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Registration number: 04066899

Bloom Design Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Bloom Design Limited

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Statement of Financial Position

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 11

 

Bloom Design Limited

Company Information

Directors

B White

A Skates

Company secretary

H White

Registered office

25 The Village
101 Amies Street
London
SW11 2JW

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Bloom Design Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bloom Design Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

7

108,900

116,154

Investments

8

51,912

51,912

 

160,812

168,066

Current assets

 

Debtors

9

2,690,047

3,674,997

Cash at bank and in hand

 

425,145

339,341

 

3,115,192

4,014,338

Creditors: Amounts falling due within one year

10

(1,387,729)

(1,405,848)

Net current assets

 

1,727,463

2,608,490

Total assets less current liabilities

 

1,888,275

2,776,556

Creditors: Amounts falling due after more than one year

10

(22,315)

-

Provisions for liabilities

(20,467)

(21,629)

Net assets

 

1,845,493

2,754,927

Capital and reserves

 

Called up share capital

471

471

Capital redemption reserve

655

655

Retained earnings

1,844,367

2,753,801

Shareholders' funds

 

1,845,493

2,754,927

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................

B White

Director

Company registration number: 04066899

 

Bloom Design Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

471

655

2,530,311

2,531,437

Profit for the year

-

-

973,490

973,490

Dividends

-

-

(750,000)

(750,000)

At 31 December 2022

471

655

2,753,801

2,754,927

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

471

655

2,753,801

2,754,927

Profit for the year

-

-

40,566

40,566

Dividends

-

-

(950,000)

(950,000)

At 31 December 2023

471

655

1,844,367

1,845,493

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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:
25 The Village
101 Amies Street
London
SW11 2JW

The principal activity of the company is that of the provision of brand strategy and packaging design.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 September 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets of £1,845,494 at that date.

The company experienced a significant revenue drop in Q4 2023 due to the global economic climate and budget cutting across multiple clients. The Board took swift action to reduce overheads in November 2023 to better match our reduced revenue trend. Whilst revenue has not recovered to H1 2023 levels, Q1 2024 revenue has stabilised, our overheads are controlled and our cash position has rebuilt back to adequate levels. The company has sufficient cash reserves and revenue pipeline to meet short-term obligations and there are no significant debt maturities or known financing needs in the near future.

Current market conditions remain tough, but are showing signs of rebounding. Clients are still experiencing marketing budget cuts, supply chain challenges and senior staff turnover, all of which impacts budget sign off and project prioritisation, but this is slowly stabilising. There are no known external threats or opportunities that could significantly impact the company’s ability to continue operating. Management focus is on growing two more core clients to strengthen our revenue stream. We have strong foundations to work towards this with a number of existing client.

The directors have considered the current economic climate, including the impact of the ongoing war in Ukraine, on the business. Whilst it is clear that there continues to be a significant impact on the economy as a whole there continues to be significant uncertainty about the specific consequences for different industries.

The directors expect to see minimal impact on the company's revenues and believe that the company has the financial resources to weather any short-term impacts. Moreover, the directors will take early action to reduce costs if necessary and continue to make progress to expand their existing client base.

As such the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

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 based upon the stage of completion of contracted works, when it is probable that future economic benefits will flow to the entity and each stage can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and equipment

17-33% straight line

Leasehold property

over the life of the lease

Artwork

0% depreciation

Motor vehicles

16.49% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 income statement 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.

Finance leases and hire purchase

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 Statement of Financial Position as a finance lease obligation.

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

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce 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.

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Staff numbers

The average number of persons employed by the company during the year, was 66 (2022 - 69).

5

Auditor's remuneration

2023
£

2022
£

Audit of the financial statements

18,000

15,000


 

6

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

76,895

81,385

7

Tangible assets

Leasehold property
£

Artwork
 £

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

3,878

-

-

821,358

825,236

Additions

-

1,000

37,635

32,471

71,106

Disposals

(3,878)

-

-

(35,568)

(39,446)

At 31 December 2023

-

1,000

37,635

818,261

856,896

Depreciation

At 1 January 2023

3,315

-

-

705,767

709,082

Charge for the year

563

-

4,966

71,366

76,895

Eliminated on disposal

(3,878)

-

-

(34,103)

(37,981)

At 31 December 2023

-

-

4,966

743,030

747,996

Carrying amount

At 31 December 2023

-

1,000

32,669

75,231

108,900

At 31 December 2022

563

-

-

115,591

116,154

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Investments

2023
£

2022
£

Investments in subsidiaries

51,912

51,912

Subsidiaries

£

Cost or valuation

At 1 January 2023 and 31 December 2023

51,912

Carrying amount

At 31 December 2023

51,912

At 31 December 2022

51,912

9

Debtors

2023
£

2022
£

Trade debtors

1,910,775

2,870,513

Amounts owed by group undertakings

32,579

94,122

Other debtors

746,693

710,362

2,690,047

3,674,997

Details of non-current trade and other debtors

Other debtors includes an amount of £60,625 (2022 - £60,625) classified as non current. This relates to rent deposits secured in favour of landlords.

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

11

2,441

-

Trade creditors

 

145,096

157,822

Taxation and social security

 

381,942

503,728

Accruals and deferred income

 

133,277

82,698

Other creditors

 

724,973

661,600

 

1,387,729

1,405,848

 

Bloom Design Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

2,441

-

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

22,315

-

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of non-cancellable operating lease commitments not included in the statement of financial position is £515,383 (2022 - £405,050).

13

Related party transactions

Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.