Company Registration No. 08059398 (England and Wales)
HC BIM LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
HC BIM LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
HC BIM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2017.
Principal activities
The principal activity of the company continued to be that of sale, deployment and support of specialist software systems for the construction industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Haley
Mr A Zghari
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S Haley
Director
11 January 2018
HC BIM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HC BIM LIMITED FOR THE YEAR ENDED 31 MAY 2017
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HC BIM Limited for the year ended 31 May 2017 set out on pages 3 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of HC BIM Limited, as a body, in accordance with the terms of our engagement letter dated 25 August 2016. Our work has been undertaken solely to prepare for your approval the financial statements of HC BIM Limited and state those matters that we have agreed to state to the Board of Directors of HC BIM Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HC BIM Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that HC BIM Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HC BIM Limited. You consider that HC BIM Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of HC BIM Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bryden Johnson
23 January 2018
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
HC BIM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
2017
2016
Notes
£
£
Turnover
115
68,581
Cost of sales
3,408
(43,011)
Gross profit
3,523
25,570
Administrative expenses
(2,348)
(8,309)
Profit before taxation
1,175
17,261
Tax on profit
(233)
(3,665)
Profit for the financial year
942
13,596
HC BIM LIMITED
BALANCE SHEET
- 4 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
28,341
76,214
Cash at bank and in hand
3,392
741
31,733
76,955
Creditors: amounts falling due within one year
3
(1,842)
(48,006)
Net current assets
29,891
28,949
Capital and reserves
Called up share capital
4
90
90
Profit and loss reserves
29,801
28,859
Total equity
29,891
28,949
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 11 January 2018 and are signed on its behalf by:
Mr S Haley
Director
Company Registration No. 08059398
HC BIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
1
Accounting policies
Company information
HC BIM Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maple House, 118 High Street, Purley, Surrey, United Kingdom, CR8 2AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017 are the first financial statements of HC BIM Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
HC BIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1
27,907
Other debtors
28,340
48,307
28,341
76,214
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
14,679
Corporation tax
233
3,665
Other taxation and social security
-
4,264
Other creditors
1,609
25,398
1,842
48,006
HC BIM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 7 -
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
9,000 Ordinary of 1p each
90
90
90
90
5
Related party transactions
At the year end the following amounts were included within other debtors, £27,824 (2016 - £41,807) was owed from HC QS Limited.
At the year end the following amounts were included within other creditors, £609 (2016 - £609 ) was owed to Haley's Limited.