Bunclody Limited 07145135 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of property development Digita Accounts Production Advanced 6.30.9574.0 true 07145135 2023-03-01 2024-02-29 07145135 2024-02-29 07145135 bus:OrdinaryShareClass2 2024-02-29 07145135 core:CurrentFinancialInstruments 2024-02-29 07145135 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07145135 core:Non-currentFinancialInstruments 2024-02-29 07145135 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 07145135 core:FurnitureFittingsToolsEquipment 2024-02-29 07145135 bus:SmallEntities 2023-03-01 2024-02-29 07145135 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07145135 bus:FilletedAccounts 2023-03-01 2024-02-29 07145135 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07145135 bus:RegisteredOffice 2023-03-01 2024-02-29 07145135 bus:Director1 2023-03-01 2024-02-29 07145135 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 07145135 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07145135 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 07145135 core:OfficeEquipment 2023-03-01 2024-02-29 07145135 countries:EnglandWales 2023-03-01 2024-02-29 07145135 2023-02-28 07145135 core:FurnitureFittingsToolsEquipment 2023-02-28 07145135 2022-03-01 2023-02-28 07145135 2023-02-28 07145135 bus:OrdinaryShareClass2 2023-02-28 07145135 core:CurrentFinancialInstruments 2023-02-28 07145135 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07145135 core:Non-currentFinancialInstruments 2023-02-28 07145135 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07145135 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07145135

Bunclody Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Bunclody Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Bunclody Limited

Company Information

Director

Mr Declan Deeney

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Bunclody Limited

(Registration number: 07145135)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

109

145

Current assets

 

Stocks

5

344,821

344,821

Debtors

6

563,281

540,433

Cash at bank and in hand

 

22,977

91,109

 

931,079

976,363

Creditors: Amounts falling due within one year

7

(2,861)

(2,535)

Net current assets

 

928,218

973,828

Total assets less current liabilities

 

928,327

973,973

Creditors: Amounts falling due after more than one year

7

(890,379)

(895,000)

Net assets

 

37,948

78,973

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

37,947

78,972

Shareholders' funds

 

37,948

78,973

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 23 October 2024
 

.........................................

Mr Declan Deeney
Director

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the director on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the rental income receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2023: 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 March 2023

999

999

At 29 February 2024

999

999

Depreciation

At 1 March 2023

854

854

Charge for the year

36

36

At 29 February 2024

890

890

Carrying amount

At 29 February 2024

109

109

At 28 February 2023

145

145

5

Stocks

2024
£

2023
£

Work in progress

344,821

344,821

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

6

Debtors

2024
£

2023
£

Prepayments

-

129

Other debtors

563,281

540,304

563,281

540,433

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

270

457

Other creditors

 

2,178

1,980

Directors current account

 

413

98

 

2,861

2,535

Due after one year

 

Loans and borrowings

8

890,379

895,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

890,379

895,000

The loan is secured by the property held as closing stock.

 

Bunclody Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Dividends

2024

2023

£

£

Interim dividend of £28,000.00 (2023 - £Nil) per ordinary share

28,000

-