Company registration number 01279565 (England and Wales)
BAGS OF CHOICE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
BAGS OF CHOICE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
BAGS OF CHOICE LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
267,010
197,124
Cash at bank and in hand
6,434
7,636
273,444
204,760
Creditors: amounts falling due within one year
4
(17,597)
(16,692)
Net current assets
255,847
188,068
Capital and reserves
Called up share capital
200
200
Revaluation reserve
5
58,448
Profit and loss reserves
197,199
187,868
Total equity
255,847
188,068
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 June 2024 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 23 September 2024 and are signed on its behalf by:
..............................................
..............................................
Barbara Smith
Clementine Smith
Director
Director
Company registration number 01279565 (England and Wales)
BAGS OF CHOICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Bags of Choice Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 38 Welland Drive, NEWPORT PAGNELL, Bucks, UK, MK16 9DX.
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 £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Computers
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
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.
BAGS OF CHOICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
399
Depreciation and impairment
At 1 July 2023 and 30 June 2024
399
Carrying amount
At 30 June 2024
At 30 June 2023
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
905
Other creditors
16,692
16,692
17,597
16,692
5
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Other movements
58,448
-
At the end of the year
58,448
-