Company Registration No. 10054383 (England and Wales)
BA1 CONSULTING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BA1 CONSULTING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BA1 CONSULTING LTD
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,117
5,275
Current assets
Debtors
3
23,527
Cash at bank and in hand
41,551
21,857
41,551
45,384
Creditors: amounts falling due within one year
4
(47,007)
(10,441)
Net current (liabilities)/assets
(5,456)
34,943
Total assets less current liabilities
(4,339)
40,218
Provisions for liabilities
5
(212)
-
Net (liabilities)/assets
(4,551)
40,218
Capital and reserves
Called up share capital
6
12
12
Profit and loss reserves
(4,563)
40,206
Total equity
(4,551)
40,218
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 21 December 2021 and are signed on its behalf by:
J A Yapo
Director
Company Registration No. 10054383
BA1 CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
BA1 Consulting Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
21 Holborn Viaduct, London, EC1A 2DY.
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
Going concern
It is the intention of the directors to dissolve the company. A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
based on continued support from its immediate parent undertaking Convergint
Technologies LLC
, which has been confirmed in written representations
. Thus
,
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements
.
1.3
Turnover
Turnover is recognised
as the value of services (net of VAT) provided to customers during the year.
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 or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
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
.
1.5
Impairment of fixed assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
any
impairment loss.
1.6
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.
BA1 CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.9
A prior period adjustment was made to move an amount of £100,000 previously included in other creditors in the balance sheet to income in the profit and loss account. This was made on the basis of evidence obtained by the directors since the previous period end as the £100,000 does not represent a liability of the company, and is an exclusivity fee. At the previous period end the directors did not have sufficient information regarding £100,000 and so kept it in the balance sheet as a creditor rather than including it in the profit and loss account within other income. This adjustment has also impacted on the corporation tax due.
This has resulted in an increase in the profit and loss account reserve brought forward of £90,840, a decrease in the other creditors brought forward of £100,000 and an increase in the corporation tax brought forward of £9,160. The adjustment has had on impact on the profit and loss account for the current year.
BA1 CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
16,634
Depreciation and impairment
At 1 January 2020
11,359
Depreciation charged in the year
4,158
At 31 December 2020
15,517
Carrying amount
At 31 December 2020
1,117
At 31 December 2019
5,275
BA1 CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
3
Debtors
2020
2019
as restated
Amounts falling due within one year:
£
£
Trade debtors
1,728
R&D tax credit receivable
17,449
Other debtors
4,350
-
23,527
4
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
9,160
Other taxation and social security
1,414
Other creditors
36,433
10,441
47,007
10,441
5
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
212
-
2020
Movements in the year:
£
Liability at 1 January 2020
-
Charge to profit or loss
212
Liability at 31 December 2020
212
BA1 CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
6
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Class A Ordinary shares of £1 each
3
3
3
3
Class D Ordinary shares of 1p each
900
900
9
9
903
903
12
12
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Bindi Palmer and the auditor was Rouse Audit LLP.