received in 2015. This grant is contingent upon the company spending an agreed amount relocating to larger premises and safeguarding and creating additional jobs, including apprentices and graduates. The grant income has been deferred until the above criteria have been met.
16
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,459
18,205
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 19 -
17
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
6,343 Ordinary shares of £1 each
6,343
6,343
5,000 Deferred ordinary shares of £1 each
5,000
5,000
11,343
11,343
Each ordinary share carries the right to one vote and to participate in all of the profits of the company
distributed by dividend or otherwise and to all profits and surpluses on a winding up.
Each deferred share does not carry the right to vote, but does carry the right to participate in all of the
profits of the company distributed by dividend or otherwise and to all profits and surpluses on a winding
up
.
BESTPLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 20 -
18
Related party transactions
Zell-em Group Limited
Ultimate parent company
During the year, the company
incurred recharges from Zell-em Group Limited amounting to
£
350,000
(201
9
- £
415,000
)
. During the year the company paid dividends to Zell-em Group Limited amounting to £318,750 (2019 - £301,513).
Zell-em Limited
Fellow subsidiary undertaking
During the year, the company
made purchases
from
Zell-em Limited
amounting to £
144,475
(201
9
- £
164,217
)
and incurred service charges amounting to £100,000 (2019 - £nil)
.
Amounts owed to related parties are unsecured, interest free and due for repayment within one year.
19
Directors' transactions
Dividends totalling £156,975 (2019 - £148,487) were paid in the year in respect of shares held by the company's directors.
20
Ultimate controlling party
The immediate and ultimate undertaking is Zell-Em Group Limited, a company incorporated in England.
Group financial statements are prepared and are available to the public from
Companies House, Crown
Way, Cardiff, CF14 3UZ.
2020-06-30
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