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COMPANY REGISTRATION NUMBER: 10712955
BADGER SNACKS LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
BADGER SNACKS LTD.
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
5,400
7,200
Tangible assets
6
5,077
5,127
---------
---------
10,477
12,327
Current assets
Debtors
7
2,255
1,913
Creditors: amounts falling due within one year
8
36,401
32,947
---------
---------
Net current liabilities
34,146
31,034
---------
---------
Total assets less current liabilities
( 23,669)
( 18,707)
Provisions
200
974
---------
---------
Net liabilities
( 23,869)
( 19,681)
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 23,969)
( 19,781)
---------
---------
Shareholders deficit
( 23,869)
( 19,681)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BADGER SNACKS LTD.
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Ms D Preddy
Director
Company registration number: 10712955
BADGER SNACKS LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW. The company was incorporated on 6 April 2017, and commenced trading on this date.
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 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
At 31 March 2023 the company had negative profit and loss reserves of £19,654. The director intends to support the company financially for the foreseeable future and therefore the going concern basis of accounts preparation is deemed to be appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
10 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets 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.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
18,000
---------
Amortisation
At 1 April 2023
10,800
Charge for the year
1,800
---------
At 31 March 2024
12,600
---------
Carrying amount
At 31 March 2024
5,400
---------
At 31 March 2023
7,200
---------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
2,793
8,305
11,098
Additions
1,000
1,000
--------
--------
---------
At 31 March 2024
2,793
9,305
12,098
--------
--------
---------
Depreciation
At 1 April 2023
2,296
3,675
5,971
Charge for the year
124
926
1,050
--------
--------
---------
At 31 March 2024
2,420
4,601
7,021
--------
--------
---------
Carrying amount
At 31 March 2024
373
4,704
5,077
--------
--------
---------
At 31 March 2023
497
4,630
5,127
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
2,094
1,108
Other debtors
161
805
--------
--------
2,255
1,913
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
36,401
32,947
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
80
80
80
80
Ordinary 'B' shares of £ 1 each
20
20
20
20
-----
-----
-----
-----
100
100
100
100
-----
-----
-----
-----
10. Director's advances, credits and guarantees
The director has a loan account against which income and expenditure is charged. The loan account has remained in credit throughout the period and the balance at the reporting date was £34,424 (2023: £31,883). The loan account is unsecured and no interest has been charged to the company.