Bilcare_GCS_Limited - Accounts
Bilcare_GCS_Limited - Accounts
For the year ended 31 March 2016
Company Registration No. 09521655 (England and Wales)
Company Information
Director
M H Bhandari
(Appointed 1 April 2015)
Company number
Registered office
Auditors
Contents
Page
Director's report
1
Independent auditors' report
2 - 3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 8
Director's Report
For the year ended 31 March 2016
Page 1
The director presents his report and financial statements for the year ended 31 March 2016.
Director
The following director has held office since 1 April 2015:
(Appointed 1 April 2015)
Auditors
**Kingston Smith LLP were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of director's responsibilities
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
Independent Auditors' Report to the Members of Bilcare GCS Limited
Page 2
We have audited the financial statements of Bilcare GCS Limited for the year ended 31 March 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of director and auditors
As explained more fully in the Director's Responsibilities Statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the director; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
-
give a true and fair view of the state of the company's affairs as at 31 March 2016 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Independent Auditors' Report to the Members of Bilcare GCS Limited (Continued)
Page 3
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from preparing a strategic report.
for and on behalf of Kingston Smith LLP
Chartered Accountants
Statutory Auditor
Profit and Loss Account
For the year ended 31 March 2016
Page 4
2016
Notes
£
Turnover
2
Cost of sales
(279,606 )
Gross profit
Administrative expenses
(15,773 )
Profit on ordinary activities before taxation
3
Tax on profit on ordinary activities
4
(4,356 )
Profit for the year
8
Balance Sheet
As at 31 March 2016
Page 5
2016
Notes
£
£
Current assets
Stocks
Debtors
5
Cash at bank and in hand
Creditors: amounts falling due within one year
6
(193,568 )
Total assets less current liabilities
Capital and reserves
Called up share capital
7
Profit and loss account
8
Shareholders' funds
Approved by the director for issue on 27 May 2016
Director
Company Registration No. 09521655
Notes to the Financial Statements
For the year ended 31 March 2016
Page 6
1
Accounting policies
1.1
Accounting convention
The company is still in its development phase and is therefore reliant on continued financial support from the parent company and a fellow subsidiary undertaking. The directors have received written assurances that this support will continue and amounts owed to those companies will not be called in for repayment until there are sufficient funds available so as not to jeopardise the going concern status of the company nor prejudice the interest of creditors. For this reason the director has prepared the financial statements on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Stock
Stock is valued at the lower of cost and net realisable value.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Turnover
In the year to 31 March 2016 100% of the company's turnover was to markets outside the United Kingdom.
3
Operating profit
2016
£
Operating profit is stated after charging:
Auditors' remuneration
4
Taxation
2016
£
Domestic current year tax
U.K. corporation tax
Total current tax
Notes to the Financial Statements (Continued)
For the year ended 31 March 2016
Page 7
5
Debtors
2016
£
Trade debtors
Other debtors
6
Creditors: amounts falling due within one year
2016
£
Trade creditors
Amounts owed to group undertakings and undertakings in which the company has a participating interest
Taxation and social security
Other creditors
7
Share capital
2016
£
Allotted, called up and fully paid
On incorporation 1,000 ordinary shares of £1 each were issued at par. This amount remains unpaid at the year end.
8
Statement of movements on profit and loss account
Profit and loss
account
account
£
Profit for the year
Notes to the Financial Statements (Continued)
For the year ended 31 March 2016
Page 8
9
Control
The company is controlled by Bilcare Limited, a company registered in India, by virtue of its 100% share holding.
The results of Bilcare GCS Limited are consolidated into the accounts of Bilcare Limited which are available at www.bilcare.com.
10
Related party relationships and transactions
The company has taken advantage of the exemption available in accordance with FRS 8 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.