Company registration number 05742135 (England and Wales)
Bigmore Associates Limited
Financial Statements
For the year ended
31 May 2024
Pages for filing with registrar
Bigmore Associates Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Bigmore Associates Limited
Statement Of Financial Position
As at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
336,667
376,667
Tangible assets
5
3,671
4,505
Investments
6
172,000
172,000
512,338
553,172
Current assets
Debtors
7
55,512
115,316
Cash at bank and in hand
173,809
75,114
229,321
190,430
Creditors: amounts falling due within one year
8
(544,080)
(322,668)
Net current liabilities
(314,759)
(132,238)
Total assets less current liabilities
197,579
420,934
Creditors: amounts falling due after more than one year
9
(150,000)
(337,500)
Net assets
47,579
83,434
Capital and reserves
Called up share capital
10,725
10,725
Capital redemption reserve
8,775
8,775
Profit and loss reserves
28,079
63,934
Total equity
47,579
83,434
The notes on pages 3 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
Bigmore Associates Limited
Statement Of Financial Position (Continued)
As at 31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
A. Nettleship
Director
Company registration number 05742135 (England and Wales)
Bigmore Associates Limited
Notes To The Financial Statements
For the year ended 31 May 2024
- 3 -
1
General information
Bigmore Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is St George's House, 25 Bridge Street, Walton-on-Thames, Surrey, United Kingdom, KT12 1AF.
2
Accounting policies
2.1
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. Commission is treated as income, on the date the related transaction is entered into or on the date of renewal.
2.4
Intangible fixed assets - goodwill
Purchased goodwill represents the acquisition of a client list from which future income streams will flow. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line.
2.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Equipment
15%- 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Bigmore Associates Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2024
2
Accounting policies
(Continued)
- 4 -
2.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
2.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.10
Current Tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2.11
Retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
2.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Bigmore Associates Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
19
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
400,000
Amortisation and impairment
At 1 June 2023
23,333
Amortisation charged for the year
40,000
At 31 May 2024
63,333
Carrying amount
At 31 May 2024
336,667
At 31 May 2023
376,667
5
Tangible fixed assets
Equipment
£
Cost
At 1 June 2023
52,967
Additions
2,721
At 31 May 2024
55,688
Depreciation and impairment
At 1 June 2023
48,462
Depreciation charged in the year
3,555
At 31 May 2024
52,017
Carrying amount
At 31 May 2024
3,671
At 31 May 2023
4,505
Bigmore Associates Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2024
- 6 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
172,000
172,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,811
13,607
Corporation tax recoverable
2,166
Other debtors
44,701
99,543
55,512
115,316
Included within other debtors are amounts owed by related parties totalling £21,162 (2023: £21,162). These amounts are unsecured, interest free and repayable on demand.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
30,000
Trade creditors
27,923
14,912
Corporation tax
4,011
Other taxation and social security
43,877
35,442
Other creditors
468,269
242,314
544,080
322,668
Included within other creditors is a balance of £95,759 (2023: £40,000) owed to a related company. This amount is unsecured, interest free and repayable on demand.
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
87,500
Other creditors
150,000
250,000
150,000
337,500
Bigmore Associates Limited
Notes To The Financial Statements (Continued)
For the year ended 31 May 2024
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
87,744
121,506
11
Directors' transactions
Included within the comparative other debtors was a loan to a director.
At the balance sheet date the director owed the company £nil (2023: £9,400). Loan amounts advanced during the reporting period totalled £nil (2023: £nil) with repayments made of £9,400 (2023: £7,500).
This loan was unsecured, interest free and repayable on demand.