BLUMSOM LIMITED

Company Registration Number:
11467681 (England and Wales)

Unaudited abridged accounts for the year ended 31 July 2022

Period of accounts

Start date: 01 August 2021

End date: 31 July 2022

BLUMSOM LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2022

Balance sheet
Notes

BLUMSOM LIMITED

Balance sheet

As at 31 July 2022


Notes

2022

2021


£

£
Fixed assets
Tangible assets: 3 622 1,124
Total fixed assets: 622 1,124
Current assets
Stocks: 46,000 198,000
Debtors: 4 136,296 485,152
Cash at bank and in hand: 6,032 261,925
Total current assets: 188,328 945,077
Creditors: amounts falling due within one year: 5 (147,508) (863,477)
Net current assets (liabilities): 40,820 81,600
Total assets less current liabilities: 41,442 82,724
Creditors: amounts falling due after more than one year: 6 (28,333) (38,333)
Provision for liabilities: (309) (309)
Total net assets (liabilities): 12,800 44,082
Capital and reserves
Called up share capital: 125 125
Profit and loss account: 12,675 43,957
Shareholders funds: 12,800 44,082

The notes form part of these financial statements

BLUMSOM LIMITED

Balance sheet statements

For the year ending 31 July 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 October 2023
and signed on behalf of the board by:

Name: F C Blumsom
Status: Director

The notes form part of these financial statements

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Tangible fixed assetsDepreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and machinery - Straight line over 3 yearsComputer equipment - Straight line over 4 years

Other accounting policies

StocksStocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.Financial instrumentsA financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of theinstruments.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normalbusiness terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the presentvalue of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that aremeasured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If thereis objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment notpreviously been recognised.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and RetainedEarnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

2. Employees

2022 2021
Average number of employees during the period 2 2

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

3. Tangible Assets

Total
Cost £
At 01 August 2021 1,951
At 31 July 2022 1,951
Depreciation
At 01 August 2021 827
Charge for year 502
At 31 July 2022 1,329
Net book value
At 31 July 2022 622
At 31 July 2021 1,124

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

4. Debtors

2022 2021
££
Debtors due after more than one year: 0 0

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

5. Creditors: amounts falling due within one year note

Bank loans and overdrafts £10,000 (2021 - £10,000)Trade creditors £116,330 (2021 - £292,709)Corporation tax £- (2021 - £49,398)Social security and other taxes £242 (2021 - £53,903)Other creditors £- (2021 - £6,913)Amount owed to relatedundertaking £- (2021 - £256,229)Other loans £20,612 (2021 - £24,826)Directors' current accounts £324 (2021 - £-)Accruals and deferred income £- (2021 - £169,499)Total - 147,508 (2021 - £863,477)

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

6. Creditors: amounts falling due after more than one year note

Bank loans - 1-2 years 10,000 (2021 - £10,000)Bank loans - 2-5 years 18,333 (2021 - £28,333)Total £28,333 (2021 - £38,333)

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

7. Loans to directors

At the end of the year the company owed £324 to the directors.

BLUMSOM LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2022

8. Changes in presentation and prior period adjustments

The 2021 closing stock was overvalued by £130,500 and has been corrected with a prior year adjustment.