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REGISTERED NUMBER: 10618807 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29TH FEBRUARY 2024

FOR

BAGWORLD BESPOKE BAGS LTD

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29th February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BAGWORLD BESPOKE BAGS LTD

COMPANY INFORMATION
for the Year Ended 29th February 2024







DIRECTOR: Mr C Surman





REGISTERED OFFICE: Windsor House
5 Windsor Road
Redditch
Worcestershire
B98 7DJ





REGISTERED NUMBER: 10618807 (England and Wales)





ACCOUNTANTS: Hayward Wright Ltd
4 Clews Road
Redditch
Worcestershire
B98 7ST

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

BALANCE SHEET
29th February 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,632 8,416

CURRENT ASSETS
Stocks 5 11,026 10,523
Debtors 6 50,291 43,659
Cash at bank 2,670 3,018
63,987 57,200
CREDITORS
Amounts falling due within one year 7 132,875 112,718
NET CURRENT LIABILITIES (68,888 ) (55,518 )
TOTAL ASSETS LESS CURRENT LIABILITIES (62,256 ) (47,102 )

CREDITORS
Amounts falling due after more than one
year

8

12,500

25,601
NET LIABILITIES (74,756 ) (72,703 )

CAPITAL AND RESERVES
Called up share capital 11 1 1
Retained earnings (74,757 ) (72,704 )
SHAREHOLDERS' FUNDS (74,756 ) (72,703 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

BALANCE SHEET - continued
29th February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th June 2024 and were signed by:





Mr C Surman - Director


BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 29th February 2024


1. STATUTORY INFORMATION

Bagworld Bespoke Bags Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29th February 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st March 2023 13,801 9,274 5,362 28,437
Additions - 429 - 429
At 29th February 2024 13,801 9,703 5,362 28,866
DEPRECIATION
At 1st March 2023 8,528 7,085 4,408 20,021
Charge for year 1,319 655 239 2,213
At 29th February 2024 9,847 7,740 4,647 22,234
NET BOOK VALUE
At 29th February 2024 3,954 1,963 715 6,632
At 28th February 2023 5,273 2,189 954 8,416

5. STOCKS
29/2/24 28/2/23
£    £   
Stocks 11,026 10,523

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 36,330 30,420
Deferred tax asset 13,960 13,238
Called up share capital not paid 1 1
50,291 43,659

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29th February 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts (see note 9) 13,101 22,921
Trade creditors 24,460 18,263
Social security and other taxes 15,790 5,724
VAT 10,887 6,826
Other creditors 804 884
Net wages (502 ) -
Directors' loan accounts 66,185 55,950
Accrued expenses 2,150 2,150
132,875 112,718

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans (see note 9) 12,500 25,601

9. LOANS

An analysis of the maturity of loans is given below:

29/2/24 28/2/23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 5,478
Bank loans 13,101 17,443
13,101 22,921

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 13,101

Amounts falling due between two and five years:
Bank loans - 2-5 years 2,500 12,500

10. DEFERRED TAX
£   
Balance at 1st March 2023 (13,238 )
Provided during year (722 )
Balance at 29th February 2024 (13,960 )

BAGWORLD BESPOKE BAGS LTD (REGISTERED NUMBER: 10618807)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29th February 2024


11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
1 Share capital 1 1 1 1