COMPANY REGISTRATION NO. 06470751 (England and Wales)
BMG DESIGN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
140,000
160,000
Tangible assets
4
1,420
2,315
141,420
162,315
Current assets
Debtors
5
71,680
42,217
Cash at bank and in hand
713,548
609,149
785,228
651,366
Creditors: amounts falling due within one year
6
(92,242)
(91,049)
Net current assets
692,986
560,317
Total assets less current liabilities
834,406
722,632
Provisions for liabilities
(260)
(430)
Net assets
834,146
722,202
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
834,046
722,102
Total equity
834,146
722,202
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 by the board of directors and authorised for issue on 9 December 2021 and are signed on its behalf by:
Mr B M Gormley
Director
Company Registration No. 06470751
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 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 2021
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
.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
5
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
400,000
Amortisation and impairment
At 1 April 2020
240,000
Amortisation charged for the year
20,000
At 31 March 2021
260,000
Carrying amount
At 31 March 2021
140,000
At 31 March 2020
160,000
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2020
5,606
10,426
16,032
Additions
271
271
At 31 March 2021
5,606
10,697
16,303
Depreciation and impairment
At 1 April 2020
5,272
8,445
13,717
Depreciation charged in the year
192
974
1,166
At 31 March 2021
5,464
9,419
14,883
Carrying amount
At 31 March 2021
142
1,278
1,420
At 31 March 2020
334
1,981
2,315
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
53,934
41,192
Other debtors
16,678
Prepayments and accrued income
1,068
1,025
71,680
42,217
BMG DESIGN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
401
515
Taxation and social security
90,329
79,353
Other creditors
1,512
11,181
92,242
91,049
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
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:
2021
2020
£
£
6,250
9
Directors' transactions
Dividends totalling £40,383 (2020 - £2,000) were paid in the year in respect of shares held by the company's director.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
(9,879)
78,983
(52,426)
16,678
(9,879)
78,983
(52,426)
16,678