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REGISTERED NUMBER: OC434196
Bonoxs BNX LLP
Unaudited Financial Statements
31 December 2023
Bonoxs BNX LLP
Financial Statements
Year ended 31 December 2023
Contents
Page
Designated members and professional advisers
1
Members' report
2
Statement of comprehensive income
3
Statement of financial position
4
Reconciliation of members' interests
6
Notes to the financial statements
8
Bonoxs BNX LLP
Designated Members and Professional Advisers
Designated members
Baluga Martinez Joaquin
Garcia Labougle Jose
Registered office
1st Floor Victoria House
178-180 Fleet Road
Fleet
United Kingdom
GU51 4DA
Bonoxs BNX LLP
Members' Report
Year ended 31 December 2023
The members present their report and the unaudited financial statements of the LLP for the year ended 31 December 2023 .
Principal activities
The principal activity of the limited liability partnership is the sale of gift cards.
Designated members
The designated members who served the LLP during the year were as follows:
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 30 September 2024 and signed on behalf of the members by:
Baluga Martinez Joaquin
Garcia Labougle Jose
Designated Member
Designated Member
Registered office:
1st Floor Victoria House
178-180 Fleet Road
Fleet
United Kingdom
GU51 4DA
Bonoxs BNX LLP
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
$
$
Turnover
4
6,209,238
2,463,476
Cost of sales
6,332,761
2,598,790
------------
------------
Gross loss
( 123,523)
( 135,314)
Administrative expenses
2,548,033
147,935
Other operating income
5
3,681,875
------------
---------
Operating profit/(loss)
6
1,010,319
( 283,249)
------------
---------
Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members
1,010,319
(283,249)
------------
---------
All the activities of the LLP are from continuing operations.
Bonoxs BNX LLP
Statement of Financial Position
31 December 2023
2023
2022
Note
$
$
Current assets
Stocks
8
144,024
713,830
Debtors
9
533,498
802,842
Cash at bank and in hand
54,004
57,059
---------
------------
731,526
1,573,731
Creditors: amounts falling due within one year
10
98,147
1,573,731
---------
------------
Net current assets
633,379
---------
----
Total assets less current liabilities
633,379
---------
----
Represented by:
Loans and other debts due to members
Other amounts
11
633,379
---------
----
Members' other interests
Other reserves, including the fair value reserve
---------
----
633,379
---------
----
Total members' interests
Amounts due from members
(354,462)
Loans and other debts due to members
11
633,379
Members' other interests
---------
---------
633,379
(354,462)
---------
---------
For the year ending 31 December 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
Bonoxs BNX LLP
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the members and authorised for issue on 30 September 2024 , and are signed on their behalf by:
Baluga Martinez Joaquin
Garcia Labougle Jose
Designated Member
Designated Member
Registered number: OC434196
Bonoxs BNX LLP
Reconciliation of Members' Interests
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2023
$
$
$
$
$
Balance at 1 January 2023
(376,940)
(376,940)
(376,940)
Profit for the financial year available for discretionary division among members
1,010,319
1,010,319
1,010,319
------------
------------
---------
---------
------------
Members' interests after profit for the year
1,010,319
1,010,319
(376,940)
(376,940)
633,379
Other division of profits
(1,010,319)
(1,010,319)
1,010,319
1,010,319
------------
------------
------------
------------
---------
Balance at 31 December 2023
633,379
633,379
633,379
------------
------------
------------
------------
---------
Bonoxs BNX LLP
Reconciliation of Members' Interests (continued)
Year ended 31 December 2023
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves, including the fair value reserve
Total
Other amounts
Total
Total 2022
$
$
$
$
$
Balance at 1 January 2022
(71,213)
(71,213)
(71,213)
Loss for the financial year available for discretionary division among members
(283,249)
(283,249)
(283,249)
---------
---------
--------
--------
---------
Members' interests after loss for the year
(283,249)
(283,249)
(71,213)
(71,213)
(354,462)
Other division of profits
283,249
283,249
(283,249)
(283,249)
---------
---------
---------
---------
---------
Balance at 31 December 2022
(354,462)
(354,462)
(354,462)
---------
---------
---------
---------
---------
Bonoxs BNX LLP
Notes to the Financial Statements
Year ended 31 December 2023
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 1st Floor Victoria House, 178-180 Fleet Road, Fleet, GU51 4DA, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The financial statements are prepared in USD, which is the functional currency of the entity.
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.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
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.
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 LLP 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.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the LLP wholly undertaken in the United Kingdom.
5.
Other operating income
2023
2022
$
$
Other income
3,681,875
------------
----
6.
Operating profit/(loss)
Operating profit or loss is stated after charging:
2023
2022
$
$
Foreign exchange differences
1,581
12,413
-------
--------
7.
Information in relation to members
2023
2022
No.
No.
Average number of members
2
2
----
----
8.
Stocks
2023
2022
$
$
Raw materials and consumables
144,024
713,830
---------
---------
9.
Debtors
2023
2022
$
$
Trade debtors
531,930
448,380
Prepayments and accrued income
1,568
Amounts due from members
354,462
---------
---------
533,498
802,842
---------
---------
10. Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
98,147
1,573,731
--------
------------
11.
Loans and other debts due to members
2023
2022
$
$
Amounts owed to members in respect of profits
633,379
---------
----