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Registration number: 10181844

BoutiQi Bags Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

BoutiQi Bags Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

BoutiQi Bags Limited

(Registration number: 10181844)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

102

152

Tangible assets

5

483

752

 

585

904

Current assets

 

Stocks

6

47,474

64,912

Debtors

171

-

 

47,645

64,912

Creditors: Amounts falling due within one year

7

(130,958)

(116,841)

Net current liabilities

 

(83,313)

(51,929)

Total assets less current liabilities

 

(82,728)

(51,025)

Creditors: Amounts falling due after more than one year

7

(23,149)

(29,802)

Provisions for liabilities

18,773

26,351

Net liabilities

 

(87,104)

(54,476)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(87,106)

(54,478)

Shareholders' deficit

 

(87,104)

(54,476)

 

BoutiQi Bags Limited

(Registration number: 10181844)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 29 October 2024 and signed on its behalf by:
 

Ms Q Zhan
Director

   
     
 

BoutiQi Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
6 Queen Street
Huddersfield
Yorkshire
HD1 2SQ
United Kingdom

These financial statements were authorised for issue by the Board on 29 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £83,313 (2023: £51,929) and retained losses of £87,106 (2023: £54,478). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods. Turnover is shown net of sales/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.

 

BoutiQi Bags Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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.

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

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

Office equipment

25% straight line

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

Website development

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed on an annual basis and any adjustment is made accordingly through the profit and loss account.

 

BoutiQi Bags Limited

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

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 at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

BoutiQi Bags Limited

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

4

Intangible assets

Website development
 £

Total
£

Cost or valuation

At 1 September 2023

2,514

2,514

At 31 August 2024

2,514

2,514

Amortisation

At 1 September 2023

2,362

2,362

Amortisation charge

50

50

At 31 August 2024

2,412

2,412

Carrying amount

At 31 August 2024

102

102

At 31 August 2023

152

152

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 September 2023

3,231

3,231

At 31 August 2024

3,231

3,231

Depreciation

At 1 September 2023

2,479

2,479

Charge for the year

269

269

At 31 August 2024

2,748

2,748

Carrying amount

At 31 August 2024

483

483

At 31 August 2023

752

752

 

BoutiQi Bags Limited

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

6

Stocks

2024
£

2023
£

Finished goods

47,474

64,912

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

22,935

13,623

Taxation and social security

 

5,138

4,331

Accruals and deferred income

 

3,574

5,552

Other creditors

 

99,311

93,335

 

130,958

116,841

2024
£

2023
£

Current loans and borrowings

Bank borrowings

13,050

9,570

Bank overdrafts

9,885

3,877

HP and finance lease liability 1 (under 1yr)

-

176

22,935

13,623

Included in bank loans and overdrafts is £9,885 which is secured by way of personal guarantee by the directors.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

23,149

29,802

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

23,149

29,802

Included within bank loans and overdrafts due under one year is £13,050 and over one year is £23,149 relating to a loan acquired under the Bounce Back Loan Scheme (BBLS) which is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy.

 

 

BoutiQi Bags Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Ms Q Zhan

(73,971)

31,843

(38,878)

(81,006)

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Ms Q Zhan

(77,120)

38,195

(35,045)

(73,971)

Interest is being charged on the loan at 2.5% per annum and the loan is repayable on demand.

10

Ultimate controlling party

The ultimate controlling parties are Ms Q Zhan and Mr B McHale, by virtue of their shareholdings.