Business Forms Express Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02185570 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Business Forms Express Limited

Page

Abridged Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

559,618

539,210

559,618

539,210

CURRENT ASSETS

Stocks

185,894

184,159

Debtors

413,724

369,047

Cash at bank and in hand

4,889

2,201

604,507

555,407

CREDITORS

Amounts falling due within one year

574,281

709,952

NET CURRENT ASSETS/(LIABILITIES)

30,226

(154,545

)

TOTAL ASSETS LESS CURRENT LIABILITIES

589,844

384,665

CREDITORS

Amounts falling due after more than one year

(250,000

)

(50,000

)

PROVISIONS FOR LIABILITIES

(73,800

)

(65,670

)

NET ASSETS

266,044

268,995

CAPITAL AND RESERVES

Called up share capital

65,650

65,650

Capital redemption reserve

38,800

38,800

Retained earnings

161,594

164,545

266,044

268,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 profit or loss 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2022 and were signed on its behalf by:

C J Macey - Director

1.	STATUTORY INFORMATION

Business Forms Express Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02185570

Registered office:

Trident Works

Marsh Lane

Clutton

Bristol

BS39 5AZ

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost, 25% on cost and 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2020 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

and 31 December 2021

12,000

AMORTISATION

At 1 January 2021

and 31 December 2021

12,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2021

3,157,570

Additions

56,487

Disposals

(16,900

)

At 31 December 2021

3,197,157

DEPRECIATION

At 1 January 2021

2,618,360

Charge for year

36,079

Eliminated on disposal

(16,900

)

At 31 December 2021

2,637,539

NET BOOK VALUE

At 31 December 2021

559,618

At 31 December 2020

539,210

6.	LEASING AGREEMENTS

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

31.12.21

31.12.20

£

£

Within one year

95,000

99,300

Between one and five years

380,000

380,000

In more than five years

166,500

261,250

641,500

740,550

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank overdrafts

66,808

198,230

The bank overdraft is secured by a fixed and floating charge over the company's assets, dated 20 February 2003.