Beyond Compare Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC322417 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

BEYOND COMPARE LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Krzysztof Kierys

REGISTERED OFFICE:

1173 Gallowgate

Parkhead

G31 4EG

REGISTERED NUMBER:

SC322417 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

HSBC plc

2 Buchanan Street

Glasgow

G1 3LB

FIXED ASSETS

Tangible assets

4

26,051

10,419

CURRENT ASSETS

Stocks

2,210

1,989

Debtors

5

5,788

2,772

Cash at bank and in hand

52,069

56,164

60,067

60,925

CREDITORS

Amounts falling due within one year

6

73,550

68,429

NET CURRENT LIABILITIES

(13,483

)

(7,504

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,568

2,915

CREDITORS

Amounts falling due after more than one year

7

(18,698

)

-

PROVISIONS FOR LIABILITIES

-

(627

)

NET (LIABILITIES)/ASSETS

(6,130

)

2,288

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(7,130

)

1,288

SHAREHOLDERS' FUNDS

(6,130

)

2,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 27 December 2019 and were signed by:

Krzysztof Kierys - Director

1.	STATUTORY INFORMATION

Beyond Compare Ltd is a private company, limited by shares , registered in Scotland. 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.

Rendering of services

Turnover from the rendering of services, namely the provision of printing services, is recognised by reference to

the stage of completion of the service at the statement of financial position date.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Stocks

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

moving items.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

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.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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 end of the year 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.

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 the income statement in the period to which they relate.

Provision for liabilites

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

Going concern

At the statement of financial position date, the company's liabilities exceeded its total assets by £6,130. In order

to meet its day to day working capital requirements, the company requires the continuing support of its director.

The financial statements have been prepared on a going concern basis which assumes that the company will

continue in operational existence for the foreseeable future.

If the company was unable to continue in operational existence for the foreseeable future, adjustments would

have to be made to reduce the statement of financial position values of assets to their recoverable amounts, to

provide for further liabilities that might arise.

The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2018

14,224

3,800

128,487

146,511

Additions

-

-

30,404

30,404

At 31 March 2019

14,224

3,800

158,891

176,915

DEPRECIATION

At 1 April 2018

14,220

3,799

118,073

136,092

Charge for year

-

-

14,772

14,772

At 31 March 2019

14,220

3,799

132,845

150,864

NET BOOK VALUE

At 31 March 2019

4

1

26,046

26,051

At 31 March 2018

4

1

10,414

10,419

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

Additions

30,404

At 31 March 2019

30,404

DEPRECIATION

Charge for year

7,601

At 31 March 2019

7,601

NET BOOK VALUE

At 31 March 2019

22,803

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

4,565

908

Corporation tax

1,223

1,223

VAT

-

641

5,788

2,772

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

5,473

-

PAYE and NIC

1,877

1,934

VAT

986

-

Other creditors

19,500

25,305

Director's loan

45,114

40,590

Accrued charges

600

600

73,550

68,429

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Hire purchase contracts

18,698

-

8.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £45,114 (2018 :

£40,590).