Banded Limited 10784722 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is jewellery design. Digita Accounts Production Advanced 6.30.9574.0 true true 10784722 2023-06-01 2024-05-31 10784722 2024-05-31 10784722 core:RetainedEarningsAccumulatedLosses 2024-05-31 10784722 core:ShareCapital 2024-05-31 10784722 core:CurrentFinancialInstruments 2024-05-31 10784722 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10784722 core:FurnitureFittingsToolsEquipment 2024-05-31 10784722 bus:SmallEntities 2023-06-01 2024-05-31 10784722 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10784722 bus:FilletedAccounts 2023-06-01 2024-05-31 10784722 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10784722 bus:RegisteredOffice 2023-06-01 2024-05-31 10784722 bus:Director1 2023-06-01 2024-05-31 10784722 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10784722 core:FurnitureFittings 2023-06-01 2024-05-31 10784722 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10784722 countries:EnglandWales 2023-06-01 2024-05-31 10784722 2023-05-31 10784722 core:FurnitureFittingsToolsEquipment 2023-05-31 10784722 2022-06-01 2023-05-31 10784722 2023-05-31 10784722 core:RetainedEarningsAccumulatedLosses 2023-05-31 10784722 core:ShareCapital 2023-05-31 10784722 core:CurrentFinancialInstruments 2023-05-31 10784722 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10784722 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 10784722

Banded Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Banded Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Banded Limited

(Registration number: 10784722)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

832

1,109

Current assets

 

Stocks

5

22,556

32,812

Debtors

584

-

Cash at bank and in hand

 

389

1,259

 

23,529

34,071

Creditors: Amounts falling due within one year

6

(85,424)

(74,370)

Net current liabilities

 

(61,895)

(40,299)

Net liabilities

 

(61,063)

(39,190)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(61,064)

(39,191)

Shareholders' deficit

 

(61,063)

(39,190)

For the financial year ending 31 May 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 her 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 director on 23 January 2025
 

.........................................
J Zahedi
Director

 

Banded Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
1st Floor
Kingsway House
Kingsway
Burnley
Lancashire
BB11 1BJ
England

These financial statements were authorised for issue by the director on 23 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Banded Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 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.

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

Fixtures and fittings

25% 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.

 

Banded Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 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.

3

Staff numbers

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

 

Banded Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

1,374

1,374

At 31 May 2024

1,374

1,374

Depreciation

At 1 June 2023

265

265

Charge for the year

277

277

At 31 May 2024

542

542

Carrying amount

At 31 May 2024

832

832

At 31 May 2023

1,109

1,109

5

Stocks

2024
£

2023
£

Other inventories

22,556

32,812

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

21

98

Taxation and social security

855

795

Accruals and deferred income

1,483

2,015

Other creditors

83,065

71,462

85,424

74,370