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20 August 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06744285
2023-01-01
2023-12-31
06744285
2023-12-31
06744285
2022-12-31
06744285
2022-01-01
2022-12-31
06744285
2022-12-31
06744285
2021-12-31
06744285
core:FurnitureFittings
2023-01-01
2023-12-31
06744285
bus:Director12
2023-01-01
2023-12-31
06744285
core:WithinOneYear
2023-12-31
06744285
core:WithinOneYear
2022-12-31
06744285
core:AfterOneYear
2023-12-31
06744285
core:AfterOneYear
2022-12-31
06744285
core:RetainedEarningsAccumulatedLosses
2023-12-31
06744285
core:RetainedEarningsAccumulatedLosses
2022-12-31
06744285
core:BetweenOneFiveYears
2023-12-31
06744285
core:BetweenOneFiveYears
2022-12-31
06744285
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2023-01-01
2023-12-31
06744285
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2023-01-01
2023-12-31
06744285
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2023-01-01
2023-12-31
06744285
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2023-01-01
2023-12-31
06744285
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2023-01-01
2023-12-31
06744285
core:ComputerEquipment
2023-01-01
2023-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of BABTAC Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
06744285
COMPANY LIMITED BY GUARANTEE |
|
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
COMPANY LIMITED BY GUARANTEE |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
COMPANY LIMITED BY GUARANTEE |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
9,114 |
|
12,153 |
|
|
|
|
|
|
Current assets
Stocks |
246 |
|
246 |
|
Debtors |
124,664 |
|
131,247 |
|
Cash at bank and in hand |
399,968 |
|
352,356 |
|
|
------------ |
|
------------ |
|
|
524,878 |
|
483,849 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
297,897 |
|
330,148 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
226,981 |
|
153,701 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
236,095 |
|
165,854 |
|
|
|
|
|
CREDITORS: amounts falling due after more than one year |
|
21,667 |
|
31,667 |
|
|
------------ |
|
------------ |
Net assets |
|
214,428 |
|
134,187 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Profit and loss account |
|
214,428 |
|
134,187 |
|
|
------------ |
|
------------ |
members funds |
|
214,428 |
|
134,187 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
COMPANY LIMITED BY GUARANTEE |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 August 2024
, and are signed on behalf of the board by:
Company registration number:
06744285
COMPANY LIMITED BY GUARANTEE |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Unit C4, Spinnaker House, Spinnaker Road, Gloucester, Gloucestershire, GL2 5FD.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the financial currency of the entity.
Irrecoverable VAT
The company falls under the partial exemption VAT rules.
Irrecoverable VAT arising from the application of these rules is treated as follows: amounts arising on the acquisition of fixed assets are included within the cost of those assets reported within the balance sheet; amounts arising from operating expenses are written off directly to the income and expenditure account and classified as irrecoverable VAT. Recoveries of VAT on such costs are classified under a separate heading as recoverable
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Subscriptions Subscriptions are accounted in the financial accounts based on amounts received which are then apportioned over the period to which it relates. Advertising Income Income is accounted when there is a contractual agreement to place for the advertisement. Income is derived from advertising in the Vitality magazine produced on behalf of the company. Insurance Commission Income is received from Insurance premiums paid by members, it is accounted for the member pays the insurance premiums.
Income tax
The taxation expense for the year comprises of current tax. Tax is recognised in the statement of income and retained earnings. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office Furniture |
- |
25% reducing balance |
|
Computer Equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are valued at lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Company limited by guarantee
The company is limited by guarantee and does not have any share capital.
The members liability for the guarantee on winding up is £1 each.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
16
).
Staff costs are net of recharges for 7 employees made to Cibtac Limited a company under common control.
6.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
83,790 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
71,637 |
Charge for the year |
3,039 |
|
------------ |
At 31 December 2023 |
74,676 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
9,114 |
|
------------ |
At 31 December 2022 |
12,153 |
|
------------ |
|
|
Capital commitments
|
2023 |
2022 |
|
£ |
£ |
Contracted for but not provided for in the abridged financial statements |
370,560 |
– |
|
------------ |
------------ |
|
|
|
7.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
25,070 |
36,845 |
|
Later than 1 year and not later than 5 years |
4,940 |
30,010 |
|
|
------------ |
------------ |
|
|
30,010 |
66,855 |
|
|
------------ |
------------ |
|
|
|
|
8.
Summary audit opinion
The auditor's report dated
20 August 2024
was
unqualified
.
The senior statutory auditor was
D J Hanby
, for and on behalf of
Langard Lifford Hall Limited
.
9.
Related party transactions
The company is controlled by the Board of Directors. During the year, fees and expenses have been paid to the directors of £5,057 (2022: £15,819). At the balance sheet date the company was owed £88,250 from Cibtac Limited (2022: £57,298), a company under common control. Babtac Limited recharged cost of £255,762 to Cibtac Limited during the year.