Company registration number 13469271 (England and Wales)
BH SUNGLASSES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BH SUNGLASSES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BH SUNGLASSES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
64,140
62,623
Current assets
Stocks
120,111
110,496
Debtors
4
922
2,068
Cash at bank and in hand
700
5,662
121,733
118,226
Creditors: amounts falling due within one year
5
(308,987)
(227,475)
Net current liabilities
(187,254)
(109,249)
Net liabilities
(123,114)
(46,626)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(123,115)
(46,627)
Total equity
(123,114)
(46,626)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
Mr N Smith
Director
Company registration number 13469271 (England and Wales)
BH SUNGLASSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
BH Sunglasses Limited is a private company limited by shares incorporated in England and Wales. The registered office is Teh Tannery, Water Street, Stockport, England, SK1 2BP.
1.1
Reporting period
The previous accounts cover the seven month period from incorporation, whereas these accounts cover a twelve month period. As a result, comparative amounts are not presented on a consistent basis.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The financial statements have been prepared on the going concern basis. The validity of this assumption depends upon directors and shareholders continuing to support the company for the foreseeable future, acting as a counterbalance to the continued losses present as well as the overdrawn balance sheet. Directors and shareholders confirm this support remains in place following the subsequent ownership change.
On this basis, the directors are of the opinion that the company is a going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10% straight line from 1 January 2022 (previously 20% straight line)
Website build
10% straight line from 1 January 2022 (previously 20% straight line)
The directors have reviewed the amortisation policy and consider it appropriate to revise this to be 10% p.a. straight line, with no charge in the year on additions, but full charge in the year of disposal.
BH SUNGLASSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
BH SUNGLASSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
2
3
Intangible fixed assets
Patents & licences
Website build
Total
£
£
£
Cost
At 1 January 2022
26,623
36,000
62,623
Additions
3,279
4,500
7,779
At 31 December 2022
29,902
40,500
70,402
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
2,662
3,600
6,262
At 31 December 2022
2,662
3,600
6,262
Carrying amount
At 31 December 2022
27,240
36,900
64,140
At 31 December 2021
26,623
36,000
62,623
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
921
2,067
Other debtors
1
1
922
2,068
BH SUNGLASSES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,386
3,251
Amounts owed to group undertakings
304,934
223,454
Taxation and social security
667
770
Other creditors
1,000
308,987
227,475
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
7
Related party transactions
The company has several related parties by virtue of common directorships.
At 31 December 2022, included in creditors is an amount of £304,934 (2021: £223,454) due to the related parties.
8
Parent company
The company was, at the balance sheet date, a 100% subsidiary of One Asset Limited, a company incorporated in the United Kingdom.
The company was controlled by Mr N Smith by virtue of his shareholding in One Asset Limited.
On 1 August 2023, majority ownership changed to EPB Digital Limited, a company incorporated in the United Kingdom, under the control of its shareholder Mr E Boardman.