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COMPANY REGISTRATION NUMBER: SC532337
BCK 200M LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
BCK 200M LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
BCK 200M LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr M G Phimister
Mrs J Phimister
Registered office
26-30 Marine Place
Buckie
Moray
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
BCK 200M LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BCK 200M LIMITED
YEAR ENDED 30 APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BCK 200M Limited for the year ended 30 April 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of BCK 200M Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of BCK 200M Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BCK 200M Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that BCK 200M Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of BCK 200M Limited. You consider that BCK 200M Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of BCK 200M Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
17 October 2024
BCK 200M LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
5
134,500
149,445
Tangible assets
6
172,156
184,743
---------
---------
306,656
334,188
CURRENT ASSETS
Debtors
7
35,263
Cash at bank and in hand
122
53,659
----
--------
122
88,922
CREDITORS: amounts falling due within one year
8
95,899
106,304
--------
---------
NET CURRENT LIABILITIES
95,777
17,382
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
210,879
316,806
CREDITORS: amounts falling due after more than one year
9
76,427
127,257
---------
---------
NET ASSETS
134,452
189,549
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
134,352
189,449
---------
---------
SHAREHOLDERS FUNDS
134,452
189,549
---------
---------
These 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 income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BCK 200M LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 17 October 2024 , and are signed on behalf of the board by:
Mr M G Phimister
Director
Company registration number: SC532337
BCK 200M LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT.
2. Statement of compliance
These 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 functional currency of the entity.
Going concern
Despite the deficit position, the director has a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Fishing licence
-
10% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
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:
Boat and equipment
-
5% straight line
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Fishing licence
£
Cost
At 1 May 2023 and 30 April 2024
205,000
---------
Amortisation
At 1 May 2023
55,555
Charge for the year
14,945
---------
At 30 April 2024
70,500
---------
Carrying amount
At 30 April 2024
134,500
---------
At 30 April 2023
149,445
---------
6. Tangible assets
Boat and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
209,562
21,333
230,895
---------
--------
---------
Depreciation
At 1 May 2023
33,251
12,901
46,152
Charge for the year
10,479
2,108
12,587
---------
--------
---------
At 30 April 2024
43,730
15,009
58,739
---------
--------
---------
Carrying amount
At 30 April 2024
165,832
6,324
172,156
---------
--------
---------
At 30 April 2023
176,311
8,432
184,743
---------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
35,263
----
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
46,155
44,178
Trade creditors
392
Corporation tax
16,060
Other creditors
49,744
45,674
--------
---------
95,899
106,304
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
76,427
124,557
Other creditors
2,700
--------
---------
76,427
127,257
--------
---------
10. Related party transactions
At 30 April 2024, the company owed the directors £46,044 (2023: £41,974) by way of a director's loan account. During the year the company paid dividends of £36,000 (2023: £72,000) to the directors.