Company No: 03439596 (England and Wales)

Contents

• Company Information
• Accountant's Report
• Statement of Financial Position
• Notes to the Unaudited Financial Statements

DIRECTORS	Mr B H Holmes
	Mrs C J Holmes
SECRETARY	Mr D J Holmes
REGISTERED OFFICE	5th Floor Salt Quay House
	4 North East Quay
	Sutton Harbour
	Plymouth
	PL4 0BN
	United Kingdom
COMPANY NUMBER	03439596(England and Wales)
CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Salt Quay House
	4 North East Quay
	Sutton Harbour
	Plymouth
	PL4 0BN

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BCH (Bristol) Ltd. for the financial year ended 30 September 2020 which comprises the Statement of Financial Position and the related notes 1 to 10 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.

It is your duty to ensure that BCH (Bristol) Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BCH (Bristol) Ltd.. You consider that BCH (Bristol) Ltd. is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of BCH (Bristol) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of BCH (Bristol) Ltd., as a body, in accordance with the terms of our engagement letter dated 09 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of BCH (Bristol) Ltd. and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BCH (Bristol) Ltd. and its Board of Directors as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

13 May 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	25,082		31,698
		25,082		31,698
Current assets
Debtors	4	52,595		84,709
Cash at bank and in hand		27,864		34,964
		80,459		119,673
Creditors
Amounts falling due within one year	5	( 85,576)		( 49,778)
Net current (liabilities)/assets		(5,117)		69,895
Total assets less current liabilities		19,965		101,593
Provisions for liabilities	6	( 856)		( 5,846)
Net assets		19,109		95,747
Capital and reserves
Called-up share capital	7	85		85
Share premium account		12,990		12,990
Profit and loss account		6,034		82,672
Total shareholders' funds		19,109		95,747

For the financial year ending 30 September 2020 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 financial year 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of BCH (Bristol) Ltd. (registered number: 03439596) were approved and authorised for issue by the Board of Directors on 08 May 2021. They were signed on its behalf by:

Mr B H Holmes Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

BCH (Bristol) Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of BCH (Bristol) Ltd. is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £19,109. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directorsbelieve that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment - 25%

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are to be recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line bases over their useful economic life, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	5	5

3. Tangible assets

	Office equipment	Total
	£	£
Cost/Valuation
At 01 October 2019	144,255	144,255
Additions	1,504	1,504
At 30 September 2020	145,759	145,759
Accumulated depreciation
At 01 October 2019	112,557	112,557
Charge for the financial year	8,120	8,120
At 30 September 2020	120,677	120,677
Net book value
At 30 September 2020	25,082	25,082
At 30 September 2019	31,698	31,698

4. Debtors

	2020	2019
	£	£
Trade debtors	1,504	10,804
Amounts owed by directors	0	53
Prepayments	25,164	25,206
Other debtors	25,927	48,646
	52,595	84,709

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	19,865	21,977
Other creditors	60,000	20,000
Accruals and deferred income	3,202	3,447
Other taxation and social security	2,509	4,354
	85,576	49,778

6. Deferred tax

	2020	2019
	£	£
At the beginning of financial year	( 5,846)	2,046
Credited/(charged) to the Statement of Income and Retained Earnings	4,990	( 7,892)
At the end of financial year	( 856)	( 5,846)

The deferred taxation balance is made up as follows:

	2020	2019
	£	£
Accelerated capital allowances	( 4,766)	( 5,846)
Tax losses carry forward	4,581	0
Other timing differences	( 671)	0
	( 856)	( 5,846)

7. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
55 Ordinary shares of £ 1.00 each (2019: 55 shares of £ 1.00 each)	55	55
30 Ordinary B shares of £ 1.00 each (2019: 30 shares of £ 1.00 each)	30	30
	85	85

8. Financial commitments

Commitments

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

	2020	2019
	£	£
- within one year	1,560	1,560
	1,560	1,560

Included within their rental lease agreement there is a 3 month commitment period if they were to leave the premises.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2020	2019
	£	£
Overpaid contributions paid to the fund (inc. in other debtors)	(sign="-"34)	(sign="-"34)
	( 34)	( 34)

9. Related party transactions

Transactions with the entity's directors

	2020	2019
	£	£
Directors loan account	0	53

At the year end, the Company owed £60,000 (2019: £20,000) to a Company controlled by the Company's Shareholder Directors.

10. SHARE BASED PAYMENTS

During the prior year, 30 non-transferable EMI options over Ordinary B shares, with an exercise price of £Nil and valuation of £434.01 per share, were exercised in full to 2 employees.