Company registration number 11114175 (England and Wales)
THE BAD TOOLKIT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE BAD TOOLKIT LTD
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
120
120
Cash at bank and in hand
3,136
4,562
3,256
4,682
Creditors: amounts falling due within one year
4
(100,878)
(91,630)
Net current liabilities
(97,622)
(86,948)
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
(97,742)
(87,068)
Total equity
(97,622)
(86,948)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
A C Bell
Director
Company Registration No. 11114175
THE BAD TOOLKIT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
The BAD Toolkit Ltd is a private company limited by shares incorporated in England and Wales, registered number 11114175. The registered office is Third Floor, Unit B, 10 Wellington Place, Leeds, West Yorkshire, LS1 4AP.
The principal activity of the company continued to be that of management consultancy services.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Despite the net liability position of £97,622 (2022 - £86,948) at the year end the directors continue to adopt the going concern basis for accounting in preparing the annual financial statements due to the shareholders having indicated that financial support will continue to be provided by a company under common control. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.true
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
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, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
THE BAD TOOLKIT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
120
120
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
97,518
88,420
Accruals
3,360
3,210
100,878
91,630
THE BAD TOOLKIT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 4 -
5
Related party transactions
At the balance sheet date, the company was owed a balance of £120 (2022: £120) from its three directors and shareholders; A C Bell, G Crossley and G A Green, split equally between each director respectively.
At the balance sheet date, the company owed a balance of £97,518 (2022: £88,420) to Burendo Ltd, a company under common control.
These balances are interest free, unsecured, and repayable on demand.
Amounts due to related parties
2023
2022
£
£
Amounts owed to connected companies
97,518
88,420
Amounts due from related parties
2023
2022
£
£
Directors' loan account
120
120