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Registration number: 08409816

Square Bubble Factory Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Square Bubble Factory Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 10

 

Square Bubble Factory Limited

Company Information

Director

 

J Macho

Registered office



 

26 Beechwood Avenue
Chatham
Kent
ME5 7HH

Accountants

SDT Accounting and Taxation Services Ltd
Chartered Certified Accountant
26 Beechwood Avenue
Chatham
Kent
ME5 7HH

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Square Bubble Factory Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Square Bubble Factory Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Square Bubble Factory Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Square Bubble Factory Limited and state those matters that we have agreed to state to the Board of Directors of Square Bubble Factory Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Square Bubble Factory Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Square Bubble Factory Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Square Bubble Factory Limited. You consider that Square Bubble Factory 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 accounts of Square Bubble Factory 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 accounts.






SDT Accounting and Taxation Services Ltd
Chartered Certified Accountant
26 Beechwood Avenue
Chatham
Kent
ME5 7HH

12 June 2024

 

Square Bubble Factory Limited

(Registration number: 08409816)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,029

2,705

Current assets

 

Stocks

6

5,692

5,003

Debtors

11,838

16,455

Cash at bank and in hand

 

7,000

18,703

 

24,530

40,161

Creditors: Amounts falling due within one year

(7,503)

(8,666)

Net current assets

 

17,027

31,495

Total assets less current liabilities

 

19,056

34,200

Creditors: Amounts falling due after more than one year

(4,167)

(6,167)

Accruals and deferred income

 

(1,325)

(1,650)

Net assets

 

13,564

26,383

Capital and reserves

 

Called up share capital

1

1

Retained earnings

13,563

26,382

Shareholders' funds

 

13,564

26,383

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Square Bubble Factory Limited

(Registration number: 08409816)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 12 June 2024
 

J Macho
Director

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 Beechwood Avenue
Chatham
Kent
ME5 7HH

The principal place of business is:
Flat 7
Oakwood House
71 Brenthouse Road
London
E9 6QD
England

These financial statements were authorised for issue by the director on 12 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

676

901

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

4,808

4,808

At 31 March 2024

4,808

4,808

Depreciation

At 1 April 2023

2,103

2,103

Charge for the year

676

676

At 31 March 2024

2,779

2,779

Carrying amount

At 31 March 2024

2,029

2,029

At 31 March 2023

2,705

2,705

6

Stocks

2024
£

2023
£

Work in progress

5,692

5,003

 

Square Bubble Factory Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

J Macho

Advances

5,529

(5,529)

-

2023

At 1 April 2022
£

At 31 March 2023
£

J Macho

Advances

5,529

5,529

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,096


Included in other creditors, there is a director's loan account balance of £224 (2023: £Nil).