REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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BE SELECTIVE FINANCIAL SERVICES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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BE SELECTIVE FINANCIAL SERVICES LIMITED |
BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Page |
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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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BE SELECTIVE FINANCIAL SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
364-368 Cranbrook Road |
Gants Hill |
Ilford |
Essex |
IG2 6HY |
BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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BALANCE SHEET |
31 DECEMBER 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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BALANCE SHEET - continued |
31 DECEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Be Selective Financial Services Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
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Depreciation is provided on the following basis: |
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Plant and Machinery - 15% Straight Line |
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Motor Vehicles - 15% Reducing balance |
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The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit and loss. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit and loss except that a change attributable to an item income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
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BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that: |
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowance have been met. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern - covid19 |
The company has been impacted by the Covid19 pandemic. The company had seen a fall in turnover after the year end and as a result undertaken other cost saving measures. |
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The directors remain confident that turnover will return to normal level in the coming months. It is for these reasons the accounts have been prepared on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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BE SELECTIVE FINANCIAL SERVICES LIMITED (REGISTERED NUMBER: 02611472 |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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