Registration number:
Prepared for the registrar
for the
Year Ended
BEMR Investments Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
BEMR Investments Ltd
Company Information
Directors |
Mr B Chiuriri Mr R Guo |
Registered office |
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Accountants |
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BEMR Investments Ltd
(Registration number: 11312368)
Balance Sheet as at 31 August 2020
Note |
31 August 2020 |
(As restated) |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the continued support of the directors through a loan of £139,552, and on bank loans of £625,014. The company therefore continues to adopt the going concern basis in preparing its financial statements.
This statement is made subject to all of the potential implications of the current COVID-19 outbreak on the company’s trade, employees, customers, suppliers and the wider economy, as these are difficult to evaluate. Actual results could therefore be significantly different from the current forecasts and projections.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
Year ended 31 August 2020 |
16 April 2018 to 31 August 2019 |
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Average number of employees |
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Investments |
Subsidiaries |
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Cost |
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At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Investments in subsidiaries has been restated by £126,440 to correct amounts not previously recognised via transactions with related parties.
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
Subsidiary undertakings |
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130-132 Newbegin, Hornsea, East Yorkshire, HU18 1PB |
Ordinary shares |
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England |
The principal activity of D J Mitchell Limited is |
The profit for the financial period of D J Mitchell Limited was £58,046 and the aggregate amount of capital and reserves at the end of the period was £329,008. |
Debtors |
31 August 2020 |
31 August 2019 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 August 2020 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
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Amounts due to related parties has been restated by £126,440 to correct investments in subsidiaries previously not recognised.
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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The bank borrowings are secured against the assets of the company.
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
2020 |
2019 |
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After more than five years by instalments |
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Share capital |
Allotted, called up and fully paid shares
31 August 2020 |
31 August 2019 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Summary of transactions with key management
As at the balance sheet date, the company owed the directors £139,552 (2019: £130,998). There are no fixed repayment terms and no interest is charged.
Summary of transactions with subsidiaries
As at 31 August 2020, the company owed D J Mitchell Limited £329,016 (2019: £141,647). There are no fixed repayment terms and no interest is charged.
BEMR Investments Ltd
Notes to the Financial Statements for the Year Ended 31 August 2020
Summary of transactions with other related parties
(The directors are also directors of BMER Properties Ltd)
As at 31 August 2020, the company was owed £32,915 (2019: £32,915) from BMER Properties Ltd. There are no fixed repayment terms and no interest is charged.
Morrill BTL Limited
(B Chiuriri is also a director of Morrill BTL Limited)
As at 31 August 2020, the company owed Morrill BTL Limited £nil (2019: £33,000). During the year the outstanding loan of £33,000 was written off as this is not expected to be repaid. There are no fixed repayment terms and no interest is charged.
Morrill Investments Limited
(R Guo is also a director of Morrill Investments Limited)
As at 31 August 2020, the company owed Morrill Investments Limited £nil (2019: £12,000). There are no fixed repayment terms and no interest is charged.