33
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No description of principal activity
2020-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
48,023
2,332
50,355
26,868
10,062
36,930
13,425
21,155
xbrli:pure
xbrli:shares
iso4217:GBP
09422433
2020-01-01
2020-12-31
09422433
2020-12-31
09422433
2019-12-31
09422433
2019-01-01
2019-12-31
09422433
2019-12-31
09422433
bus:Director1
2020-01-01
2020-12-31
09422433
core:WithinOneYear
2020-12-31
09422433
core:WithinOneYear
2019-12-31
09422433
core:ShareCapital
2020-12-31
09422433
core:ShareCapital
2019-12-31
09422433
core:RetainedEarningsAccumulatedLosses
2020-12-31
09422433
core:RetainedEarningsAccumulatedLosses
2019-12-31
09422433
bus:SmallEntities
2020-01-01
2020-12-31
09422433
bus:AuditExemptWithAccountantsReport
2020-01-01
2020-12-31
09422433
bus:FullAccounts
2020-01-01
2020-12-31
09422433
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
09422433
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
09422433
core:OfficeEquipment
2019-12-31
09422433
core:OfficeEquipment
2020-01-01
2020-12-31
09422433
core:OfficeEquipment
2020-12-31
COMPANY REGISTRATION NUMBER:
09422433
Business Finance Technology Group Limited
|
|
Filleted Unaudited Financial Statements
|
|
Business Finance Technology Group Limited
|
|
Year ended 31 December 2020
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Business Finance Technology Group Limited
|
|
Statement of Financial Position
|
|
31 December 2020
Fixed assets
Tangible assets
|
5
|
13,425
|
21,155
|
|
|
|
|
Current assets
Debtors
|
6
|
1,360,162
|
405,731
|
Cash at bank and in hand
|
156,694
|
95,156
|
|
------------
|
---------
|
|
1,516,856
|
500,887
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
5,828,477
|
5,337,029
|
|
------------
|
------------
|
Net current liabilities
|
4,311,621
|
4,836,142
|
|
------------
|
------------
|
Total assets less current liabilities
|
(
4,298,196)
|
(
4,814,987)
|
|
------------
|
------------
|
Net liabilities
|
(
4,298,196)
|
(
4,814,987)
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
1
|
1
|
Profit and loss account
|
(
4,298,197)
|
(
4,814,988)
|
|
------------
|
------------
|
Shareholders deficit
|
(
4,298,196)
|
(
4,814,987)
|
|
------------
|
------------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' 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, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Business Finance Technology Group Limited
|
|
Statement of Financial Position (continued)
|
|
31 December 2020
These financial statements were approved by the
board of directors
and authorised for issue on
30 December 2021
, and are signed on behalf of the board by:
Mr C S Mindenhall
|
Director
|
|
Company registration number:
09422433
Business Finance Technology Group Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Poynt, 45 Wollaton Street, Nottingham, United Kingdom, NG1 5FW.
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'.
3.
Accounting policies
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.
Going concern
After making appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future for at least one year from the date of the financial information. For these reasons they continue to adopt the going concern basis in preparing the company's financial information.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
|
Equipment
|
-
|
3 years straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
33
(2019:
28
).
5.
Tangible assets
|
Equipment
|
|
£
|
Cost
|
|
At 1 January 2020
|
48,023
|
Additions
|
2,332
|
|
--------
|
At 31 December 2020
|
50,355
|
|
--------
|
Depreciation
|
|
At 1 January 2020
|
26,868
|
Charge for the year
|
10,062
|
|
--------
|
At 31 December 2020
|
36,930
|
|
--------
|
Carrying amount
|
|
At 31 December 2020
|
13,425
|
|
--------
|
At 31 December 2019
|
21,155
|
|
--------
|
|
|
6.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
345,883
|
314,624
|
Other debtors
|
1,014,279
|
91,107
|
|
------------
|
---------
|
|
1,360,162
|
405,731
|
|
------------
|
---------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
266,320
|
106,189
|
Social security and other taxes
|
219,449
|
63,194
|
Other creditors
|
5,342,708
|
5,167,646
|
|
------------
|
------------
|
|
5,828,477
|
5,337,029
|
|
------------
|
------------
|
|
|
|
BCI Finance Limited acting as security agent hold fixed and floating charges over all the property and undertaking of the company.
8.
Directors' advances, credits and guarantees
At the year end the company was owed £50,000 (2019: £50,000) by a director. No advances (2019: £nil) were made to the director and repayments of £1,500 (2019: £1,500) were made by the director during the year. Interest of £1,500 was charged on the loan at a rate of 3%.
9.
Related party transactions
At the year end the company owed £4,941,334 (2019: £4,944,130) to a group company and £50,000 (2019: £50,000) to a company associated by virtue of shared key management personnel.
10.
Controlling party
The parent company is Bizfitech Holdings Limited, a company incorporated in Jersey, who own 100% of the share capital. The address of Bizfitech Holdings Limited is Third Floor, Conway House, 7-9 Conway Street, St Helier, Jersey, JE2 3NT.