Company Registration No. SC388827 (Scotland)
The Bungo Ltd
Unaudited accounts
for the year ended 31 December 2022
The Bungo Ltd
Statement of financial position
as at 31 December 2022
Tangible assets
50,345
57,481
Cash at bank and in hand
35,494
54,764
Creditors: amounts falling due within one year
(103,833)
(99,118)
Net current liabilities
(49,874)
(32,959)
Called up share capital
4
4
Profit and loss account
467
24,518
Shareholders' funds
471
24,522
For the year ending 31 December 2022 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by
Catherine Hardy
Director
Company Registration No. SC388827
The Bungo Ltd
Notes to the Accounts
for the year ended 31 December 2022
The Bungo Ltd is a private company, limited by shares, registered in Scotland, registration number SC388827. The registered office is 44 BELMONT STREET, GLASGOW, G12 8EY, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the term of the lease
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The Bungo Ltd
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
138,837
85,435
5,750
71,399
301,421
At 31 December 2022
138,837
85,435
5,750
71,399
301,421
At 1 January 2022
90,613
80,669
5,175
67,483
243,940
Charge for the year
4,822
1,191
144
979
7,136
At 31 December 2022
95,435
81,860
5,319
68,462
251,076
At 31 December 2022
43,402
3,575
431
2,937
50,345
At 31 December 2021
48,224
4,766
575
3,916
57,481
Amounts falling due within one year
Accrued income and prepayments
715
-
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
5,000
Trade creditors
47,900
42,972
Taxes and social security
33,400
45,405
Loans from directors
-
3,218
7
Transactions with related parties
Included within creditors is a loan of £20,000 (2021 £0) due to The Left Bank (Scotland) Limited. The directors of this company are also directors of The Left Bank (Scotland) Limited. The loan is interest-free and repayable on demand.
Included within debtors is an amount of £9,046 due from the directors. The loan is interest-free and repayable on demand.
8
Average number of employees
During the year the average number of employees was 17 (2021: 18).