Business Services Group Limited Filleted accounts for Companies House (small and micro)

BUSINESS SERVICES GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05637350

Business Services Group Limited

Filleted Unaudited Financial Statements

31 December 2019

Business Services Group Limited

Financial Statements

Year ended 31 December 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Business Services Group Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	145,591	171,582
Investments	6	60	60
		---------	---------
		145,651	171,642

Current assets

Stocks		89,947	95,314
Debtors	7	1,549,993	1,823,381
Cash at bank and in hand		34,144	75,881
		------------	------------
		1,674,084	1,994,576

Creditors: amounts falling due within one year	8	1,467,884		1,795,335
		------------		------------
Net current assets			206,200	199,241
			---------	---------
Total assets less current liabilities			351,851	370,883

Creditors: amounts falling due after more than one year	9		4,694	8,261

Provisions

Taxation including deferred tax	10,023	15,307
	---------	---------
Net assets	337,134	347,315
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	337,132	347,313
	---------	---------
Shareholders funds	337,134	347,315
	---------	---------

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 31 December 2019 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 .

Business Services Group Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 23 September 2020 , and are signed on behalf of the board by:

Mr N J Edmundson	Mr M J Lancaster
Director	Director

Mr S Stevens	Mr J A J Dye
Director	Director

Company registration number: 05637350

Business Services Group Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor Eastheath House, Eastheath Avenue, Wokingham, Berkshire, RG41 2PR.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually when the work is complete, 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. 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.

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:

Land and buildings	-	25% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 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.

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 year amounted to 23 (2018: 25 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2019	8,785	38,017	80,657	318,124	445,583
Additions	–	–	5,665	63,117	68,782
Disposals	–	–	–	( 120,389)	( 120,389)
	-------	--------	--------	---------	---------
At 31 December 2019	8,785	38,017	86,322	260,852	393,976
	-------	--------	--------	---------	---------
Depreciation
At 1 January 2019	8,785	25,165	54,599	185,452	274,001
Charge for the year	–	4,779	23,171	57,427	85,377
Disposals	–	–	–	( 110,993)	( 110,993)
	-------	--------	--------	---------	---------
At 31 December 2019	8,785	29,944	77,770	131,886	248,385
	-------	--------	--------	---------	---------
Carrying amount
At 31 December 2019	–	8,073	8,552	128,966	145,591
	-------	--------	--------	---------	---------
At 31 December 2018	–	12,852	26,058	132,672	171,582
	-------	--------	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2019	35,274
	--------
At 31 December 2018	31,792
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2019 and 31 December 2019	60
	----
Impairment
At 1 January 2019 and 31 December 2019	–
	----

Carrying amount
At 31 December 2019	60
	----
At 31 December 2018	60
	----

At the balance sheet date, the company's investments consisted solely of the ownership of 100% of the ordinary share capital of Brandair Limited.

7. Debtors

	2019	2018
	£	£
Trade debtors	1,379,100	1,676,509
Other debtors	170,893	146,872
	------------	------------
	1,549,993	1,823,381
	------------	------------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Payments received on account	541,818	308,349
Trade creditors	502,935	771,611
Accruals and deferred income	151,510	444,093
Corporation tax	16,859	50,509
Social security and other taxes	166,761	120,170
Obligations under finance leases and hire purchase contracts	17,590	16,581
Other creditors	70,411	84,022
	------------	------------
	1,467,884	1,795,335
	------------	------------

Payments received on account are secured by a fixed charge on all the assets of the company and by personal guarantees of £30,000 in total provided by the directors.

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Obligations under finance leases and hire purchase contracts	4,694	8,261
	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	98,333	70,000
Later than 1 year and not later than 5 years	274,584	280,000
	---------	---------
	372,917	350,000
	---------	---------

11. Directors' advances, credits and guarantees

At the start of the year a director owed the company £4,639, no advances or repayments were made during the year. At the balance sheet date the director owed the company £4,639. No interest was charged on the balance outstanding (2018: £118).

12. Related party transactions

During the year the following transactions with related parties took place:-

	2019	2018
	£	£
Debtor amounts due from connected company	6,325	4,399
Creditor amounts owed to connected company	87,404	199,492
Amounts due to directors	40,575	45,235

Amounts due from and to associated companies and other related parties are not subject to interest and are payable in under one year.