BUSINESS OF INVOLVEMENT LTD Filleted accounts for Companies House (small and micro)

BUSINESS OF INVOLVEMENT LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03251375

BUSINESS OF INVOLVEMENT LTD

Filleted Financial Statements

31 December 2018

BUSINESS OF INVOLVEMENT LTD

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		17,440	46,918

Current assets

Debtors	7	664,048	592,940
Cash at bank and in hand		110	107,231
		---------	---------
		664,158	700,171

Creditors: amounts falling due within one year	8	409,790		425,904
		---------		---------
Net current assets			254,368	274,267
			---------	---------
Total assets less current liabilities			271,808	321,185

Creditors: amounts falling due after more than one year	9		209,621	278,000

Provisions

Taxation including deferred tax	1,521	6,748
	---------	---------
Net assets	60,666	36,437
	---------	---------

Capital and reserves

Called up share capital	11	9,167	9,167
Profit and loss account		51,499	27,270
		--------	--------
Shareholders funds		60,666	36,437
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 3 September 2019 , and are signed on behalf of the board by:

J. C. Starling

Director

Company registration number: 03251375

BUSINESS OF INVOLVEMENT LTD

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 212 New Kings Road, Fulham, London, SW6 4NZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue is recognised in the period in which events are held. The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of events produced during the year and booked at key points during the project. Any advance receipts and payments are carried forward as deferred income or prepaid job costs.

Income tax

Deferred Tax is recognised in respect of all timing difference that have been originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixture, fittings and equipment	-	25% reducing balance
Equipment	-	25 % reducing balance
Computer software	-	25 % reducing balance

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 5 (2017: 10 ).

5. Taxation on ordinary activities

Major components of tax income

	2018	2017
	£	£

Current tax:

Adjustments in respect of prior periods	( 62)	–

Deferred tax:

Origination and reversal of timing differences	( 4,709)	( 30,515)
	-------	--------
Taxation on ordinary activities	( 4,771)	( 30,515)
	-------	--------

6. Tangible assets

	Fixtures and fittings	Equipment	Computer software	Total
	£	£	£	£
Cost
At 1 January 2018	170,217	430,276	30,971	631,464
Additions	–	–	7,649	7,649
Disposals	( 165,909)	( 378,582)	–	( 544,491)
	---------	---------	--------	---------
At 31 December 2018	4,308	51,694	38,620	94,622
	---------	---------	--------	---------
Depreciation
At 1 January 2018	159,079	394,496	30,971	584,546
Charge for the year	5,570	3,791	6,018	15,379
Disposals	( 160,984)	( 361,759)	–	( 522,743)
	---------	---------	--------	---------
At 31 December 2018	3,665	36,528	36,989	77,182
	---------	---------	--------	---------
Carrying amount
At 31 December 2018	643	15,166	1,631	17,440
	---------	---------	--------	---------
At 31 December 2017	11,138	35,780	–	46,918
	---------	---------	--------	---------

The disposals above refer to equipment which was lost in a theft at the premises and the net book value equals the amount recovered through an insurance claim. Hence, no profit and loss arises on the theft.

7. Debtors

	2018	2017
	£	£
Trade debtors	260,776	49,627
Other debtors	403,272	543,313
	---------	---------
	664,048	592,940
	---------	---------

Other debtors include prepaid job costs & accrued income of £252,527 (2017: £369,797) and Deferred Tax Assets of £80,810 (2017:£81,327)

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Loans	77,099	77,000
Trade creditors	134,444	131,913
Corporation tax	–	62
Social security and other taxes	12,408	131,078
Other creditors - Bank Overdraft	45,771	–
Other creditors	140,068	85,851
	---------	---------
	409,790	425,904
	---------	---------

The loans are from financial institutions and have a fixed interest rate of 7.5% to 8% with a loan duration of 60 months and are secured on company assets. The other creditors include deferred income of £45,456 (2017: NIL).

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Loans	209,621	278,000
	---------	---------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in debtors (note 7)	80,810	81,327
Included in provisions	( 1,521)	( 6,748)
	--------	--------
	79,289	74,579
	--------	--------

11. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 0.10 each	91,670	9,167.00	91,670	9,167.00
	--------	----------	--------	----------

12. Summary audit opinion

The auditor's report for the year dated 3 September 2019 was unqualified.

The senior statutory auditor was Fenton Higgins FCA , for and on behalf of Higgins Fairbairn & Co .

13. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
J. C. Starling	9,027	3,466	( 1,371)	11,122
	-------	-------	-------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
J. C. Starling	7,590	8,245	( 6,808)	9,027
	-------	-------	-------	-------

Note: These are advances for business expenses.