Company registration number 12484337 (England and Wales)
BUNKED INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
BUNKED INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BUNKED INVESTMENTS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Debtors
3
113,082
125,825
Creditors: amounts falling due within one year
4
(29,756)
(27,210)
Net current assets
83,326
98,615
Creditors: amounts falling due after more than one year
5
(25,503)
(36,449)
Net assets
57,823
62,166
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
57,821
62,164
Total equity
57,823
62,166
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 9 November 2023 and are signed on its behalf by:
N Houghton
Director
Company Registration No. 12484337
BUNKED INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Bunked Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor (B2) Beacon House, Cumberland Business Centre, Portsmouth, PO5 1DS.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2023 have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
BUNKED INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
113,082
125,825
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,945
11,645
Trade creditors
150
Taxation and social security
14,815
14,815
Other creditors
3,846
750
29,756
27,210
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,503
36,449
BUNKED INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Creditors: amounts falling due after more than one year
(Continued)
- 4 -
Included within short and long term bank loans is £36,448 (2022: £48,099), which is secured by way of a government guarantee.
6
Prior period adjustment
Reconciliation of changes in equity
1 March
28 February
2021
2022
£
£
Adjustments to prior year
Profit and loss reserves
-
63,158
Other debtors
-
(2,746)
Other creditors
-
2,746
Bank loan less than 1 year
-
(11,645)
Bank loan more than 1 year
-
11,645
Total adjustments
-
63,158
Equity as previously reported
63,160
(992)
Equity as adjusted
63,160
62,166
Analysis of the effect upon equity
Profit and loss reserves
-
63,158
Reconciliation of changes in loss for the previous financial period
2022
£
Total adjustments
-
Loss as previously reported
(994)
Loss as adjusted
(994)
Notes to reconciliation
Prior period adjustment
A prior period adjustment has been made to the profit and loss reserves, other debtors and other creditors to introduce the balances resulting from the amendment of the 28 February 2021 accounts.
An adjustment has also been made to correct the split of the bank loan between amounts falling due within one year and amounts falling due after more than one year in the previous accounting period.