Business Systems and Consultancy Limited Company Accounts

BUSINESS SYSTEMS & CONSULTANCY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03014270

Business Systems and Consultancy Limited

Filleted Unaudited Financial Statements

31 January 2018

Business Systems and Consultancy Limited

Financial Statements

Year ended 31 January 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Business Systems and Consultancy Limited

Statement of Financial Position

31 January 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		2,639	2,934

Current assets

Debtors	6	4,202	1,182
Cash at bank and in hand		15,831	15,068
		--------	--------
		20,033	16,250

Creditors: amounts falling due within one year	7	22,440		19,084
		--------		--------
Net current liabilities			2,407	2,834
			-------	-------
Total assets less current liabilities			232	100
			----	----
Net assets			232	100
			----	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	132	–
	----	----
Shareholders funds	232	100
	----	----

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 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 comprehensive income has not been delivered.

For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Business Systems and Consultancy Limited

Statement of Financial Position (continued)

31 January 2018

These financial statements were approved by the board of directors and authorised for issue on 30 October 2018 , and are signed on behalf of the board by:

Mr T Ealden
Director

Company registration number: 03014270

Business Systems and Consultancy Limited

Notes to the Financial Statements

Year ended 31 January 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Numbergeek Limited, Unit 302 Screenworks, 22 Highbury Grove, London, United Kingdom, N5 2ER. The principal activity of the company during the year was that of computer related activities.

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 represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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. An increase in the carrying amount of an asset as a result of a 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.

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:

	Equipment	-	25% reducing balance

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 accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes 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 largely independent of the cash inflows from other assets or groups 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.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 February 2017	20,321	20,321
Additions	584	584
	--------	--------
At 31 January 2018	20,905	20,905
	--------	--------
Depreciation
At 1 February 2017	17,387	17,387
Charge for the year	879	879
	--------	--------
At 31 January 2018	18,266	18,266
	--------	--------
Carrying amount
At 31 January 2018	2,639	2,639
	--------	--------
At 31 January 2017	2,934	2,934
	--------	--------

6. Debtors

	2018	2017
	£	£
Other debtors	4,202	1,182
	-------	-------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	15,893	13,409
Social security and other taxes	4,831	3,959
Other creditors	1,716	1,716
	--------	--------
	22,440	19,084
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr T Ealden	1,181	3,021	–	4,202
	-------	-------	----	-------

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr T Ealden	4,982	–	( 3,801)	1,181
	-------	----	-------	-------

9. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 with the exception of those already disclosed in the notes above.