B F G Clinical Solutions Limited - Period Ending 2019-06-30

Registration number: 10220093

B F G Clinical Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2019

Bissell & Brown Ltd
Chartered Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

B F G Clinical Solutions Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

B F G Clinical Solutions Limited

Company Information

Director	A Rose

Registered office

307 Mary Vale Road Bournville Birmingham B30 1PL

Accountants

Bissell & Brown Ltd Chartered Accountants Charter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
B F G Clinical Solutions Limited
for the Year Ended 30 June 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of B F G Clinical Solutions Limited for the year ended 30 June 2019 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of B F G Clinical Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 28 March 2017. Our work has been undertaken solely to prepare for your approval the accounts of B F G Clinical Solutions Limited and state those matters that we have agreed to state to the Board of Directors of B F G Clinical Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B F G Clinical Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that B F G Clinical Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of B F G Clinical Solutions Limited. You consider that B F G Clinical Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of B F G Clinical Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Ltd
Chartered Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

12 March 2020

Page 2

B F G Clinical Solutions Limited

(Registration number: 10220093)
Balance Sheet as at 30 June 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	250
Current assets
Debtors	5	130	1
Cash at bank and in hand		381	793
		511	794
Creditors: Amounts falling due within one year	6	(585)	(1,426)
Net current liabilities		(74)	(632)
Net liabilities		(74)	(382)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(75)	(383)
Total equity		(74)	(382)

For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 March 2020
 

......................................... A Rose Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

B F G Clinical Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 10220093.

The address of its registered office is:
307 Mary Vale Road
Bournville
Birmingham
B30 1PL
United Kingdom

The principal place of business is:
Longswood Farms
Telford
TF6 6HP
England

These financial statements were authorised for issue by the director on 6 March 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the company continues to receive the support of the director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

B F G Clinical Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 5

B F G Clinical Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)

2	Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Trade debtors

Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments 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.

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Page 6

B F G Clinical Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)

2	Accounting policies (continued)

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, 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. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed (including the director) during the year was 1 (2018 - 1).

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 July 2018	500	500
At 30 June 2019	500	500
Depreciation
At 1 July 2018	250	250
Charge for the year	250	250
At 30 June 2019	500	500
Carrying amount
At 30 June 2019	-	-
At 30 June 2018	250	250

Page 7

B F G Clinical Solutions Limited

Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)

5

Debtors

	2019 £	2018 £
Other debtors	130	1
Total current trade and other debtors	130	1

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	6.1	485	1,126
Accrued expenses		100	300
		585	1,426

6.1	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Loans from directors	485	1,126

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares share of £1 each	1	1	1	1

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: Holders of the ordinary share capital have a right to vote and receive dividends.

8

Dividends

		2019		2018
		£		£
Final dividend of £Nil (2018 - £Nil) per ordinary share		-		-

Page 8