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Registration number: 10857469

BI-REI Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

BI-REI Ltd

Contents

Company Information

1

Directors' Report

2

Abridged Statement of Financial Position

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Abridged Financial Statements

6 to 9

 

BI-REI Ltd

Company Information

Directors

Enrico Danieletto

Paolo Parravicini

Company secretary

Lincoln Secretaries Limited

Registered office

12 Bridewell Place
Third Floor East
London
EC4V 6AP

 

BI-REI Ltd

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the abridged financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Enrico Danieletto

Paolo Parravicini

Principal activity

The principal activity of the company is holding company

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Lincoln Secretaries Limited
Company secretary

 

BI-REI Ltd

(Registration number: 10857469)
Abridged Statement of Financial Position as at 31 July 2023

Note

2023

2022

Fixed assets

 

Investments

4

1,562,775

1,562,775

Current assets

 

Debtors

6

400,113

558,250

Other financial assets

5

457,159

457,159

Cash at bank and in hand

 

67,393

87,166

 

924,665

1,102,575

Prepayments and accrued income

 

198,163

2,056

Creditors: Amounts falling due within one year

(127,247)

(10,241)

Net current assets

 

995,581

1,094,390

Total assets less current liabilities

 

2,558,356

2,657,165

Creditors: Amounts falling due after more than one year

(2,997,865)

(2,997,865)

Accruals and deferred income

 

(1,343,827)

(1,015,045)

Net liabilities

 

(1,783,336)

(1,355,745)

Capital and reserves

 

Called up share capital

7

113

113

Retained earnings

(1,783,449)

(1,355,858)

Shareholders' deficit

 

(1,783,336)

(1,355,745)

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.

All of the company’s members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

BI-REI Ltd

(Registration number: 10857469)
Abridged Statement of Financial Position as at 31 July 2023

.........................................
Paolo Parravicini
Director

 

BI-REI Ltd

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital

Retained earnings

Total

At 1 August 2022

113

(1,355,858)

(1,355,745)

Loss for the year

-

(427,591)

(427,591)

At 31 July 2023

113

(1,783,449)

(1,783,336)

Share capital

Retained earnings

Total

At 1 August 2021

113

(1,052,807)

(1,052,694)

Loss for the year

-

(303,051)

(303,051)

At 31 July 2022

113

(1,355,858)

(1,355,745)

 

BI-REI Ltd

Notes to the Unaudited Abridged 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:
12 Bridewell Place
Third Floor East
London
EC4V 6AP
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

BI-REI Ltd

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

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 income statement 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.

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.

 

BI-REI Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investments

Total

Cost or valuation

At 1 August 2022

1,562,775

Provision

Carrying amount

At 31 July 2023

1,562,775

At 31 July 2022

1,562,775

2023

2022

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

B-One SRL

Genova (GE)
Corso Andrea Podesta' 12/7 CAP 16128
Italy

Ordinary

99.5%

99.5%

Subsidiary undertakings

B-One SRL

The principal activity of B-One SRL is Insurance brokers activities.

 

BI-REI Ltd

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss

Total

Current financial assets

Cost or valuation

At 1 August 2022

457,159

457,159

At 31 July 2023

457,159

457,159

Impairment

Carrying amount

At 31 July 2023

457,159

457,159

6

Debtors

Debtors includes €Nil (2022 - €Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

No.

Ordinary of €1.13 each

100

113

100

113