B.C.E.(Distributors) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01228770 (England and Wales)

Financial Statements

for the Year Ended 30 June 2021

for

B.C.E.(DISTRIBUTORS) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr S J Lacey

Mrs E C Lacey

Secretary:

Mr B J Addison

Registered office:

Unit 12B Severn Bridge Industrial Estate

Symondscliffe Way

Caldicot

Monmouthshire

NP26 5PW

Registered number:

01228770 (England and Wales)

Auditors:

Haines Watts

Chartered Accountants and Statutory Auditors

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

Fixed assets

Intangible assets

4

2,815

4,085

Tangible assets

5

48,240

63,104

Investments

6

125,000

125,000

176,055

192,189

Current assets

Stocks

354,707

338,897

Debtors

7

1,849,237

1,870,666

Cash at bank

781,913

720,283

2,985,857

2,929,846

Creditors

Amounts falling due within one year

8

1,245,769

1,537,947

Net current assets

1,740,088

1,391,899

Total assets less current liabilities

1,916,143

1,584,088

Creditors

Amounts falling due after more than one year

9

931,370

1,090,492

Net assets

984,773

493,596

Capital and reserves

Called up share capital

11

2,202,065

2,202,065

Retained earnings

(1,217,292

)

(1,708,469

)

Shareholders' funds

984,773

493,596

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 Profit and Loss Account has not been delivered.

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

Mr S J Lacey - Director

1.	Statutory information

B.C.E.(Distributors) Limited is a private company, limited by shares , 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.

The financial statements have been prepared on a going concern basis. In light of COVID-19, the Directors have reviewed and considered relevant information and has concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is estimation uncertainty in calculating stock provisions. A full line by line review of stock is carried out at the Year End. Whilst every attempt is made to ensure that the value of stock is as accurate as possible, there remains a risk that the provisions do not match the level of stock which ultimately prove to be obsolete.

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.

Trade marks and licenses are being amortised at rates from 10% to 33% on cost.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

10% on cost

Plant and machinery

-

33% on cost and 10% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 19 (2020 - 21 ) .

4.	Intangible fixed assets

Patents

and

licences

£

Cost

At 1 July 2020

and 30 June 2021

112,845

Amortisation

At 1 July 2020

108,760

Amortisation for year

1,270

At 30 June 2021

110,030

Net book value

At 30 June 2021

2,815

At 30 June 2020

4,085

5.	Tangible fixed assets

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

Cost

At 1 July 2020

99,654

478,609

28,190

606,453

Additions

1,100

641

-

1,741

At 30 June 2021

100,754

479,250

28,190

608,194

Depreciation

At 1 July 2020

52,924

469,816

20,609

543,349

Charge for year

6,098

5,542

4,965

16,605

At 30 June 2021

59,022

475,358

25,574

559,954

Net book value

At 30 June 2021

41,732

3,892

2,616

48,240

At 30 June 2020

46,730

8,793

7,581

63,104

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

Cost

At 1 July 2020

and 30 June 2021

13,100

Depreciation

At 1 July 2020

and 30 June 2021

6,914

Net book value

At 30 June 2021

6,186

At 30 June 2020

6,186

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 July 2020

and 30 June 2021

125,000

Net book value

At 30 June 2021

125,000

At 30 June 2020

125,000

7.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

14,931

42,596

Other debtors

1,834,306

1,828,070

1,849,237

1,870,666

8.

Creditors: amounts falling due within one year

2021

2020

£

£

Hire purchase contracts (see note 10)

2,042

3,990

Trade creditors

193,968

170,580

Taxation and social security

136,340

211,618

Other creditors

913,419

1,151,759

1,245,769

1,537,947

9.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Hire purchase contracts (see note 10)

-

2,042

Other creditors

931,370

1,088,450

931,370

1,090,492

10.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

2,042

3,990

Between one and five years

-

2,042

2,042

6,032

Non-cancellable

operating leases

2021

2020

£

£

Within one year

64,800

50,700

Between one and five years

259,200

287,638

In more than five years

243,000

302,400

567,000

640,738

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2,202,065

Ordinary

£1

2,202,065

2,202,065

12.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Gary Cleaver (Senior Statutory Auditor)

for and on behalf of Haines Watts

13.	Related party disclosures

At the balance sheet date loans from the directors amounting to £112,000 (2020: £328,376) and £448,000 (2020: £568,384) are included within other creditors falling due within year and other creditors falling due after more than one year respectively. Interest on the loan is charged at 4% per annum and amounts to £26,144 for the year.