Bowmarsh Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 07031666 (England and Wales)
Bowmarsh Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Bowmarsh Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
5,281
4,445
Creditors: amounts falling due within one year
4
(4,412)
(3,770)
Net current assets
869
675
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
868
674
Total equity
869
675
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
H Farsi
Director
Company Registration No. 07031666
Bowmarsh Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Bowmarsh Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The accounts have been prepared on the going concern basis. Mr H Farsi, director and controlling shareholder of the company, has confirmed that he will continue to provide sufficient funds to enable the company to meet its liabilities as they fall due for a period of not less than 12 months from the date of signature of these accounts. true
1.3
Turnover
Turnover represents amounts receivable for services net of VAT.
Fee income represents revenue earned providing professional services and is recognised as earned when the company obtains the right to consideration in exchange for its performance of those services.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Bowmarsh Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The company does not have any employees itself in either year. It does manage a payroll for the Ultimate controlling party, but the employees are employed elsewhere.
2023
2022
Number
Number
Total
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,281
4,445
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,566
1,920
Corporation tax
46
150
Accruals and deferred income
1,800
1,700
4,412
3,770
Bowmarsh Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Oridnary Share of £1 each
1
1
1
1
6
Ultimate controlling party
The ultimate controlling party is H Farsi by virtue of his 100% shareholding in the company.
7
Related party transactions
The accounts include an amount of £5,281 (2022: £4,445) owed by the director. This is unsecured, interest free and have no fixed repayment terms. The Debtor has been repaid post year end.