Best4business Accountants & Company Limi - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04331988 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Best4business Accountants & Company

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R C Mohabaty

S Healy

SECRETARY:

Best4Business Limited (corporate)

REGISTERED OFFICE:

45 Beaufort Court

Admirals Way

London

E14 9XL

REGISTERED NUMBER:

04331988 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,012,086

962,925

Investments

5

36,200

23,900

1,048,286

986,825

CURRENT ASSETS

Stocks

12,965

28,662

Debtors

6

392,694

444,838

Cash at bank

217,708

213,182

623,367

686,682

CREDITORS

Amounts falling due within one year

7

(427,465

)

(382,825

)

NET CURRENT ASSETS

195,902

303,857

TOTAL ASSETS LESS CURRENT LIABILITIES

1,244,188

1,290,682

CREDITORS

Amounts falling due after more than one year

8

(788,561

)

(870,438

)

PROVISIONS FOR LIABILITIES

10

(6,097

)

(10,555

)

NET ASSETS

449,530

409,689

CAPITAL AND RESERVES

Called up share capital

11

297

283

Revaluation reserve

12

113,234

113,234

Retained earnings

12

335,999

296,172

SHAREHOLDERS' FUNDS

449,530

409,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2021 and were signed on its behalf by:

R C Mohabaty - Director

1.	STATUTORY INFORMATION

Best4business Accountants & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The Company has actively sought to utilise the government schemes launched in support of businesses in the UK as a result of the COVID-19 pandemic. As described in the Directors Report the Company has recognised and treated the COVID-19 pandemic as posing a significant risk to the health and safety of individuals working in the Company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the Company obtains the right to consideration. Unbilled work as at 31 December 2020 has been accrued.

Depreciation

Depreciation had been provided at the following rates of in order to write-off the assets over their estimated useful lives.

Motor vehicles -20% reducing balance

Computer and office equipment - over 2 to 4 years (straight line)

Fixtures, fittings and equipment - over 2 to 4 years (straight line)

No depreciation is provided on freehold land. In accordance with SSAP 19 no depreciation is provided in respect of any freehold investment property. This represents a departure from the Companies House Act 2006 requirements concerning the depreciation of fixed assets. The Company considers that the adoption of this policy if necessary to give a true and fair view.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value. Net realisable value is based upon estimated normal selling price less further cost expected to be incurred to completing or disposal. Provisions is made where costs are not expected to be fully recovered.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains and losses on translation are included in the Profit and Loss account.

Pension costs

The company operates a defined contribution pension scheme for the benefit of its employees. Its contributions are charges to the Profit and Loss account for year or period in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals and prepayments at the year end of the period.

Current taxation

Corporation tax payable is provided on taxable profits at the current rate.

Government grants

Capital based government grants are included within accruals and deferred income in the balance sheet and credited to trading profit over the estimated useful economic lives of the assets to which they relate.

Client monies

Monies collected on behalf of clients are held on trust in a separately administered bank account not shown in the balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2019 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 January 2020

880,000

69,570

103,851

95,584

1,149,005

Additions

-

1,611

78,590

1,048

81,249

At 31 December 2020

880,000

71,181

182,441

96,632

1,230,254

DEPRECIATION

At 1 January 2020

-

62,584

53,164

70,333

186,081

Charge for year

-

5,326

15,520

11,241

32,087

At 31 December 2020

-

67,910

68,684

81,574

218,168

NET BOOK VALUE

At 31 December 2020

880,000

3,271

113,757

15,058

1,012,086

At 31 December 2019

880,000

6,986

50,687

25,251

962,924

Cost or valuation at 31 December 2020 is represented by:

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2020

880,000

-

-

-

880,000

Cost

-

71,181

182,441

96,632

350,254

880,000

71,181

182,441

96,632

1,230,254

5.	FIXED ASSET INVESTMENTS

Investments

£

COST

At 1 January 2020

23,900

Additions

12,300

At 31 December 2020

36,200

NET BOOK VALUE

At 31 December 2020

36,200

At 31 December 2019

23,900

The Market value of all listed investments at the end of the reporting period was £nil (2019: £nil).

The Company's investments in its subsidiary company, Hansen Sweeney Accountants Limited, represents 100% of the

issued ordinary share capital of that company, which is registered in England, Number: 0922 9351, and which provides advisory services relating to US and other overseas individuals and businesses.

At the end of the year the Company held 100 shares of £1.00 each of the issued share capital of Hansen Sweeney Accountants Limited, whose aggregate share capital and reserves at that date were £2,760 [2019: £2,051].

The Company's investments in its subsidiary company, Best4Business (Technology Partners) Limited, represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 1085 9135, and which provide IT consulting services.

At the end of the year the Company held 1,000 shares of £0.10 each of the issued share capital of Best4business (Technology Partners) Limited, whose aggregate share capital and reserves at that date were £1,549 [2019: £1,501].

The Company's investments in its subsidiary company, First Choice Accountancy (Best4business) Limited , represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 1157 7434, and which provides accountancy and tax services for private individuals in the UK.

At the end of the year the Company held 1000 shares of £0.10 each of the issued share capital of First Choice Accountancy (Best4business) Limited, whose aggregate share capital and reserves at that date were £866 [2019: £648].

The Company's investments in its subsidiary company, 1st Choice Incorporations Ltd, represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 12268043, and which provides limited company formation services in th UK.

At the end of the year the Company held 1000 shares of £0.10 each of the issued share capital of 1st Choice Incorporations Ltd, whose aggregate share capital and reserves at that date were £100 [2019: £nil].

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

197,550

196,972

Amounts owed by participating interests

182,331

186,000

Other debtors

12,813

61,866

392,694

444,838

Other debtors comprise deposits, prepayments, employee and director loans £14,478 [2019: 11,453]. and loans to subsidiary undertakings, all of which are repayable on demand.

Amounts owed by participating interests consist short term loans provided to subsidiary and associated entities; as at the end of the year Hansen Sweeney Accountants Limited £79,592 [2019: £72,350), First Choice Accountancy (Best4business) Limited £95,101 [2019: £113,500], Taylor Keeble LLP £3,809.52 [2019: £nil] and Best4business (Technology Partners) Limited £3,828 [2019: £nil]. All are repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

123,985

116,875

Hire purchase contracts (see note 9)

1,793

6,303

Trade creditors

17,347

39,178

Amounts owed to participating interests

18,567

1,800

Taxation and social security

230,061

189,751

Other creditors

35,712

28,918

427,465

382,825

Other creditors comprise short-term loans provided to the Company.

Amounts owed to participating interests consist short term loans provided by subsidiary and associated entities; as at the end of the year 1st Choice Incorporations Limited £18,567 (2019: £nil). This is payable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

712,482

831,441

Other creditors

76,079

38,997

788,561

870,438

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

349,033

385,124

Other creditors comprise business loans provided to the company repayable within 5 years.

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

1,793

6,303

Non-cancellable

operating leases

2020

2019

£

£

Within one year

84,059

95,427

Between one and five years

199,820

233,924

In more than five years

162,354

212,309

446,233

541,660

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

6,097

10,555

Deferred tax

£

Balance at 1 January 2020

10,555

Provided during year

(4,458

)

Balance at 31 December 2020

6,097

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

20,000

'A' Ordinary

0.01

200

200

500

'B' Ordinary

0.01

5

5

7,775

'C' Ordinary

0.01

92

78

297

283

12.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2020

296,171

113,234

409,405

Profit for the year

121,740

-

121,740

Dividends

(81,912

)

-

(81,912

)

At 31 December 2020

335,999

113,234

449,233

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

R C Mohabaty

Balance outstanding at start of year

11,453

2,858

Amounts advanced

14,478

8,595

Amounts repaid

(11,453

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

14,478

11,453

14.	RELATED PARTY DISCLOSURES

Treethorpe Limited

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to Treethorpe Limited, a company registered in England number 06172161, of which Mr RC Mohabaty is a majority shareholder and director. The commercial transactions between the two companies are at arm's length.

Hansen Sweeney Accountants Limited

The company sells, on normal commercial terms management, accounting, bookkeeping and payroll services to Hansen Sweeney Accountants Limited, a company registered in England with number 9229351, a wholly owned subsidiary company of which Mr RC Mohabaty is a director.

The value of such sales during the period being reported was £250,806 [2019: £225,399] excluding VAT. The total balance due from Hansen Sweeney Accountants Limited at the end of the period was £nil [2019: £nil].

Best4business (Technology Partners) Limited

The company sells, on normal commercial terms management, accounting, bookkeeping and payroll services to Best4business (Technology Partners) Limited, a company registered in England with number 10859135, a wholly owned subsidiary company of which Mr RC Mohabaty is a director.

The value of such sales during the period being reported was £56,169 [2019: £37,225] excluding VAT. The total balance due from Best4business (Technology Partners) Limited at the end of the period was £nil [2019: £4,321].

First Choice Accountancy (Best4business) Ltd

The company sells, on normal commercial terms management, accounting, bookkeeping and payroll services to First Choice Accountancy (Best4business) Ltd, a company registered in England with number 11577434, a wholly owned subsidiary company of which Mr RC Mohabaty is a director.

The value of such sales during the period being reported was £45,374 [2019: £112,978] excluding VAT. The total balance due from First Choice Accountancy (Best4business) Ltd at the end of the period was £nil [2019: £nil].

Taylor Keeble LLP

The company sells, on normal commercial terms management, accounting, bookkeeping and payroll services to Taylor Keeble LLP , a limited liability partnership registered in England with number OC412705, of which Mr RC Mohabaty is a designated partner.

The value of such sales during the period being reported was £35,173 [2019: £21,413] excluding VAT. The total balance due from Taylor Keeble LLP at the end of the period was £nil [2019: £nil].

Best4business Accountants LLP

In the year Best4business Accountants LLP was dormant. The total balance due from Best4business Accountants LLP at the end of the period was £nil [2019: £nil].

1st Choice Incorporations Ltd

The company sells, on normal commercial terms management, accounting, bookkeeping and payroll services to 1st Choice Incorporations Ltd, a company registered in England with number 12268043, a wholly owned subsidiary company of which Mr RC Mohabaty is a director.

The value of such sales during the period being reported was £127,537 [2019: £nil] excluding VAT. The total balance due from 1st Choice Incorporations Ltd at the end of the period was £nil [2019: £nil].

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr RC Mohabaty who owns and controls 74.3% [2019: 74.3%] of issued ordinary share capital of the Company.