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COMPANY REGISTRATION NUMBER: 01738578
B I Communications Limited
Filleted Unaudited Financial Statements
30 June 2024
B I Communications Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
49,314
50,925
Current assets
Stocks
135,159
148,502
Debtors
6
298,765
257,806
Cash at bank and in hand
695,020
629,090
------------
------------
1,128,944
1,035,398
Creditors: amounts falling due within one year
7
82,997
80,248
------------
------------
Net current assets
1,045,947
955,150
------------
------------
Total assets less current liabilities
1,095,261
1,006,075
Provisions
Taxation including deferred tax
9,179
8,871
------------
------------
Net assets
1,086,082
997,204
------------
------------
Capital and reserves
Called up share capital
8
200,000
200,000
Profit and loss account
886,082
797,204
------------
---------
Shareholders funds
1,086,082
997,204
------------
---------
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 statement of income and retained earnings has not been delivered.
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.
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 .
B I Communications Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr A E Bannister
Director
Company registration number: 01738578
B I Communications Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Buckwin Square, Basildon, Essex, SS13 1BJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Property Improvements
-
10% straight line
Website Costs
-
20% straight line
Tools
-
15% reducing balance
Fixture and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Property Improvements
Tools
Fixtures, fittings and equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
27,975
153,685
106,499
83,773
371,932
Additions
7,248
541
7,789
--------
---------
---------
--------
---------
At 30 June 2024
27,975
160,933
107,040
83,773
379,721
--------
---------
---------
--------
---------
Depreciation
At 1 July 2023
21,381
120,665
103,055
75,906
321,007
Charge for the year
1,448
5,134
851
1,967
9,400
--------
---------
---------
--------
---------
At 30 June 2024
22,829
125,799
103,906
77,873
330,407
--------
---------
---------
--------
---------
Carrying amount
At 30 June 2024
5,146
35,134
3,134
5,900
49,314
--------
---------
---------
--------
---------
At 30 June 2023
6,594
33,020
3,444
7,867
50,925
--------
---------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
201,766
158,865
Corporation tax repayable
1,890
1,890
Other debtors
95,109
97,051
---------
---------
298,765
257,806
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,646
14,411
Accruals and deferred income
5,065
4,890
Social security and other taxes
28,174
27,827
Obligations under finance leases and hire purchase contracts
3,008
Other creditors
30,112
30,112
--------
--------
82,997
80,248
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
100,000
100,000
100,000
100,000
Ordinary B shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
200,000
200,000
200,000
200,000
---------
---------
---------
---------
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Other related parties
(24,432)
(24,931)
( 31,112)
( 30,112)
--------
--------
--------
--------
At the year end the directors owed the company £67,473 (2023: £69,969) in the form of a loan account. No interest has been charged on the loan and the highest amount outstanding during the year was £73,597.