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Registration number: 06741486

Bonafidee Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Bonafidee Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Bonafidee Limited

Company Information

Directors

Mr S P Toms

Mr F J Lang

Registered office

Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Accountants

Carter Nicholls Limited
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Bonafidee Limited

(Registration number: 06741486)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

623

934

Current assets

 

Debtors

5

281,153

335,728

Cash at bank and in hand

 

430,070

144,446

 

711,223

480,174

Creditors: Amounts falling due within one year

6

(169,491)

(75,943)

Net current assets

 

541,732

404,231

Net assets

 

542,355

405,165

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

541,355

404,165

Shareholders' funds

 

542,355

405,165

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.

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 26 November 2024 and signed on its behalf by:
 

.........................................
Mr S P Toms
Director

 

Bonafidee 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.

The address of its registered office is:
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
United Kingdom

The principal place of business is:
Suite 33
Lonsdale Gate
Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU

These financial statements were authorised for issue by the Board on 26 November 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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.

Tax

The tax expense for the period comprises current 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.

 

Bonafidee Limited

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

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 company operates and generates taxable income.

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

33% reducing balance

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.

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.

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.

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.

 

Bonafidee Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Bonafidee Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

7,494

7,494

At 29 February 2024

7,494

7,494

Depreciation

At 1 March 2023

6,560

6,560

Charge for the year

311

311

At 29 February 2024

6,871

6,871

Carrying amount

At 29 February 2024

623

623

At 28 February 2023

934

934

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

89,641

71,394

Amounts owed by related parties

9

67,499

67,630

Prepayments

 

31,787

70,239

Other debtors

 

92,226

126,465

   

281,153

335,728

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

33,605

-

Taxation and social security

113,580

71,488

Accruals and deferred income

16,212

2,674

Other creditors

6,094

1,781

169,491

75,943

 

Bonafidee Limited

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £130.00 (2023 - £90.00) per each Ordinary

130,000

90,000

 

 

9

Related party transactions

 

Bonafidee Limited

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

Dividends paid to directors

2024
£

2023
£

Mr S P Toms

Ordinary

91,000

63,000

 

 

Mr F J Lang

Ordinary

39,000

27,000

 

 

Summary of transactions with associates

Redline Application Services Limited

The directors and shareholders of Bonafidee Limited are also directors of Redline Application Services Limited.

Redline Application Services Limited invoiced Bonafidee Limited for management services of £125,000 during the year (2023 - £245,000). At the balance sheet date Bonafidee Limited was owed £67,499 (2023 - £67,630) by Redline Application Services Limited.