Registered number:
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
COMPANY INFORMATION
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BREAL CAPITAL (BEAGLE) LIMITED
CONTENTS
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BREAL CAPITAL (BEAGLE) LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The directors present their strategic report for the period ended 30 November 2019.
The principal activity of the Company during the year was that of a holding company. The Company was incorporated on 29 November 2018 and acquired its main trading subsidiary Beagle Technology Group Limited on 14 December 2018. The principal activity of the Company's main subsidiary undertaking is disclosed in note 13 to the accounts. The Company's principal risk relates to the performance of its subsidiary undertaking.
Sales in the period were £6,217,383. The main trading subsidiary undertaking was purchased during the Group's first year therefore there are no comparatives to report. The Group achieved growth in its core market attracting new customers in the year both in the UK and overseas.
The Group has been well placed to pick up additional work with new customers which have enabled growth whilst not creating an over reliance on one customer. The Group continues to increase the level of run and repeat work across the aerospace section along with continued growth in its manufacture of components for its traditional legacy activity. Further investment in state-of-the-art machining facilities places the Group in a unique position in the processes offered to customers with sheet metal details, machined components, stretched forming, chemical miling, assemblies and a full range of treatments is one facility. The investment made has had a positive impact on the results for the period. The Group's commitment to research and development ("R&D") has been accounted for in the profit and loss account. the R&D activity in the year focused on the Group's core capabilities. Covid-19 The management of the Group does not believe that the Coronavirus will have a direct impact in its ability to continue to provide its planned services. However, the demand for these services will be dependent on the overall economic environment. The management will closely monitor the situation and act accordingl to mitigate any impact. UK Market Demand The outcome of Brexit implementation and its impact on the UK economy is not yet known, but our approach is to assume that the current challenging market conditions will prevail for a lengthy period. As well as our continued customer service ethos, we continue to focus on overhead control and maintenance of significant cash headroom to meet these challenges.
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BREAL CAPITAL (BEAGLE) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The risks to which the Group is exposed are identified and reviewed by the Board of Directors on a monthly basis. The risk of over-exposure to any significant customers has continued to be managed by adding several customers across a range of platforms and type of work. The Group's shareholder loans and financing facilities are regularly reviewed. While uncertainty remains around Brexit, the Group considers itself to have done the relevant planning to ensure it is best placed should an eventual decision be finalised.
The Group's financial instruments principally comprise of cash at bank, asset based financing and shareholder loans. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations. It is, and has been throughout the period under review, the Group's policy that no trading in financial instruments shall be undertaken. The main risk arising from the Group's financial instruments is liquidity, interest and credit risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged throughout the period. Liquidity risk The company actively manages its working capital requirement to ensure it has sufficient liquid resources to meet the operating needs of the business. Interest risk The Group''s interest rate exposure arises mainly from its interest bearing borrowings. Fixed rate borrowings expose the entity to fair value risk. The Group regularly reviews its funding arrangements to ensure they are competitive in the market place. Credit risk The recipients of all loans are subject to credit verification procedures by the Board. Debtors are reviewed on a regular basis and a provision is made for doubtful debts when necessary.
The Group maintains a tight control over both fixed and variable overheads. In addition to the monthly detailed cost reviews undertaken by Management, key performance indicators usd to monitor performance centre around sales, gross margins, customer service and quality.
The Board are pleased with the continued progress made in all these areas during the period and feel well positioned to mvoe into the next phase of growth for the Group.
This report was approved by the board on 22 December 2020
and signed on its behalf.
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BREAL CAPITAL (BEAGLE) LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The director presents his report and the financial statements for the period ended ended 30 November 2019.
The director who served during the period ended was:
The profit for the period ended, after taxation and minority interests, amounted to £
625,114.
The directors have chosen to disclose information on the following, required by the Companies Act to be included in the Director's Report, within the Strategic Report, found on pages 1 and 2.
- Information on financial instruments, financial risk management and policies and; - Information regarding future developments of the business.
The director is responsible for preparing the Group strategic report, the Director's report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year
. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the director is required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BREAL CAPITAL (BEAGLE) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The
director at the time when this Director's report is approved has confirmed that:
The auditors, Simmons Gainsford LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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BREAL CAPITAL (BEAGLE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED
We have audited the financial statements of Breal Capital (Beagle) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended ended 30 November 2019, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity
and the related notes, 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 Financial Reporting Standard 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:
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 director
's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent 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 director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' 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.
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BREAL CAPITAL (BEAGLE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group strategic report and the Director's report for the financial period ended for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Director's responsibilities statement on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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BREAL CAPITAL (BEAGLE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BREAL CAPITAL (BEAGLE) LIMITED (CONTINUED)
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 Auditors' 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:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
This report is made solely to the Company's members
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 Auditors' 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
7-10 Chandos Street
W1G 9DQ
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BREAL CAPITAL (BEAGLE) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
REGISTERED NUMBER:
11703378
CONSOLIDATED BALANCE SHEET
AS AT
30 NOVEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2020
.
The notes on pages 15 to 32 form part of these financial statements.
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BREAL CAPITAL (BEAGLE) LIMITED
REGISTERED NUMBER:
11703378
COMPANY BALANCE SHEET
AS AT
30 NOVEMBER 2019
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the period was £Nil.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 32 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED ENDED
30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED ENDED
30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The is a private company limited by shares and is incorporated in England and Wales. The registered office address is 4th Floor, 7/10 Chandos Street, Cavendish Square, London, W1G 9DQ.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Group has elected to apply all amendments to FRS 102, as set out in the triennial review published in December 2017, prior to the mandatory adoption for accounting periods beginning on or after 1 January 2019.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
2.
Accounting policies (continued)
The global Coronavirus pandemic has caused unprecedented uncertainty across the sector with the direct impact and ripple effect of the economic fallout currently unknown.
As a result of the pandemic, the initial lockdown and decision to temporarily suspend operations, the Group has been taking certain measures to ensure that it remains in a position where it can continue to meets its forecast liabilities as they fall due. Steps include: - Additional CBILS funding; - Enhanced cost reduction measures; and - Making use of relevant government support including the Coronavirus Job Retention Scheme. Based on the steps undertaken and with the continued support of the Group's bank, the financial statements have been prepared on a going concern basis.
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period ended in which they are incurred.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
2.
Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Plant and machinery are carried on the balance sheet on the basis of existing use value less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Existing use values are determined from market based evidence normally undertaken by professionally qualified valuers.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a standard costing basis. Work in progress and finished goods include labour and attributable overheads
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
2.
Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not moret than 24 hours.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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. Stock provision Management has implemented specific provisions against slow-moving inventories based on their experience of the Group's stock holding and the period of time that an inventory line has not moved. The provision is offset against the stock balance. Tangible fixed assets Tangible fixed assets, other than plant and machinery, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Plant and machinery are held on a depreciated valuation basis, which is assessed by management at each balance sheet date with reference to recent professional valuations.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
Analysis of turnover by country of destination:
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
The Group has estimated losses of £4.3m (2019: £4m) to carry forward against future profits. No deferred tax asset has been recognised in respect of losses arising due to the uncertainty as to when the asset will be recovered.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
For details of security, see note 18.
During the period there was an issue of a single class of ordinary shares. There are no restrictions on distribution of dividends and the repayment of capital.
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BREAL CAPITAL (BEAGLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 30 NOVEMBER 2019
Revaluation reserve
Profit and loss account
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