Company No: 03439596 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	18,811		25,082
		18,811		25,082
Current assets
Debtors	4	33,992		52,595
Cash at bank and in hand		19,564		27,864
		53,556		80,459
Creditors
Amounts falling due within one year	5	( 113,065)		( 85,576)
Net current liabilities		(59,509)		(5,117)
Total assets less current liabilities		(40,698)		19,965
Provisions for liabilities	6	0		( 856)
Net (liabilities)/assets		( 40,698)		19,109
Capital and reserves
Called-up share capital	7	80		85
Share premium account		32,980		12,990
Capital redemption reserve		15		0
Profit and loss account		( 73,773 )		6,034
Total shareholders' (deficit)/funds		( 40,698)		19,109

For the financial year ending 30 September 2021 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of BCH (Bristol) Ltd (registered number: 03439596) were approved and authorised for issue by the Board of Directors on 15 April 2022. They were signed on its behalf by:

Mr C J Coe Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BCH (Bristol) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Grants that do not not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are to be recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line bases over their useful economic life, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	5		5

3. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 October 2020	145,759		145,759
At 30 September 2021	145,759		145,759
Accumulated depreciation
At 01 October 2020	120,677		120,677
Charge for the financial year	6,271		6,271
At 30 September 2021	126,948		126,948
Net book value
At 30 September 2021	18,811		18,811
At 30 September 2020	25,082		25,082

4. Debtors

	2021		2020
	£		£
Trade debtors	1,349		1,504
Prepayments	14,796		25,164
Other debtors	17,847		25,927
	33,992		52,595

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	12,016		19,865
Other creditors	95,209		60,000
Accruals and deferred income	2,750		3,202
Other taxation and social security	3,090		2,509
	113,065		85,576

6. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 856)		( 5,846)
Credited to the Statement of Income and Retained Earnings	856		4,990
At the end of financial year	0		( 856)

The deferred taxation balance is made up as follows:

	2021		2020
	£		£
Accelerated capital allowances	0		( 4,766)
Tax losses carry forward	0		4,581
Other timing differences	0		( 671)
	0		( 856)

7. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
55 Ordinary shares of £ 1.00 each	55		55
15 Ordinary B shares of £ 1.00 each (2020: 30 shares of £ 1.00 each)	15		30
10 Ordinary C shares of £ 1.00 each (2020: nil shares)	10		0
	80		85

During the year, 15 Ordinary B shares were repurchased by the company from an employee who was part of the EMI scheme and this led to a reduction in capital of £15, which has been reflected in the capital redemption reserve.

Also during the year, 10 Ordinary C shares were allotted and issued at par. These shares are pari passu to the Ordinary shares.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2021		2020
	£		£
- within one year	1,560		1,560

Included within their rental lease agreement there is a 3 month commitment period if they were to leave the premises.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Overpaid contributions paid to the fund (inc. in other debtors)	0		(34)
Pension fund	209		0
	209		( 34)

9. Related party transactions

Other related party transactions

	2021		2020
	£		£
	95,000		60,000

At the year end, the Company owed £95,000 (2020: £60,000) to a Company controlled by two of the Company's former shareholder directors.

10. Reserves

Capital redemption reserve

Included in the capital redemption reserve is £15 relating to the buyback of Ordinary B shares during the year.