BAFF (2006) Limited 31/10/2020 iXBRL

BAFF (2006) Limited 31/10/2020 iXBRL

BAFF (2006) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05982538
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 October 2020
BARNETT AND CO ACCOUNTANTS LIMITED
CHARTERED MANAGEMENT ACCOUNTANTS
MELKSHAM
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
CONTENTS
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS AND OTHER INFORMATION
DIRECTORS T Stevens
H Kiertzner
COMPANY NUMBER 05982538
REGISTERED OFFICE 1st Floor
11 Church Street
Melksham
Wiltshire
SN12 6LS
BUSINESS ADDRESS 13 Coulston Road
Lancaster
Lancashire
LA1 3AD
ACCOUNTANTS Barnett and Co Accountants Limited
24A High Street
Melksham
Wiltshire
SN12 6LA
BANKERS Lloyds Plc
64 Fore Street
Trowbridge
Wiltshire
BA14 8EU
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BAFF (2006) LIMITED
YEAR ENDED 31ST OCTOBER 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BAFF (2006) Limited for the year ended 31st October 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants , we are subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of BAFF (2006) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BAFF (2006) Limited and state those matters that we have agreed to state to the board of directors of BAFF (2006) Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BAFF (2006) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that BAFF (2006) Limited 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 BAFF (2006) Limited. You consider that BAFF (2006) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BAFF (2006) Limited. 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.
Barnett and Co Accountants Limited
Chartered Management Accountants
24A High Street
Melksham
Wiltshire
SN12 6LA
20th July 2021
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31ST OCTOBER 2020
2020 2019
Note £ £ £ £
Intangible assets 5 - -
Current assets
Debtors 6 12 27
Cash at bank and in hand 874 952
_______ _______
886 979
Creditors: amounts falling due
within one year 7 ( 2,732) ( 2,139)
_______ _______
Net current liabilities ( 1,846) ( 1,160)
_______ _______
Total assets less current liabilities ( 1,846) ( 1,160)
_______ _______
Net liabilities ( 1,846) ( 1,160)
_______ _______
Capital and reserves
Profit and loss account ( 1,846) ( 1,160)
_______ _______
Members deficit ( 1,846) ( 1,160)
_______ _______
For the year ending 31 October 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 year in question 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 July 2021 , and are signed on behalf of the board by:
T Stevens
Director
Company registration number: 05982538
BAFF (2006) LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST OCTOBER 2020
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 1st Floor, 11 Church Street, Melksham, Wiltshire, SN12 6LS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Patents - 20 % 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. LIMITED BY GUARANTEE
Members of the company are required under the guarantee to pay to the company the sum of £1 should circumstances require.
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st November 2019 and 31st October 2020 350 350
_______ _______
Amortisation
At 1st November 2019 and 31st October 2020 350 350
_______ _______
Carrying amount
At 31st October 2020 - -
_______ _______
At 31st October 2019 - -
_______ _______
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.
6. Debtors
2020 2019
£ £
Other debtors 12 27
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Other creditors 2,732 2,139
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T Stevens ( 1,591) ( 545) ( 2,136)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T Stevens ( 1,068) ( 523) ( 1,591)
_______ _______ _______