Business Finance Technology Group Limited Filleted accounts for Companies House (small and micro)

BUSINESS FINANCE TECHNOLOGY GROUP LIMITED - Company Information

28 false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 30,108 17,915 48,023 20,601 6,267 26,868 21,155 9,507 xbrli:pure xbrli:shares iso4217:GBP 09422433 2019-01-01 2019-12-31 09422433 2019-12-31 09422433 2018-12-31 09422433 2018-01-01 2018-12-31 09422433 2018-12-31 09422433 bus:Director4 2019-01-01 2019-12-31 09422433 core:WithinOneYear 2019-12-31 09422433 core:RestatedAmount core:WithinOneYear 2018-12-31 09422433 core:ShareCapital 2019-12-31 09422433 core:ShareCapital 2018-12-31 09422433 core:RetainedEarningsAccumulatedLosses 2019-12-31 09422433 core:RetainedEarningsAccumulatedLosses 2018-12-31 09422433 core:RestatedAmount 2018-12-31 09422433 core:WithinOneYear 2018-12-31 09422433 bus:SmallEntities 2019-01-01 2019-12-31 09422433 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 09422433 bus:FullAccounts 2019-01-01 2019-12-31 09422433 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 09422433 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 09422433 core:ComputerEquipment 2018-12-31 09422433 core:ComputerEquipment 2019-01-01 2019-12-31 09422433 core:ComputerEquipment 2019-12-31 09422433 core:AllAssociates 2019-01-01 2019-12-31

COMPANY REGISTRATION NUMBER: 09422433

Business Finance Technology Group Limited

Filleted Unaudited Financial Statements

31 December 2019

Business Finance Technology Group Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Business Finance Technology Group Limited

Statement of Financial Position

31 December 2019

	2019	2018
		(restated)
Note	£	£

Fixed assets

Tangible assets	5	21,155	9,507

Current assets

Debtors	6	405,731	847,036
Cash at bank and in hand		95,156	131,781
		---------	---------
		500,887	978,817

Creditors: amounts falling due within one year	7	5,337,029	5,680,881
		------------	------------
Net current liabilities		4,836,142	4,702,064
		------------	------------
Total assets less current liabilities		( 4,814,987)	( 4,692,557)
		------------	------------
Net liabilities		( 4,814,987)	( 4,692,557)
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 4,814,988)	( 4,692,558)
	------------	------------
Shareholders deficit	( 4,814,987)	( 4,692,557)
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 31 December 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 .

Business Finance Technology Group Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 21 July 2020 , and are signed on behalf of the board by:

Mr S M Bungay

Director

Company registration number: 09422433

Business Finance Technology Group Limited

Notes to the Financial Statements

Year ended 31 December 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 The Poynt, 45 Wollaton Street, Nottingham, United Kingdom, NG1 5FW.

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

After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.

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.

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.

Income tax

The taxation expense represents the current 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. 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.

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:

	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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 as a finance cost 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 28 (2018: 21 ).

5. Tangible assets

	Equipment
	£
Cost
At 1 January 2019 (as restated)	30,108
Additions	17,915
	--------
At 31 December 2019	48,023
	--------
Depreciation
At 1 January 2019	20,601
Charge for the year	6,267
	--------
At 31 December 2019	26,868
	--------
Carrying amount
At 31 December 2019	21,155
	--------
At 31 December 2018	9,507
	--------

6. Debtors

	2019	2018
		(restated)
	£	£
Trade debtors	314,624	452,111
Other debtors	91,107	394,925
	---------	---------
	405,731	847,036
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
		(restated)
	£	£
Trade creditors	106,189	32,108
Social security and other taxes	63,194	55,751
Other creditors	5,167,646	5,593,022
	------------	------------
	5,337,029	5,680,881
	------------	------------

BCI Finance Limited acting as security agent hold fixed and floating charges over all the property and undertaking of the company.

8. Prior period errors

The prior year has been adjusted to show loans under one year where they were shown as over one year previously. This now correctly reflects the substance and legality of the transactions.

9. Directors' advances, credits and guarantees

At the year end the company was owed £50,000 (2018: £50,000) by a director. No advances were made to the director and no repayments were made by the director during the year. Interest of £1,500 was charged on the loan at a rate of 3%.

10. Related party transactions

At the year end the company owed £4,944,130 (2018: £5,328,925) to a group company and £50,000 (2018: £50,000) to a company associated by virtue of shared key management personnel.

11. Controlling party

The parent company is Bizfitech Holdings Limited , a company incorporated in Jersey, who own 100% of the share capital. The address of Bizfitech Holdings Limited is Third Floor, Conway House, 7-9 Conway Street, St Helier, Jersey, JE2 3NT .