Bull Factory Ltd |
Notes to the Accounts |
for the period from 1 September 2023 to 31 July 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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1 |
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3 |
Tangible fixed assets |
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Motor vehicles |
£ |
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Cost |
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At 1 September 2023 |
2,500 |
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At 31 July 2024 |
2,500 |
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Depreciation |
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At 1 September 2023 |
500 |
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Charge for the period |
500 |
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At 31 July 2024 |
1,000 |
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Net book value |
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At 31 July 2024 |
1,500 |
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At 31 August 2023 |
2,000 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Director's loan account |
24,374 |
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13,565 |
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5 |
Profit and loss account |
2024 |
£ |
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At 1 September 2023 |
(10,310) |
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Profit / (Loss) for the year |
(11,896) |
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Dividends |
- |
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At 31 July 2024 |
(22,206) |
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6 |
Dividends |
2024 |
£ |
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Dividends for which the company became liable during the year: |
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Dividends paid |
- |
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- |
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7 |
Related party transactions |
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Included within the creditors at the year end is £24,374 (2023: £13,565) due to the company director. During the period the company paid £5,376 of expenses on behalf of the director and the director introduced £16,185. |
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8 |
Controlling party |
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The ultimate controlling party is the sole Director and Shareholder Mrs N Glin. |
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9 |
Other information |
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Bull Factory Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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362 Whalley Range |
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Blackburn |
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BB1 6NN |