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Registration number: 01563275

Bold Communications Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2016

Wilds Ltd
Chartered Accountants
Lancaster House
70-76 Blackburn Street
Radcliffe
Manchester
M26 2JW

 

Bold Communications Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 9

 

Bold Communications Ltd

Company Information

Directors

Mr B Kelly

Mr D Hawkins

Miss J Bailey

Company secretary

Miss J Bailey

Registered office

Unit 6 Harrier Court
Exeter Airport
Clyst Honiton
Exeter
EX5 2DR

Bankers

Barclays Bank Plc
25 Sankey Street
Warrington
Cheshire
WA1 1XQ

Accountants

Wilds Ltd
Chartered Accountants
Lancaster House
70-76 Blackburn Street
Radcliffe
Manchester
M26 2JW

 

Bold Communications Ltd

(Registration number: 01563275)
Abridged Balance Sheet as at 31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

4

8,087

8,987

Investments

5

2

2

 

8,089

8,989

Current assets

 

Stocks

79,181

66,497

Debtors

294,609

382,444

Cash at bank and in hand

 

246,789

149,402

 

620,579

598,343

Creditors: Amounts falling due within one year

(362,955)

(342,699)

Net current assets

 

257,624

255,644

Net assets

 

265,713

264,633

Capital and reserves

 

Called up share capital

250,873

250,873

Profit and loss account

14,840

13,760

Total equity

 

265,713

264,633

 

Bold Communications Ltd

(Registration number: 01563275)
Abridged Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 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 accounts for the year in question in accordance with section 476; and

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 25 August 2017 and signed on its behalf by:
 

.........................................

Mr B Kelly

Director

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

1

General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Unit 6 Harrier Court
Exeter Airport
Clyst Honiton
Exeter
EX5 2DR

These financial statements were authorised for issue by the Board on 25 August 2017.

2

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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Office equipment

33% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

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 subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2015 - 8).

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

4

Tangible assets

Total
£

Cost or valuation

At 1 January 2016

119,198

Additions

3,368

Disposals

(1,660)

At 31 December 2016

120,906

Depreciation

At 1 January 2016

110,211

Charge for the year

4,003

Eliminated on disposal

(1,395)

At 31 December 2016

112,819

Carrying amount

At 31 December 2016

8,087

At 31 December 2015

8,987

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

5

Investments

Total
£

Cost or valuation

At 1 January 2016

2

Provision

Carrying amount

At 31 December 2016

2

At 31 December 2015

2

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

     

2016

2015

Subsidiary undertakings

Bold Technologies Limited

Unit 6 Harrier Court,
Exeter Airport,
Clyst Honiton,
Exeter,
EX5 2DR

Ordinary shares

100%

100%

 

United Kingdom

     

Bold International Limited

Unit 6 Harrier Court,
Exeter Airport,
Clyst Honiton,
Exeter,
EX5 2DR

Ordinary shares

100%

100%

 

United Kingdom

     

The principal activity of Bold Technologies Limited is dormant.

The principal activity of Bold International Limited is dormant.

6

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £26,588 (2015 - £23,689).

 

Bold Communications Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

7

Related party transactions

Transactions with directors

2016

At 1 January 2016
£

Repayments by director
£

At 31 December 2016
£

Mr B Kelly

Directors current account

2,824

(671)

2,153

       
     

Mr D Hawkins

Directors current account

2,475

(745)

1,730

       
     

Miss J Bailey

Directors current account

1,789

(396)

1,393

       
     

 

2015

At 1 January 2015
£

Advances to directors
£

At 31 December 2015
£

Mr B Kelly

Directors current account

195

2,629

2,824

       
     

Mr D Hawkins

Directors current account

2,095

380

2,475

       
     

Miss J Bailey

Directors current account

680

1,109

1,789

       
     

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Bold Group Limited, incorporated in United Kingdom.

 

9

Transition to FRS 102

These financial statements for the year end 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition date is 1 January 2015.

The transition to FRS 102 Section 1A for small entities has resulted in no changes to accounting policies to those used previously and there have been no changes to the company's position or performance.