0 28/02/2023 2023-02-28 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03317159 2022-03-01 2023-02-28 03317159 2023-02-28 03317159 2022-02-28 03317159 2022-02-28 03317159 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 03317159 bus:Director1 2022-03-01 2023-02-28 03317159 core:WithinOneYear 2023-02-28 03317159 core:WithinOneYear 2022-02-28 03317159 core:FurnitureFittingsToolsEquipment 2022-02-28 03317159 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03317159 core:FurnitureFittingsToolsEquipment 2023-02-28 03317159 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 03317159 core:AfterOneYear 2023-02-28 03317159 core:AfterOneYear 2022-02-28 03317159 core:ShareCapital 2023-02-28 03317159 core:ShareCapital 2022-02-28 03317159 core:RetainedEarningsAccumulatedLosses 2023-02-28 03317159 core:RetainedEarningsAccumulatedLosses 2022-02-28 03317159 core:FurnitureFittingsToolsEquipment 2022-02-28 03317159 bus:SmallEntities 2022-03-01 2023-02-28 03317159 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03317159 bus:FullAccounts 2022-03-01 2023-02-28 03317159 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03317159 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03317159 1 2022-03-01 2023-02-28
B & B Trading (UK) Limited
Unaudited filleted financial statements
28 February 2023
Company registration number: 03317159
B & B Trading (UK) Limited
Contents
Statement of financial position
Notes to the financial statements
B & B Trading (UK) Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 207,058 207,090
_______ _______
207,058 207,090
Current assets
Debtors 5 2,891 2,891
Cash at bank and in hand 17,155 2,961
_______ _______
20,046 5,852
Creditors: amounts falling due
within one year 6 ( 74,579) ( 71,730)
_______ _______
Net current liabilities ( 54,533) ( 65,878)
_______ _______
Total assets less current liabilities 152,525 141,212
Creditors: amounts falling due
after more than one year 7 ( 72,000) ( 75,667)
_______ _______
Net assets 80,525 65,545
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 80,521 65,541
_______ _______
Shareholders funds 80,525 65,545
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:
Mr P. Singh
Director
Company registration number: 03317159
B & B Trading (UK) Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jessop House, 6 Outrams Wharf, Little Eaton, Derby, DE21 5EL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Furniture Total
£ £ £ £
Cost
At 1 March 2022 and 28 February 2023 206,880 13,955 3,724 224,559
_______ _______ _______ _______
Depreciation
At 1 March 2022 - 13,938 3,531 17,469
Charge for the year - 1 31 32
_______ _______ _______ _______
At 28 February 2023 - 13,939 3,562 17,501
_______ _______ _______ _______
Carrying amount
At 28 February 2023 206,880 16 162 207,058
_______ _______ _______ _______
At 28 February 2022 206,880 17 193 207,090
_______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 28 February 2023
Aggregate cost 206,880 206,880
Aggregate depreciation - -
_______ _______
Carrying amount 206,880 206,880
_______ _______
At 28 February 2022
Aggregate cost 206,880 206,880
Aggregate depreciation - -
_______ _______
Carrying amount 206,880 206,880
_______ _______
5. Debtors
2023 2022
£ £
Prepayments and accrued income 2,891 2,891
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors 13 1,038
Accruals and deferred income 757 496
Corporation tax 3,522 947
Director loan accounts 66,287 65,249
_______ _______
74,579 71,730
_______ _______
7. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 72,000 75,667
_______ _______
8. Controlling party
The company is controlled jointly by Mr. B. Singh and Mr. P. Singh (directors) by virtue of their respective 50% interests in the issued share capital of the company.