Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-262022-12-26true2021-12-2712falseWholesale of electronic equipment and parts11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06928578 2021-12-27 2022-12-26 06928578 2020-12-27 2021-12-26 06928578 2022-12-26 06928578 2021-12-26 06928578 c:Director1 2021-12-27 2022-12-26 06928578 d:FurnitureFittings 2021-12-27 2022-12-26 06928578 d:FurnitureFittings 2022-12-26 06928578 d:FurnitureFittings 2021-12-26 06928578 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-12-27 2022-12-26 06928578 d:OfficeEquipment 2021-12-27 2022-12-26 06928578 d:OfficeEquipment 2022-12-26 06928578 d:OfficeEquipment 2021-12-26 06928578 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-12-27 2022-12-26 06928578 d:OwnedOrFreeholdAssets 2021-12-27 2022-12-26 06928578 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-26 06928578 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-26 06928578 d:CurrentFinancialInstruments 2022-12-26 06928578 d:CurrentFinancialInstruments 2021-12-26 06928578 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-26 06928578 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-26 06928578 d:ShareCapital 2022-12-26 06928578 d:ShareCapital 2021-12-26 06928578 d:RetainedEarningsAccumulatedLosses 2022-12-26 06928578 d:RetainedEarningsAccumulatedLosses 2021-12-26 06928578 c:FRS102 2021-12-27 2022-12-26 06928578 c:AuditExempt-NoAccountantsReport 2021-12-27 2022-12-26 06928578 c:FullAccounts 2021-12-27 2022-12-26 06928578 c:PrivateLimitedCompanyLtd 2021-12-27 2022-12-26 iso4217:GBP xbrli:pure

Registered number: 06928578









BULLBOAT UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 26 DECEMBER 2022

 
BULLBOAT UK LIMITED
REGISTERED NUMBER: 06928578

STATEMENT OF FINANCIAL POSITION
AS AT 26 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 6 
698
975

  
698
975

Current assets
  

Stocks
  
1,561,245
1,197,511

Debtors: amounts falling due within one year
 7 
921,266
1,308,553

Cash at bank and in hand
 8 
30,015
65,870

  
2,512,526
2,571,934

Creditors: amounts falling due within one year
 9 
(1,928,146)
(2,098,938)

Net current assets
  
 
 
584,380
 
 
472,996

Total assets less current liabilities
  
585,078
473,971

  

Net assets
  
585,078
473,971


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
575,078
463,971

  
585,078
473,971


Page 1

 
BULLBOAT UK LIMITED
REGISTERED NUMBER: 06928578
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 26 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L M Naveh
Director

Date: 2 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

1.


General information

Bullboat UK Limited is a private company limited by shares and registered in England & Wales. The address of its registered office is 124 Finchley Road, London, England NW3 5JS .

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working captial requirements through its banking facilities.
After reviewing the company's forecast and projection, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the forseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Turnover represents net amount invoiced in respect of goods supplied during the year excluding tax.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration secured or receivable. 

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Page 4

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost 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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
Office equipment
-
20%

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 profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.14

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.

Page 5

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

2.Accounting policies (continued)

 
2.15

Creditors

Short term creditors are measured at the transaction price.

 
2.16

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. 

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the company's key sources of estimation uncertainty:
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Accruals and prepayments
Estimates are made based on known expenses paid in advance and expenditure incurred for which invoices have not been received.  


4.


Employees

The average monthly number of employees, including directors, during the year was 12 (2021 - 11).

Page 6

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

5.


Intangible assets




Development expenditure

£



Cost


At 27 December 2021
5,162



At 26 December 2022

5,162



Amortisation


At 27 December 2021
5,162



At 26 December 2022

5,162



Net book value



At 26 December 2022
-



At 26 December 2021
-



Page 7

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 27 December 2021
100,070
19,940
120,010



At 26 December 2022

100,070
19,940
120,010



Depreciation


At 27 December 2021
99,095
19,940
119,035


Charge for the year on owned assets
277
-
277



At 26 December 2022

99,372
19,940
119,312



Net book value



At 26 December 2022
698
-
698



At 26 December 2021
975
-
975


7.


Debtors

2022
2021
£
£


Trade debtors
811,400
1,087,248

Other debtors
109,866
221,305

921,266
1,308,553



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
30,015
65,870

30,015
65,870


Page 8

 
BULLBOAT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2022

9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
810,951
943,114

Trade creditors
843,104
610,587

Corporation tax
130,401
84,355

Other taxation and social security
76,080
139,796

Other creditors
35,876
294,048

Accruals and deferred income
31,734
27,038

1,928,146
2,098,938


At the reporting date, the trade receivables were secured by a fixed and floating charge over the assets of the company.


10.


Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the schemes and amounted to £1,494 (2021: £4,335).

 
Page 9