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Registration number: 10181844

BoutiQi Bags Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

BoutiQi Bags Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

BoutiQi Bags Limited

Company Information

Directors

Q Zhan

B McHale

Registered office

6 Queen Street
Huddersfield
Yorkshire
HD1 2SQ

 

BoutiQi Bags Limited

(Registration number: 10181844)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

152

226

Tangible assets

5

752

591

 

904

817

Current assets

 

Stocks

6

64,912

108,023

Creditors: Amounts falling due within one year

7

(116,841)

(128,060)

Net current liabilities

 

(51,929)

(20,037)

Total assets less current liabilities

 

(51,025)

(19,220)

Creditors: Amounts falling due after more than one year

7

(29,802)

(31,396)

Provisions for liabilities

26,351

8,556

Net liabilities

 

(54,476)

(42,060)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(54,478)

(42,062)

Shareholders' deficit

 

(54,476)

(42,060)

 

BoutiQi Bags Limited

(Registration number: 10181844)
Balance Sheet as at 31 August 2023

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

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2023 and signed on its behalf by:
 


Q Zhan
Director

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
6 Queen Street
Huddersfield
Yorkshire
HD1 2SQ

These financial statements were authorised for issue by the Board on 31 October 2023.

These financial statements were authorised for issue by the Board on ........... .

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £51,929 (2022: £20,037) and retained losses of £54,476 (2022: £42,062). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises deferred 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.

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 accounts. Deferred tax is provided in full on timing differences that 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.

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

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis and any adjustment is made accordingly through the profit and loss account.

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Website development
 £

Total
£

Cost or valuation

At 1 September 2022

2,514

2,514

At 31 August 2023

2,514

2,514

Amortisation

At 1 September 2022

2,288

2,288

Amortisation charge

74

74

At 31 August 2023

2,362

2,362

Carrying amount

At 31 August 2023

152

152

At 31 August 2022

226

226

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

2,808

2,808

Additions

423

423

At 31 August 2023

3,231

3,231

Depreciation

At 1 September 2022

2,217

2,217

Charge for the year

262

262

At 31 August 2023

2,479

2,479

Carrying amount

At 31 August 2023

752

752

At 31 August 2022

591

591

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Stocks

2023
£

2022
£

Finished goods

64,912

108,023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

13,623

18,257

Taxation and social security

 

4,331

7,819

Accruals and deferred income

 

5,552

3,569

Other creditors

 

93,335

98,415

 

116,841

128,060

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,570

10,832

Bank overdrafts

3,877

7,191

HP and finance lease liability 1 (under 1yr)

176

234

13,623

18,257

Included in bank loans and overdrafts is £3,877 which is secured by way of personal guarantee by the directors.

Included within bank loans and overdrafts due under one year is £176 relating to a Hire purchase loan, secured on the asset financed.

Also included within bank loans and overdrafts due under one year is £9,570 and over one year is £29,802 relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

 

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

29,802

31,396

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,802

31,221

HP and finance lease liability 1 (1-2 yrs)

-

175

29,802

31,396

 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Q Zhan

(77,120)

38,195

(34,733)

(73,659)

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Q Zhan

(82,386)

42,998

(37,732)

(77,120)

         
       

 

Interest is being charged on the loan at 2.5% per annum and the loan is repayable on demand.

10

Ultimate controlling party

The ultimate controlling parties are Ms Q Zhan and Mr B McHale, by virtue of their shareholdings.