Bishopsgate Business Solutions Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 08104607 (England and Wales)

Strategic Report, Report of the Director and

Audited Financial Statements for the Year Ended 31st March 2019

for

BISHOPSGATE BUSINESS SOLUTIONS LTD

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

6

Other Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTOR:

G Vine

REGISTERED OFFICE:

C/O DWF LLP

1 Scott Place

2 Hardman Street

Manchester

M3 3AA

REGISTERED NUMBER:

08104607 (England and Wales)

AUDITORS:

Landmark Audit Limited

Leavesden Park

5 Hercules Way

Watford

Hertfordshire

WD25 7GS

The director presents his strategic report for the year ended 31st March 2019.

REVIEW OF BUSINESS

2019

2018

£

£

Turnover

0

25,396,975

Gross Profit

0

667,904

Expenditure

50,757

1,392,251

Net Loss before Taxation

50,757

724,347

The company ceased trading on 31st March 2018 and the director intends to liquidate the company. Therefore, the

financial statements have not been prepared on a going concern basis. The financial statements have been prepared on a

break up basis and all current assets and liabilities have been restated at fair value.

PRINCIPAL RISKS AND UNCERTAINTIES

The business's principal financial instruments comprise trade debtors and trade creditors.The main purpose of these

instruments is to finance the business's operations.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and

the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet

are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:

G Vine - Director

27th March 2020

The director presents his report with the financial statements of the company for the year ended 31st March 2019.

DIVIDENDS

No dividends will be distributed for the year ended 31st March 2019.

DIRECTORS

G Vine has held office during the whole of the period from 1st April 2018 to the date of this report.

Other changes in directors holding office are as follows:

P A Munnelly - resigned 30th April 2018

J P Munnelly - resigned 30th April 2018

P D Munnelly - resigned 30th April 2018

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the 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 United Kingdom Generally Accepted Accounting Practice

(United Kingdom Accounting Standards and applicable law). 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 of the

profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director

in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of

that information.

ON BEHALF OF THE BOARD:

G Vine - Director

27th March 2020

Opinion

We have audited the financial statements of Bishopsgate Business Solutions Ltd (the 'company') for the year ended

31st March 2019 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of

Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements,

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:

-	give a true and fair view of the state of the company's affairs as at 31st March 2019 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 company in accordance with the ethical requirements that are

relevant to our audit of the financial statements in the UK, including the FRC'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.

Emphasis of matter

We draw your attention to note 2 of the financial statements, which explains that the director intends to liquidate the

company and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing

the financial statements. Accordingly, the financial statements have been prepared on a basis other than a going concern as

described in note 2. Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we

have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,

in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, 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 a Report of the Auditors 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 as a body, for our audit

work, for this report, or for the opinions we have formed.

Philip Cole F.C.A. (Senior Statutory Auditor)

for and on behalf of Landmark Audit Limited

Leavesden Park

5 Hercules Way

Watford

Hertfordshire

WD25 7GS

27th March 2020

TURNOVER

-

25,396,975

Cost of sales

-

(24,729,071

)

GROSS PROFIT

-

667,904

Administrative expenses

(50,757

)

(1,392,251

)

OPERATING LOSS and

LOSS BEFORE TAXATION

(50,757

)

(724,347

)

Tax on loss

5

-

-

LOSS FOR THE FINANCIAL YEAR

(50,757

)

(724,347

)

LOSS FOR THE YEAR

(50,757

)

(724,347

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(50,757

)

(724,347

)

CURRENT ASSETS

Debtors

6

48,407

203,054

Cash in hand

103,742

130,452

152,149

333,506

CREDITORS

Amounts falling due within one year

7

(1,083,437

)

(1,214,037

)

NET CURRENT LIABILITIES

(931,288

)

(880,531

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(931,288

)

(880,531

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(931,388

)

(880,631

)

SHAREHOLDERS' FUNDS

(931,288

)

(880,531

)

The financial statements were approved by the director on 27th March 2020 and were signed by:

G Vine - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2017

100

(156,284

)

(156,184

)

Changes in equity

Total comprehensive income

-

(724,347

)

(724,347

)

Balance at 31st March 2018

100

(880,631

)

(880,531

)

Changes in equity

Total comprehensive income

-

(50,757

)

(50,757

)

Balance at 31st March 2019

100

(931,388

)

(931,288

)

Cash flows from operating activities

Cash generated from operations

1

(26,710

)

(18,621

)

Net cash from operating activities

(26,710

)

(18,621

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,423

)

Net cash from investing activities

-

(1,423

)

Decrease in cash and cash equivalents

(26,710

)

(20,044

)

Cash and cash equivalents at beginning of year

2

130,452

150,496

Cash and cash equivalents at end of year

2

103,742

130,452

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2019

2018

£

£

Loss before taxation

(50,757

)

(724,347

)

Depreciation charges

-

44,383

Loss on disposal of fixed assets

-

22,954

(50,757

)

(657,010

)

Decrease in trade and other debtors

154,647

2,103,946

Decrease in trade and other creditors

(130,600

)

(1,465,557

)

Cash generated from operations

(26,710

)

(18,621

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 31st March 2019

31.3.19

1.4.18

£

£

Cash and cash equivalents

103,742

130,452

Year ended 31st March 2018

31.3.18

1.4.17

£

£

Cash and cash equivalents

130,452

150,496

1.	STATUTORY INFORMATION

Bishopsgate Business Solutions Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial

Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Due to the company ceasing to trade on 31st March 2018 and the intention of the director to liquidate the company,

these financial statements have not been prepared on a going concern basis. The financial statements have been

prepared on a break up basis and all current assets and liabilities have been restated at fair value.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2019

2018

£

£

Wages and salaries

-

7,262,769

Social security costs

-

566,124

Other pension costs

-

8,628

-

7,837,521

The average number of employees during the year was as follows:

2019

2018

Number of production staff

-

278

Number of administrative staff

-

18

-

296

2019

2018

£

£

Directors' remuneration

-

-

4.	OPERATING LOSS

The operating loss is stated after charging:

2019

2018

£

£

Other operating leases

-

32,546

Depreciation - owned assets

-

44,383

Loss on disposal of fixed assets

-

22,954

Auditors' remuneration

2,500

10,000

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31st March 2019 nor for the year ended

31st March 2018.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

2019

2018

£

£

Loss before tax

(50,757

)

(724,347

)

Loss multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

(9,644

)

(137,626

)

Effects of:

Expenses not deductible for tax purposes

-

2,414

Depreciation in excess of capital allowances

-

7,057

Loss on disposal of assets

-

4,361

Tax losses carried forward

9,644

123,794

Total tax charge

-

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

-

182,993

Other debtors

233

8,354

Tax

11,192

11,192

VAT

36,982

-

Prepayments

-

515

48,407

203,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

399,784

508,357

Social security and other taxes

8,294

663,542

Other creditors

655,770

18,070

Accruals and deferred income

19,589

24,068

1,083,437

1,214,037

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

5,833

27,623

Between one and five years

-

5,833

5,833

33,456

All the above leases have been settled at the date of signing the financial statements.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

2019

2018

£

£

Transactions with entities under common control:-

Services purchased

0

163,357

Services provided

0

130,782

Amount payable by the company

1,040,552

435,727

Amount payable to the company

0

7,778