Blue Bricks Magazine Ltd
Blue Bricks Magazine Ltd
Registered number: 12696574
Unaudited Financial Statements
For The Year Ended
30 June 2021
Elementary Accountancy Services Limited
Blue Bricks Magazine Ltd
Unaudited Financial Statements
For The Year Ended
30 June 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3—5 |
Blue Bricks Magazine Ltd
Accountants' Report
For The Year Ended
30 June 2021
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of
Blue Bricks Magazine Ltd
For The Year Ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Blue Bricks Magazine Ltd
For The Year Ended 30 June 2021 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of
Blue Bricks Magazine Ltd
, as a body, in accordance with the terms of our engagement letter dated 26 January 2021. Our work has been undertaken solely to prepare for your approval the accounts of
Blue Bricks Magazine Ltd
and state those matters that we have agreed to state to the directors of
Blue Bricks Magazine Ltd
, as a body, 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
Blue Bricks Magazine Ltd
and its directors, as a body, for our work or for this report.
It is your duty to ensure that
Blue Bricks Magazine Ltd
has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of
Blue Bricks Magazine Ltd
. You consider that
Blue Bricks Magazine Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of
Blue Bricks Magazine 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 financial statements.
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36 Dearne Hall Lane
Barnsley
S751FX
Page 1
Blue Bricks Magazine Ltd
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
12696574
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | |||
|---|---|---|---|
| Notes | £ | £ | |
| CURRENT ASSETS | |||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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| NET LIABILITIES |
( |
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| CAPITAL AND RESERVES | |||
| Called up share capital | 6 |
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| Share premium account |
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| Profit and Loss Account |
( |
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| SHAREHOLDERS' FUNDS | (2,950) | ||
Directors' responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Blue Bricks Magazine Ltd
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have reviewed the resources available to the company and prepared forecasts of expected future profits and cashflows and expect that the company will continue to be a going concern for the foreseeable future. Although the company has net current liabilities, this was the companies first period of trade and this is therefore not considered unreasonable. It should also be noted that there is still some uncertainty in the UK economy due to the coronavirus pandemic, but this is expected to have minimal impact on this entity.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue relates to membership subscriptions recieved and advertising services provided both online and within the copmany magazine.
Membership fees are recognised as recieved on a monthly basis in line with accsess to services which members enjoy each month. Advertising is recognised in the month that advertising services are provided.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.5.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2
Page 3
Blue Bricks Magazine Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
3.
Debtors
| 2021 | |
|---|---|
| £ | |
| Due within one year | |
| Trade debtors |
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| Prepayments and accrued income |
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| Directors' loan accounts |
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| Amounts owed by group undertakings |
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4.
Creditors: Amounts Falling Due Within One Year
| 2021 | |
|---|---|
| £ | |
| Trade creditors |
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| Other creditors |
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| Accruals and deferred income |
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5.
Deferred Taxation
Tax losses of £7,995 are available for use in future periods, these have not being provided for as a deferred tax asset as there is no certainty that future profits will be achieved.
7.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Miss Caroline Monks |
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- |
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The above loan is unsecured, interest free and repayable on demand.
8.
Related Party Transactions
A balance of £6,131.50 is owed to a company which has control over the entity.
A balance of £1907.05 is owed from an entity which is under the same control as this entity.
Sales of £500 were made to entities which have control over this entity.
Sales of £4,100 were made to entities which are under the same control as this entity.
9.
Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is
Winch & Co Holdings Ltd
which owns 50% of the shares in Blue Bricks Limited.
Winch & Co Holdings Ltd
was incorporated in England. Copies of the parent company accounts may be obtained from the secretary,
15 Queen Square, Leeds, LS2 8AJ
. The controlling party is
Nathan Winch
who controls 80% of the shares of Winch & Co Holdings Ltd.
Page 4
Blue Bricks Magazine Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
10.
General Information
Blue Bricks Magazine Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
12696574
. The registered office is 15 Queen Square, Leeds, LS2 8AJ.
Page 5