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COMPANY REGISTRATION NUMBER: 12674502
BH (SUMMERMIST) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
BH (SUMMERMIST) LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2022
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
BH (SUMMERMIST) LIMITED
BALANCE SHEET
31 December 2022
2022
2021
Note
£
£
FIXED ASSETS
Intangible assets
5
233,883
355,337
CURRENT ASSETS
Debtors
6
79,767
138,900
Cash at bank and in hand
821,439
487,334
---------
---------
901,206
626,234
CREDITORS: amounts falling due within one year
7
( 860,820)
( 935,289)
---------
---------
NET CURRENT ASSETS/(LIABILITIES)
40,386
( 309,055)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
274,269
46,282
---------
--------
NET ASSETS
274,269
46,282
---------
--------
CAPITAL AND RESERVES
Called up share capital
1,000
1,000
Profit and loss account
273,269
45,282
---------
--------
SHAREHOLDERS FUNDS
274,269
46,282
---------
--------
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 profit and loss account has not been delivered.
For the year ending 31 December 2022 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 .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr S L Littlefair
Director
Company registration number: 12674502
BH (SUMMERMIST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 201 Cygnet Court, Centre Park, Warrington, WA1 1PP.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for management fees and costs recharged, stated net of discounts and of Value Added Tax.
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.
Intangible assets
Concessions, patents, licences, trademarks, and similar rights and assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any concessions, patents, licences, trademarks, and similar rights and assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Concessions, patents, licences, trademarks, and similar rights and assets - 20% on cost
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of these assets, the amortisation is revised prospectively to reflect the new estimates.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 35 (2021: 23 ).
5. INTANGIBLE ASSETS
Concessions, patents, licences, trademarks, and similar rights and assets
£
Cost
At 1 January 2022
487,500
Additions
Disposals
( 62,500)
---------
At 31 December 2022
425,000
---------
Amortisation
At 1 January 2022
132,163
Charge for the year
81,914
Disposals
( 22,960)
---------
At 31 December 2022
191,117
---------
Carrying amount
At 31 December 2022
233,883
---------
At 31 December 2021
355,337
---------
6. DEBTORS
2022
2021
£
£
Trade debtors
78,767
137,900
Other debtors
1,000
1,000
--------
---------
79,767
138,900
--------
---------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Trade creditors
101
95
Corporation tax
55,903
44,571
Social security and other taxes
170,298
129,199
Other creditors
634,518
761,424
---------
---------
860,820
935,289
---------
---------