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COMPANY REGISTRATION NUMBER: 11544956
The Bold Type Training & Consultancy Limited
Unaudited Financial Statements
31 August 2023
The Bold Type Training & Consultancy Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the director on the preparation of the unaudited statutory financial statements
10
The Bold Type Training & Consultancy Limited
Director's Report
Year ended 31 August 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 August 2023 .
Director
The director who served the company during the year was as follows:
Mrs R J Jackson Reece
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 1 March 2024 and signed on behalf of the board by:
Mrs R J Jackson Reece
Director
Registered office:
16 Ffordd Morgan
Llay
Wrexham
LL12 0RR
The Bold Type Training & Consultancy Limited
Statement of Income and Retained Earnings
Year ended 31 August 2023
2023
2022
Note
£
£
Turnover
108,306
93,099
Cost of sales
42,289
33,778
---------
--------
Gross profit
66,017
59,321
Administrative expenses
45,828
62,406
--------
--------
Operating profit/(loss)
20,189
( 3,085)
Interest payable and similar expenses
6,499
2,642
--------
--------
Profit/(loss) before taxation
5
13,690
( 5,727)
Tax on profit/(loss)
4,653
1,020
--------
-------
Profit/(loss) for the financial year and total comprehensive income
9,037
( 6,747)
--------
-------
Dividends paid and payable
( 9,000)
Retained (losses)/earnings at the start of the year
( 946)
5,801
-------
-------
Retained losses at the end of the year
( 909)
( 946)
-------
-------
All the activities of the company are from continuing operations.
The Bold Type Training & Consultancy Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
44,336
60,504
Tangible assets
7
2,011
1,995
--------
--------
46,347
62,499
Current assets
Debtors
8
2,288
180
Cash at bank and in hand
3,900
2,528
-------
-------
6,188
2,708
Creditors: amounts falling due within one year
9
9,951
21,470
-------
--------
Net current liabilities
3,763
18,762
--------
--------
Total assets less current liabilities
42,584
43,737
Creditors: amounts falling due after more than one year
10
43,393
44,583
--------
--------
Net liabilities
( 809)
( 846)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 909)
( 946)
----
----
Shareholders deficit
( 809)
( 846)
----
----
These financial statements have been prepared 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'.
For the year ending 31 August 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Bold Type Training & Consultancy Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 1 March 2024 , and are signed on behalf of the board by:
Mrs R J Jackson Reece
Director
Company registration number: 11544956
The Bold Type Training & Consultancy Limited
Notes to the Financial Statements
Year ended 31 August 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 16 Ffordd Morgan, Llay, Wrexham, LL12 0RR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has prepared the accounts on a going concern basis as the business is going through a transitional period following which the director forecasts strong growth and an improvement in the company's financial position.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
25% reducing balance
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Amortisation of intangible assets
16,168
16,168
Depreciation of tangible assets
670
665
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
80,840
--------
Amortisation
At 1 September 2022
20,336
Charge for the year
16,168
--------
At 31 August 2023
36,504
--------
Carrying amount
At 31 August 2023
44,336
--------
At 31 August 2022
60,504
--------
7. Tangible assets
Equipment
£
Cost
At 1 September 2022
4,155
Additions
686
-------
At 31 August 2023
4,841
-------
Depreciation
At 1 September 2022
2,160
Charge for the year
670
-------
At 31 August 2023
2,830
-------
Carrying amount
At 31 August 2023
2,011
-------
At 31 August 2022
1,995
-------
8. Debtors
2023
2022
£
£
Trade debtors
180
180
Other debtors
2,108
-------
----
2,288
180
-------
----
9. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
8,862
9,003
Other creditors
1,089
12,467
-------
--------
9,951
21,470
-------
--------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
43,393
44,583
--------
--------
11. Director's advances, credits and guarantees
The director operates a loan account with the company. At the start of the year the balance was £8,572 in credit (2022 £16,325 in credit) and at the balance sheet date the balance was £2,108 in debit (2022 £8,572 in credit). The loan is interest free and repayable upon demand.
The Bold Type Training & Consultancy Limited
Management Information
Year ended 31 August 2023
The following pages do not form part of the financial statements.
The Bold Type Training & Consultancy Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Bold Type Training & Consultancy Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Bold Type Training & Consultancy Limited for the year ended 31 August 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of The Bold Type Training & Consultancy Limited in accordance with the terms of our engagement letter dated 24 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of The Bold Type Training & Consultancy Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Bold Type Training & Consultancy Limited and its director for our work or for this report.
It is your duty to ensure that The Bold Type Training & Consultancy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Bold Type Training & Consultancy Limited. You consider that The Bold Type Training & Consultancy Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Bold Type Training & Consultancy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
1 March 2024