55 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 243,908 71,325 315,233 207,993 25,228 233,221 82,012 35,915 xbrli:pure xbrli:shares iso4217:GBP 07490738 2023-01-01 2023-12-31 07490738 2023-12-31 07490738 2022-12-31 07490738 2022-01-01 2022-12-31 07490738 2022-12-31 07490738 2021-12-31 07490738 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 07490738 core:PlantMachinery 2023-01-01 2023-12-31 07490738 core:FurnitureFittings 2023-01-01 2023-12-31 07490738 bus:Director1 2023-01-01 2023-12-31 07490738 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 07490738 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 07490738 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 07490738 core:PlantMachinery 2022-12-31 07490738 core:FurnitureFittings 2022-12-31 07490738 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 07490738 core:PlantMachinery 2023-12-31 07490738 core:FurnitureFittings 2023-12-31 07490738 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 07490738 core:WithinOneYear 2023-12-31 07490738 core:WithinOneYear 2022-12-31 07490738 core:ShareCapital 2023-12-31 07490738 core:ShareCapital 2022-12-31 07490738 core:SharePremium 2023-12-31 07490738 core:SharePremium 2022-12-31 07490738 core:RetainedEarningsAccumulatedLosses 2023-12-31 07490738 core:RetainedEarningsAccumulatedLosses 2022-12-31 07490738 core:MoreThanFiveYears 2023-12-31 07490738 core:MoreThanFiveYears 2022-12-31 07490738 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 07490738 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 07490738 core:PlantMachinery 2022-12-31 07490738 core:FurnitureFittings 2022-12-31 07490738 bus:SmallEntities 2023-01-01 2023-12-31 07490738 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07490738 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07490738 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07490738 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 07490738
Bubbleology UK-I Ltd
Filleted Unaudited Financial Statements
31 December 2023
Bubbleology UK-I Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
82,012
35,915
Property, fixtures and equipment
6
230,255
236,895
---------
---------
312,267
272,810
Current assets
Stocks
6,742
19,049
Debtors
7
2,289,785
1,559,415
Cash at bank and in hand
71,441
102,385
------------
------------
2,367,968
1,680,849
Creditors: amounts falling due within one year
8
3,747,272
3,198,412
------------
------------
Net current liabilities
1,379,304
1,517,563
------------
------------
Total assets less current liabilities
( 1,067,037)
( 1,244,753)
------------
------------
Net liabilities
( 1,067,037)
( 1,244,753)
------------
------------
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
474,785
474,785
Profit and loss account
( 1,543,822)
( 1,721,538)
------------
------------
Shareholders deficit
( 1,067,037)
( 1,244,753)
------------
------------
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 .
Bubbleology UK-I Ltd
Statement of Financial Position (continued)
31 December 2023
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:
Mr A Khan
Director
Company registration number: 07490738
Bubbleology UK-I Ltd
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.
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.
Operating lease commitments
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents and trademarks
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Property, fixtures and equipment
Property, fixtures and equipment are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any property, fixtures and equipment carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Office equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 55 (2022: 115 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2023
243,908
Additions
Additions from internal developments
71,325
---------
At 31 December 2023
315,233
---------
Amortisation
At 1 January 2023
207,993
Charge for the year
25,228
---------
At 31 December 2023
233,221
---------
Carrying amount
At 31 December 2023
82,012
---------
At 31 December 2022
35,915
---------
6. Property, fixtures and equipment
Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
379,847
311,265
694,107
75,369
1,460,588
Additions
2,766
36,437
11,201
50,404
---------
---------
---------
--------
------------
At 31 December 2023
379,847
314,031
730,544
86,570
1,510,992
---------
---------
---------
--------
------------
Depreciation
At 1 January 2023
362,225
259,128
562,671
39,669
1,223,693
Charge for the year
2,599
15,482
27,890
11,073
57,044
---------
---------
---------
--------
------------
At 31 December 2023
364,824
274,610
590,561
50,742
1,280,737
---------
---------
---------
--------
------------
Carrying amount
At 31 December 2023
15,023
39,421
139,983
35,828
230,255
---------
---------
---------
--------
------------
At 31 December 2022
17,622
52,137
131,436
35,700
236,895
---------
---------
---------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
9,462
224
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,922,965
1,140,850
Other debtors
357,358
418,341
------------
------------
2,289,785
1,559,415
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,684
61,448
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,694,006
3,061,715
Social security and other taxes
35,359
33,227
Other creditors
14,223
42,022
------------
------------
3,747,272
3,198,412
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
479,114
713,049
---------
---------
10. 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.
11. Parent company
The company is wholly owned subsidiary of Impulse Brands Group Limited (Previously known as Boba Tea 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 (Previously known as Boba Tea Limited).