Company No: 10338376 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2023		30.06.2022
		£		£
Fixed assets
Tangible assets	3	7,349		10,174
		7,349		10,174
Current assets
Stocks	4	65,000		60,000
Debtors
- due within one year	5	42,813		92,287
- due after more than one year	5	0		4,340
Cash at bank and in hand		83,509		30,417
		191,322		187,044
Creditors: amounts falling due within one year	6	( 63,057)		( 129,329)
Net current assets		128,265		57,715
Total assets less current liabilities		135,614		67,889
Provision for liabilities	7	( 1,668)		( 2,412)
Net assets		133,946		65,477
Capital and reserves
Called-up share capital	8	100		100
Share premium account		37,820		37,820
Profit and loss account		96,026		27,557
Total shareholder's funds		133,946		65,477

For the financial period ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Bob's Bits Limited (registered number: 10338376) were approved and authorised for issue by the Director. They were signed on its behalf by:

R Thorne Director

02 October 2023

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Bob's Bits Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Garnett Close, Greycaine Industrial Estate, Watford, WD24 7GN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Fixtures and fittings	5 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 profit or loss.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

	Period from 01.07.2022 to 31.03.2023		Period from 01.04.2021 to 30.06.2022
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	8		7

3. Tangible assets

	Plant and machinery		Fixtures and fittings		Office equipment		Total
	£		£		£		£
Cost
At 01 July 2022	6,821		11,686		6,981		25,488
Additions	498		0		181		679
At 31 March 2023	7,319		11,686		7,162		26,167
Accumulated depreciation
At 01 July 2022	2,151		8,644		4,519		15,314
Charge for the financial period	1,056		1,617		831		3,504
At 31 March 2023	3,207		10,261		5,350		18,818
Net book value
At 31 March 2023	4,112		1,425		1,812		7,349
At 30 June 2022	4,670		3,042		2,462		10,174

4. Stocks

	31.03.2023		30.06.2022
	£		£
Finished goods	65,000		60,000

5. Debtors

	31.03.2023		30.06.2022
	£		£
Debtors: amounts falling due within one year
Trade debtors	34,252		77,194
Prepayments	4,097		15,093
VAT recoverable	124		0
Other debtors	4,340		0
	42,813		92,287
Debtors: amounts falling due after more than one year
Other debtors	0		4,340

6. Creditors: amounts falling due within one year

	31.03.2023		30.06.2022
	£		£
Trade creditors	4,516		4,980
Accruals	10,712		9,670
Corporation tax	17,464		76,704
Other taxation and social security	29,013		36,921
Other creditors	1,352		1,054
	63,057		129,329

7. Deferred tax

	31.03.2023		30.06.2022
	£		£
At the beginning of financial period	( 2,412)		( 1,846)
Credited/(charged) to the Statement of Income and Retained Earnings	744		( 566)
At the end of financial period	( 1,668)		( 2,412)

The deferred taxation balance is made up as follows:

	31.03.2023		30.06.2022
	£		£
Accelerated capital allowances	( 1,837)		( 2,544)
Other timing differences	169		132
	( 1,668)		( 2,412)

8. Called-up share capital

	31.03.2023		30.06.2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.03.2023		30.06.2022
	£		£
within one year	22,974		29,462
between one and five years	0		44,184
	22,974		73,646

10. Ultimate controlling party

The Company is a subsidiary of Bob's Bits Holdings Ltd, which is the ultimate parent undertaking incorporated in England and Wales.