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Registered number: 05825118
Bimsy Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2024
MJK Accountants Ltd
Unit 9 Barnack Business Centre Blakey Road
Salisbury
Wiltshire
SP1 2LP
Contents
Page
Abridged Statement of Financial Position 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Statement of Financial Position
Registered number: 05825118
30 June 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 199,000 199,000
Investments 6 1,128,369 1,125,044
1,327,369 1,324,044
CURRENT ASSETS
Debtors 900 1,152
Cash at bank and in hand 110,605 46,954
111,505 48,106
Creditors: Amounts Falling Due Within One Year (37,832 ) (82,377 )
NET CURRENT ASSETS (LIABILITIES) 73,673 (34,271 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,401,042 1,289,773
PROVISIONS FOR LIABILITIES
Deferred Taxation (21,590 ) -
NET ASSETS 1,379,452 1,289,773
CAPITAL AND RESERVES
Called up share capital 7 2 2
Fair value reserve 8 92,044 -
Income Statement 1,287,406 1,289,771
SHAREHOLDERS' FUNDS 1,379,452 1,289,773
Page 1
Page 2
For the year ending 30 June 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 Income Statement.
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 30 June 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr T S Fidgeon
Director
01/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Bimsy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05825118 . The registered office is 819 The Whitehouse, 9 Belvedere Road, London, SE1 8YU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 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.
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. 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:
Computer Equipment 1/3 straight line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Total
£
Cost
As at 1 July 2023 933
As at 30 June 2024 933
Depreciation
As at 1 July 2023 933
As at 30 June 2024 933
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Investment Property
30 June 2024
£
Fair Value
As at 1 July 2023 and 30 June 2024 199,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
30 June 2024 30 June 2023
£ £
Cost 210,560 210,560
6. Investments
Total
£
Cost
As at 1 July 2023 1,125,044
Additions 619,844
Disposals (754,132 )
Fair value adjustments 137,613
As at 30 June 2024 1,128,369
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 1,128,369
As at 1 July 2023 1,125,044
Page 4
Page 5
The investments were valued on an open market basis on 30 June 2024 based on their quoted list price.
If investments had not been revalued they would have been included at historical cost of £1,014,734 (30 June 2023: £1,149,023).
7. Share Capital
30 June 2024 30 June 2023
£ £
Allotted, Called up and fully paid 2 2
8. Reserves
Fair Value Reserve
£
Movements in fair value reserve 92,044
As at 30 June 2024 92,044
Page 5