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Registration number: 11805685

Blondies Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Blondies Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Blondies Ltd

(Registration number: 11805685)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

5,000

Tangible assets

6

23,928

27,867

 

23,928

32,867

Current assets

 

Stocks

500

500

Debtors

7

85,566

109,828

Cash at bank and in hand

 

11,022

9,232

 

97,088

119,560

Creditors: Amounts falling due within one year

8

(41,180)

(98,978)

Net current assets

 

55,908

20,582

Total assets less current liabilities

 

79,836

53,449

Creditors: Amounts falling due after more than one year

8

(12,526)

(23,539)

Provisions for liabilities

(4,546)

(5,295)

Net assets

 

62,764

24,615

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

62,762

24,613

Shareholders' funds

 

62,764

24,615

 

Blondies Ltd

(Registration number: 11805685)
Statement of Financial Position as at 29 February 2024 (continued)

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.

Director's 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 director acknowledges his 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 Statement of Comprehensive Income.

Approved and authorised by the director on 29 November 2024
 


J Rhead
Director

 

Blondies Ltd

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 United Kingdom.

The address of its registered office is:
The Dolphin Inn Riverside Road East
Newton Ferrers
Devon
PL8 1AE

Principal activity

The principal activity of the company is that of a public house.

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.

Judgements and key sources of estimation uncertainty

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Blondies Ltd

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

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 company operates and generates taxable income.

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

 

Blondies Ltd

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

2

Accounting policies (continued)

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

Fixtures and fittings

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

33% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can 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

Lease Premium

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Blondies Ltd

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

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Blondies Ltd

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

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 12).

 

Blondies Ltd

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

5,932

7,501

Amortisation expense

5,000

5,000

 

Blondies Ltd

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

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

25,000

25,000

At 29 February 2024

25,000

25,000

Amortisation

At 1 March 2023

20,000

20,000

Amortisation charge

5,000

5,000

At 29 February 2024

25,000

25,000

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

5,000

5,000

6

Tangible assets

Fixtures and fittings
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

25,444

4,700

12,412

42,556

Additions

1,993

-

-

1,993

At 29 February 2024

27,437

4,700

12,412

44,549

Depreciation

At 1 March 2023

9,007

1,339

4,343

14,689

Charge for the year

2,764

505

2,663

5,932

At 29 February 2024

11,771

1,844

7,006

20,621

Carrying amount

At 29 February 2024

15,666

2,856

5,406

23,928

At 28 February 2023

16,437

3,361

8,069

27,867

 

Blondies Ltd

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

7

Debtors

2024
£

2023
£

Trade debtors

1,683

-

Other debtors

81,683

108,130

Prepayments

2,200

1,698

85,566

109,828

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

10,000

25,969

Trade creditors

8,412

3,631

Taxation and social security

18,942

47,218

Accruals and deferred income

3,807

1,974

Other creditors

19

20,186

41,180

98,978

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

12,526

23,539

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Blondies Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,526

21,827

Hire purchase contracts

-

1,712

12,526

23,539

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

23,712

Hire purchase contracts

-

2,257

10,000

25,969

11

Related party transactions

Transactions with the director

During the year the directors entered into the following advances and credits with the company:

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Directors loan accounts

78,118

63,203

(88,422)

52,899

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Directors loan accounts

23,784

76,601

(22,267)

78,118

 

12

Non adjusting events after the financial period

On 18th July 2024, the company has purchased 1 Ordinary Share from N Bullock for £10,000. The purchase was funded through the profit and loss reserve.