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COMPANY REGISTRATION NUMBER: 11794689
Bafio Ltd
Unaudited Financial Statements
31 January 2024
Bafio Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Director's report
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Bafio Ltd
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr F Manara
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 15 March 2024 and signed on behalf of the board by:
Mr F Manara
Director
Registered office:
Kiosk Debden Station
Chigwell Lane
Loughton
Bafio Ltd
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Bafio Ltd
Year ended 31 January 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 January 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
AJB ACCOUNTANTS LTD Chartered accountants
Two Hoots Distillery Lane Colchester Essex CO2 8EZ
15 March 2024
Bafio Ltd
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
114,330
97,590
Cost of sales
42,867
39,732
---------
--------
Gross profit
71,463
57,858
Administrative expenses
53,627
39,471
--------
--------
Operating profit
17,836
18,387
Interest payable and similar expenses
582
582
--------
--------
Profit before taxation
5
17,254
17,805
Tax on profit
3,500
3,662
--------
--------
Profit for the financial year and total comprehensive income
13,754
14,143
--------
--------
Dividends paid and payable
( 13,750)
( 14,150)
Retained earnings at the start of the year
2
9
--------
--------
Retained earnings at the end of the year
6
2
--------
--------
All the activities of the company are from continuing operations.
Bafio Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
4,671
5,838
Current assets
Debtors
7
10,006
7,002
Cash at bank and in hand
7,379
9,331
--------
--------
17,385
16,333
Creditors: amounts falling due within one year
8
9,193
4,126
--------
--------
Net current assets
8,192
12,207
--------
--------
Total assets less current liabilities
12,863
18,045
Creditors: amounts falling due after more than one year
9
12,856
18,042
--------
--------
Net assets
7
3
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
6
2
----
----
Shareholders funds
7
3
----
----
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 January 2024 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Bafio Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
Mr F Manara
Director
Company registration number: 11794689
Bafio Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kiosk Debden Station, Chigwell Lane, Loughton.
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, 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.
Going concern
The company continues to trade with the support of the director and the bank.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. 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 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:
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 are 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.
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 3 (2023: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
1,167
1,460
-------
-------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 February 2023 and 31 January 2024
11,402
--------
Depreciation
At 1 February 2023
5,564
Charge for the year
1,167
--------
At 31 January 2024
6,731
--------
Carrying amount
At 31 January 2024
4,671
--------
At 31 January 2023
5,838
--------
7. Debtors
2024
2023
£
£
Trade debtors
2,225
Other debtors
7,781
7,002
--------
-------
10,006
7,002
--------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,501
3,661
Social security and other taxes
4,014
Other creditors
1,678
465
-------
-------
9,193
4,126
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,856
18,042
--------
--------