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Registration number: 11746792

BN1 Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

BN1 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

BN1 Ltd

Company Information

Director

Mr Oliver Robin Slator

Registered office

Ingleby House
Crowhurst Road
Brighton
BN1 8AF

Accountants

Blackman Terry Accountants Ltd
Chartered Certified Accountant
Bolney Place
Cowfold Road
Bolney
Haywards Heath
West Sussex
RH17 5QT

 

BN1 Ltd

(Registration number: 11746792)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

284,223

180,812

Current assets

 

Debtors

5

200

1,165

Cash at bank and in hand

 

23,686

17,417

 

23,886

18,582

Creditors: Amounts falling due within one year

6

(133,703)

(104,911)

Net current liabilities

 

(109,817)

(86,329)

Total assets less current liabilities

 

174,406

94,483

Creditors: Amounts falling due after more than one year

6

(174,387)

(141,556)

Net assets/(liabilities)

 

19

(47,073)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

18

(47,074)

Shareholders' funds/(deficit)

 

19

(47,073)

For the financial 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 August 2024
 

 

BN1 Ltd

(Registration number: 11746792)
Balance Sheet as at 31 January 2024

.........................................
Mr Oliver Robin Slator
Director

 

BN1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Ingleby House
Crowhurst Road
Brighton
BN1 8AF
United Kingdom

These financial statements were authorised for issue by the director on 6 August 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

BN1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Motor Vehicles

15% 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.

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.

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.

 

BN1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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).

 

BN1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

290,876

-

290,876

Additions

160,790

6,269

167,059

Disposals

(43,053)

-

(43,053)

At 31 January 2024

408,613

6,269

414,882

Depreciation

At 1 February 2023

110,064

-

110,064

Charge for the year

39,608

1,567

41,175

Eliminated on disposal

(20,580)

-

(20,580)

At 31 January 2024

129,092

1,567

130,659

Carrying amount

At 31 January 2024

279,521

4,702

284,223

At 31 January 2023

180,812

-

180,812

5

Debtors

Current

2024
£

2023
£

Trade debtors

200

1,165

 

200

1,165

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

81,899

61,334

Trade creditors

 

20,300

707

Taxation and social security

 

7,601

4,885

Other creditors

 

23,903

37,985

 

133,703

104,911

 

BN1 Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

174,387

141,556

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

160,805

110,743

Other borrowings

13,582

30,813

174,387

141,556

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

686

Hire purchase contracts

65,638

45,725

Other borrowings

16,261

14,923

81,899

61,334