Built Environment Consulting (East Midlands) Limited 28/02/2020 iXBRL

Built Environment Consulting (East Midlands) Limited 28/02/2020 iXBRL

BUILT ENVIRONMENT CONSULTING (EAST MIDLANDS) LIMITED - Company Information

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Built Environment Consulting (East Midlands) Limited
Unaudited filleted financial statements
28 February 2020
Company registration number: 08354230 (England and Wales)
Built Environment Consulting (East Midlands) Limited
Contents
Statement of financial position
Notes to the financial statements
Built Environment Consulting (East Midlands) Limited
Statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 37,565 42,298
_______ _______
37,565 42,298
Current assets
Debtors 6 250,540 75,245
Cash at bank and in hand 53,838 290,898
_______ _______
304,378 366,143
Creditors: amounts falling due
within one year 7 ( 160,018) ( 357,738)
_______ _______
Net current assets 144,360 8,405
_______ _______
Total assets less current liabilities 181,925 50,703
Provisions for liabilities 8 ( 7,138) ( 8,037)
_______ _______
Net assets 174,787 42,666
_______ _______
Capital and reserves
Called up share capital 10 104 100
Profit and loss account 174,683 42,566
_______ _______
Shareholders funds 174,787 42,666
_______ _______
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 March 2020 , and are signed on behalf of the board by:
M. J. McConnell
Director
Company registration number: 08354230
Built Environment Consulting (East Midlands) Limited
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leopold Villa, 45 Leopold Street, Derby, DE1 2HF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2019: 15 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2019 87,305 87,305
Additions 3,921 3,921
_______ _______
At 28 February 2020 91,226 91,226
_______ _______
Depreciation
At 1 March 2019 45,007 45,007
Charge for the year 8,654 8,654
_______ _______
At 28 February 2020 53,661 53,661
_______ _______
Carrying amount
At 28 February 2020 37,565 37,565
_______ _______
At 28 February 2019 42,298 42,298
_______ _______
6. Debtors
2020 2019
£ £
Trade debtors 244,485 68,901
Prepayments and accrued income 6,055 6,344
_______ _______
250,540 75,245
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 33,166 196,296
Accruals and deferred income 3,656 11,558
Corporation tax 9,438 -
Social security and other taxes 108,169 145,319
Other creditors 5,589 4,565
_______ _______
160,018 357,738
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 March 2019 8,037 8,037
Charges against provisions ( 899) ( 899)
_______ _______
At 28 February 2020 7,138 7,138
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 2019
£ £
Included in provisions (note 8) 7,138 8,037
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2020 2019
£ £
Accelerated capital allowances 7,138 8,037
_______ _______
10. Called up share capital
Authorised share capital
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Ordinary A shares of £ 1.00 each 1 1 - -
Ordinary B shares of £ 1.00 each 1 1 - -
Ordinary C shares of £ 1.00 each 1 1 - -
Ordinary D shares of £ 1.00 each 1 1 - -
_______ _______ _______ _______
104 104 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
Ordinary A shares of £ 1.00 each 1 1 - -
Ordinary B shares of £ 1.00 each 1 1 - -
Ordinary C shares of £ 1.00 each 1 1 - -
Ordinary D shares of £ 1.00 each 1 1 - -
_______ _______ _______ _______
104 104 100 100
_______ _______ _______ _______
Share movements
No £
Ordinary :
At 1 March 2019 100 100
Issue of shares 45 45
Shares cancelled 45 45
_______ _______
At 28 February 2020 100 100
_______ _______
No £
Ordinary A :
At 1 March 2019 - -
Issue of shares 1 1
_______ _______
At 28 February 2020 1 1
_______ _______
No £
Ordinary B :
At 1 March 2019 - -
Issue of shares 1 1
_______ _______
At 28 February 2020 1 1
_______ _______
No £
Ordinary C :
At 1 March 2019 - -
Issue of shares 1 1
_______ _______
At 28 February 2020 1 1
_______ _______
No £
Ordinary D :
At 1 March 2019 - -
Issue of shares 1 1
_______ _______
At 28 February 2020 1 1
_______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years 29,500 44,250
_______ _______
12. Controlling party
There is no ultimate controlling party .