Registered number
03163970
B.T.I.C Limited
Filleted Accounts
30 November 2023
B.T.I.C Limited
Registered number: 03163970
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 474,925 534,291
Tangible assets 4 103,503 117,320
Investments 5 100 100
578,528 651,711
Current assets
Debtors 6 426,845 316,331
Cash at bank and in hand 799,968 818,675
1,226,813 1,135,006
Creditors: amounts falling due within one year 7 (674,007) (667,504)
Net current assets 552,806 467,502
Total assets less current liabilities 1,131,334 1,119,213
Provisions for liabilities (4,917) (3,668)
Net assets 1,126,417 1,115,545
Capital and reserves
Called up share capital 120,001 120,001
Profit and loss account 1,006,416 995,544
Shareholders' funds 1,126,417 1,115,545
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B W Thompson
Director
Approved by the board on 29 July 2024
B.T.I.C Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 874,053
At 30 November 2023 874,053
Amortisation
At 1 December 2022 339,762
Provided during the year 59,366
At 30 November 2023 399,128
Net book value
At 30 November 2023 474,925
At 30 November 2022 534,291
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 170,349 157,420 327,769
Additions - 3,710 3,710
At 30 November 2023 170,349 161,130 331,479
Depreciation
At 1 December 2022 62,349 148,100 210,449
Charge for the year 12,000 5,527 17,527
At 30 November 2023 74,349 153,627 227,976
Net book value
At 30 November 2023 96,000 7,503 103,503
At 30 November 2022 108,000 9,320 117,320
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 100
At 30 November 2023 100
6 Debtors 2023 2022
£ £
Trade debtors 344,400 221,539
Other debtors 82,445 94,792
426,845 316,331
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 451,772 570,412
Taxation and social security costs 182,108 76,710
Other creditors 40,127 20,382
674,007 667,504
8 Other information
B.T.I.C Limited is a private company limited by shares and incorporated in England. Its registered office is:
26 Lansdowne Terrace
Gosforth
Newcastle upon Tyne
NE3 1HG
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