Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-2832022-03-01falseTextile Trading4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07163992 2022-03-01 2023-02-28 07163992 2021-03-01 2022-02-28 07163992 2023-02-28 07163992 2022-02-28 07163992 c:Director1 2022-03-01 2023-02-28 07163992 d:FurnitureFittings 2022-03-01 2023-02-28 07163992 d:FurnitureFittings 2023-02-28 07163992 d:FurnitureFittings 2022-02-28 07163992 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07163992 d:ComputerEquipment 2022-03-01 2023-02-28 07163992 d:ComputerEquipment 2023-02-28 07163992 d:ComputerEquipment 2022-02-28 07163992 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07163992 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07163992 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 07163992 d:FreeholdInvestmentProperty 2023-02-28 07163992 d:FreeholdInvestmentProperty 2022-02-28 07163992 d:CurrentFinancialInstruments 2023-02-28 07163992 d:CurrentFinancialInstruments 2022-02-28 07163992 d:Non-currentFinancialInstruments 2023-02-28 07163992 d:Non-currentFinancialInstruments 2022-02-28 07163992 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07163992 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 07163992 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07163992 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 07163992 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 07163992 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 07163992 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 07163992 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 07163992 d:ShareCapital 2023-02-28 07163992 d:ShareCapital 2022-02-28 07163992 d:RetainedEarningsAccumulatedLosses 2023-02-28 07163992 d:RetainedEarningsAccumulatedLosses 2022-02-28 07163992 c:FRS102 2022-03-01 2023-02-28 07163992 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07163992 c:FullAccounts 2022-03-01 2023-02-28 07163992 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07163992 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07163992 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 07163992









BULKSUDDEN TRADING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
BULKSUDDEN TRADING LIMITED
REGISTERED NUMBER: 07163992

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,101
2,801

Investment property
 5 
-
770,000

  
2,101
772,801

Current assets
  

Debtors: amounts falling due within one year
 6 
1,215,520
1,011,215

Cash at bank and in hand
 7 
712,040
42,304

  
1,927,560
1,053,519

Creditors: amounts falling due within one year
 8 
(229,943)
(113,892)

Net current assets
  
 
 
1,697,617
 
 
939,627

Total assets less current liabilities
  
1,699,718
1,712,428

Creditors: amounts falling due after more than one year
 9 
(29,343)
(45,588)

Provisions for liabilities
  

Deferred tax
 11 
-
(62,404)

  
 
 
-
 
 
(62,404)

Net assets
  
1,670,375
1,604,436


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
1,670,276
1,604,337

  
1,670,375
1,604,436


Page 1

 
BULKSUDDEN TRADING LIMITED
REGISTERED NUMBER: 07163992
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Arnold
Director

Date: 27 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Bulksudden Trading Limited is a private company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 07163992). The company's registered office address is 101 New Cavendish Street, London, 1st Floor South, W1W 6XH. 
The principal activity of the company continues to be that of textile trading.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis.
Given that the Company is in a net surplus position the directors consider that the company can operate viably and meet its obligations as they fall due for a period of 12 months from the date of this report. We therefore consider it appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance method
Computer equipment
-
25%
reducing balance method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 6

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
23,509
9,210
32,719



At 28 February 2023

23,509
9,210
32,719



Depreciation


At 1 March 2022
21,837
8,080
29,917


Charge for the year on owned assets
418
283
701



At 28 February 2023

22,255
8,363
30,618



Net book value



At 28 February 2023
1,254
847
2,101



At 28 February 2022
1,671
1,130
2,801

Page 7

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£





At 1 March 2022
770,000


Disposals
(770,000)



At 28 February 2023
-

The investment property was sold in the year.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
-
444,353

-
444,353


6.


Debtors

2023
2022
£
£


Other debtors
1,215,520
1,011,215

1,215,520
1,011,215



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
712,040
42,304

712,040
42,304


Page 8

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
14,000
14,000

Trade creditors
-
7,344

Corporation tax
54,624
-

Other taxation and social security
153,144
8,982

Other creditors
22
73,696

Accruals and deferred income
8,153
9,870

229,943
113,892



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
29,343
45,588

29,343
45,588


Page 9

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
14,000
14,000


14,000
14,000

Amounts falling due 1-2 years

Bank loans
14,000
14,089


14,000
14,089

Amounts falling due 2-5 years

Bank loans
15,344
31,500


15,344
31,500


43,344
59,589



11.


Deferred taxation




2023


£






At beginning of year
(62,404)


Charged to the profit or loss
62,404



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
62,404

-
62,404

Page 10

 
BULKSUDDEN TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £6,934 (2022 - £12,636). Contributions totalling £22 (2022 - £770) were payable to the fund at the balance sheet date and are included in creditors.


13.


Controlling party

The immediate controlling party is Bulksudden UK Limited.
There is no single ultimate controlling party.

 
Page 11