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Registration number: 10373052

BSN (SW) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

BSN (SW) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

BSN (SW) Ltd

(Registration number: 10373052)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

8,835

280

Tangible assets

5

184,638

48,773

Other financial assets

-

4,475

 

193,473

53,528

Current assets

 

Debtors

6

313,295

594,005

Cash at bank and in hand

 

88,717

247,103

 

402,012

841,108

Creditors: Amounts falling due within one year

7

(181,674)

(281,435)

Net current assets

 

220,338

559,673

Total assets less current liabilities

 

413,811

613,201

Creditors: Amounts falling due after more than one year

7

(198,799)

(59,789)

Provisions for liabilities

(9,922)

(3,019)

Net assets

 

205,090

550,393

Capital and reserves

 

Called up share capital

100

100

Retained earnings

204,990

550,293

Shareholders' funds

 

205,090

550,393

 

BSN (SW) Ltd

(Registration number: 10373052)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

Mr W Lang
Director

   
     
 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit 10 Mulberry Court
Lustleigh Close
Exeter
Devon
EX2 8PW

These financial statements were authorised for issue by the Board on 31 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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 financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Revenue recognition

Turnover represents amounts chargeable in respect of the sale of goods and services net of value added tax.

Goods sold are recognised upon the completion of the transaction on the delivery of the goods.

Hire sales are recognised straight line over the term of the lease agreements.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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

Motor vehicles

25% reducing balance

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Other Intangibles assets are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss when they can otherwise be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other investments

Remeasured to fair value at each reporting date

Other intangible assets

Not amortised as the residual value exceeds the cost.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 1 (2023 - 1).

 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Other investments
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

280

-

280

Revaluations

155

-

155

Additions acquired separately

-

8,400

8,400

At 31 January 2024

435

8,400

8,835

Amortisation

Carrying amount

At 31 January 2024

435

8,400

8,835

At 31 January 2023

280

-

280

The director has assessed the valuation of the other investments and considers that the market value as at 31 January 2024 is £435.

 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

15,184

62,501

77,685

Additions

915

198,103

199,018

At 31 January 2024

16,099

260,604

276,703

Depreciation

At 1 February 2023

10,791

18,121

28,912

Charge for the year

1,693

61,460

63,153

At 31 January 2024

12,484

79,581

92,065

Carrying amount

At 31 January 2024

3,615

181,023

184,638

At 31 January 2023

4,393

44,380

48,773

6

Debtors

2024
£

2023
£

Trade debtors

72,988

41,021

Other debtors

240,307

552,984

313,295

594,005

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

31,769

13,136

Trade creditors

 

35,266

69,278

Social security and other taxes

 

400

47,363

Other creditors

 

1,048

-

Accruals

 

4,472

3,500

Corporation tax liability

108,719

148,158

 

181,674

281,435

Due after one year

 

Loans and borrowings

8

198,799

59,789

 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,272

24,436

Hire purchase contracts

184,527

35,353

198,799

59,789

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

9,836

Hire purchase contracts

21,769

3,300

31,769

13,136

The hire purchase contracts are secured against the assets to which they relate.

9

Related party transactions

Included in other debtors due within one year are loans advanced to related companies amounting to £222,017 (2023: £507,693). The loans are interest free and repayable on demand.

The company is a third party guarantee in respect of a loan between Barclays Bank and a related company. The guarantee is in the form of a fixed and floating charge over the assets of the company.

 

BSN (SW) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Loans to related parties

2024

Key management
£

Total
£

Advanced

3,476

3,476

Repaid

(3,476)

(3,476)

At end of period

-

-

2023

Key management
£

Total
£

At start of period

(477)

(477)

Advanced

477

477

At end of period

-

-

Terms of loans to related parties

Related party loans are loans to the directors. Interest is not charged and the loans are repayable on demand.