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Registration number: NI622407

Bin 66 Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Bin 66 Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Bin 66 Ltd

Company Information

Director

Mr Andrew Quinn

Registered office

20-22 Scarva Street
Banbridge
Co Down
BT32 3DA

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

Bin 66 Ltd

(Registration number: NI622407)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Goodwill

4

6,500

9,500

Tangible assets

5

352,896

223,091

Current assets

 

Stocks

146,662

89,360

Debtors

73,677

70,982

Cash at bank and in hand

 

67,771

126,481

 

288,110

286,823

Prepayments and accrued income

 

20,251

19,361

Creditors: Amounts falling due within one year

(316,637)

(188,489)

Net current (liabilities)/assets

 

(8,276)

117,695

Total assets less current liabilities

 

351,120

350,286

Creditors: Amounts falling due after more than one year

(59,529)

(30,101)

Provisions for liabilities

(56,516)

(41,576)

Accruals and deferred income

 

(19,833)

(24,438)

Net assets

 

215,242

254,171

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

214,242

253,171

Shareholders' funds

 

215,242

254,171

 

Bin 66 Ltd

(Registration number: NI622407)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 provisions applicable to companies subject to the small companies' regime.

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 Profit and loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved and authorised by the director on 19 September 2024
 

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

Mr Andrew Quinn
Director

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
20-22 Scarva Street
Banbridge
Co Down
BT32 3DA

These financial statements were authorised for issue by the director on 19 September 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 abridged 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'.

Basis of preparation

These abridged 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.

The financial statements are presented in sterling which is the functional currency of the company.

All members have consented to the abridgement of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of alcoholic and non alcoholic drinks and snacks in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when significant risks of reward and ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on purchase of the goods over the counter or in the restaurant.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

15% Straight Line

Office Equipment

15% Straight Line

Motor Vehicles

25% Reducing Balance

Leasehold Assets

4% Straight Line

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Creditors with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 29).

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2023

30,000

At 31 May 2024

30,000

Amortisation

At 1 June 2023

20,500

Amortisation charge

3,000

At 31 May 2024

23,500

Carrying amount

At 31 May 2024

6,500

At 31 May 2023

9,500

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and Buildings
£

Fixtures and Fittings
£

Office Equipment
£

Motor Vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

67,684

216,628

21,790

46,026

352,128

Additions

74,296

73,675

-

51,574

199,545

Disposals

-

(14,237)

-

-

(14,237)

At 31 May 2024

141,980

276,066

21,790

97,600

537,436

Depreciation

At 1 June 2023

9,468

98,810

6,347

14,412

129,037

Charge for the year

5,679

36,655

3,254

20,797

66,385

Eliminated on disposal

-

(10,882)

-

-

(10,882)

At 31 May 2024

15,147

124,583

9,601

35,209

184,540

Carrying amount

At 31 May 2024

126,833

151,483

12,189

62,391

352,896

At 31 May 2023

58,216

117,818

15,443

31,614

223,091

 

Bin 66 Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000