Registered number:
01613870
B.I.G. FLOORCOVERINGS UK LIMITED
DIRECTORS REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
COMPANY INFORMATION
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
CONTENTS
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
REGISTERED NUMBER:
01613870
|
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 May 2022
.
The notes on pages 2 to 7 form part of these financial statements.
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
B.I.G. Floorcoverings UK Limited is a private company limited by shares, incorporated in England and Wales within the UK. The company's registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's Statement of Financial Position has been adapted and prepared in accordance with Section 4.2A of Financial Reporting Standard 102.
The following principal accounting policies have been applied:
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions during the month are translated into the functional currency using the ECB exchange rates at month end of the previous month.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans.
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
The average monthly number of employees, including directors, during the year was
11
(2020 -
8
)
.
|
|
|
|
|
|
Current tax on profits for the year
|
|
|
|
Underprovision in previous period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for the year
|
|
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19%
(2020 -
19
%).
|
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100,000
(2020 -
100,000
)
Ordinary
shares of £
1
each
|
|
|
The company acts as an indirect representative where it acts in its own name but on behalf of group compnaies acting as principal to trading transactions with UK customers. As an indirect representative the company is jointly and liable along with the principal for any customs debt.
At the year end there is a parent company guarantee to HMRC up to a value of £1,014,000.
All customs debt is settled by the group companies in the normal course of business and therefore it is not considered probable that the company will settle and such liabilities arising and no liability is provided for in the financial statements.
The customs debt due to HMRC at the year end was £872 (2020: £nil).
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
|
Related party transactions
|
|
During the year B.I.G. Floorcoveings UK Limited has had transactions with Beaulieu International Group N.V. and other subsidiaries of the group.
At the year end the following amounts existed between group companies. The company owed £2,545 (2020: £4,452) to Beaulieu International Group N.V., £788 (2020: £3,321) to Beaulieu ICT N.V., £nil (2020: £3,681) to Distriplast Flandre SAS, £nil (2020: £861) to BFS Europe N.V and £53,523 (2020: £6,839) to B.I.G. Floorcoverings N.V.
At the year end the company was owed £13,495 (2020: £26,868) from BerryAlloc N.V., £999 (2020: £nil) from Beaulieu Fibres International NV, £201 (2020: £nil) from Beaulieu Technical Textiles NV, £361 (2020: £nil) from Distriplast Flandre SAS, £53,102 (2020: £nil) from BFS Europe N.V., £200 (2020: £nil) from Domenech Hermanos SA, £1,622 (2020: £nil) from Ideal Fibres & Fabrics Wielsbeke NV, £2,296 (2020: £nil) from Juteks D.O.O., £2,059 (2020: £nil) from Polychim Industrie SAS and £1,328 (2020: £nil) from Tessutica NV.
During the year the following income was received from the group companies. The company received service fees of £492,810 (2020: £662,621) from B.I.G. Floorcoverings N.V., £484,077 (2020: £323,868) from BerryAlloc N.V., £116,443 (2020: 95,139) from BFS Europe N.V. and £111,353 (2020: 110,719) from Distriplast Flandre SAS.
The company also received the following income, representing recharged costs incurred by the company on behalf of it's sister companies: £14,666 (2020: £nil) from B.I.G. Floorcoverings N.V., £18,418 (2020: £nil) from BerryAlloc N.V., £42,659 (2020: £nil) from BFS Europe N.V., £999 (2020: £nil) from Beaulieu Fibres International N.V., £201 (2020: £nil) from Beaulieu Technical Textiles SA, £200 (2020: £nil) from Domenech Hermanos SA, £1,622 (2020: £nil) from Ideal Fibres & Fabrics Wielsbeke NV, £2,296 (2020: £nil) from Juteks D.O.O., £2,059 (2020: £nil) from Polychim Industrie SAS, £1,328 (2020: £nil) from Tessutica N.V. and £437 (2020: £nil) from Distriplast Flandre SAS.
During the year the following expenses were recharged from group companies - Beaulieu International Group N.V. £15,949 (2020: £15,936) and Beaulieu ICT N.V. £17,513 (2020: 14,113).
At the year end the company had cash balances of £574,318 (2020: £450,696) held by B.I.G. Coordination Center N.V. in group treasury. These amounts are treated as cash equivalents available on demand. During the year the company earned interest of £198 (2020: £468) on the cash held on group treasury.
|
The UK tax strategy of the company is published at www.beauflor.co.uk
The parent company, Beaulieu International Group NV, prepares consolidated financial statements which include the company. The registered office of Beaulieu International Group NV is Kalkhoevestraat 16 Box 0.1, 8790 Waregem, Belgium.
|
|
|
|
B.I.G. FLOORCOVERINGS UK LIMITED
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on
8 June 2022
by
John Coverdale Bsc FCA
(Senior Statutory Auditor) on behalf of
MHA MacIntyre Hudson
.
|