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REGISTERED NUMBER:
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BMI PUBLISHING LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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REGISTERED NUMBER:
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BMI PUBLISHING LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2018 |
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BMI PUBLISHING LIMITED |
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COMPANY INFORMATION |
for the year ended 30 June 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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BALANCE SHEET |
30 June 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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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. |
BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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BALANCE SHEET - continued |
30 June 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2018 |
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1. | STATUTORY INFORMATION |
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BMI Publishing Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Goodwill |
Purchased goodwill has not been amortised which represents a departure from the Financial Reporting Standard |
102 framework. The frameworks says all intangible assets shall be considered to have a finite |
useful life and the life will not exceed 10 years where the entity is unable to make a reliable estimate of the useful |
life. |
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The director has chosen not to amortise as he believes that the goodwill has a current value greatly in excess of cost |
and this approach shows a true and fair view. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Plant and machinery etc - 20% on cost and 15% on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of |
the instruments. All financial assets and liabilities are initially measured at transaction price (including transaction |
cost). The company has no financial assets measured at fair value through profit or loss. All subsequent |
remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate |
method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 27 ). |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2017 |
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Additions |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 July 2017 |
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Additions |
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Disposals | ( |
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At 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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Included within other creditors are shareholder loans totalling £nil (2017: £4,100). The shareholders regard these |
monies as being repayable on demand. There are no formal terms for repayment. |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
In more than five years |
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BMI PUBLISHING LIMITED (REGISTERED NUMBER: 02590839) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2018 |
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9. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1 July 2017 |
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Balance at 30 June 2018 |
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The deferred tax balance arises due to the excess of tax allowances over depreciation. |
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10. | RELATED PARTY DISCLOSURES |
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During the year ended 30 June 2015 the company made a loan to Minerva E-Learning Limited of £45,880. At 30 June |
2017 and as at 30 June 2018 a full provision has been provided against this loan. |
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Minerva E-Learning Limited is a company in which has a director in common. |
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At the period end M Steady, the director, was owed £nil (2017: £4,100). It is interest free and repayable on demand. |