Company registration number 03379169 (England and Wales)
BEARCO TRADING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
BEARCO TRADING LIMITED
COMPANY INFORMATION
Director
C M Oxinou
Secretary
Trea Secretarial Limited
Company number
03379169
Registered office
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
BEARCO TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
BEARCO TRADING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
as restated
Notes
US $
US $
US $
US $
Current assets
Debtors
3
412,049
460,626
Cash at bank and in hand
1,920
14,219
413,969
474,845
Creditors: amounts falling due within one year
4
(335,413)
(406,035)
Net current assets
78,556
68,810
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
78,555
68,809
Total equity
78,556
68,810

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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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.

The financial statements were approved and signed by the director and authorised for issue on 19 August 2022
C M Oxinou
Director
Company Registration No. 03379169
BEARCO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Bearco Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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 presented in US dollars, as this is the company's operational currency. Monetary amounts in these financial statements are rounded to the nearest US $.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover represents amounts receivable for the wholesale of coal and related products.

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
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.4
Taxation

The company is subject to Cypriot corporation tax and not UK corporation tax.

1.5
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
BEARCO TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
5
3
3
Debtors
2021
2020
Amounts falling due within one year:
US $
US $
Trade debtors
196,753
199,715
Corporation tax recoverable
-
0
710
Other debtors
215,296
260,201
412,049
460,626
4
Creditors: amounts falling due within one year
2021
2020
US $
US $
Trade creditors
230,727
298,987
Taxation and social security
-
0
6
Other creditors
104,686
107,042
335,413
406,035
5
Called up share capital
2021
2020
US $
US $
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
6
Prior year adjustment

The prior year comparatives have been adjusted to take account of an invoice and credit note not processed during the year ended 31 December 2019 totalling $75,583. Retained earnings at 31 December 2020 previously stated at £144,393 have been revised to £68,810, whilst other debtors at 31 December 2020 previous stated at £335,784 have been revised to £260,201 in the comparative figures.

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