BANDCRAFT LIMITED

Company Registration Number:
04676977 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2023

Period of accounts

Start date: 01 April 2022

End date: 31 March 2023

BANDCRAFT LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Notes

BANDCRAFT LIMITED

Balance sheet

As at 31 March 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 550,000 900,000
Total fixed assets: 550,000 900,000
Current assets
Debtors:   27,000 0
Cash at bank and in hand: 14,660 82,243
Total current assets: 41,660 82,243
Creditors: amounts falling due within one year:   (57,709) (68,452)
Net current assets (liabilities): (16,049) 13,791
Total assets less current liabilities: 533,951 913,791
Creditors: amounts falling due after more than one year: 4 (633,935) (681,383)
Total net assets (liabilities): (99,984) 232,408
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (99,985) 232,407
Shareholders funds: (99,984) 232,408

The notes form part of these financial statements

BANDCRAFT LIMITED

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 November 2023
and signed on behalf of the board by:

Name: Mr M J Horgan
Status: Director

The notes form part of these financial statements

BANDCRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received for rent net of VAT.

Valuation and information policy

Investment propertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is initiallyrecognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequentlyit is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in theprofit and loss account.

Other accounting policies

Financial instrumentsThe 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 tothe contractual provisions of the instrument.Basic financial assetsBasic financial assets, which include cash and bank balances, are initially measured at transaction priceincluding transaction costs and are subsequently carried at amortised cost using the effective interest methodunless the arrangement constitutes a financing transaction, where the transaction is measured at the presentvalue of the future receipts discounted at a market rate of interest. Financial assets classified as receivablewithin one year are not amortised.Basic financial liabilitiesBasic financial liabilities, including creditors and bank loans are initially recognised at transaction price unlessthe arrangement constitutes a financing transaction, where the debt instrument is measured at the presentvalue of the future payments discounted at a market rate of interest. Financial liabilities classified as payablewithin 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 ofbusiness from suppliers. Amounts payable are classified as current liabilities if payment is due within one yearor less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially attransaction price and subsequently measured at amortised cost using the effective interest method.TaxationThe tax expense represents the sum of the tax currently payable. Deferred tax is not applicable as theproperty has been revalued below cost.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit asreported in the profit and loss account because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxable or deductible. The company’sliability for current tax is calculated using tax rates that have been enacted or substantively enacted by thereporting end date.

BANDCRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

2. Employees

2023 2022
Average number of employees during the period 0 0

BANDCRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Tangible Assets

Total
Cost £
At 01 April 2022 900,000
Revaluations (350,000)
At 31 March 2023 550,000
Net book value
At 31 March 2023 550,000
At 31 March 2022 900,000

Investment property comprises of a commercial building. The fair value of the investment property has beendetermined by the director. The valuation was made on an open market value basis by reference to marketevidence of transaction prices for similar properties.If the investment property was stated on an historical cost basis rather than a fair value basis, the amountwould have been included as £1,080,000 (2022 - £1,080,000)

BANDCRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Creditors: amounts falling due after more than one year note

The bank loan is secured by a fixed charge over the investment property owned by the company.

BANDCRAFT LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Related party transactions

Name of the related party:
Relationship:
Director
Description of the Transaction: At the balance sheet date, £362,209 (2022 - £358,237) was owed to the director, who is also the sole shareholder. This unsecured loan is provided free of any interest charge and without any repayment terms.
£
Balance at 01 April 2022 358,237
Balance at 31 March 2023 362,209