Company Registration No. 09276055 (England and Wales)
BSL STRATEGIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
BSL STRATEGIC LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
BSL STRATEGIC LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BSL STRATEGIC LIMITED FOR THE YEAR ENDED 31 OCTOBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BSL Strategic Limited for the year ended 31 October 2021 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of BSL Strategic Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of BSL Strategic Limited
and state those matters that we have agreed to state to the Board of Directors of BSL Strategic Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BSL Strategic Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that BSL Strategic Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of BSL Strategic Limited. You consider that BSL Strategic Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BSL Strategic Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
30 June 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
BSL STRATEGIC LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,159
3,519
Current assets
Stocks
1,208,039
837,891
Debtors
4
525,084
976,236
Cash at bank and in hand
5,765
7,937
1,738,888
1,822,064
Creditors: amounts falling due within one year
5
(1,530,433)
(1,626,871)
Net current assets
208,455
195,193
Total assets less current liabilities
211,614
198,712
Creditors: amounts falling due after more than one year
6
(37,381)
(47,500)
Provisions for liabilities
7
(481)
(570)
Net assets
173,752
150,642
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
173,742
150,632
Total equity
173,752
150,642
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 October 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.
BSL STRATEGIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2021
31 October 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 30 June 2022 and are signed on its behalf by:
Mr M A Booth
Director
Company Registration No. 09276055
BSL STRATEGIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
1
Accounting policies
Company information
BSL Strategic Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hayfield House, Arleston Way, Shirley, Solihull, B90 4LH.
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 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 provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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
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:
Improvements to property
5% on cost
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BSL STRATEGIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 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
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2020 - 2).
BSL STRATEGIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 6 -
3
Tangible fixed assets
Improvements to property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 November 2020 and 31 October 2021
3,890
3,000
11,554
18,444
Depreciation and impairment
At 1 November 2020
1,166
2,214
11,545
14,925
Depreciation charged in the year
194
157
9
360
At 31 October 2021
1,360
2,371
11,554
15,285
Carrying amount
At 31 October 2021
2,530
629
3,159
At 31 October 2020
2,724
786
9
3,519
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
535,041
Other debtors
525,084
441,195
525,084
976,236
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,120
2,500
Trade creditors
366,302
268,919
Amounts owed to group undertakings
386,285
386,285
Taxation and social security
43,076
51,374
Other creditors
724,650
917,793
1,530,433
1,626,871
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
37,381
47,500
BSL STRATEGIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 7 -
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
481
570
8
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank loans
47,501
50,000
Bank loans are secured by way of a government-backed guarantee.
9
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
850 A Ordinary of 1p each
8.50
8.50
150 B Ordinary of 1p each
1.50
1.50
10
10
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is Terra Strategic Limited, a company registered in the British Virgin Islands.
Ultimate controlling party
The ultimate controlling party is not known.