REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
BOB MINION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
BOB MINION LIMITED |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
BOB MINION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
STATEMENT OF FINANCIAL POSITION |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Revaluation reserve | 11 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Bob Minion Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold land | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Finance leases and hire purchase contracts |
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
land | machinery | fittings |
£ | £ | £ |
Cost |
At 1 February 2023 |
and 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
Motor |
vehicles | Equipment | Totals |
£ | £ | £ |
Cost |
At 1 February 2023 |
and 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Included in the net book value of freehold land and buildings is land valued at an amount of £265,200 that is not subject to annual depreciation. |
If freehold property had not been revalued it would have been included at the following historic cost: |
2024 |
Cost | 16,040 |
Depreciation at 1 February 2023 | (3,000 | ) |
Charge for year | (120 | ) |
Net historical cost value | 12,920 |
The freehold property was valued by Banks Long & Co at £340,000 on the 23 May 2016. |
5. | STOCKS |
2024 | 2023 |
£ | £ |
New and used bikes, parts and |
accessories |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Directors' loan accounts |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans and overdrafts | 31,205 | 47,704 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts | 49,230 | 65,315 |
BOB MINION LIMITED (REGISTERED NUMBER: 00620227) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2,520 | 2,520 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 February 2023 |
Transfer to profit and loss | (1,376 | ) |
At 31 January 2024 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
13. | RELATED PARTY DISCLOSURES |
During the year the company paid dividends totalling £24,400 (2023: £29,400) to Mr G Minion and Mr M I Minion. |