Company registration number 11394784 (England and Wales)
BAMBI AIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BAMBI AIR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
BAMBI AIR LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
440,477
528,572
Tangible assets
4
40,431
57,115
Investments
5
18,750
18,750
499,658
604,437
Current assets
Stocks
6
948,924
1,197,676
Debtors
7
391,374
332,791
Cash at bank and in hand
2,291,224
1,999,072
3,631,522
3,529,539
Creditors: amounts falling due within one year
8
(341,992)
(591,564)
Net current assets
3,289,530
2,937,975
Net assets
3,789,188
3,542,412
Capital and reserves
Called up share capital
11,178
11,178
Share premium account
2,688,822
2,688,822
Profit and loss reserves
1,089,188
842,412
Total equity
3,789,188
3,542,412
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 2 February 2024
Mr L Clutterbuck
Director
Company registration number 11394784 (England and Wales)
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Bambi Air Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, West Midlands, B90 8AH.
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.
The company is exempt under section 399 of the Companies Act 2006 from the requirement to prepare group accounts, as the company and its subsidiary constitute a small group.
1.2
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.
1.3
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 10 years.
1.4
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:
Plant and machinery
20% reducing balance
Fittings fixtures and equipment
20% reducing balance
Computer equipment
30% straight line
Motor vehicles
25% 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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
22
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
880,953
Amortisation and impairment
At 1 October 2022
352,381
Amortisation charged for the year
88,095
At 30 September 2023
440,476
Carrying amount
At 30 September 2023
440,477
At 30 September 2022
528,572
4
Tangible fixed assets
Plant and machinery
Fittings fixtures and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
13,427
6,408
18,541
62,820
101,196
Depreciation and impairment
At 1 October 2022
7,928
3,730
7,659
24,764
44,081
Depreciation charged in the year
1,100
538
5,533
9,513
16,684
At 30 September 2023
9,028
4,268
13,192
34,277
60,765
Carrying amount
At 30 September 2023
4,399
2,140
5,349
28,543
40,431
At 30 September 2022
5,499
2,678
10,882
38,056
57,115
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
18,750
18,750
6
Stocks
2023
2022
£
£
Stocks on order from overseas
66,393
224,514
Stocks on site
882,531
973,162
948,924
1,197,676
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
373,102
322,707
Other debtors
15,958
5,593
Prepayments and accrued income
2,314
4,491
391,374
332,791
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
109,989
292,138
Corporation tax
81,763
90,291
Other taxation and social security
115,044
98,982
Other creditors
660
77,857
Accruals and deferred income
34,536
32,296
341,992
591,564
BAMBI AIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Cash from related company
Paid for related company
2023
2022
2023
2022
£
£
£
£
Other related parties
21,000
29,367
14,747
10,650
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
660
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
-
5,593