Registered number
12930545
BP Trading Limited
Report and Financial Statements
31 October 2022
BP Trading Limited
Registered number: 12930545
Director's Report
The director presents his report and financial statements for the year ended 31 October 2022.
Principal activities
The company's principal activity during the period was that of the provision of media representation services.
Directors
The following persons served as directors during the period :
Mr O Olenga
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 6 October 2023 and signed on its behalf.
Mr O Olenga
Director
BP Trading Limited
Profit and Loss Account
for the year ended 31 October 2022
2022 2021
£ £
Turnover 7,151,428 5,198,625
Cost of sales (5,624,621) (3,651,428)
Gross profit 1,526,807 1,547,197
Administrative expenses (870,817) (1,486,135)
Operating profit 655,990 61,062
Interest receivable 18 -
Interest payable (213) (559)
Profit on ordinary activities before taxation 655,795 60,503
Tax on profit on ordinary activities 1,711 (2,635)
Profit for the financial period 657,506 57,868
BP Trading Limited
Registered number: 12930545
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £ £ £
Fixed assets
Tangible assets 3 712,432 46,632
Current assets
Stocks 24,895 16,423
Debtors 4 172,641 112,016
Cash at bank and in hand 66,231 17,854
263,767 146,293
Creditors: amounts falling due within one year 5 (150,452) (102,769)
Net current assets 113,315 43,524
Total assets less current liabilities 825,747 90,156
Creditors: amounts falling due after more than one year 6 (110,372) (32,287)
Net assets 715,375 57,869
Capital and reserves
Called up share capital 1 1
Profit and loss account 715,374 57,868
Shareholder's funds 715,375 57,869
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr O Olenga
Director
Approved by the board on 6 October 2023
BP Trading Limited
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 7 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2021 54,861
Additions 791,523
At 31 October 2022 846,384
Depreciation
At 1 November 2021 8,229
Charge for the year 125,723
At 31 October 2022 133,952
Net book value
At 31 October 2022 712,432
At 31 October 2021 46,632
4 Debtors 2022 2021
£ £
Trade debtors 168,524 105,478
Other debtors 4,117 6,538
172,641 112,016
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 124,163 87,537
Corporation tax 924 2,635
Other taxes and social security costs 16,087 4,851
Other creditors 9,278 7,746
150,452 102,769
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 110,372 32,287
7 Other information
BP Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
114 Zambezi Drive
London
N9 0GU
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