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COMPANY REGISTRATION NUMBER: 03852280
Business & Personal Investment Limited
Unaudited Financial Statements
31 October 2023
Business & Personal Investment Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income (including profit and loss account)
3
Balance sheet
4
Notes to the financial statements
6
Business & Personal Investment Limited
Directors' Report
Year ended 31 October 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2023 .
Directors
The directors who served the company during the year were as follows:
Mr N D Copperwheat
Mr P J Fulcher
Ms M Veal
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 March 2024 and signed on behalf of the board by:
Mr N D Copperwheat
Director
Registered office:
BPI House
Bourne End Business Park
Cores End Road
Bourne End
Buckinghamshire
SL8 5AS
Business & Personal Investment Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Business & Personal Investment Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Business & Personal Investment Limited for the year ended 31 October 2023, which comprise the statement of comprehensive income (including profit and loss account), balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Business & Personal Investment Limited, as a body, in accordance with the terms of our engagement letter dated 24 June 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Business & Personal Investment Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Business & Personal Investment Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Business & Personal Investment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Business & Personal Investment Limited. You consider that Business & Personal Investment Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Business & Personal Investment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DED ACCOUNTANCY SERVICES LTD Chartered Accountants
Cors Afanen Eryrys Road Mynydd Du Denbighshire CH7 4BR
6 March 2024
Business & Personal Investment Limited
Statement of Comprehensive Income (Including Profit and Loss Account)
Year ended 31 October 2023
2023
2022
Note
£
£
Turnover
976,471
1,646,704
Cost of sales
8,565
8,198
---------
------------
Gross profit
967,906
1,638,506
Distribution costs
19,330
472,583
Administrative expenses
564,577
558,363
Other operating income
18,851
13,561
---------
------------
Operating profit
402,850
621,121
Other interest receivable and similar income
17,599
13,123
Interest payable and similar expenses
9,144
6,538
---------
------------
Profit before taxation
5
411,305
627,706
Tax on profit
100,690
119,616
---------
---------
Profit for the financial year and total comprehensive income
310,615
508,090
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Business & Personal Investment Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
13,986
18,881
Current assets
Debtors
8
464,330
546,299
Cash at bank and in hand
59,172
122,374
---------
---------
523,502
668,673
Creditors: amounts falling due within one year
9
140,716
160,089
---------
---------
Net current assets
382,786
508,584
---------
---------
Total assets less current liabilities
396,772
527,465
Creditors: amounts falling due after more than one year
10
78,751
153,059
---------
---------
Net assets
318,021
374,406
---------
---------
Capital and reserves
Called up share capital
1,050
1,050
Capital redemption reserve
50
50
Profit and loss account
316,921
373,306
---------
---------
Shareholders funds
318,021
374,406
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Business & Personal Investment Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
Mr P J Fulcher Director
Company registration number: 03852280
Business & Personal Investment Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is BPI House, Bourne End Business Park, Cores End Road, Bourne End, Buckinghamshire, SL8 5AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant judgements, estimates or assumptions.
Revenue recognition
The turnover shown in the profit and loss account represents commission and fees receivable in respect of business written during the year.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
4,895
5,447
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
156,327
---------
Amortisation
At 1 November 2022 and 31 October 2023
156,327
---------
Carrying amount
At 31 October 2023
---------
At 31 October 2022
---------
7. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
6,172
79,034
85,206
-------
--------
--------
Depreciation
At 1 November 2022
5,400
60,925
66,325
Charge for the year
193
4,702
4,895
-------
--------
--------
At 31 October 2023
5,593
65,627
71,220
-------
--------
--------
Carrying amount
At 31 October 2023
579
13,407
13,986
-------
--------
--------
At 31 October 2022
772
18,109
18,881
-------
--------
--------
8. Debtors
2023
2022
£
£
Trade debtors
29,184
83,889
Other debtors
435,146
462,410
---------
---------
464,330
546,299
---------
---------
Amounts owed by related parties £400,000 is repayable on demand but the directors do not expect to request payment until after 31 October 2024.
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,600
23,000
Trade creditors
613
Corporation tax
101,011
122,956
Social security and other taxes
6,784
6,509
Other creditors
321
7,011
---------
---------
140,716
160,089
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,018
114,726
Other creditors
18,733
38,333
--------
---------
78,751
153,059
--------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
17,600
17,600
Later than 5 years
228,400
246,000
---------
---------
246,000
263,600
---------
---------
12. Directors' advances, credits and guarantees
During the year, further amounts were advanced to the director and repaid, with the highest outstanding balance £36,085 in January 2023. At 31 October 2023, £892 (2022 £11,209) was owed by the director and will be repaid before 31 July 2024.
13. Related party transactions
At 31 October 2023 £400,000 (2022 £400,000) is owed by Jasp South Ltd and is secured by a second charge. Interest at 2.85% above base rate was payable in respect of the £275,000 loan, up to Feb 2023, then amended to 4% thereafter. Interest at 2.5% was payable on both the £75,000 and £50,000 loans.
14. Reserves
The only movements in equity during the year were in respect of the profit for the year and dividends paid. All of the profit and loss account is distributable.