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Registered number: 06456907
BSC Logistics Limited
Financial Statements
For The Year Ended 28 February 2024
Midland Accountants
91-93 Charles Henry Street
Birmingham
B12 0SJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06456907
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 81,941 71,806
81,941 71,806
CURRENT ASSETS
Debtors 6 134,771 220,176
Cash at bank and in hand 326,997 197,039
461,768 417,215
Creditors: Amounts Falling Due Within One Year 7 (130,925 ) (126,039 )
NET CURRENT ASSETS (LIABILITIES) 330,843 291,176
TOTAL ASSETS LESS CURRENT LIABILITIES 412,784 362,982
NET ASSETS 412,784 362,982
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 412,782 362,980
SHAREHOLDERS' FUNDS 412,784 362,982
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Bader Mustafa
Director
18 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
BSC Logistics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06456907 . The registered office is 1st Floor, 91-92 Charles Henry Street, Birmingham, West Midlands, B12 0SJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15%
Motor Vehicles 25%
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
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.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 30,000
As at 28 February 2024 30,000
Amortisation
As at 1 March 2023 30,000
As at 28 February 2024 30,000
Net Book Value
As at 28 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 March 2023 33,475 137,023 170,498
Additions 4,663 29,907 34,570
As at 28 February 2024 38,138 166,930 205,068
Depreciation
As at 1 March 2023 16,550 82,142 98,692
Provided during the period 3,238 21,197 24,435
As at 28 February 2024 19,788 103,339 123,127
Net Book Value
As at 28 February 2024 18,350 63,591 81,941
As at 1 March 2023 16,925 54,881 71,806
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 134,771 220,176
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 34,589 33,311
Bank loans and overdrafts 4,692 1,653
Corporation tax 22,373 26,201
Other taxes and social security 634 630
VAT 24,820 27,166
Accruals and deferred income 2,639 2,489
Director's loan account 41,178 34,589
130,925 126,039
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5