Bromley Bid Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08974724 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

BROMLEY BID LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A M Bawn

C G Glover

K Perera

M G Haynes

Mrs N J Goodman

REGISTERED OFFICE:

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BUSINESS ADDRESS:

Regus Building

One Elmfield Park

Bromley

BR1 1LU

REGISTERED NUMBER:

08974724 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

960

684

CURRENT ASSETS

Debtors

5

91,977

46,945

Cash at bank

122,356

144,136

214,333

191,081

CREDITORS

Amounts falling due within one year

6

88,205

106,997

NET CURRENT ASSETS

126,128

84,084

TOTAL ASSETS LESS CURRENT LIABILITIES

127,088

84,768

RESERVES

BID renewal reserve

8

40,000

-

Income and expenditure account

8

87,088

84,768

MEMBERS' FUNDS

127,088

84,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2021 and were signed on its behalf by:

A M Bawn - Director

1.	STATUTORY INFORMATION

Bromley Bid Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents annual levy payments received from businesses in the Bromley Business Improvement District, voluntary contributions and other income generated in the course of promoting Bromley Town Centre.

Levy payments are recognised on a straight line basis over the year to which they relate with any necessary adjustments being made through deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Grants

Grants of a revenue nature are recognised in the Statement of Income in the year in which the related expenditure is incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and bank facilities.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Hire purchase and leasing commitments

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

Going concern

The directors have considered the impact of the COVID-19 pandemic on the activities of the BID. Planned events may be cancelled or postponed and future levy collections may also be affected. Accordingly the directors will continue to forecast and monitor cashflows carefully and adjust the levels and timing of expenditure as necessary. The directors therefore consider that the going concern basis of accounting is appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2019

-

4,329

4,329

Additions

1,087

-

1,087

At 31 March 2020

1,087

4,329

5,416

DEPRECIATION

At 1 April 2019

-

3,645

3,645

Charge for year

127

684

811

At 31 March 2020

127

4,329

4,456

NET BOOK VALUE

At 31 March 2020

960

-

960

At 31 March 2019

-

684

684

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

636

301

Other debtors

91,341

46,644

91,977

46,945

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

77,036

53,019

Taxation and social security

9

6

Other creditors

11,160

53,972

88,205

106,997

7.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

57,086

43,030

Between one and five years

-

86,060

57,086

129,090

The above payments relate to the committed supply and installation of festive lighting and also office rental until the end of the current BID term.

8.

RESERVES

Income

and

BID

expenditure

renewal

account

reserve

Totals

£

£

£

At 1 April 2019

84,768

-

84,768

Surplus for the year

42,320

42,320

Transfer to BID renewal reserve

(40,000

)

40,000

-

At 31 March 2020

87,088

40,000

127,088

A transfer has been made from the surplus on the income and expenditure account to the BID renewal reserve. This has been done to ensure sufficient funds are available to facilitate the BID renewal process at the end of the current BID term.

9.	POST BALANCE SHEET EVENTS

In February 2021 the eligible businesses of Bromley voted for a further five year term for the BID commencing on 1 April 2021.

10.	LIMITED BY GUARANTEE

The company is limited by guarantee. The directors have an interest as guarantors for an amount not exceeding £1. Each member of the company under clause 2 of the Memorandum of Association has agreed to contribute up to £1 in the event of a winding up.