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COMPANY REGISTRATION NUMBER: 2691275
BDS Contracts (MH) Limited
Filleted Unaudited Financial Statements
28 February 2023
BDS Contracts (MH) Limited
Financial Statements
Year ended 28 February 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
BDS Contracts (MH) Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
106,451
141,934
Current assets
Stocks
680
Debtors
7
159,599
463,060
Cash at bank and in hand
92,121
245,784
---------
---------
252,400
708,844
Creditors: amounts falling due within one year
8
( 248,584)
( 635,108)
---------
---------
Net current assets
3,816
73,736
---------
---------
Total assets less current liabilities
110,267
215,670
Creditors: amounts falling due after more than one year
9
( 25,833)
( 35,833)
Provisions
Taxation including deferred tax
10
( 8,846)
( 26,968)
---------
---------
Net assets
75,588
152,869
---------
---------
Capital and reserves
Called up share capital
12
2
2
Profit and loss account
75,586
152,867
--------
---------
Shareholders funds
75,588
152,869
--------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BDS Contracts (MH) Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mr B D Summons
Director
Company registration number: 2691275
BDS Contracts (MH) Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hubberston Road, Hubberston, Milford Haven, Pembrokeshire, SA73 3PR.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.
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.
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:
Plant & Machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
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. 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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 Nil (2022: 23 ).
5. Tax on loss
Major components of tax income
2023
2022
£
£
Current tax:
Adjustments in respect of prior periods
( 11,506)
Deferred tax:
Origination and reversal of timing differences
( 18,122)
292
--------
--------
Tax on loss
( 18,122)
( 11,214)
--------
--------
6. Tangible assets
Plant & Machinery
Motor Vehicles
Office Equipment
Total
£
£
£
£
Cost
At 1 March 2022 and 28 February 2023
331,881
84,353
11,539
427,773
---------
--------
--------
---------
Depreciation
At 1 March 2022
233,568
46,587
5,684
285,839
Charge for the year
24,578
9,441
1,464
35,483
---------
--------
--------
---------
At 28 February 2023
258,146
56,028
7,148
321,322
---------
--------
--------
---------
Carrying amount
At 28 February 2023
73,735
28,325
4,391
106,451
---------
--------
--------
---------
At 28 February 2022
98,313
37,766
5,855
141,934
---------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
6,849
169,472
Other debtors
152,750
293,588
---------
---------
159,599
463,060
---------
---------
Included in other debtors is an amount of £139,081(2022 - £220,906) relating to a loan made to Pembrokeshire Marquee Hire Ltd. The loan has a maximum term of 2 years, however, BDS Contracts (MH) Limited have the right to request immediate repayment. BDS Contracts (MH) Limited hold security over the debt by way of a debenture containing fixed and floating charges over the assets of Pembrokeshire Marquee Hire Ltd.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
10,000
10,000
Trade creditors
2,804
81,669
Social security and other taxes
38,895
Other creditors
235,780
504,544
---------
---------
248,584
635,108
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
25,833
35,833
--------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 March 2022
26,968
Charge against provision
( 18,122)
--------
At 28 February 2023
8,846
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
8,846
26,968
-------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
20,226
26,968
Unused tax losses
( 11,380)
--------
--------
8,846
26,968
--------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
13. Related party transactions
During the year the company paid dividends of £nil (2022 - £182,000) to Mr B D Summons and Mrs J C Summons, the directors.