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BONACRES LIMITED

Registered Number
SC731882
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

BONACRES LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

MEIKLE, Ross

Registered Address

6 Crofthead Road
Prestwick
KA9 1HW

Registered Number

SC731882 (Scotland)
BONACRES LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

ASSETS
Fixed assets
Tangible assets3156,899-
156,899-
Current assets
Debtors4100,132132
Cash at bank and in hand3,230500
103,362632
103,362632
260,261632
CAPITAL, RESERVES AND LIABILITIES
Capital and reserves
Called up share capital100100
Profit and loss account(21,191)(7,862)
(21,091)(7,762)
Liabilities
Creditors amounts falling due within one year5232,4227,535
Creditors amounts falling due after one year648,720-
Accruals and deferred income210859
260,261632
The financial statements were approved and authorised for issue by the Director on 6 September 2024, and are signed on its behalf by:
MEIKLE, Ross
Director
Registered Company No. SC731882
BONACRES LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
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.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
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.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
Additions156,899
At 31 May 24156,899
Net book value
At 31 May 24156,899
At 31 May 23-
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables100,000-
Prepayments and accrued income132132
Total100,132132
5.Creditors: amounts due within one year

2024

2023

££
Other creditors232,4227,535
Total232,4227,535
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts48,720-
Total48,720-