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REGISTERED NUMBER: 01269080 (England and Wales)











BUK Limited

Financial Statements

for the Year Ended 31 December 2023






BUK Limited (Registered number: 01269080)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BUK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M Mroz
P G W Wells





REGISTERED OFFICE: Unit 46 Symonds Farm
Newmarket Road
Risby
Bury St Edmunds
Suffolk
IP28 6RE





REGISTERED NUMBER: 01269080 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

BUK Limited (Registered number: 01269080)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,469 51,229
Investments 5 2 2
49,471 51,231

CURRENT ASSETS
Stocks 1,104,645 1,127,891
Debtors 6 285,615 437,977
Cash at bank and in hand 7,960 25,933
1,398,220 1,591,801
CREDITORS
Amounts falling due within one year 7 612,288 507,601
NET CURRENT ASSETS 785,932 1,084,200
TOTAL ASSETS LESS CURRENT
LIABILITIES

835,403

1,135,431

CREDITORS
Amounts falling due after more than one year 8 (47,165 ) (78,565 )

PROVISIONS FOR LIABILITIES (6,098 ) -
NET ASSETS 782,140 1,056,866

CAPITAL AND RESERVES
Called up share capital 12 432,432 432,432
Retained earnings 349,708 624,434
SHAREHOLDERS' FUNDS 782,140 1,056,866

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





M Mroz - Director


BUK Limited (Registered number: 01269080)

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


1. STATUTORY INFORMATION

BUK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. The company relies on support from its parent company in the form of an inter-company loan and also upon the bank overdraft facility. Withdrawal of support, both financially and operationally, would result in cessation of operations or significant curtailment in activities. Parent company support has been confirmed for at least the next 12 months and budgets and cash flow projections compiled which indicate the company has sufficient reserves to continue to trade. The directors believe that support afforded and careful cashflow considerations is sufficient upon which to adopt the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about BUK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

BUK Limited (Registered number: 01269080)

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


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Stock provisions. Through experience over time, the management have formulated a standard policy of provisioning based on stock movement. This is monitored on an ongoing basis and judgement used on a line by line basis should trends change significantly.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised upon despatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over the life of the lease
Plant and machinery etc - 33% on cost and 20% on cost

Investments in subsidiaries
Investments in subsidiaries are measured at cost less accumulated impairment.

BUK Limited (Registered number: 01269080)

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


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

BUK Limited (Registered number: 01269080)

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


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue to operate for the foreseeable future. The company has continued support from its parent company in the form of an inter-company loan and a formal letter of support covering a period of no less than 12 months from the date of signing this report.

Without the support of the parent company the company may have to curtail its activities, however based on the stated position of the parent company the Director is satisfied that the going concern basis is appropriate.

Leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 185,095 468,831 653,926
Additions - 19,311 19,311
At 31 December 2023 185,095 488,142 673,237
DEPRECIATION
At 1 January 2023 185,095 417,602 602,697
Charge for year - 21,071 21,071
At 31 December 2023 185,095 438,673 623,768
NET BOOK VALUE
At 31 December 2023 - 49,469 49,469
At 31 December 2022 - 51,229 51,229

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

BUK Limited (Registered number: 01269080)

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


5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Verdon Grey Limited
Registered office:
Nature of business: Sale of furniture
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (1,781 ) (38,429 )
Profit for the year 36,648 110,579

Zumcontract Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 249,077 234,862
Amounts owed by group undertakings - 38,317
Other debtors 36,538 164,798
285,615 437,977

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 277,912 107,584
Hire purchase contracts (see note 10) 3,399 3,399
Trade creditors 94,896 95,354
Amounts owed to group undertakings 100,619 188,209
Taxation and social security 85,913 78,528
Other creditors 49,549 34,527
612,288 507,601

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 44,333 72,333
Hire purchase contracts (see note 10) 2,832 6,232
47,165 78,565

BUK Limited (Registered number: 01269080)

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


9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 249,912 79,584
Bank loans 28,000 28,000
277,912 107,584

Amounts falling due between two and five years:
Bank loans - 2-5 years 44,333 72,333

The loan has been taken under the coronavirus business interruption loan scheme (CBILS). The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months after which the rate of interest of 3.99% over base will be applied for the duration of the agreed repayment term.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,399 3,399
Between one and five years 2,832 6,232
6,231 9,631

Non-cancellable operating leases
2023 2022
£    £   
Within one year 179,326 174,755
Between one and five years 48,069 223,609
227,395 398,364

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 249,912 79,584
Bank loans 72,333 100,333
322,245 179,917

Security is by way of a fixed and floating charge over all property and assets of the company, present and future.

BUK Limited (Registered number: 01269080)

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


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
432,432 Ordinary £1 432,432 432,432

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. ULTIMATE CONTROLLING PARTY

The immediate parent company is Paged Meble Sp Z.O.O. a company registered in Poland and the ultimate parent company is Thumos Capital Limited, a company incorporated in Cyprus. The group accounts of Thumos Capital Limited may be obtained from the Department of the Registrar of Companies and Official Receiver (D.E.G.O.R) of the Republic of Cyprus at Corner of Makarios Avenue and Karpenisiou Street, Nicosia 1427, Cyprus.