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No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
1,316
1,316
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OC403386
2020-01-01
2020-12-31
OC403386
2020-12-31
OC403386
2019-01-01
2019-12-31
OC403386
2019-12-31
OC403386
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2020-01-01
2020-12-31
OC403386
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2020-12-31
OC403386
core:WithinOneYear
2019-12-31
OC403386
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2020-01-01
2020-12-31
OC403386
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2020-01-01
2020-12-31
OC403386
bus:AuditExemptWithAccountantsReport
2020-01-01
2020-12-31
OC403386
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2020-01-01
2020-12-31
OC403386
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2020-01-01
2020-12-31
OC403386
bus:LimitedLiabilityPartnershipLLP
2020-01-01
2020-12-31
OC403386
core:ComputerEquipment
2020-12-31
REGISTERED NUMBER:
OC403386
BUSINESS PRODUCTS GROUP INTERNATIONAL LLP
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
BUSINESS PRODUCTS GROUP INTERNATIONAL LLP
|
|
Year ended 31 December 2020
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
2
|
|
|
BUSINESS PRODUCTS GROUP INTERNATIONAL LLP
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 December 2020
CURRENT ASSETS
Debtors
|
6
|
31,425
|
26,720
|
Cash at bank and in hand
|
197,063
|
235,010
|
|
---------
|
---------
|
|
228,488
|
261,730
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
7
|
(
108,488)
|
(
131,730)
|
|
---------
|
---------
|
NET CURRENT ASSETS
|
120,000
|
130,000
|
|
---------
|
---------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
120,000
|
130,000
|
|
---------
|
---------
|
NET ASSETS
|
120,000
|
130,000
|
|
---------
|
---------
|
|
|
|
|
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
|
8
|
120,000
|
130,000
|
|
---------
|
---------
|
|
|
|
|
MEMBERS' OTHER INTERESTS
Other reserves
|
–
|
–
|
|
---------
|
---------
|
|
120,000
|
130,000
|
|
---------
|
---------
|
|
|
|
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
|
8
|
120,000
|
130,000
|
Members' other interests
|
–
|
–
|
|
---------
|
---------
|
|
120,000
|
130,000
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the year ending 31 December 2020 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
members
and authorised for issue on
22 July 2021
, and are signed on their behalf by:
B Hayes for BPGI LLP
Registered number:
OC403386
BUSINESS PRODUCTS GROUP INTERNATIONAL LLP
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
Year ended 31 December 2020
The LLP is registered in . The address of the registered office is Unit 1 Integra House, Vaughan Court, Celtic Springs, Newport, NP10 8BD.
2.
|
STATEMENT OF COMPLIANCE
|
|
|
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors
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.
Creditors
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.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover 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 turnover can be measured reliably; - it is probable that the LLP 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; - the costs incurred and the costs to complete the contract can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical costs includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Computer equipment
|
-
|
100% on cost
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Financial instruments
The LLP only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the assets' original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to
2
(2019:
2
).
|
Equipment
|
|
£
|
Cost
|
|
At 1 January 2020 and 31 December 2020
|
1,316
|
|
-------
|
Depreciation
|
|
At 1 January 2020 and 31 December 2020
|
1,316
|
|
-------
|
Carrying amount
|
|
At 31 December 2020
|
–
|
|
-------
|
At 31 December 2019
|
–
|
|
-------
|
|
|
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
25,518
|
20,925
|
Other debtors
|
5,907
|
5,795
|
|
--------
|
--------
|
|
31,425
|
26,720
|
|
--------
|
--------
|
|
|
|
7.
CREDITORS:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
3,169
|
8,381
|
Accruals and deferred income
|
95,211
|
117,856
|
Social security and other taxes
|
6,108
|
5,493
|
Other creditors
|
4,000
|
–
|
|
---------
|
---------
|
|
108,488
|
131,730
|
|
---------
|
---------
|
|
|
|
8.
|
LOANS AND OTHER DEBTS DUE TO MEMBERS
|
|
|
|
2020
|
2019
|
|
£
|
£
|
Loans from members
|
120,000
|
130,000
|
|
---------
|
---------
|
|
|
|
9.
|
RELATED PARTY TRANSACTIONS
|
|
|
During the year the company paid £31,000 (2019 - £34,800) to Integra Business Solutions Limited, a designated member of the LLP, for accounting and other services.
In the opinion of the designated members there is no controlling party of the LLP.