Company registration number 02607094 (England and Wales)
BUNDRED & GOODE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BUNDRED & GOODE LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
BUNDRED & GOODE LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF BUNDRED & GOODE LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bundred & Goode Limited for the year ended 31 May 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Bundred & Goode Limited, as a body, in accordance with the terms of our engagement letter dated 1 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Bundred & Goode Limited and state those matters that we have agreed to state to the board of directors of Bundred & Goode Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bundred & Goode Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bundred & Goode Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bundred & Goode Limited. You consider that Bundred & Goode Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Bundred & Goode Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
4 October 2023
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
BUNDRED & GOODE LIMITED
STATEMENT OF FINANCIAL POSITION
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,257
14,242
Current assets
Debtors
4
6,913
21,468
Cash at bank and in hand
574,124
24,696
581,037
46,164
Creditors: amounts falling due within one year
5
(408,592)
(7,296)
Net current assets
172,445
38,868
Total assets less current liabilities
183,702
53,110
Provisions for liabilities
(2,814)
(2,706)
Net assets
180,888
50,404
Capital and reserves
Called up share capital
7
149
149
Capital redemption reserve
51
51
Profit and loss reserves
180,688
50,204
Total equity
180,888
50,404
BUNDRED & GOODE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
- 3 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 October 2023 and are signed on its behalf by:
Mr P A Goode
Director
Company Registration No. 02607094
BUNDRED & GOODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Bundred & Goode Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 The Mews, Hall Drive, Hagley Hall, Stourbridge, West Midlands, DY9 9LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BUNDRED & GOODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 June 2022
27,073
14,745
41,818
Additions
2,428
2,428
At 31 May 2023
29,501
14,745
44,246
Depreciation and impairment
At 1 June 2022
19,742
7,834
27,576
Depreciation charged in the year
3,685
1,728
5,413
At 31 May 2023
23,427
9,562
32,989
Carrying amount
At 31 May 2023
6,074
5,183
11,257
At 31 May 2022
7,331
6,911
14,242
BUNDRED & GOODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,269
Other debtors
4,216
Prepayments and accrued income
2,697
5,199
6,913
21,468
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
69,191
1,371
Other taxation and social security
36,138
2,496
Other creditors
300,358
672
Accruals and deferred income
2,905
2,757
408,592
7,296
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,814
2,706
2023
Movements in the year:
£
Liability at 1 June 2022
2,706
Charge to profit or loss
108
Liability at 31 May 2023
2,814
A deferred tax provision has arisen as a result of accelerated capital allowances.
BUNDRED & GOODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
49
49
49
49
Ordinary Shares B of £1 each
100
100
100
100
149
149
149
149