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Registration number: 05818614

BGI Supplies Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

BGI Supplies Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

BGI Supplies Limited

Company Information

Directors

Neil Corbould

Stuart Heath

Registered office

The Bgi Building Longcross Studios
Chobham Lane
Chertsey
KT16 0EE

Accountants

Ross + Partners
Chartered Certified Accountants
Suite 1B1 Argyle House
Northside
Joel Street
Northwood Hills
HA6 1NW

 

BGI Supplies Limited

(Registration number: 05818614)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

546,362

572,224

Current assets

 

Stocks

40,000

45,000

Debtors

75,015

666,139

Cash at bank and in hand

 

2,764,485

640,879

 

2,879,500

1,352,018

Creditors: Amounts falling due within one year

(1,261,052)

(441,938)

Net current assets

 

1,618,448

910,080

Total assets less current liabilities

 

2,164,810

1,482,304

Creditors: Amounts falling due after more than one year

(7,633)

-

Provisions for liabilities

(103,808)

(102,594)

Net assets

 

2,053,369

1,379,710

Capital and reserves

 

Called up share capital

230

230

Retained earnings

2,053,139

1,379,480

Shareholders' funds

 

2,053,369

1,379,710

For the financial year ending 31 May 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

 

BGI Supplies Limited

(Registration number: 05818614)
Abridged Balance Sheet as at 31 May 2023

.........................................
Stuart Heath
Director

 

BGI Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

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 abridged 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 abridged 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.

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 and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

BGI Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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

Fixture, Furniture and Equipment

25% on reducing balance

Motor Vehicles

25% on reducing balance

Stocks

Stocks and work in progess are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 11).

 

BGI Supplies Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

3

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

1,315,337

201,285

1,516,622

Additions

133,416

43,375

176,791

Disposals

-

(36,500)

(36,500)

At 31 May 2023

1,448,753

208,160

1,656,913

Depreciation

At 1 June 2022

868,526

75,872

944,398

Charge for the year

145,057

37,065

182,122

Eliminated on disposal

-

(15,969)

(15,969)

At 31 May 2023

1,013,583

96,968

1,110,551

Carrying amount

At 31 May 2023

435,170

111,192

546,362

At 31 May 2022

446,811

125,413

572,224

4

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

230

230

230

230