Company registration number 11082610 (England and Wales)
Body Ballancer Systems U K Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Body Ballancer Systems U K Ltd
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Body Ballancer Systems U K Ltd
BALANCE SHEET
As At 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,121
1,682
Current assets
Stocks
27,942
36,960
Debtors
4
211
Cash at bank and in hand
76,445
58,702
104,598
95,662
Creditors: amounts falling due within one year
5
(53,077)
(32,819)
Net current assets
51,521
62,843
Total assets less current liabilities
52,642
64,525
Creditors: amounts falling due after more than one year
6
(17,125)
(26,287)
Net assets
35,517
38,238
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
34,517
37,238
Total equity
35,517
38,238
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 August 2024
Mrs J Willcocks
Director
Company registration number 11082610 (England and Wales)
Body Ballancer Systems U K Ltd
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 November 2023
- 2 -
1
Accounting policies
Company information
Body Ballancer Systems U K Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight line
Fixtures and fittings
15% Straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Body Ballancer Systems U K Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 3 -
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Research expenditure is written off to the Profit and Loss Account in the financial year in which it is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
1
Body Ballancer Systems U K Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 30 November 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
16,339
2,243
18,582
Depreciation and impairment
At 1 December 2022
16,339
561
16,900
Depreciation charged in the year
561
561
At 30 November 2023
16,339
1,122
17,461
Carrying amount
At 30 November 2023
1,121
1,121
At 30 November 2022
1,682
1,682
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
211
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,170
10,170
Trade creditors
305
Corporation tax
4,419
3,151
Other taxation and social security
34,130
16,498
Other creditors
4,053
3,000
53,077
32,819
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17,125
26,287
7
Related party transactions
During the year the company paid £75,400 (2022: £105,660) as consultancy fees to companies in which the director has a controlling interest.