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Registration number: 12147767

BFC Developments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

BFC Developments Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

BFC Developments Ltd

Company Information

Director

Mr R Morling

Registered office

14 Danesway
Scawthorpe
Doncaster
DN5 9EA

 

BFC Developments Ltd

(Registration number: 12147767)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,395

1,641

Current assets

 

Stocks

5

1,392,451

1,473,978

Debtors

6

110,639

54,715

Cash at bank and in hand

 

2,910

32,378

 

1,506,000

1,561,071

Creditors: Amounts falling due within one year

7

(1,528,972)

(1,607,525)

Net current liabilities

 

(22,972)

(46,454)

Net liabilities

 

(21,577)

(44,813)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(21,579)

(44,815)

Shareholders' deficit

 

(21,577)

(44,813)

For the financial year ending 31 August 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 November 2023
 

.........................................
Mr R Morling
Director

 

BFC Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
14 Danesway
Scawthorpe
Doncaster
DN5 9EA

These financial statements were authorised for issue by the director on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

BFC Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Asset class

Depreciation method and rate

Plant & Machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

BFC Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 0).

 

BFC Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2021

1,930

1,930

At 31 August 2022

1,930

1,930

Depreciation

At 1 September 2021

289

289

Charge for the year

246

246

At 31 August 2022

535

535

Carrying amount

At 31 August 2022

1,395

1,395

At 31 August 2021

1,641

1,641

5

Stocks

2022
£

2021
£

Work in progress

1,392,451

1,473,978

6

Debtors

Current

2022
£

2021
£

Other debtors

110,639

54,715

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

1,251,817

1,281,209

Trade creditors

 

57,472

174,723

Accruals and deferred income

 

4,875

4,875

Other creditors

 

214,808

146,718

 

1,528,972

1,607,525

 

BFC Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

1,251,817

1,281,209