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Registration number: 08885928

BGS Healthcare Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

BGS Healthcare Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

BGS Healthcare Limited

Company Information

Directors

Mr B P Collier

Miss G L Collier

Mrs S J Collier

Registered office

The Stables
Notton
Lacock
Chippenham
SN15 2NF

Accountants

AKM Accounting Solutions Limited
29 Turbine Way
Ecotech Business Park
Swaffham
Norfolk
PE37 7XD

 

BGS Healthcare Limited

(Registration number: 08885928)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,791

64,367

Current assets

 

Debtors

5

263,324

515,680

Cash at bank and in hand

 

285,056

254,585

 

548,380

770,265

Creditors: Amounts falling due within one year

6

(22,706)

(145,879)

Net current assets

 

525,674

624,386

Total assets less current liabilities

 

602,465

688,753

Creditors: Amounts falling due after more than one year

6

(35,930)

(6,419)

Net assets

 

566,535

682,334

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

566,435

682,234

Shareholders' funds

 

566,535

682,334

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

 

BGS Healthcare Limited

(Registration number: 08885928)
Balance Sheet as at 28 February 2023

.........................................
Mr B P Collier
Director

.........................................
Miss G L Collier
Director

.........................................
Mrs S J Collier
Director

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
The Stables
Notton
Lacock
Chippenham
SN15 2NF

These financial statements were authorised for issue by the Board on 24 October 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Vehicles, plant and machinery

25% on cost

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.

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

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 80 (2022 - 77).

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

30,974

271,826

4,361

307,161

Additions

-

93,600

-

93,600

Disposals

-

(87,269)

-

(87,269)

At 28 February 2023

30,974

278,157

4,361

313,492

Depreciation

At 1 March 2022

28,604

209,829

4,361

242,794

Charge for the year

1,844

57,515

-

59,359

Eliminated on disposal

-

(65,452)

-

(65,452)

At 28 February 2023

30,448

201,892

4,361

236,701

Carrying amount

At 28 February 2023

526

76,265

-

76,791

At 28 February 2022

2,370

61,997

-

64,367

5

Debtors

Current

2023
£

2022
£

Trade debtors

219,511

448,192

Prepayments

3,955

7,915

Other debtors

39,858

59,573

 

263,324

515,680

6

Creditors

Creditors: amounts falling due within one year

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,189

47,991

Trade creditors

 

(952)

3,913

Taxation and social security

 

13,467

71,960

Accruals and deferred income

 

866

18,014

Other creditors

 

4,136

4,001

 

22,706

145,879

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

35,930

6,419

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

35,930

6,419

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,189

47,991

9

Related party transactions

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr B P Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

20,006

63,421

(69,874)

13,552

         
       

Miss G L Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

19,417

61,555

(67,819)

13,153

         
       

Mrs S J Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

19,417

61,555

(67,819)

13,153

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr B P Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

25,808

63,196

(68,998)

20,006

         
       

Miss G L Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

25,049

61,337

(66,969)

19,417

         
       

Mrs S J Collier

For loans where the balance exceeds £10,000 interest will be charged at 2% p.a.

25,049

61,337

(66,969)

19,417

         
       

 

 

BGS Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,500

28,500

Contributions paid to money purchase schemes

72,000

76,000

Directors amount under long term incentive schemes in respect of qualifying services

5,000

-

105,500

104,500