Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseNo description of principal activity11falsetruefalse 5422951 2023-04-01 2024-03-31 5422951 2022-04-01 2023-03-31 5422951 2024-03-31 5422951 2023-03-31 5422951 c:Director1 2023-04-01 2024-03-31 5422951 d:Buildings 2023-04-01 2024-03-31 5422951 d:Buildings 2024-03-31 5422951 d:Buildings 2023-03-31 5422951 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 5422951 d:FurnitureFittings 2023-04-01 2024-03-31 5422951 d:FurnitureFittings 2024-03-31 5422951 d:FurnitureFittings 2023-03-31 5422951 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 5422951 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 5422951 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 5422951 d:CurrentFinancialInstruments 2024-03-31 5422951 d:CurrentFinancialInstruments 2023-03-31 5422951 d:Non-currentFinancialInstruments 2024-03-31 5422951 d:Non-currentFinancialInstruments 2023-03-31 5422951 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 5422951 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 5422951 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 5422951 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 5422951 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 5422951 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 5422951 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 5422951 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 5422951 d:ShareCapital 2024-03-31 5422951 d:ShareCapital 2023-03-31 5422951 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 5422951 d:OtherMiscellaneousReserve 2024-03-31 5422951 d:OtherMiscellaneousReserve 2023-03-31 5422951 d:RetainedEarningsAccumulatedLosses 2024-03-31 5422951 d:RetainedEarningsAccumulatedLosses 2023-03-31 5422951 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 5422951 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 5422951 c:FRS102 2023-04-01 2024-03-31 5422951 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 5422951 c:FullAccounts 2023-04-01 2024-03-31 5422951 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 5422951 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 5422951









BISMI LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
BISMI LIMITED
REGISTERED NUMBER: 5422951

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
499
603

  
499
603

Current assets
  

Stocks
  
305,792
258,475

Debtors: amounts falling due within one year
 5 
6,000
13,425

Cash at bank and in hand
 6 
3,404
17,572

  
315,196
289,472

Creditors: amounts falling due within one year
  
(352,843)
(335,365)

Net current liabilities
  
 
 
(37,647)
 
 
(45,893)

Total assets less current liabilities
  
(37,148)
(45,290)

Creditors: amounts falling due after more than one year
 7 
(43,609)
(51,296)

  

Net liabilities
  
(80,757)
(96,586)


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 10 
69,788
69,788

Profit and loss account
 10 
(150,645)
(166,474)

  
(80,757)
(96,586)


Page 1

 
BISMI LIMITED
REGISTERED NUMBER: 5422951
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Khalid Mahmood
Director

Date: 19 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Bismi Limited (company number 5422951) is a private company limited by shares registered in England and Wales. Its registered office is at Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0% Straight Line
Fixtures & fittings
-
15% Reducing Balance
Other fixed assets
-
33.3% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Page 4

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Page 5

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold Improvements
Fixtures, Fittings& Equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
47,807
12,812
60,619



At 31 March 2024

47,807
12,812
60,619



Depreciation


At 1 April 2023
47,807
12,209
60,016


Charge for the year on owned assets
-
104
104



At 31 March 2024

47,807
12,313
60,120



Net book value



At 31 March 2024
-
499
499



At 31 March 2023
-
603
603


5.


Debtors

2024
2023
£
£


Trade debtors
6,000
13,425

6,000
13,425



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,404
17,572

3,404
17,572


Page 7

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

NPV loan
(15,114)
(22,223)

Bank loans
58,723
73,519

43,609
51,296


The bank loans are secured by the personal guarantee of the director.The bank has a debenture over the fixed and floating assets of the company.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
21,480
21,000


21,480
21,000

Amounts falling due 1-2 years

Debenture loans
(15,114)
(22,223)


(15,114)
(22,223)

Amounts falling due 2-5 years

Bank loans
58,723
73,519


58,723
73,519


65,089
72,296


Page 8

 
BISMI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,404
17,572




Financial assets measured at fair value through profit or loss comprise of cash at bank.


10.


Reserves

Other reserves

Capital reserve represents future net present value of bank loans.

 
Page 9