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Registered Number: 08201322
England and Wales

 

 

 

BACKGROUND BARS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
Directors Louis Barry Hyams
James Brian Rule
Charlotte Lucy Campbell
Registered Number 08201322
Registered Office Netil House Unit 206
Westgate Street
London
E8 3RL
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 December 2022.
Directors
The directors who served the company throughout the year were as follows:
Louis Barry Hyams
James Brian Rule
Charlotte Lucy Campbell
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Louis Barry Hyams
Director

Date approved: 31 October 2023
2
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 4 196,661    250,017 
196,661    250,017 
Current assets      
Stocks 5 16,267    12,100 
Debtors 6 422,594    193,625 
Cash at bank and in hand 93,323    166,749 
532,184    372,474 
Creditors: amount falling due within one year 7 (464,268)   (290,493)
Net current assets 67,916    81,981 
 
Total assets less current liabilities 264,577    331,998 
Creditors: amount falling due after more than one year 8 (122,500)   (220,500)
Net assets 142,077    111,498 
 

Capital and reserves
     
Called up share capital 100    133 
Profit and loss account 141,977    111,365 
Shareholder's funds 142,077    111,498 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 October 2023 and were signed on its behalf by:


-------------------------------
Louis Barry Hyams
Director
3
General Information
Background Bars Ltd is a private company, limited by shares, registered in England and Wales, registration number 08201322, registration address Netil House Unit 206, Westgate Street, London, E8 3RL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10% Straight Line
Plant and Machinery 20% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 37 (2021 : 33).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 January 2022 20,125    20,125 
Additions  
Disposals  
At 31 December 2022 20,125    20,125 
Amortisation
At 01 January 2022 20,125    20,125 
Charge for year  
On disposals  
At 31 December 2022 20,125    20,125 
Net book values
At 31 December 2022  
At 31 December 2021  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 January 2022 26,300    461,035    487,335 
Additions 183,068    25,299    208,367 
Disposals   (146,980)   (146,980)
At 31 December 2022 209,368    339,354    548,722 
Depreciation
At 01 January 2022 5,260    232,059    237,319 
Charge for year 40,042    74,700    114,742 
On disposals    
At 31 December 2022 45,302    306,759    352,061 
Net book values
Closing balance as at 31 December 2022 164,066    32,595    196,661 
Opening balance as at 01 January 2022 21,040    228,977    250,017 


5.

Stocks

2022
£
  2021
£
Finished Goods 16,267    12,100 
16,267    12,100 

6.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 253,259    79,689 
Amount Owed by Group Undertakings 115,017    76,801 
Prepayments & Accrued Income 4,506   
Accrued Income 49,430   
Other Debtors 382    21,252 
Corporation Tax   15,883 
422,594    193,625 

7.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 37,952    84,023 
Bank Loans & Overdrafts 49,000   
Amounts Owed to Group Undertakings 46,907    104,031 
Corporation Tax 18,763   
PAYE & Social Security 83,882    17,904 
VAT 32,055    14,915 
Accrued Expenses 41,272    38,704 
Other Creditors 154,437    30,916 
464,268    290,493 

8.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Bank Loans & Overdrafts 122,500    220,500 
122,500    220,500 

9.

Controlling party

The Ultimate controlling party is Background Group Ltd.
4