COMPANY REGISTRATION NO. 06470751 (England and Wales)
BMG DESIGN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
BMG DESIGN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BMG DESIGN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
180,000
200,000
Tangible assets
4
2,605
4,570
182,605
204,570
Current assets
Debtors
5
27,501
7,153
Cash at bank and in hand
462,660
375,754
490,161
382,907
Creditors: amounts falling due within one year
6
(61,292)
(68,998)
Net current assets
428,869
313,909
Total assets less current liabilities
611,474
518,479
Creditors: amounts falling due after more than one year
7
(50,360)
(89,077)
Provisions for liabilities
(435)
(864)
Net assets
560,679
428,538
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
560,579
428,438
Total equity
560,679
428,538
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 13 December 2019
Mr B M Gormley
Director
Company Registration No. 06470751
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
BMG Design Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1st Floor Conrad House, Beaufort Square, Chepstow, Monmouthshire, United Kingdom, NP16 5EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of architecture is recognised over the period of the contract when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
1.3
Intangible fixed assets - goodwill
Goodwill in connection with the incorporation of the sole trader business
is written off in equal annual installments over its estimated useful economic life
of twenty years
.
1.4
Tangible fixed assets
Tangible fixed assets
are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on cost
Computer equipment
25% on cost
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
400,000
Amortisation and impairment
At 1 April 2018
200,000
Amortisation charged for the year
20,000
At 31 March 2019
220,000
Carrying amount
At 31 March 2019
180,000
At 31 March 2018
200,000
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2018 and 31 March 2019
5,606
9,431
15,037
Depreciation and impairment
At 1 April 2018
4,239
6,228
10,467
Depreciation charged in the year
841
1,124
1,965
At 31 March 2019
5,080
7,352
12,432
Carrying amount
At 31 March 2019
526
2,079
2,605
At 31 March 2018
1,367
3,203
4,570
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
26,897
4,740
Prepayments and accrued income
604
2,413
27,501
7,153
6
Creditors: amounts falling due within one year
2019
2018
£
£
Taxation and social security
59,741
67,109
Other creditors
1,551
1,889
61,292
68,998
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other borrowings
50,360
89,077
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
5,000
5,000