ACCOUNTS - Final Accounts preparation

BIASHARA HOLDINGS LIMITED - Company Information

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Registered number: 09708816

BIASHARA HOLDINGS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2018

BIASHARA HOLDINGS LIMITED

REGISTERED NUMBER: 09708816

BALANCE SHEET

AS AT 31 DECEMBER 2018

		2018		2017
Note		£		£

Fixed assets
Investments	4		1,559,870		1,559,870
			1,559,870		1,559,870
Current assets
Debtors: amounts falling due within one year	5	-		3,127
Cash at bank and in hand		43,392		30,327
		43,392		33,454
Creditors: amounts falling due within one year	6	(684,958)		(711,318)
Net current liabilities			(641,566)		(677,864)
Total assets less current liabilities			918,304		882,006
Creditors: amounts falling due after more than one year	7		(279,409)		(388,684)

Net assets			638,895		493,322

Capital and reserves
Called up share capital	8	200	200
Share premium account		49,990	49,990
Profit and loss account		588,705	443,132
		638,895	493,322

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 April 2019.

Mr A Benton

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

BIASHARA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

1.	General information

Biashara Holdings Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is The Leys, Hoxne, Eye, Suffolk, England, IP21 5BP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are that of the Company only. The Group is exempt from preparing consolidated accounts due to being classified as small.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 2

BIASHARA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (CONTINUED)

2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.7

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 3).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2018	1,559,870
	At 31 December 2018	1,559,870
	Net book value
	At 31 December 2018	1,559,870
	At 31 December 2017	1,559,870

Debtors

					2018	2017
					£	£


Corporation tax	-	3,127

Page 3

BIASHARA HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank loans	82,235	79,314
Trade creditors	-	780
Amounts owed to group undertakings	459,592	365,929
Corporation tax	425	-
Other taxation and social security	1,800	1,670
Other creditors	89,616	37,800
Accruals and deferred income	51,290	225,825
	684,958	711,318

7.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans and overdrafts	79,409	162,367
Other creditors	200,000	226,317
	279,409	388,684

Secured loans

Bank loans are secured by way of a fixed and floating charge over the whole of the company's assets.
Security is also given through an Unlimited Composite Company Guarantee which exists between the company and its subsidiary, Joseph Flach & Sons Limited, in which each will secure the liabilities of the other.
A Benton, a director of the company, also secures all liabilities of the company through a personal guarantee of £200,000.

8.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

200 Ordinary shares of £1 each	200	200

9.	Exemption from producing consolidated accounts

Under the provision of section 399 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

Page 4