Company Registration No. 10026251 (England and Wales)
G3 BDMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
G3 BDMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
G3 BDMS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,253
1,284
Current assets
Debtors
5
98,673
97,725
Cash at bank and in hand
97,920
66,932
196,593
164,657
Creditors: amounts falling due within one year
6
(68,233)
(61,260)
Net current assets
128,360
103,397
Total assets less current liabilities
132,613
104,681
Provisions for liabilities
7
(775)
(244)
Net assets
131,838
104,437
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
131,738
104,337
Total equity
131,838
104,437
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 2020 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.
G3 BDMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 November 2020
T D W Brown
Director
Company Registration No. 10026251
G3 BDMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
G3 BDMS Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Main Road, East Hagbourne, Didcot, Oxfordshire, OX11 9LJ.
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.
When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the
service is performed.
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:
Plant and equipment
- 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
.
1.4
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet
date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is estimated and
compared to its carrying amount.
Where the carrying amount exceeds its recoverable amount, an impairment loss is
recognised in the profit and loss, unless it's carried at a revalued amount, where the
impairment loss is a revaluation
decrease.
G3 BDMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
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.
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
Provisions
Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past
event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be
reliably estimated.
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
1.7
Employee benefits
Short-term employees' benefits are recognised as an expense in the period in which they are incurred.
1.8
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction
price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
G3 BDMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
G3 BDMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
1,340
Additions
4,174
At 31 March 2020
5,514
Depreciation and impairment
At 1 April 2019
56
Depreciation charged in the year
1,205
At 31 March 2020
1,261
Carrying amount
At 31 March 2020
4,253
At 31 March 2019
1,284
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
16,173
14,175
Other debtors
82,500
83,550
98,673
97,725
6
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
39,372
39,693
Other creditors
28,861
21,567
68,233
61,260
G3 BDMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Accelerated capital allowances
775
244
2020
Movements in the year:
£
Liability at 1 April 2019
244
Charge to profit or loss
531
Liability at 31 March 2020
775
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
70 A Ordinary of £1 each
70
70
30 B Ordinary of £1 each
30
30
100
100
9
RELATED PARTY DISCLOSURES
At the year end, the company owed key management personnel £
22
,
182
(201
9
- £
15,308
).
At the year end, the company owed other related parties £
4,829
(201
9
- £
4,409
).