1 December 2022 v2024.37.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP091660452022-12-012023-11-30091660452023-11-30091660452022-11-3009166045core:WithinOneYear2023-11-3009166045core:WithinOneYear2022-11-3009166045core:AfterOneYear2023-11-3009166045core:AfterOneYear2022-11-3009166045core:ShareCapital2023-11-3009166045core:ShareCapital2022-11-3009166045core:RetainedEarningsAccumulatedLosses2023-11-3009166045core:RetainedEarningsAccumulatedLosses2022-11-3009166045bus:Director12022-12-012023-11-3009166045bus:RegisteredOffice2022-12-012023-11-3009166045core:NetGoodwill2022-12-012023-11-3009166045core:Goodwill2022-12-012023-11-3009166045core:PlantMachinery2022-12-012023-11-3009166045core:FurnitureFittings2022-12-012023-11-3009166045core:LandBuildings2022-12-012023-11-30091660452021-12-012022-11-3009166045core:NetGoodwill2023-11-3009166045core:NetGoodwill2022-12-0109166045core:NetGoodwill2022-11-3009166045core:LandBuildings2022-12-0109166045core:PlantMachinery2022-12-01091660452022-12-0109166045core:LandBuildings2023-11-3009166045core:PlantMachinery2023-11-3009166045core:LandBuildings2022-11-3009166045core:PlantMachinery2022-11-30091660452021-12-010916604512022-12-012023-11-3009166045countries:EnglandWales2022-12-012023-11-3009166045bus:AuditExemptWithAccountantsReport2022-12-012023-11-3009166045bus:PrivateLimitedCompanyLtd2022-12-012023-11-3009166045bus:SmallEntities2022-12-012023-11-3009166045bus:FullAccounts2022-12-012023-11-30
Company registration number:
09166045
The Bobbin (Cleethorpes) Limited
Unaudited Filleted Financial Statements for the year ended
30 November 2023
The Bobbin (Cleethorpes) Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of The Bobbin (Cleethorpes) Limited
Year ended
30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
The Bobbin (Cleethorpes) Limited
for the year ended
30 November 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes 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/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
The Bobbin (Cleethorpes) Limited
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
The Bobbin (Cleethorpes) Limited
and state those matters that we have agreed to state to the Board of Directors of
The Bobbin (Cleethorpes) Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
The Bobbin (Cleethorpes) Limited
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
The Bobbin (Cleethorpes) Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
The Bobbin (Cleethorpes) Limited
. You consider that
The Bobbin (Cleethorpes) 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 financial statements of The Bobbin (Cleethorpes) 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 financial statements.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8
Laceby Business Park
Laceby
North East Lincs
DN37 7DP
United Kingdom
Date:
13 May 2024
The Bobbin (Cleethorpes) Limited
Statement of Financial Position
30 November 2023
20232022
Note££
Fixed assets    
Intangible assets 5
1,000
 
2,000
 
Tangible assets 6
37,472
 
40,724
 
38,472
 
42,724
 
Current assets    
Stocks
4,802
 
5,121
 
Debtors 7
9,688
 
15,299
 
Cash at bank and in hand
111,796
 
128,837
 
126,286
 
149,257
 
Creditors: amounts falling due within one year 8
(86,524
)
(62,764
)
Net current assets
39,762
 
86,493
 
Total assets less current liabilities 78,234   129,217  
Creditors: amounts falling due after more than one year 9
(16,667
)
(26,667
)
Provisions for liabilities
(9,257
)
(9,293
)
Net assets
52,310
 
93,257
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
52,210
 
93,157
 
Shareholders funds
52,310
 
93,257
 
For the year ending
30 November 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 May 2024
, and are signed on behalf of the board by:
D Fryman
Director
Company registration number:
09166045
The Bobbin (Cleethorpes) Limited
Notes to the Financial Statements
Year ended
30 November 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
38 High Street
,
Cleethorpes
,
N E Lincolnshire
,
DN35 8JN
, .

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in the transition to FRS 102 note.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of Value Added Tax.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% straight line
Fixtures and fittings
15% straight line
Land and buildings
10% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Government grants

Grants received relate to monies from the government and local authority to assist with the impact of COVID19 on the business.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
17
(2022:
15.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 December 2022
and
30 November 2023
10,000
 
Amortisation  
At
1 December 2022
8,000
 
Charge
1,000
 
At
30 November 2023
9,000
 
Carrying amount  
At
30 November 2023
1,000
 
At 30 November 2022
2,000
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 December 2022
60,678
 
90,429
 
151,107
 
Additions -  
1,525
 
1,525
 
At
30 November 2023
60,678
 
91,954
 
152,632
 
Depreciation      
At
1 December 2022
24,272
 
86,111
 
110,383
 
Charge
3,034
 
1,743
 
4,777
 
At
30 November 2023
27,306
 
87,854
 
115,160
 
Carrying amount      
At
30 November 2023
33,372
 
4,100
 
37,472
 
At 30 November 2022
36,406
 
4,318
 
40,724
 

7 Debtors

20232022
££
Other debtors
9,688
 
15,299
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
8,708
 
8,455
 
Taxation and social security
28,742
 
40,406
 
Other creditors
39,074
 
3,903
 
86,524
 
62,764
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
16,667
 
26,667
 

10 Transition to FRS 102

These are the first financial statements that comply with FRS 102 Section 1A. The company transitioned to FRS 102 on 1 December 2021.
This has affected the previously reported financial position as follows:
At 1 December 2021At 30 November 2022
££
Reconciliation of equity    
Capital and reserves (as previously stated) 92,051   102,550  
Deferred Tax -   (9,293 )
Capital and reserves (restated)
92,051
 
93,257