B I Communications Limited Filleted accounts for Companies House (small and micro)

B I Communications Limited Filleted accounts for Companies House (small and micro)

B I COMMUNICATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01738578
B I Communications Limited
Filleted Unaudited Financial Statements
30 June 2019
B I Communications Limited
Statement of Financial Position
30 June 2019
2019
2018
Note
£
£
£
£
Fixed assets
Tangible assets
5
62,879
54,274
Current assets
Stocks
152,891
143,365
Debtors
6
210,697
82,225
Cash at bank and in hand
561,880
587,835
---------
---------
925,468
813,425
Creditors: amounts falling due within one year
7
108,732
98,978
---------
---------
Net current assets
816,736
714,447
---------
---------
Total assets less current liabilities
879,615
768,721
Creditors: amounts falling due after more than one year
8
27,136
27,867
---------
---------
Net assets
852,479
740,854
---------
---------
Capital and reserves
Called up share capital
9
200,000
200,000
Profit and loss account
652,479
540,854
---------
---------
Shareholders funds
852,479
740,854
---------
---------
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.
For the 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.
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 .
B I Communications Limited
Statement of Financial Position (continued)
30 June 2019
These financial statements were approved by the board of directors and authorised for issue on 5 February 2020 , and are signed on behalf of the board by:
Mr A E Bannister
Director
Company registration number: 01738578
B I Communications Limited
Notes to the Financial Statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Buckwin Square, Basildon, Essex, SS13 1BJ.
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
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.
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.
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:
Property Improvements
-
10% straight line
Website Costs
-
20% straight line
Tools
-
15% reducing balance
Fixture and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Research and development
Research and development expenditure is written off in the year in which it is incurred, which amounted to £98,125 (2018: £88,968).
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2018: 8 ).
5. Tangible assets
Property Improvements
Tools
Fixtures, fittings and equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 July 2018
16,230
103,689
103,152
83,773
306,844
Additions
11,745
10,562
1,501
–
23,808
--------
---------
---------
--------
---------
At 30 June 2019
27,975
114,251
104,653
83,773
330,652
--------
---------
---------
--------
---------
Depreciation
At 1 July 2018
14,142
91,947
95,861
50,620
252,570
Charge for the year
1,448
3,352
2,115
8,288
15,203
--------
---------
---------
--------
---------
At 30 June 2019
15,590
95,299
97,976
58,908
267,773
--------
---------
---------
--------
---------
Carrying amount
At 30 June 2019
12,385
18,952
6,677
24,865
62,879
--------
---------
---------
--------
---------
At 30 June 2018
2,088
11,742
7,291
33,153
54,274
--------
---------
---------
--------
---------
6. Debtors
2019
2018
£
£
Trade debtors
35,150
74,064
Corporation tax repayable
3,068
3,068
Other debtors
172,479
5,093
---------
--------
210,697
82,225
---------
--------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
45,190
37,312
Accruals and deferred income
8,785
7,864
Social security and other taxes
23,914
22,532
Obligations under finance leases and hire purchase contracts
731
731
Director loan accounts
–
427
Other creditors
30,112
30,112
---------
--------
108,732
98,978
---------
--------
8. Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases and hire purchase contracts
27,136
27,867
--------
--------
9. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary A shares of £ 1 each
100,000
100,000
100,000
100,000
Ordinary B shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
200,000
200,000
200,000
200,000
---------
---------
---------
---------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2019
2018
2019
2018
£
£
£
£
Other related parties
(13,179)
(13,152)
( 30,466)
( 30,466)
--------
--------
--------
--------
At the year end the directors owed the company £165,003 (2018: the company owed the directors £427) in the form of a loan account. This loan attracted interest at 2.5% and was repayable on demand. The loan was repaid 9 months after the year end.