Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01Wholesale of machine tools and fittings13truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09822735 2023-01-01 2023-12-31 09822735 2022-01-01 2022-12-31 09822735 2023-12-31 09822735 2022-12-31 09822735 c:Director1 2023-01-01 2023-12-31 09822735 d:OfficeEquipment 2023-01-01 2023-12-31 09822735 d:OfficeEquipment 2023-12-31 09822735 d:OfficeEquipment 2022-12-31 09822735 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09822735 d:CurrentFinancialInstruments 2023-12-31 09822735 d:CurrentFinancialInstruments 2022-12-31 09822735 d:Non-currentFinancialInstruments 2023-12-31 09822735 d:Non-currentFinancialInstruments 2022-12-31 09822735 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09822735 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09822735 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09822735 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 09822735 d:ShareCapital 2023-12-31 09822735 d:ShareCapital 2022-12-31 09822735 d:RetainedEarningsAccumulatedLosses 2023-12-31 09822735 d:RetainedEarningsAccumulatedLosses 2022-12-31 09822735 c:FRS102 2023-01-01 2023-12-31 09822735 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 09822735 c:FullAccounts 2023-01-01 2023-12-31 09822735 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09822735 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09822735 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09822735 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09822735










BIT AND BLADE LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIT AND BLADE LTD
REGISTERED NUMBER: 09822735

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,669
606

Current assets
  

Stocks
  
49,743
41,417

Debtors: amounts falling due within one year
 5 
55,478
41,155

Cash at bank and in hand
  
67,220
35,380

  
172,441
117,952

Creditors: amounts falling due within one year
 6 
(81,698)
(60,364)

Net current assets
  
 
 
90,743
 
 
57,588

Creditors: amounts falling due after more than one year
 7 
-
(6,563)

Provisions for liabilities
  

Deferred tax
 8 
(1,247)
-

Net assets
  
95,165
51,631


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
95,161
51,627

  
95,165
51,631


Page 1

 
BIT AND BLADE LTD
REGISTERED NUMBER: 09822735
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges her 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 income and retained earnings 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 on 8 March 2024.




J E Bates
Director


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
BIT AND BLADE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bit and Blade Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 09822735). Its registered office is Belwood, Tattershall Drive, Nottingham, Nottinghamshire, NG7 1AD. The principal activity of the Company throughout the year continued to be the wholesale of machine tools and fittings.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
BIT AND BLADE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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, using the straight-line method. 

The depreciation rates used are:

Office equipment
-
33%
straight line

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 the Statement of Income and Retained Earnings. 

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings. 

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Page 4

 
BIT AND BLADE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current 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.
 


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
2,156


Additions
6,092



At 31 December 2023

8,248



Depreciation


At 1 January 2023
1,550


Charge for the year on owned assets
1,029



At 31 December 2023

2,579



Net book value



At 31 December 2023
5,669



At 31 December 2022
606

Page 5

 
BIT AND BLADE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
55,478
40,976

Prepayments
-
179

55,478
41,155



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,563
15,750

Trade creditors
23,967
24,247

Corporation tax
22,353
3,327

Other taxation and social security
14,922
11,329

Other creditors
11,528
3,961

Accruals
2,365
1,750

81,698
60,364



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
6,563


Page 6

 
BIT AND BLADE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






Charged to profit or loss
1,247



At end of year
1,247

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,247
-

1,247
-

 
Page 7