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Blue Banana Retail Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 02831473

 

Blue Banana Retail Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Blue Banana Retail Limited

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

305,936

139,523

Current assets

 

Stocks

1,120,300

611,674

Debtors

5

116,597

98,714

Cash at bank and in hand

 

1,920,512

1,533,121

 

3,157,409

2,243,509

Creditors: Amounts falling due within one year

6

(1,448,031)

(1,166,282)

Net current assets

 

1,709,378

1,077,227

Total assets less current liabilities

 

2,015,314

1,216,750

Creditors: Amounts falling due after more than one year

6

(26,309)

(82,571)

Provisions for liabilities

(117,761)

(201,793)

Net assets

 

1,871,244

932,386

Capital and reserves

 

Called up share capital

8

504

504

Share premium reserve

600

600

Profit and loss account

1,870,140

931,282

Shareholders' funds

 

1,871,244

932,386

 

Blue Banana Retail Limited

Balance Sheet

31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 19 October 2023
 

.........................................
Mr J Taylor
Director

Company Registration Number: 02831473

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and head office is:
Prince Albert House
Liskeard Business Park
Liskeard
Cornwall
PL14 3US

The business operated from various shops located around the UK.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

20% straight line

Furniture, fittings and equipment

33% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

During the year the company has recognised an onerous contract provision in relation to the delivery of goods due to the Covid-19 pandemic.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Long term connected company loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for long term connected company loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Long term connected company loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 130 (2022 - 130).

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

674,337

1,544,416

4,400

2,223,153

Additions

192,239

58,598

-

250,837

At 31 January 2023

866,576

1,603,014

4,400

2,473,990

Depreciation

At 1 February 2022

569,918

1,509,360

4,352

2,083,630

Charge for the year

56,597

27,815

12

84,424

At 31 January 2023

626,515

1,537,175

4,364

2,168,054

Carrying amount

At 31 January 2023

240,061

65,839

36

305,936

At 31 January 2022

104,419

35,056

48

139,523

Included within the net book value of land and buildings above is £8,243 (2022 - £21,759) in respect of freehold land and buildings and £231,818 (2022 - £82,660) in respect of long leasehold land and buildings.
 

5

Debtors

2023
 £

2022
 £

Prepayments

116,597

98,714

116,597

98,714

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

622,440

676,626

Loans and borrowings

 

300,068

261,972

Social security and other taxes

 

175,865

40,361

Outstanding defined contribution pension costs

 

4,060

5,349

Other creditors

 

11,166

3,899

Accrued expenses

 

31,129

36,696

Corporation tax

303,303

141,379

 

1,448,031

1,166,282

Due after one year

 

Loans and borrowings

7

26,309

82,571

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

-

1,636

Amount due to group undertakings

2,142

46,768

Loans and borrowings

24,167

34,167

26,309

82,571

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

1,636

3,742

Amounts due to group undertakings

288,376

248,232

Loans and borrowings

10,056

9,998

300,068

261,972

Finance lease liabilities are secured against the assets to which they relate.

 

Blue Banana Retail Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

A Ordinary shares of £1 each

1

1

1

1

B Ordinary shares of £1 each

1

1

1

1

C Ordinary shares of £1 each

1

1

1

1

D Ordinary shares of £1 each

1

1

1

1

 

504

504

504

504

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £705,108 (2022 - £1,073,967).

10

Related party transactions

The company has taken advantage of the exemption provided by FRS 102 to not disclose transactions entered in to between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.