Beyond Balance Solutions Limited Filleted accounts for Companies House (small and micro)

BEYOND BALANCE SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10902030

BEYOND BALANCE SOLUTIONS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2019

BEYOND BALANCE SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2019

	2019		2018
Note	£	£	£	£

FIXED ASSETS

Intangible assets	6	2,887	3,248
Tangible assets	7	3,405	3,506
		-------	-------
		6,292	6,754

CURRENT ASSETS

Stocks		126,027	102,794
Debtors	8	6,582	5,170
Cash at bank and in hand		32,960	96,644
		----------	----------
		165,569	204,608

CREDITORS: amounts falling due within one year	9	17,592		47,774
		----------		----------
NET CURRENT ASSETS			147,977		156,834
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			154,269		163,588

CREDITORS: amounts falling due after more than one year	10	209,479	137,669
		----------	----------
NET (LIABILITIES)/ASSETS		( 55,210)	25,919
		----------	----------

BEYOND BALANCE SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2019

	2019		2018
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	11	250,000	250,000
Profit and loss account		( 305,210)	( 224,081)
		----------	----------
SHAREHOLDERS (DEFICIT)/FUNDS		( 55,210)	25,919
		----------	----------

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 comprehensive income has not been delivered.

For the year ending 31 August 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 .

These financial statements were approved by the board of directors and authorised for issue on 29 May 2020 , and are signed on behalf of the board by:

A. M. Fraine

Director

Company registration number: 10902030

BEYOND BALANCE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 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 Unit 1 Black Brook Way, Stainland Road, Halifax, West Yorkshire, HX4 8ED, England.

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.

Going concern

The Company prepares its financial statements on a going concern basis notwithstanding that it has a deficit of net assets at 31 August 2019. The directors have received assurances from Mr M J Fraine, a fellow director, that he will continue to support the company financially for the foreseeable future and has postponed repayment of his 5-year loan with the Company until early 2021 and has made further cash loans to assist the Company at this difficult time. On this basis the directors are satisfied that the going concern basis is appropriate.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Patents, trademarks and licences	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred.

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:

Fixtures and fittings	-	3 years straight line
Equipment	-	3 years straight line

Impairment of fixed assets

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. For the purposes of impairment testing, 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.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2018: 2 ).

5. TAX ON LOSS

Major components of tax income

		Period from
	Year to	7 Aug 17 to
	31 Aug 19	31 Aug 18
	£	£

Current tax:

Prior year R & D claim	( 36,845)	–
	---------	----
Tax on loss	( 36,845)	–
	---------	----

6. INTANGIBLE ASSETS

	Patents, trademarks and licences
	£
Cost
At 1 September 2018 and 31 August 2019	3,608
	-------
Amortisation
At 1 September 2018	360
Charge for the year	361
	-------
At 31 August 2019	721
	-------
Carrying amount
At 31 August 2019	2,887
	-------
At 31 August 2018	3,248
	-------

7. TANGIBLE ASSETS

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 September 2018	3,426	1,835	5,261
Additions	–	1,727	1,727
	-------	-------	-------
At 31 August 2019	3,426	3,562	6,988
	-------	-------	-------
Depreciation
At 1 September 2018	1,142	613	1,755
Charge for the year	1,142	686	1,828
	-------	-------	-------
At 31 August 2019	2,284	1,299	3,583
	-------	-------	-------
Carrying amount
At 31 August 2019	1,142	2,263	3,405
	-------	-------	-------
At 31 August 2018	2,284	1,222	3,506
	-------	-------	-------

8. DEBTORS

	2019	2018
	£	£
Trade debtors	3,487	3,177
Other debtors	3,095	1,993
	-------	-------
	6,582	5,170
	-------	-------

9. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	4,830	7,250
Social security and other taxes	1,709	1,737
Other creditors	11,053	38,787
	---------	---------
	17,592	47,774
	---------	---------

10. CREDITORS: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	209,479	137,669
	----------	----------

11. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	250,000	250,000	250,000	250,000
	----------	----------	----------	----------

12. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	3,979	3,979
Later than 1 year and not later than 5 years	1,990	5,968
	-------	-------
	5,969	9,947
	-------	-------

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr M Fraine has an unsecured loan with the Company that is repayable by equal monthly instalments over 5 years commencing December 2017, an average interest rate of 5.5% has been charged in respect of this loan. Repayments of this loan were suspended at the end of 2018 and will not resume until early 2021. Interest will continue to be accrued on the balance outstanding.