Registered number
10053090
ACKLAM BOND LTD
Filleted Accounts
30 April 2023
ACKLAM BOND LTD
Registered number: 10053090
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 7,200 14,400
Tangible assets 4 3,535 2,377
10,735 16,777
Current assets
Stocks 600,060 549,719
Debtors 5 324,811 384,707
Cash at bank and in hand 1,021 348
925,892 934,774
Creditors: amounts falling due within one year 6 (767,395) (802,464)
Net current assets 158,497 132,310
Total assets less current liabilities 169,232 149,087
Creditors: amounts falling due after more than one year 7 (87,889) (113,249)
Net assets 81,343 35,838
Capital and reserves
Called up share capital 100 100
Profit and loss account 81,243 35,738
Shareholders' funds 81,343 35,838
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Bond
Director
Approved by the board on 6 February 2024
ACKLAM BOND LTD
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 72,000
At 30 April 2023 72,000
Amortisation
At 1 May 2022 57,600
Provided during the year 7,200
At 30 April 2023 64,800
Net book value
At 30 April 2023 7,200
At 30 April 2022 14,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Computers Fixtures & equipment Total
£ £ £
Cost
At 1 May 2022 20,985 3,417 24,402
Additions 2,463 77 2,540
At 30 April 2023 23,448 3,494 26,942
Depreciation
At 1 May 2022 18,647 3,378 22,025
Charge for the year 1,345 37 1,382
At 30 April 2023 19,992 3,415 23,407
Net book value
At 30 April 2023 3,456 79 3,535
At 30 April 2022 2,338 39 2,377
5 Debtors 2023 2022
£ £
Trade debtors 286,154 325,509
Other debtors 38,657 59,198
324,811 384,707
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 136,479 149,481
Trade creditors 72,422 103,895
Taxation and social security costs 153,025 130,801
Other creditors 405,469 418,287
767,395 802,464
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 87,889 113,249
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 54,912 54,912
The bank overdraft is secured by way of a fixed & floating charge over all of the property or undertaking of the company.
9 Controlling party
During the year the company was under the control of the directors Denise Bond.
10 Other information
ACKLAM BOND LTD is a private company limited by shares and incorporated in England. Its registered office is:
Equity Chambers
10-12 St James Street
Lancashire
BB5 1LY
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