Background (Europe) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11231346 (England and Wales)

Background (Europe) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2022

Page

Chartered accountants' report

1

Statement of financial position

2

Notes to the financial statements

4

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Director's report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Background (Europe) Limited for the year ended 30 June 2022 which comprise the Income statement, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Background (Europe) Limited in accordance with the terms of our engagement letter dated 15 January 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Background (Europe) Limited and state those matters that we have agreed to state to the director of Background (Europe) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Background (Europe) Limited and its director for our work or for this report.

It is your duty to ensure that Background (Europe) 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 profit of Background (Europe) Limited. You consider that Background (Europe) 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 Background (Europe) 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.

Moore Thompson

7 Swan Court

Forder Way, Cygnet Park

Hampton

Peterborough

Cambs

PE7 8GX

28 June 2023

Current assets

Debtors

6

4,302

123,233

Cash at bank and in hand

53,537

47,628

57,839

170,861

Creditors

Amounts falling due within one year

7

27,215

130,412

Net current assets

30,624

40,449

Total assets less current liabilities

30,624

40,449

Creditors

Amounts falling due after more than one year

8

36,668

46,667

Net liabilities

(6,044

)

(6,218

)

Capital and reserves

Called up share capital

9

100

100

Retained earnings

(6,144

)

(6,318

)

Shareholders' funds

(6,044

)

(6,218

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2023 and were signed by:

S J Philby - Director

1.	Statutory information

Background (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

11231346

Registered office:

7 Swan Court Forder Way,

Hampton, Peterborough, England,

PE7 8GX

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These 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 preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost , and subsequently stated at cost less any accumulated depreciation and impairment loss. Any tangible fixed 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.

An increase in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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:

Office equipment - 3 years straight line

Impairment of fixed assets

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. Prior impairment are also reviewed for possible reversal at each reporting date.

For the purpose of impairment testing, 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 cash inflows from other assets or group of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units

4.	Employees and directors

The average number of employees during the year was 1 (2021 - 1 ) .

5.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 July 2021

and 30 June 2022

1,062

Depreciation

At 1 July 2021

and 30 June 2022

1,062

Net book value

At 30 June 2022

-

At 30 June 2021

-

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

-

119,700

Corporation tax

3,475

3,475

VAT

810

-

Deferred tax asset

17

58

4,302

123,233

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Loans

9,999

3,333

Trade creditors

738

3,380

PAYE & NI

16,360

15,773

VAT

-

8,058

Director's loan account

118

118

Deferred income

-

99,750

27,215

130,412

8.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Loans

36,668

46,667

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1.00

100

100