Company Registration No. 04544747 (England and Wales)
BOOKMARK REMAINDERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
BOOKMARK REMAINDERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BOOKMARK REMAINDERS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,874
Current assets
Stocks
-
250,065
Debtors
6
142,080
113,262
Cash at bank and in hand
17,165
10,012
159,245
373,339
Creditors: amounts falling due within one year
7
(68,003)
(135,876)
Net current assets
91,242
237,463
Total assets less current liabilities
91,242
240,337
Creditors: amounts falling due after more than one year
8
(134,000)
Provisions for liabilities
(719)
Net assets
91,242
105,618
Capital and reserves
Called up share capital
500
500
Profit and loss reserves
90,742
105,118
Total equity
91,242
105,618
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BOOKMARK REMAINDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr A K Rattray
Mrs C J Rattray
Director
Director
Company Registration No. 04544747
BOOKMARK REMAINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Bookmark Remainders Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Manaton Drive, Dunheved Road, Launceston, Cornwall, United Kingdom, PL15 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
As set out in the Director's report, the Company has ceased trading on 31st March 2024 and therefore the financial statements have been prepared on the break-up basis. This has resulted in the following adjustments within the financial statements:
- All assets have been disclosed at values at which they are expected to be realised.
- All liabilities reflect the full amount at which they are expected to materialise.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BOOKMARK REMAINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
BOOKMARK REMAINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022
61,600
Disposals
(61,600)
At 31 October 2023
Amortisation and impairment
At 1 November 2022
61,600
Disposals
(61,600)
At 31 October 2023
Carrying amount
At 31 October 2023
At 31 October 2022
During the year goodwill was sold under a contract with deferred consideration. The gain on final sale proceeds has been recognised within the profit and loss.
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
35,053
Depreciation and impairment
At 1 November 2022
32,179
Depreciation charged in the year
711
Impairment losses
2,163
At 31 October 2023
35,053
Carrying amount
At 31 October 2023
At 31 October 2022
2,874
Tangible assets has been impaired in full under the breakup basis accounting convention. There is deemed to be no value to any remaining assets.
BOOKMARK REMAINDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
140,104
97,173
Other debtors
1,976
16,089
142,080
113,262
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,410
Trade creditors
2,565
102,222
Taxation and social security
559
14,820
Other creditors
64,879
15,424
68,003
135,876
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
134,000
9
Events after the reporting date
As set out in the Director's report, the Company has ceased trading on 31st March 2024.
10
Directors' transactions
Included within other creditors due within one year are interest free loans from the Directors of the company amounting to £61,055 (2022: £10,660). The amount due to the Directors within other creditors due over one year is £nil (2022: £134,000) and previously paid interest at 7% over base rate per annum.