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Registration number: 09873196

Bax-shop.co.uk Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Bax-shop.co.uk Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Bax-shop.co.uk Limited

Company Information

Director

Mr J Bax

Registered office

1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Bax-shop.co.uk Limited

(Registration number: 09873196)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

65

77

Current assets

 

Debtors

5

7,757

597,596

Cash at bank and in hand

 

63,954

24,889

 

71,711

622,485

Creditors: Amounts falling due within one year

6

(1,053,607)

(879,348)

Net current liabilities

 

(981,896)

(256,863)

Net liabilities

 

(981,831)

(256,786)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(981,832)

(256,787)

Shareholders' deficit

 

(981,831)

(256,786)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 April 2024
 

.........................................
Mr J Bax
Director

   
     
 

Bax-shop.co.uk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1-2 Rhodium Point Hawkinge Business Park
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Bax-shop.co.uk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Bax-shop.co.uk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2021 - 1).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2022

189

189

At 31 December 2022

189

189

Depreciation

At 1 January 2022

112

112

Charge for the year

12

12

At 31 December 2022

124

124

Carrying amount

At 31 December 2022

65

65

At 31 December 2021

77

77

 

Bax-shop.co.uk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

5

Debtors

Current

Note

2022
£

2021
£

Amounts owed by related parties

7

-

590,943

Prepayments

 

858

153

Other debtors

 

6,899

6,500

   

7,757

597,596

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

28,418

71,981

Amounts due to related parties

7

283,114

-

Social security and other taxes

 

740,575

806,117

Accruals

 

1,500

1,250

 

1,053,607

879,348

7

Related party transactions

Expenditure with and payables to related parties

2022

Parent
£

Purchase of goods

10,757,639

Loans to related parties

2022

Parent
£

Total
£

At start of period

590,943

590,943

Advanced

512,686

512,686

At end of period

1,103,629

1,103,629

2021

Parent
£

Total
£

Advanced

590,943

590,943

At end of period

590,943

590,943

 

Bax-shop.co.uk Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

7

Related party transactions (continued)

Terms of loans to related parties

There are no terms of repayment or interest charged on the loans owed by parent
 

8

Parent and ultimate parent undertaking

The company's immediate parent is Bax Groep Holding B.V, incorporated in Netherlands.

 The ultimate controlling party is Mr Jochanan Bax.