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COMPANY REGISTRATION NUMBER: 05397954
Blooming Dales NW Ltd
Unaudited Financial Statements
31 May 2022
Blooming Dales NW Ltd
Financial Statements
Year ended 31 May 2022
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
Blooming Dales NW Ltd
Directors' Report
Year ended 31 May 2022
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2022 .
Principal activities
The principal activity of the company during the year was that of florists.
Directors
The directors who served the company during the year were as follows:
Mrs C Robinson
Mr D Robinson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 September 2022 and signed on behalf of the board by:
Mrs C Robinson
Director
Registered office:
Prince of Wales of House
18/19 Salmon Fields Business Village
Salmon Fields
Royton
Oldham
OL2 6HT
Blooming Dales NW Ltd
Statement of Income and Retained Earnings
Year ended 31 May 2022
2022
2021
Note
£
£
Turnover
277,713
178,439
Cost of sales
164,364
117,752
---------
---------
Gross profit
113,349
60,687
Administrative expenses
137,796
99,700
Other operating income
34,827
---------
--------
Operating loss
( 24,447)
( 4,186)
Other interest receivable and similar income
1,028
708
Interest payable and similar expenses
3,268
620
---------
--------
Loss before taxation
5
( 26,687)
( 4,098)
Tax on loss
( 920)
--------
-------
Loss for the financial year and total comprehensive income
( 25,767)
( 4,098)
--------
-------
Dividends paid and payable
( 5,000)
Retained (losses)/earnings at the start of the year
( 3,659)
5,439
--------
-------
Retained losses at the end of the year
( 29,426)
( 3,659)
--------
-------
All the activities of the company are from continuing operations.
Blooming Dales NW Ltd
Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
7
2,803
2,811
Current assets
Stocks
1,310
1,302
Debtors
8
43,395
47,701
Cash at bank and in hand
1,501
22,299
--------
--------
46,206
71,302
Creditors: amounts falling due within one year
9
45,335
41,672
--------
--------
Net current assets
871
29,630
-------
--------
Total assets less current liabilities
3,674
32,441
Creditors: amounts falling due after more than one year
10
33,000
36,000
--------
--------
Net liabilities
( 29,326)
( 3,559)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 29,426)
( 3,659)
--------
-------
Shareholders deficit
( 29,326)
( 3,559)
--------
-------
These financial statements have been prepared 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'.
For the year ending 31 May 2022 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 .
Blooming Dales NW Ltd
Statement of Financial Position (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mrs C Robinson
Director
Company registration number: 05397954
Blooming Dales NW Ltd
Notes to the Financial Statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prince of Wales of House, 18/19 Salmon Fields Business Village, Salmon Fields, Royton, Oldham, OL2 6HT.
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.
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 aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
15% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2022
2021
£
£
Depreciation of tangible assets
500
495
----
----
6. Intangible assets
Goodwill
£
Cost
At 1 June 2021 and 31 May 2022
17,000
--------
Amortisation
At 1 June 2021 and 31 May 2022
17,000
--------
Carrying amount
At 31 May 2022
--------
At 31 May 2021
--------
7. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2021
3,192
2,806
5,998
Additions
492
492
-------
-------
-------
At 31 May 2022
3,192
3,298
6,490
-------
-------
-------
Depreciation
At 1 June 2021
1,857
1,330
3,187
Charge for the year
202
298
500
-------
-------
-------
At 31 May 2022
2,059
1,628
3,687
-------
-------
-------
Carrying amount
At 31 May 2022
1,133
1,670
2,803
-------
-------
-------
At 31 May 2021
1,335
1,476
2,811
-------
-------
-------
8. Debtors
2022
2021
£
£
Other debtors
43,395
47,701
--------
--------
The directors loan accounts were overdrawn £41,930 (2021: £46,505). The maximum overdrawn amount during the year was £56,356 (2021: £45,797). Interest is charged at the official rate on balances exceeding £10,000 each.
9. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,000
9,000
Trade creditors
2,156
10,651
Corporation tax
7,023
7,767
Social security and other taxes
22,666
9,616
Other creditors
4,490
4,638
--------
--------
45,335
41,672
--------
--------
10. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,000
36,000
--------
--------
11. Directors' advances, credits and guarantees
Included within other debtors due within one year are loans to the directors totalling £41,930 (2021: £46,505) on which interest has been charged at the official rate of interest on any balances exceeding £10,000. The loans are repayable in full or in part on demand. No dividends were paid in the year (2021: £5,000) in respect of shares held by the company's directors.
12. Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Blooming Dales NW Ltd
Management Information
Year ended 31 May 2022
The following pages do not form part of the financial statements.
Blooming Dales NW Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Blooming Dales NW Ltd
Year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blooming Dales NW Ltd for the year ended 31 May 2022, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
GATLEY READ Chartered Accountants
Prince of Wales House 18/19 Salmon Fields Business Village Salmon Fields Royton Oldham OL2 6HT
2 September 2022