Caseware UK (AP4) 2023.0.135 2023.0.135 1specialist design activitiesThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-03-01false1falsefalse 11194977 2023-03-01 2024-02-29 11194977 2022-03-01 2023-02-28 11194977 2024-02-29 11194977 2023-02-28 11194977 c:Director1 2023-03-01 2024-02-29 11194977 d:OfficeEquipment 2023-03-01 2024-02-29 11194977 d:OfficeEquipment 2024-02-29 11194977 d:OfficeEquipment 2023-02-28 11194977 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11194977 d:CurrentFinancialInstruments 2024-02-29 11194977 d:CurrentFinancialInstruments 2023-02-28 11194977 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11194977 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11194977 d:ShareCapital 2024-02-29 11194977 d:ShareCapital 2023-02-28 11194977 d:RetainedEarningsAccumulatedLosses 2024-02-29 11194977 d:RetainedEarningsAccumulatedLosses 2023-02-28 11194977 c:FRS102 2023-03-01 2024-02-29 11194977 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11194977 c:FullAccounts 2023-03-01 2024-02-29 11194977 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11194977 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 11194977





 
Bao Group Limited          
 
Financial statements          

For the year ended 29 February 2024          

 
Bao Group Limited
Registered number:11194977

Balance sheet
As at 29 February 2024






2024

2023 
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
90
120

Current assets
  

Stock
  
352
352

Debtors
 5 
164
173

Cash at bank and in hand
 6 
8,284
10,130

  
8,800
10,655

Creditors: amounts falling due within one year
 7 
(20,724)
(20,683)

Net current liabilities
  
 
 
(11,924)
 
 
(10,028)

  

Net liabilities
  
(11,834)
(9,908)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(12,034)
(10,108)

  
(11,834)
(9,908)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 21 November 2024.




Winni Lam
Director


The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Bao Group Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rate:

Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stock is assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
 

Page 3

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



 

Page 4

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

4.


Tangible fixed assets







Office equipment

£



Cost 


At 1 March 2023
335



At 29 February 2024

335



Depreciation


At 1 March 2023
215


Charge for the year
30



At 29 February 2024

245



Net book value



At 29 February 2024
90



At 28 February 2023
120


5.


Debtors

2024
2023
£
£


Prepayments
164
173



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
8,284
10,130


Page 6

 
Bao Group Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Director's loan account
19,800
19,800

Accruals
924
883

20,724
20,683


Page 7