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REGISTERED NUMBER: 02828736 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Babbis Limited

Babbis Limited (Registered number: 02828736)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


Babbis Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr J F Kent
Mr D J Kent





REGISTERED OFFICE: The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG





BUSINESS ADDRESS: Unit 19
Oakwood Industrial Estate
Harling Road
Snetterton
Norfolk
NR16 2JU





REGISTERED NUMBER: 02828736 (England and Wales)





ACCOUNTANTS: Knights Lowe
Chartered Accountants
The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG

Babbis Limited (Registered number: 02828736)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 364,808 387,125

CURRENT ASSETS
Stocks 76,983 41,331
Debtors 5 76,258 77,435
Cash at bank 71,820 80,409
225,061 199,175
CREDITORS
Amounts falling due within one year 6 197,527 211,510
NET CURRENT ASSETS/(LIABILITIES) 27,534 (12,335 )
TOTAL ASSETS LESS CURRENT LIABILITIES 392,342 374,790

CREDITORS
Amounts falling due after more than one year 7 (106,586 ) (112,234 )

PROVISIONS FOR LIABILITIES 10 (89,779 ) (66,596 )
NET ASSETS 195,977 195,960

CAPITAL AND RESERVES
Called up share capital 11 110 110
Retained earnings 195,867 195,850
SHAREHOLDERS' FUNDS 195,977 195,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Babbis Limited (Registered number: 02828736)

Balance Sheet - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by:





Mr D J Kent - Director


Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Babbis Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Fork lift hire fleet - 10% on reducing balance
Fixtures and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.

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 accounts receivable and payable, and loans from banks or other related parties.

(i) 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 market rate of interest.

(ii) 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 transaction is measured at the present value of the future receipts discounted at market rate of interest.


Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 tax
Deferred 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals paid under operating leases are charged to the profit and loss accounts on a straight line basis over the period of the lease.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 632,970
Additions 116,606
Disposals (136,064 )
At 31 July 2023 613,512
DEPRECIATION
At 1 August 2022 245,845
Charge for year 59,279
Eliminated on disposal (56,420 )
At 31 July 2023 248,704
NET BOOK VALUE
At 31 July 2023 364,808
At 31 July 2022 387,125

The company operates a hire fleet for hire to customers. At the year end the cost of these assets was £424,124 (2022: £453,507) and the net book value was £240,188 (2022: £273,380).

Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022 223,854
Additions 85,680
Disposals (75,206 )
At 31 July 2023 234,328
DEPRECIATION
At 1 August 2022 52,449
Charge for year 39,846
Eliminated on disposal (36,299 )
At 31 July 2023 55,996
NET BOOK VALUE
At 31 July 2023 178,332
At 31 July 2022 171,405

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 74,160 73,043
Other debtors 2,098 4,392
76,258 77,435

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank overdraft 9,600 9,900
Hire purchase contracts (see note 8) 33,606 50,577
Trade creditors 81,653 100,734
Taxation and social security 33,655 13,084
Other creditors 39,013 37,215
197,527 211,510

Other creditors includes a directors loan.

Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 19,567 29,350
Hire purchase contracts (see note 8) 87,019 82,884
106,586 112,234

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 33,606 50,577
Between one and five years 87,019 82,884
120,625 133,461

Non-cancellable operating leases
2023 2022
£    £   
Within one year 15,180 13,777
Between one and five years 11,195 -
26,375 13,777

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 120,625 133,461

The hire purchase contracts are secured on the associated assets.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 89,779 66,596

Babbis Limited (Registered number: 02828736)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2022 66,596
Charge to Income Statement during year 23,183
Balance at 31 July 2023 89,779

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary A £1 10 10
67 Ordinary B £1 67 67
17 Ordinary C £1 17 33
16 Ordinary D £1 16 -
110 110