Company Registration No. 08762404 (England and Wales)
BESPOKE HEALTHCARE PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BESPOKE HEALTHCARE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BESPOKE HEALTHCARE PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
202
301
Tangible assets
4
226,457
260,927
226,659
261,228
Current assets
Stocks
7,700
7,700
Debtors
5
83,750
54,262
Cash at bank and in hand
3,014
30,022
94,464
91,984
Creditors: amounts falling due within one year
6
(62,250)
(61,691)
Net current assets
32,214
30,293
Total assets less current liabilities
258,873
291,521
Creditors: amounts falling due after more than one year
7
(151,157)
(166,752)
Provisions for liabilities
(5,458)
(6,596)
Net assets
102,258
118,173
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
102,158
118,073
Total equity
102,258
118,173
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 December 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.
BESPOKE HEALTHCARE PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 April 2021
N Akram
Director
Company Registration No. 08762404
BESPOKE HEALTHCARE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Bespoke Healthcare Products Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
201 Bristol Avenue, Blackpool, Lancashire, FY2 0JF.
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.
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 goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Patents & licences
over 5 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
over 99 years
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BESPOKE HEALTHCARE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
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.
BESPOKE HEALTHCARE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
3
3
Intangible fixed assets
Other
£
Cost
At 1 January 2019 and 31 December 2019
499
Amortisation and impairment
At 1 January 2019
198
Amortisation charged for the year
99
At 31 December 2019
297
Carrying amount
At 31 December 2019
202
At 31 December 2018
301
BESPOKE HEALTHCARE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2019
201,993
118,133
320,126
Additions
25,134
25,134
Disposals
(67,307)
(67,307)
At 31 December 2019
201,993
75,960
277,953
Depreciation and impairment
At 1 January 2019
6,130
53,069
59,199
Depreciation charged in the year
2,040
17,131
19,171
Eliminated in respect of disposals
(26,874)
(26,874)
At 31 December 2019
8,170
43,326
51,496
Carrying amount
At 31 December 2019
193,823
32,634
226,457
At 31 December 2018
195,863
65,064
260,927
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,217
14,867
Other debtors
73,533
39,395
83,750
54,262
BESPOKE HEALTHCARE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
12,009
11,810
Net obligations due under hire purchase contracts
6,249
12,660
Trade creditors
14,247
19,484
Corporation tax
23,247
14,256
Other taxation and social security
597
131
Other creditors
2,351
Accruals and deferred income
3,550
3,350
62,250
61,691
Net obligations due under hire purchase contracts are secured on the assets financed.
The company's bank borrowings are secured by a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
132,931
147,213
Net obligations due under hire purchase contracts
18,226
19,539
151,157
166,752
Amounts included above which fall due after five years are as follows:
Payable by instalments
80,535
94,817
8
Called up share capital
2019
2018
2019
2018
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
During the year, the company operated a loan account with the director. At the balance sheet date, an amount of £71,220 was owed to the company (2018 - £39,091).