BC CERAMICS INVESTMENTS LTD 30/11/2021 iXBRL

BC CERAMICS INVESTMENTS LTD 30/11/2021 iXBRL

MERINO PROPERTY HOLDINGS LIMITED - Company Information

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BC CERAMICS INVESTMENTS LTD
Unaudited filleted financial statements
30 November 2021
Company registration number 08029153
BC CERAMICS INVESTMENTS LTD
Contents
Statement of financial position
Notes to the financial statements
BC CERAMICS INVESTMENTS LTD
Statement of financial position
30 November 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 4 206,872 330,994
Investments 5 4 2
_______ _______
206,876 330,996
Current assets
Cash at bank and in hand 158,493 149,585
_______ _______
158,493 149,585
Creditors: amounts falling due
within one year 6 ( 4) ( 2)
_______ _______
Net current assets 158,489 149,583
_______ _______
Total assets less current liabilities 365,365 480,579
Creditors: amounts falling due
after more than one year 7 ( 385,628) ( 412,113)
_______ _______
Net (liabilities)/assets ( 20,263) 68,466
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 20,264) 68,465
_______ _______
Shareholders (deficit)/funds ( 20,263) 68,466
_______ _______
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 May 2022 , and are signed on behalf of the board by:
Mr M. E. Colley
Director
Company registration number: 08029153
BC CERAMICS INVESTMENTS LTD
Notes to the financial statements
Year ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Bloors Lane, Rainham, Gillingham, Kent.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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
These accounts have been prepared on the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2020 and 30 November 2021 1,241,224 1,241,224
_______ _______
Amortisation
At 1 December 2020 910,230 910,230
Charge for the year 124,122 124,122
_______ _______
At 30 November 2021 1,034,352 1,034,352
_______ _______
Carrying amount
At 30 November 2021 206,872 206,872
_______ _______
At 30 November 2020 330,994 330,994
_______ _______
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2020 2 2
Additions 2 2
_______ _______
At 30 November 2021 4 4
_______ _______
Impairment
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 4 4
_______ _______
At 30 November 2020 2 2
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
BC Ceramics Holdings Limited Bloors Lane, Rainham, Gillingham, Kent, ME8 7EG Ordinary 100
6. Creditors: amounts falling due within one year
2021 2020
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4 2
_______ _______
7. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 385,628 412,113
_______ _______
8. Controlling party
The company is controlled by M.E. Colley , director and sole shareholder.
9. Going concern
As at 30 November 2021 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director, through support from Group companies, has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.