B I Communications Limited Filleted accounts for Companies House (small and micro)

B I COMMUNICATIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01738578

B I Communications Limited

Filleted Unaudited Financial Statements

30 June 2022

B I Communications Limited

Statement of Financial Position

30 June 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	5		60,834		69,131

Current assets

Stocks		125,595	147,214
Debtors	6	294,075	327,496
Cash at bank and in hand		576,038	564,990
		---------	------------
		995,708	1,039,700

Creditors: amounts falling due within one year	7	83,151		108,250
		---------		------------
Net current assets			912,557		931,450
			---------		------------
Total assets less current liabilities			973,391		1,000,581

Creditors: amounts falling due after more than one year	8	3,008	12,033
		---------	------------
Net assets		970,383	988,548
		---------	------------

Capital and reserves

Called up share capital	9	200,000	200,000
Profit and loss account		770,383	788,548
		---------	---------
Shareholders funds		970,383	988,548
		---------	---------

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.

For the year ending 30 June 2022 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 .

B I Communications Limited

Statement of Financial Position (continued)

30 June 2022

These financial statements were approved by the board of directors and authorised for issue on 27 March 2023 , and are signed on behalf of the board by:

Mr A E Bannister
Director

Company registration number: 01738578

B I Communications Limited

Notes to the Financial Statements

Year ended 30 June 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Buckwin Square, Basildon, Essex, SS13 1BJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Revenue recognition

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property Improvements	-	10% straight line
Website Costs	-	20% straight line
Tools	-	15% reducing balance
Fixture and Fittings	-	25% reducing balance

Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Research and development

Research and development expenditure is written off in the year in which it is incurred, which amounted to £83,662.76 (2021: £82,350.30).

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Income from grants is recognised in other operating income when these are receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 are 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2021: 8 ).

5. Tangible assets

	Property Improvements	Tools	Fixtures, fittings and equipment	Motor Vehicles	Total
	£	£	£	£	£
Cost
At 1 July 2021	27,975	149,690	105,110	83,773	366,548
Additions	–	3,995	416	–	4,411
	--------	---------	---------	--------	---------
At 30 June 2022	27,975	153,685	105,526	83,773	370,959
	--------	---------	---------	--------	---------
Depreciation
At 1 July 2021	18,485	108,192	100,953	69,787	297,417
Charge for the year	1,448	6,646	1,118	3,496	12,708
	--------	---------	---------	--------	---------
At 30 June 2022	19,933	114,838	102,071	73,283	310,125
	--------	---------	---------	--------	---------
Carrying amount
At 30 June 2022	8,042	38,847	3,455	10,490	60,834
	--------	---------	---------	--------	---------
At 30 June 2021	9,490	41,498	4,157	13,986	69,131
	--------	---------	---------	--------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	189,158	176,033
Other debtors	104,917	151,463
	---------	---------
	294,075	327,496
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	3,299	20,231
Accruals and deferred income	8,155	8,365
Corporation tax	5,590	15,655
Social security and other taxes	26,970	24,862
Obligations under finance leases and hire purchase contracts	9,025	9,025
Other creditors	30,112	30,112
	--------	---------
	83,151	108,250
	--------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Obligations under finance leases and hire purchase contracts	3,008	12,033
	-------	--------

9. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary A shares of £ 1 each	100,000	100,000	100,000	100,000
Ordinary B shares of £ 1 each	100,000	100,000	100,000	100,000
	---------	---------	---------	---------
	200,000	200,000	200,000	200,000
	---------	---------	---------	---------

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2022	2021	2022	2021
	£	£	£	£
Other related parties	( 24,973)	( 25,297)	( 30,112)	( 30,466)
	--------	--------	--------	--------

At the year end the directors owed the company £75,783 (2021: £106,754) in the form of a loan account. No interest has been charged on the loan and the highest amount outstanding during the year was £106,754.