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COMPANY REGISTRATION NUMBER: 14996151
BFY Carbon Strategies Limited
Filleted Unaudited Financial Statements
31 December 2024
BFY Carbon Strategies Limited
Statement of Financial Position
31 December 2024
31 Dec 24
Note
£
£
Current assets
Debtors
5
28,564
Cash at bank and in hand
81,275
---------
109,839
Creditors: amounts falling due within one year
6
252,557
---------
Net current liabilities
142,718
---------
Total assets less current liabilities
( 142,718)
---------
Net liabilities
( 142,718)
---------
Capital and reserves
Called up share capital
142
Share premium account
199,958
Profit and loss account
( 342,818)
---------
Shareholders deficit
( 142,718)
---------
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 comprehensive income has not been delivered.
For the Period ending 31 December 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 Period 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 .
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
Mr C A Needham
Director
Company registration number: 14996151
BFY Carbon Strategies Limited
Notes to the Financial Statements
Period from 11 July 2023 to 31 December 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 51 Stoney Street, Nottingham, NG1 1LX, England.
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
The Directors confirm that, after reviewing expenditure commitments, expected cash flows and borrowing facilities, they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next financial year and the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover represents amounts chargeable to clients for professional services provided during the year, excluding disbursements and VAT. Income is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed. Income also includes appropriate amounts in respect of work in progress to the extent that the outcome of the contracts can be assessed with reasonable certainty. Income is not recognised where the right to receive payment is contingent on events outside the control of the company.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. 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. Employee numbers
The average number of persons employed by the company during the Period amounted to 4 .
5. Debtors
31 Dec 24
£
Other debtors
28,564
--------
6. Creditors: amounts falling due within one year
31 Dec 24
£
Trade creditors
175,696
Social security and other taxes
68,527
Other creditors
8,334
---------
252,557
---------
7. Directors' advances, credits and guarantees
The directors' loan accounts remained in credit throughout the current period. There were no guarantees in the period.
8. Related party transactions
During the period, the company entered into the following related party transactions: Entities with common directors:
31 Dec 24
£
Consulting services provided 92,000
Consulting services procured 134,100
9. Controlling party
The company is controlled by the directors who, either directly or indirectly, own 100% of the issued share capital.