Company Registration No. NI015190 (Northern Ireland)
BUILDING PROTECTION SYSTEMS (NI) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
BUILDING PROTECTION SYSTEMS (NI) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,383
11,475
Current assets
Stocks
421,318
388,387
Debtors
5
2,531,065
1,987,194
Cash at bank and in hand
37
1,695
2,952,420
2,377,276
Creditors: amounts falling due within one year
6
(1,934,557)
(1,459,741)
Net current assets
1,017,863
917,535
Total assets less current liabilities
1,025,246
929,010
Creditors: amounts falling due after more than one year
7
(94,151)
(152,593)
Net assets
931,095
776,417
BUILDING PROTECTION SYSTEMS (NI) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2020
30 September 2020
2020
2019
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
9
8,000
8,000
Profit and loss reserves
923,095
768,417
Total equity
931,095
776,417
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 30 September 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 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.
The financial statements were approved and signed by the director and authorised for issue on 18 June 2021
Mr C Adams
Director
Company Registration No. NI015190
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 3 -
1
Accounting policies
Company information
Building Protection Systems (NI) Limited is a
private
company
limited by shares
incorporated in Northern Ireland.
The registered office is
No 1 Pilots View, Heron Road, Sydenham Business Park, Belfast, BT3 9LE.
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
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
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:
Leasehold improvements
10% per annum straight line
Plant and equipment
20-25% per annum straight line
Fixtures and fittings
20% per annum straight line
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies (Continued)
- 4 -
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
period
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 the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
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.
1.7
Cash and cash equivalents
Cash at bank and in hand
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.
1.8
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.
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies (Continued)
- 5 -
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.
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.
1.9
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.
1.10
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.
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies (Continued)
- 6 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Exceptional items are transactions that fall within the ordinary activities of the
c
ompany but are presented separately due to their size or incidence.
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 7 -
2
Exceptional items
2020
2019
£
£
Exceptional item - insurance income
-
(70,385)
Exceptional item - provision for bad debt
-
232,036
Insurance income related to insurance monies received in relation to bad debt as noted below.
Provision for bad debt related to amounts owing from a customer who went into administration. The debt was therefore no longer recoverable and so was provided for in the prior year.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
37
40
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 October 2019
133,595
129,829
28,159
291,583
Additions
1,152
1,152
At 30 September 2020
133,595
130,981
28,159
292,735
Depreciation and impairment
At 1 October 2019
133,595
118,370
28,143
280,108
Depreciation charged in the year
5,228
16
5,244
At 30 September 2020
133,595
123,598
28,159
285,352
Carrying amount
At 30 September 2020
7,383
7,383
At 30 September 2019
11,459
16
11,475
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 8 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,316,260
665,360
Amounts owed by group undertakings
986,855
1,011,748
Prepayments and accrued income
227,950
310,086
2,531,065
1,987,194
Included within trade debtors at the year end is £1,259,426 (2019 - £665,360) in relation to invoice discounted debts.
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
98,904
72,780
Invoice discounting
509,936
373,642
Other borrowings
75,130
75,130
Trade creditors
543,863
436,474
Corporation tax
6,802
81,553
Other taxation and social security
234,668
112,833
Other creditors
351,772
120,277
Accruals and deferred income
113,482
187,052
1,934,557
1,459,741
Bank loans and overdrafts and invoice discounting are secured by way of a mortgage debenture incorporating a fixed and floating charge over all assets of the company and those of Building Protection Systems Limited, an unlimited cross composite guarantee between the company and Building Protection Systems Limited, a personal letter of guarantee for £200,000 plus interest and Keyman Life cover.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
94,151
152,593
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 9 -
8
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,435
26,125
The company operates a defined contribution pension scheme and also contributes to the personal
pension schemes of certain employees on a money purchase basis. Contributions totalling £
4,538
(201
9 -
£
5,339
) were payable to the fund at the balance sheet date and are included in creditors.
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
7,200 Ordinary 'A' shares of £1 each
7,200
7,200
800 Ordinary 'B' shares of £1 each
800
800
8,000
8,000
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
194,925
287,743
11
Contingent Liabilities
There exists an Unlimited Cross Composite Guarantee between Building Protection Systems Limited and Building Protection Systems (NI) Limited in relation to the bank borrowings of Building Protection Systems Limited. There are currently no bank borrowings in Building Protection Systems Limited.
12
Events after the reporting date
These financial statements were approved in the midst of the coronavirus global pandemic. The government has taken substantial measures to assist businesses through this period and the company has availed of such support. T
he
director anticipate
s
that there may be an impact on the company’s income in the short term
. However, t
he company
has adequate resources to meet its ongoing financial obligations and the medium to long term impact of
coronavirus is not expected to be significant.
BUILDING PROTECTION SYSTEMS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 10 -
13
Related party transactions
Director
The
director, owns 50% of the property occupied by the company. During the
year,
rent of £
50,000
(201
9
- £
50,000
) was charged to the company for use of the property.
The director
has provided a letter of guarantee for £200,000 plus interest in relation to the bank borrowings of the company.
Exemption
As the company is a wholly owned subsidiary, the director has taken advantage of the exemption of disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
2020-09-30
2019-10-01
false
18 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
Mr C Adams
Mr C Adams
NI015190
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