Company Registration No. 08253859 (England and Wales)
BEAN COUNTER LONDON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
C/o Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree, Borehamwood
Hertfordshire
WD6 4PJ
BEAN COUNTER LONDON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BEAN COUNTER LONDON LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
741
988
Current assets
Debtors
4
10,034
19,769
Cash at bank and in hand
11,501
9,649
21,535
29,418
Creditors: amounts falling due within one year
5
(12,821)
(14,498)
Net current assets
8,714
14,920
Total assets less current liabilities
9,455
15,908
Provisions for liabilities
(149)
(149)
Net assets
9,306
15,759
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
9,206
15,659
Total equity
9,306
15,759
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 October 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 member has 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.
BEAN COUNTER LONDON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2021
Mr R J K H Wheatley
Director
Company Registration No. 08253859
BEAN COUNTER LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Bean Counter London Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ground Floor, Unit 501 Centennial Park, Centennial Avenue, Elstree, Borehamwood, Hertfordshire, WD6 3FG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
the
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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 and equipment
25% reducing balance
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
BEAN COUNTER LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
3
BEAN COUNTER LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 November 2018 and 31 October 2019
3,174
Depreciation and impairment
At 1 November 2018
2,186
Depreciation charged in the year
247
At 31 October 2019
2,433
Carrying amount
At 31 October 2019
741
At 31 October 2018
988
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,030
19,764
Other debtors
4
4
10,034
19,768
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,620
5,164
Corporation tax
5,581
5,567
Other taxation and social security
3,407
3,110
Other creditors
2,213
657
12,821
14,498
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100