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Registration number: 10569525

BSP Projects South Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

BSP Projects South Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

BSP Projects South Ltd

Company Information

Directors

Mrs S St Ledger

Mr Martin Dermot St Ledger

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

BSP Projects South Ltd

(Registration number: 10569525)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

94,935

69,693

Current assets

 

Stocks

5

200,000

169,000

Debtors

6

515,519

424,869

Cash at bank and in hand

 

1,263

29,863

 

716,782

623,732

Creditors: Amounts falling due within one year

7

(704,429)

(464,286)

Net current assets

 

12,353

159,446

Total assets less current liabilities

 

107,288

229,139

Creditors: Amounts falling due after more than one year

7

(33,876)

(166,026)

Net assets

 

73,412

63,113

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

73,411

63,112

Shareholders' funds

 

73,412

63,113

 

BSP Projects South Ltd

(Registration number: 10569525)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mrs S St Ledger
Director

.........................................
Mr Martin Dermot St Ledger
Director

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
Whiteley Lane
Whiteley
Fareham
Hampshire
PO15 6RQ
England

These financial statements were authorised for issue by the Board on 12 March 2024.

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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

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.

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises 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.

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.

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

Plant and machinery

25% reducing balance basis

Office equipment

33% straight line basis

Motor vechiles

25% reducing balance basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

57,876

1,442

45,484

104,802

Additions

2,576

598

54,310

57,484

At 31 July 2023

60,452

2,040

99,794

162,286

Depreciation

At 1 August 2022

19,973

1,442

13,694

35,109

Charge for the year

10,119

598

21,525

32,242

At 31 July 2023

30,092

2,040

35,219

67,351

Carrying amount

At 31 July 2023

30,360

-

64,575

94,935

At 31 July 2022

37,903

-

31,790

69,693

5

Stocks

2023
£

2022
£

Work in progress

200,000

169,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

162,475

54,491

Prepayments

4,868

5,000

Other debtors

348,176

365,378

 

515,519

424,869

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

59,285

7,420

Trade creditors

 

316,744

134,489

Taxation and social security

 

14,164

9,862

Accruals and deferred income

 

2,000

2,000

Other creditors

 

312,236

310,515

 

704,429

464,286

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,876

166,026

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £0.01 each

100

1

100

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,876

44,037

Hire purchase contracts

-

21,561

Other borrowings

-

100,428

33,876

166,026

 

BSP Projects South Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

-

Hire purchase contracts

54,285

7,420

59,285

7,420