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Registered number: 06336809










BANANA FINGERS LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
BANANA FINGERS LIMITED
 

COMPANY INFORMATION


Directors
T Vapalahti 
T Wood 




Registered number
06336809



Registered office
Unit 8 Whitehall Trading Estate
Gerrish Avenue

Whitehall

Bristol

BS5 9DF




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
BANANA FINGERS LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 17


 
BANANA FINGERS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company's principal activity continued to be that of the sale of climbing equipment and consumables.

Directors

The directors who served during the year were:

T Vapalahti 
T Wood 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.


Page 1

 
BANANA FINGERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
T Wood
Director
Date: 25 March 2024

Page 2

 
BANANA FINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANANA FINGERS LIMITED
 

Opinion


We have audited the financial statements of Banana Fingers Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
BANANA FINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANANA FINGERS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
BANANA FINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANANA FINGERS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. 
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 5

 
BANANA FINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANANA FINGERS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Alan Poole BA(Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

27 March 2024
Page 6

 
BANANA FINGERS LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£


Turnover
9,573,849
9,908,835

Cost of sales
(7,132,430)
(7,205,959)

Gross profit
2,441,419
2,702,876

Distribution costs
(1,058,032)
(1,177,698)

Administrative expenses
(2,101,655)
(2,584,360)

Operating loss
(718,268)
(1,059,182)

Interest receivable and similar income
16,738
1,491

Interest payable and similar expenses
(94,814)
(16,761)

Loss before tax
(796,344)
(1,074,452)

Tax on loss
-
11,682

Loss for the financial year
(796,344)
(1,062,770)

There was no other comprehensive income for 2023 (2022£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7

 
BANANA FINGERS LIMITED
REGISTERED NUMBER: 06336809

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 9 
14,373
24,690

  
14,373
24,690

Current assets
  

Stocks
 10 
3,355,846
2,151,049

Debtors: amounts falling due within one year
 11 
1,700,074
1,253,663

Cash at bank and in hand
 12 
774,659
449,949

  
5,830,579
3,854,661

Creditors: amounts falling due within one year
 13 
(2,306,794)
(9,187,887)

Net current assets/(liabilities)
  
 
 
3,523,785
 
 
(5,333,226)

Total assets less current liabilities
  
3,538,158
(5,308,536)

Creditors: amounts falling due after more than one year
 14 
(9,643,038)
-

  

Net liabilities
  
(6,104,880)
(5,308,536)


Capital and reserves
  

Called up share capital 
 15 
3,000
3,000

Other reserves
 16 
93,969
93,969

Profit and loss account
 16 
(6,201,849)
(5,405,505)

  
(6,104,880)
(5,308,536)


The Company's financial statements have been prepared in accordance with the 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: 




................................................
T Wood
Director
Date: 25 March 2024

The notes on pages 10 to 17 form part of these financial statements.

Page 8

 
BANANA FINGERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
3,000
93,969
(5,405,505)
(5,308,536)


Comprehensive income for the year

Loss for the year
-
-
(796,344)
(796,344)


At 31 December 2023
3,000
93,969
(6,201,849)
(6,104,880)


The notes on pages 10 to 17 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
3,000
93,969
(4,342,735)
(4,245,766)


Comprehensive income for the year

Loss for the year
-
-
(1,062,770)
(1,062,770)


At 31 December 2022
3,000
93,969
(5,405,505)
(5,308,536)


The notes on pages 10 to 17 form part of these financial statements.

Page 9

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Banana Fingers Limited is a private limited company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is Unit 8 Whitehall Trading Estate, Gerrish Avenue, Bristol, BS5 9DF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises revenue recognised in respect of goods sold during the year, exclusive of Value Added Tax and trade discounts.
Sales are recognised on despatch of the goods to the customer.

 
2.3

Going concern

The company continues to report a loss and has net liabilities on the balance sheet.  The ultimate parent company has confirmed its intention to continue to support the company by providing financial and operating assistance as required to enable it to continue operating as a going concern for the foreseeable future.
Accordingly, the financial statements are prepared on a going concern basis.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line
Fixtures and fittings
-
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 profit or loss.

Page 10

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 weighted average basis.
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 profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

Creditors

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

  
2.11

Foreign currencies

Monetary assets and liabilities denominated in foreign currency are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currency are translated into sterling at the ruling on the date of the transaction.
Exchange gains and losses are recognised in the profit and loss account.

 
2.12

Taxation

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.

Page 11

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.13

Cash flow statement

The company, being a subsidiary undertaking within a group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 102.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have the most significant effect on amounts recognised in the financial statements.
Stock provisions
Provisions are estimated by the company in respect of specific stock items based upon the age and condition of the items and awareness of known issues.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
5,042,995
4,569,692

Rest of Europe
1,381,937
1,364,597

Rest of the world
3,148,917
3,974,546

9,573,849
9,908,835



5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(70,522)
454,823

Other operating lease rentals
56,042
54,042

Depreciation
10,317
16,813

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
22,800
19,200

Page 12

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs were as follows:


2023
2022
£
£



Wages and salaries
516,596
602,609

Social security costs
49,734
51,970

Pension costs
10,054
11,080

576,384
665,659

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
29
35


7.


Directors' remuneration

Directors' remuneration for the year was £100,316 (2022: £43,457). Some of the directors are remunerated by other group companies.
Short term employee benefits to key management personnel for the year were £100,316 (2022: £83,517).


2023
2022
£
£

Directors' emoluments
88,093
37,916

Company contributions to defined contribution pension schemes
1,321
660

89,414
38,576


Page 13

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
-
(11,682)

Total deferred tax
-
(11,682)


Taxation on profit/(loss) on ordinary activities
-
(11,682)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(796,344)
(1,074,452)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of  23.52% (2022 - 19%)
(187,304)
(204,146)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,301
3,243

Adjustments to tax charge in respect of prior periods
-
(267)

Movement in deferred tax not recognised
175,382
151,079

Remeasurement of deferred tax for changes in tax rates
(10,379)
-

Group relief
-
38,409

Total tax charge for the year
-
(11,682)

Page 14

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost 


At 1 January 2023
47,040
48,408
95,448



At 31 December 2023

47,040
48,408
95,448



Depreciation


At 1 January 2023
46,405
24,353
70,758


Charge for the year
635
9,682
10,317



At 31 December 2023

47,040
34,035
81,075



Net book value



At 31 December 2023
-
14,373
14,373



At 31 December 2022
635
24,055
24,690


10.


Stocks

2023
2022
£
£

Finished goods and goods for resale
3,355,846
2,151,049

3,355,846
2,151,049



11.


Debtors

2023
2022
£
£


Trade debtors
34,860
48,860

Amounts owed by group undertakings
1,391,375
998,840

Other debtors
48,784
113,484

Prepayments and accrued income
225,055
92,479

1,700,074
1,253,663


Page 15

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
774,659
449,949

774,659
449,949



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
689,673
325,348

Amounts owed to group undertakings
1,359,821
8,691,878

Social security and other taxes
95,828
37,547

Other creditors
111,146
82,805

Accruals and deferred income
50,326
50,309

2,306,794
9,187,887



14.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
9,643,038
-

9,643,038
-



15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £3 each
3,000
3,000



16.


Reserves

Profit and loss account

The profit and loss account is the Company's accumulated profit/loss up to the date of the balance sheet.

Page 16

 
BANANA FINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Pension commitments

The Company operates a defined contributions 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 £11,375 (2022 - £11,740). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
55,500
55,500

Later than 1 year and not later than 5 years
-
55,500

55,500
111,000


19.


Related party transactions

The company has taken advantage of the exemption under FRS 102 not to disclose intra-group transactions.


20.


Controlling party

The ultimate parent undertaking is Elisa Corporation, a company incorporated in Finland.


Page 17