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No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
06044054
2021-01-01
2021-12-31
06044054
2021-12-31
06044054
2020-12-31
06044054
2020-01-01
2020-12-31
06044054
2020-12-31
06044054
core:MotorVehicles
2021-01-01
2021-12-31
06044054
bus:OrdinaryShareClass1
2021-01-01
2021-12-31
06044054
bus:Director3
2021-01-01
2021-12-31
06044054
bus:Director1
2021-01-01
2021-12-31
06044054
core:MotorVehicles
2020-12-31
06044054
core:MotorVehicles
2021-12-31
06044054
core:WithinOneYear
2021-12-31
06044054
core:WithinOneYear
2020-12-31
06044054
core:AfterOneYear
2021-12-31
06044054
core:AfterOneYear
2020-12-31
06044054
core:ShareCapital
2021-12-31
06044054
core:ShareCapital
2020-12-31
06044054
core:CapitalRedemptionReserve
2021-12-31
06044054
core:CapitalRedemptionReserve
2020-12-31
06044054
core:RetainedEarningsAccumulatedLosses
2021-12-31
06044054
core:RetainedEarningsAccumulatedLosses
2020-12-31
06044054
core:MotorVehicles
2020-12-31
06044054
bus:Director1
2020-12-31
06044054
bus:Director1
2019-12-31
06044054
bus:Director1
2020-12-31
06044054
bus:Director1
2020-01-01
2020-12-31
06044054
bus:SmallEntities
2021-01-01
2021-12-31
06044054
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
06044054
bus:FullAccounts
2021-01-01
2021-12-31
06044054
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
06044054
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
06044054
bus:OrdinaryShareClass1
2021-12-31
06044054
bus:OrdinaryShareClass1
2020-12-31
COMPANY REGISTRATION NUMBER:
06044054
Business Merchandise & Marketing Limited |
|
Filleted Unaudited Financial Statements |
|
Business Merchandise & Marketing Limited |
|
Statement of Financial Position |
|
31 December 2021
Fixed assets
Tangible assets |
5 |
|
19,164 |
|
28,946 |
|
|
|
|
|
|
Current assets
Stock |
6 |
20,434 |
|
9,236 |
|
Debtors |
7 |
68,261 |
|
46,280 |
|
Cash at bank and in hand |
203,242 |
|
252,610 |
|
|
--------- |
|
--------- |
|
|
291,937 |
|
308,126 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
128,747 |
|
139,436 |
|
|
--------- |
|
--------- |
|
Net current assets |
|
163,190 |
|
168,690 |
|
|
--------- |
|
--------- |
Total assets less current liabilities |
|
182,354 |
|
197,636 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
35,833 |
|
44,167 |
|
|
--------- |
|
--------- |
Net assets |
|
146,521 |
|
153,469 |
|
|
--------- |
|
--------- |
|
|
|
|
|
|
Business Merchandise & Marketing Limited |
|
Statement of Financial Position (continued) |
|
31 December 2021
Capital and reserves
Called up share capital |
11 |
|
45 |
|
45 |
Capital redemption reserve |
|
55 |
|
55 |
Profit and loss account |
|
146,421 |
|
153,369 |
|
|
--------- |
|
--------- |
Shareholders funds |
|
146,521 |
|
153,469 |
|
|
--------- |
|
--------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
7 September 2022
, and are signed on behalf of the board by:
Company registration number:
06044054
Business Merchandise & Marketing Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rockley, 1 Elcot Mews, Stonebridge Close, Marlborough, Wiltshire, SN8 2AE. The principal activity of the company during the period was the supply of promotional goods and services.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: A bad debt provision is provided where the directors believe a debt to be irrecoverable. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation is based on the estimated useful life of the relevant asset.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Motor vehicles |
- |
25% straight line |
|
Office and computer equipment |
- |
20% or 3 years straight line on cost or lease term |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowing or current liabilities.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2020:
8
).
5.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2021 and 31 December 2021 |
27,500 |
|
83,946 |
|
-------- |
-------- |
-------- |
Depreciation |
|
|
|
At 1 January 2021 |
3,724 |
|
55,000 |
Charge for the year |
5,944 |
|
9,782 |
|
-------- |
-------- |
-------- |
At 31 December 2021 |
9,668 |
|
64,782 |
|
-------- |
-------- |
-------- |
Carrying amount |
|
|
|
At 31 December 2021 |
17,832 |
|
19,164 |
|
-------- |
-------- |
-------- |
At 31 December 2020 |
23,776 |
|
28,946 |
|
-------- |
-------- |
-------- |
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Equipment |
|
£ |
At 31 December 2021 |
– |
|
---- |
At 31 December 2020 |
|
|
---- |
|
|
6.
Stock
|
2021 |
2020 |
|
£ |
£ |
Work in progress |
20,434 |
9,236 |
|
-------- |
------- |
|
|
|
7.
Debtors
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
57,746 |
37,360 |
Other debtors |
10,515 |
8,920 |
|
-------- |
-------- |
|
68,261 |
46,280 |
|
-------- |
-------- |
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
2021 |
2020 |
|
£ |
£ |
Other debtors |
2,804 |
1,479 |
|
------- |
------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
5,833 |
Trade creditors |
72,323 |
69,626 |
Social security and other taxes |
6,901 |
10,215 |
Other creditors |
39,523 |
53,762 |
|
--------- |
--------- |
|
128,747 |
139,436 |
|
--------- |
--------- |
|
|
|
Included within other creditors is £Nil (2020 £821) in respect of an asset held under a finance lease which is secured on the asset to which it relates.
9.
Creditors:
amounts falling due after more than one year
|
2021 |
2020 |
|
£ |
£ |
Bank loans and overdrafts |
35,833 |
44,167 |
|
-------- |
-------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £4,167) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Creditors due for payment in over 5 years consist of a Coronavirus bounce back loan dated July 2020 for £50,000 repayable over 6 years at a fixed interest rate of 2.5%. Interest for the first 12 months is paid by the Government with capital repayments starting in month 13 of the loan.
10.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
Recognised in other operating income:
Government grants recognised directly in income |
29,505 |
56,902 |
|
-------- |
-------- |
|
|
|
Government grants consist of £19,420 (2020 £44,337) Coronavirus Job Retention Scheme grants, £9,400 (2020 £12,000) local government business support grants and £685 (2020 £565) in respect of interest paid on a government COVID support loan.
11.
Called up share capital
Issued, called up and fully paid
|
2021 |
2020 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
45 |
45 |
45 |
45 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
On 9 November 2020,the company purchased 55 shares held by Mr B Mathieson for £220,000.
12.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2021 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Director's loan |
(
19,000) |
– |
19,000 |
– |
|
|
-------- |
---- |
-------- |
---- |
|
|
|
|
|
|
|
2020 |
|
|
Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Director's loan |
(
21,110) |
(
50,000) |
52,110 |
(
19,000) |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|