Bitrez International Limited Filleted accounts for Companies House (small and micro)

BITREZ INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01946166

Bitrez International Limited

Filleted Financial Statements

31 December 2020

Bitrez International Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Balance sheet	1

Notes to the financial statements	2

Bitrez International Limited

Balance Sheet

31 December 2020

	2020		2019
Note	£	£	£

Current assets

Debtors	4	60,729		60,729
		--------		--------
Net current assets			60,729	60,729
			--------	--------
Total assets less current liabilities			60,729	60,729
			--------	--------

Capital and reserves

Called up share capital	60,000	60,000
Profit and loss account	729	729
	--------	--------
Shareholders funds	60,729	60,729
	--------	--------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 2 June 2021 , and are signed on behalf of the board by:

Mr B Allen

Director

Company registration number: 01946166

Bitrez International Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradley Hall Trading Estate, Bradley Lane, Standish, Wigan, WN6 0XQ.

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.

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

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. 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 (see hedge accounting policy). 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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Debtors

	2020	2019
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	60,562	60,562
Other debtors	167	167
	--------	--------
	60,729	60,729
	--------	--------

5. Contingencies

There is an inter company guarantee in place at Nat West Bank plc as part of their security held in respect of all companies of the Bitrez Group.

6. Summary audit opinion

The auditor's report for the year dated 2 June 2021 was unqualified.

The senior statutory auditor was Graham D Atkinson , for and on behalf of Walter Dawson & Son .

7. Related party transactions

The company was under the control of the directors throughout the current and previous year, by virtue of their ownership of 100% of the share capital of the parent company, Bitrez Group Limited. The company has taken advantage of the provisions of FRS102 relating to wholly owned subsidiaries.

8. Controlling party

Bitrez Group Limited, registered in the UK is the company's ultimate parent undertaking, and itself is controlled by its directors , by virtue of their ownership of 100% of the equity share capital.

9. Employees

The number of employees in the year was 2 ( 2019 - 2 )

10. General information

Bitrez International Limited is a limited company incorporated in England. The registered office is located at Bradley Hall Trading Estate, Bradley Lane, Standish, WN6 0XQ.