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COMPANY REGISTRATION NUMBER: 07843184
Bubbleology International Limited
Filleted Unaudited Financial Statements
31 December 2023
Bubbleology International Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
4
496,337
419,774
Cash at bank and in hand
2,612
23,177
---------
---------
498,949
442,951
Creditors: amounts falling due within one year
5
113,714
62,201
---------
---------
Net current assets
385,235
380,750
---------
---------
Total assets less current liabilities
385,235
380,750
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
385,135
380,650
---------
---------
Shareholders funds
385,235
380,750
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
A Khan Director
Company registration number: 07843184
Bubbleology International Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 125 Kingsway, London, WC2B 6NH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company benefits from financial support from other group companies and shareholder loans. The director has received assurances that such support will continue to be available and so considers it appropriate that the accounts are prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
4. Debtors
2023
2022
£
£
Trade debtors
30,222
46,357
Amounts owed by group undertakings and undertakings in which the company has a participating interest
462,251
373,403
Other debtors
3,864
14
---------
---------
496,337
419,774
---------
---------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
378
Trade creditors
( 3,675)
( 6,739)
Amounts owed to group undertakings and undertakings in which the company has a participating interest
117,011
62,318
Corporation tax
6,622
---------
--------
113,714
62,201
---------
--------
6. Related party transactions
The Company has taken advantage of the exemption available under paragraph 1AC.35 of FRS102 not to disclose transactions with fellow wholly-owned group companies.
7. Parent company
The company is wholly owned subsidiary of Impulse Brands Group Limited, a company incorporated in England and Wales. The company is ultimately under the control of A Khan , the director and majority shareholder in Impulse Brands Group Limited.