Company registration number 03431887 (England and Wales)
Bigmore Benefits Limited
Financial Statements
For the year ended
31 May 2023
Pages for filing with registrar
Bigmore Benefits Limited
Contents
Page
Company information
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
Bigmore Benefits Limited
Company Information
- 1 -
Directors
A. Nettleship
D. Sykes
Company number
03431887
Registered office
St George's House
25 Bridge Street
Walton-on-Thames
Surrey
KT12 1AF
Accountants
Dixcart International Limited
Chartered Accountants
Dixcart House
Addlestone Road
Bourne Business Park
Addlestone
Surrey
KT15 2LE
Bigmore Benefits Limited
Statement Of Financial Position
As at 31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,206
5,118
Current assets
Debtors
5
111,377
35,868
Cash at bank and in hand
74,444
109,736
185,821
145,604
Creditors: amounts falling due within one year
6
(119,107)
(112,070)
Net current assets
66,714
33,534
Total assets less current liabilities
69,920
38,652
Creditors: amounts falling due after more than one year
7
(27,505)
(37,506)
Net assets
42,415
1,146
Capital and reserves
Called up share capital
16,675
10,000
Share premium account
33,622
Profit and loss reserves
(7,882)
(8,854)
Total equity
42,415
1,146
The notes on pages 4 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Bigmore Benefits Limited
Statement Of Financial Position (Continued)
As at 31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
A. Nettleship
Director
Company registration number 03431887 (England and Wales)
Bigmore Benefits Limited
Notes To The Financial Statements
For the year ended 31 May 2023
- 4 -
1
General information
Bigmore Benefits Limited is a private company limited by shares incorporated in England and Wales. The registered office is St George's House, 25 Bridge Street, Walton-on-Thames, Surrey, United Kingdom, KT12 1AF.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Commission is treated as income, on the date the related transaction is entered into or on the date of renewal.
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
Bigmore Benefits Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2023
2
Accounting policies
(Continued)
- 5 -
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction cost. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.8
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.10
Government grants
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
Bigmore Benefits Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 June 2022
1,383
3,212
2,079
6,674
Disposals
(1,383)
(1,383)
At 31 May 2023
3,212
2,079
5,291
Depreciation and impairment
At 1 June 2022
646
555
355
1,556
Depreciation charged in the year
277
482
693
1,452
Eliminated in respect of disposals
(923)
(923)
At 31 May 2023
1,037
1,048
2,085
Carrying amount
At 31 May 2023
2,175
1,031
3,206
At 31 May 2022
737
2,657
1,724
5,118
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,847
35,235
Amounts owed by group undertakings
40,000
Other debtors
54,530
633
111,377
35,868
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
6,750
8,107
Corporation tax
24,233
Other taxation and social security
3,735
3,707
Other creditors
74,389
90,256
119,107
112,070
Bigmore Benefits Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,505
37,506
8
Directors' transactions
Included within other debtors is a loan to a Director which amounted to £40,297 at the year end (2022: £nil). This loan is interest free and repayable on demand.
9
Controlling party
The company is controlled by its parent company Bigmore Associates Limited, incorporated in UK, with registered office at St. Geroges House, 25 Bridge Street, Walton-on-Thames, Surrey, KT12 1AF.