Registered number:
05408252
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THE BROADBAND COMPUTER COMPANY LIMITED
Financial statements
Information for filing with the registrar
31 December 2020
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The Broadband Computer Company Limited
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Balance Sheet
As at
31 December 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
19 March 2021
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Registered number: 05408252
The notes on pages 2 to 5 form part of these financial statements.
1
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The Broadband Computer Company Limited
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Notes to the financial statements
For the Year Ended 31 December 2020
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Citygate, St James Boulevard, Newcastle upon Tyne, Tyne and Wear, NE1 4JE.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The company's principal activity is described in the directors report.
The directors have prepared cash flow forecasts for the coming period, taking into account expected trading cash flows and other cash requirements as the business continues to expand. The company continues to meet its day-to-day working capital requirements through direct financial support from the directors and shareholders of its ultimate controlling party Alex Media Technology Inc.
In light of recent global events which persist at the date of approval of these financial statements, the directors have also taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Contingency plans have been implemented to mitigate the risk to the business. In addition, the UK government have announced a series of funding measures which, the directors anticipate will be available should there be any additional short to medium term funding requirements. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in the foreseeable future.
The turnover shown in the profit and loss account represents subscription income recognised in the year in which it relates.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
2
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The Broadband Computer Company Limited
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Notes to the financial statements
For the Year Ended 31 December 2020
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙
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
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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The average monthly number of employees, including directors, during the year was
2
(2019 -
2
)
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3
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The Broadband Computer Company Limited
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Notes to the financial statements
For the Year Ended 31 December 2020
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Allotted, called up and fully paid
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37,439
(2019 -
37,439
)
Ordinary shares
shares of £
1.00
each
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Related party transactions
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During the year under review the company loaned £925 (2019: £973) to Broadmedia Holdings Limited (a company in which JBM Leslie is a director). At the year end the company owed Broadmedia Holdings Limited £2,968,160 (2019: £2,969,085). This loan is unsecured, interest free and repayable on demand.
During the year the company paid accountancy fees of £900 (2019: £900) for Alex Media Technology Ltd (a company in which JBM Leslie is a director) and loaned £371. At the year end the company was owed £69,248 (2019: £67,976).
During the year under review the company loaned £2,335 (2019: £60) to Alex Media Technology Inc (a company in which JBM Leslie is a director). At the year end the company owed Alex Inc £194,842 (2019: £197,177). This loan is unsecured, interest free and repayable on demand.
At the year end the company owed Secure Coast Technologies Limited (a company in which JBM Leslie is sole director) £6,000 (2019: £6,000). This loan is unsecured, interest free and repayable on demand.
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4
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The Broadband Computer Company Limited
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Notes to the financial statements
For the Year Ended 31 December 2020
Alex Media Technology Ltd, is the parent company (registered in England and Wales) and Alex Media Technology Inc is considered to be the ultimate controlling party, incorporated in New Brunswick, Canada.
5
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