Registration number:
The Business Model Company Global Ltd
for the Year Ended 31 March 2024
The Business Model Company Global Ltd
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
The Business Model Company Global Ltd
(Registration number: 10678148)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
550 |
1,000 |
|
Retained earnings |
20,166 |
334,153 |
|
Shareholders' funds |
20,716 |
335,153 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The Company Registration Number is: 10678148
The address of its registered office is:
United Kingdom
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 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 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.
The presentation currency is £ Sterling.
The level of rounding is to the nearest £ Sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Rendering of Services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and Fittings |
Straight Line 33.33% |
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.
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
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.
Financial instruments
Classification
Financial instruments are recognised 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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Office Equipment |
Total |
|
Cost or valuation |
||
At 1 April 2023 |
|
|
Disposals |
( |
( |
At 31 March 2024 |
- |
- |
Depreciation |
||
At 1 April 2023 |
|
|
Charge for the year |
|
|
Eliminated on disposal |
( |
( |
At 31 March 2024 |
- |
- |
Carrying amount |
||
At 31 March 2024 |
- |
- |
At 31 March 2023 |
|
|
Investments |
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Provision |
|
At 1 April 2023 |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
- |
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
- |
|
|
Amounts owed by related parties |
- |
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
- |
|
Taxation and social security |
|
|
Accruals and deferred income |
- |
|
Other creditors |
- |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
550 |
|
1,000 |
Directors Advances, Credits and Guarantees |
At 1 April 2023 |
Advances to directors |
Repayments by directors |
At 31 March 2024 |
||||
£ |
£ |
£ |
£ |
||||
Robert Connolly |
(7,397) |
12,517 |
(5,120) |
- |
|||
Caroline Johnson |
(404) |
264,280 |
(265,134) |
- |
The above loans are unsecured, interest free and repayable on demand.
The Business Model Company Global Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Related Party Transactions |
Amounts owed by Subsidiaries
The company has availed of the exemption under FRS102 in relation to transactions with group companies.
Ultimate Controlling Party |
No one individual has controlling interest in the company.