Company Registration No. 02813000 (England and Wales)
Bakare Beds Limited
Unaudited accounts
for the year ended 31 March 2023
Bakare Beds Limited
Unaudited accounts
Contents
Bakare Beds Limited
Company Information
for the year ended 31 March 2023
Directors
Steven Baker
Gwendoline Baker
Secretary
Gwendoline Baker
Company Number
02813000 (England and Wales)
Registered Office
Unit 1a
Bluewater Estate, Bell Close
Newnham Ind Estate
Plymouth
PL7 4JH
Accountants
Blackwell Bate Ltd
Brunel Court
122 Fore Street
Saltash
Cornwall
PL12 6JW
Bakare Beds Limited
Statement of financial position
as at 31 March 2023
Tangible assets
65,874
21,030
Inventories
308,057
295,503
Cash at bank and in hand
584,469
641,485
Creditors: amounts falling due within one year
(549,091)
(542,092)
Net current assets
408,242
430,758
Total assets less current liabilities
474,116
451,788
Creditors: amounts falling due after more than one year
(43,805)
(34,277)
Provisions for liabilities
Deferred tax
(16,469)
(2,938)
Net assets
413,842
414,573
Called up share capital
1,000
1,000
Profit and loss account
412,842
413,573
Shareholders' funds
413,842
414,573
For the year ending 31 March 2023 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 7 November 2023 and were signed on its behalf by
Steven Baker
Director
Company Registration No. 02813000
Bakare Beds Limited
Notes to the Accounts
for the year ended 31 March 2023
Bakare Beds Limited is a private company, limited by shares, registered in England and Wales, registration number 02813000. The registered office is Unit 1a, Bluewater Estate, Bell Close, Newnham Ind Estate, Plymouth, PL7 4JH.
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 have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Other tangible fixed assets
20% reducing balance
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
Bakare Beds Limited
Notes to the Accounts
for the year ended 31 March 2023
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
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 profit and loss account, 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.
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Bakare Beds Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
9,751
8,750
13,534
131,314
163,349
Additions
-
63,818
857
2,626
67,301
Disposals
-
(10,145)
-
-
(10,145)
At 31 March 2023
9,751
62,423
14,391
133,940
220,505
At 1 April 2022
9,751
2,324
10,555
119,689
142,319
Charge for the year
-
7,046
1,509
3,757
12,312
At 31 March 2023
9,751
9,370
12,064
123,446
154,631
At 31 March 2023
-
53,053
2,327
10,494
65,874
At 31 March 2022
-
6,426
2,979
11,625
21,030
Amounts falling due within one year
Trade debtors
54,693
25,698
Accrued income and prepayments
-
10,164
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
8,489
2,950
Trade creditors
91,871
241,100
Taxes and social security
108,425
40,193
Other creditors
139,726
134,488
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
22,138
2,610
Bakare Beds Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
29,621
24,454
Later than one year and not later than five years
40,229
11,392
9
Average number of employees
During the year the average number of employees was 19 (2022: 18).