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Registered Number: 09714577
England and Wales

 

 

 

BACKGROUND TRADING LIMITED


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 09714577
Registered Office Netil House Unit 207
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 4 246,306    105,275 
246,306    105,275 
Current assets      
Stocks 5 23,228    16,082 
Debtors 6 136,993    81,634 
Cash at bank and in hand 231,808    164,756 
392,029    262,472 
Creditors: amount falling due within one year 7 (471,247)   (275,742)
Net current liabilities (79,218)   (13,270)
 
Total assets less current liabilities 167,088    92,005 
Creditors: amount falling due after more than one year 8 (35,001)   (78,516)
Net assets 132,087    13,489 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 131,987    13,389 
Shareholder's funds 132,087    13,489 
 


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 Trading Limited is a private company, limited by shares, registered in England and Wales, registration number 09714577, registration address Netil House Unit 207, 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.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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 10 (2021 : 9).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 January 2022 1,070    1,070 
Additions  
Disposals  
At 31 December 2022 1,070    1,070 
Amortisation
At 01 January 2022 1,070    1,070 
Charge for year  
On disposals  
At 31 December 2022 1,070    1,070 
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 12,608    234,818    247,426 
Additions 104,187    57,415    161,602 
Disposals    
At 31 December 2022 116,795    292,233    409,028 
Depreciation
At 01 January 2022 6,601    135,550    142,151 
Charge for year 3,959    16,612    20,571 
On disposals    
At 31 December 2022 10,560    152,162    162,722 
Net book values
Closing balance as at 31 December 2022 106,235    140,071    246,306 
Opening balance as at 01 January 2022 6,007    99,268    105,275 


5.

Stocks

2022
£
  2021
£
Finished Goods 23,228    16,082 
23,228    16,082 

6.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade Debtors 17,493    1,804 
Amount Owed by Group Undertakings 44,313    28,546 
Prepayments & Accrued Income 38,100    3,212 
Other Debtors 38,335    48,072 
138,241    81,634 

6.

Debtors: amounts falling due after one year

2022
£
  2021
£
Amount Owed by Group Undertakings (1,248)  
(1,248)  

7.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade Creditors 177,616    148,689 
Amounts Owed to Group Undertakings 133,917    1,074 
Corporation Tax 1,698    10,797 
PAYE & Social Security 10,546   
VAT 114,193    71,355 
Accrued Expenses 15,895   
Other Creditors 17,382    43,827 
471,247    275,742 

8.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Bank Loans & Overdrafts 35,001    78,516 
35,001    78,516 

9.

Controlling party

The Ultimate controlling party is Background Group Ltd.
4