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Registered number: 07112497









BONDSET LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
BONDSET LIMITED
REGISTERED NUMBER: 07112497

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
69,594
90,874

  
69,594
90,874

Current assets
  

Stocks
 5 
30,826
45,108

Debtors: amounts falling due within one year
 7 
134,288
415,235

Cash at bank and in hand
 8 
90,208
70,834

  
255,322
531,177

Creditors: amounts falling due within one year
 9 
(1,752,794)
(1,525,635)

Net current liabilities
  
 
 
(1,497,472)
 
 
(994,458)

Total assets less current liabilities
  
(1,427,878)
(903,584)

  

Net liabilities
  
(1,427,878)
(903,584)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,427,879)
(903,585)

  
(1,427,878)
(903,584)


The directors consider 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 directors acknowledge their 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account 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 by: 


Page 1

 
BONDSET LIMITED
REGISTERED NUMBER: 07112497
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024



Anika Paul
Director

Date: 26 February 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Bondset Limited is a company limited by shares and incorporated in England & Wales under the Companies Act 2006. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are set out in the Directors’ report.

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

Going concern

The company is dependent on the continuing support of the parent company and another company under common control to meet its working capital requirements. The directors indicated that this support for the company will continue for the foreseeable future.
Therefore, the directors have adopted the going concern basis of accounting in preparing the financial statements.

 
2.3

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:

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

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 4

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Fixtures and fittings
-
10%
straight line
Computer equipment
-
10%
straight line

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.

 
2.9

Stocks

Stocks are 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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are 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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 5

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 50 (2023 - 50).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 June 2023
852,598
355,875
69,535
1,278,008


Additions
1,980
-
-
1,980



At 31 May 2024

854,578
355,875
69,535
1,279,988



Depreciation


At 1 June 2023
779,387
355,875
51,872
1,187,134


Charge for the year on owned assets
19,891
-
3,369
23,260



At 31 May 2024

799,278
355,875
55,241
1,210,394



Net book value



At 31 May 2024
55,300
-
14,294
69,594



At 31 May 2023
73,211
-
17,663
90,874

Page 6

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
30,826
45,108

30,826
45,108



6.


Taxation

The company has estimated losses of £1,384,278 (2023: £1,155,966) available for carry forward against
future trading profits. As the company continues to generate losses, the deferred tax asset has been
derecognised during the year.


7.


Debtors

2024
2023
£
£


Other debtors
40,740
40,740

Prepayments and accrued income
92,810
87,007

Tax recoverable
738
738

Deferred taxation
-
286,750

134,288
415,235



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
90,208
70,834

90,208
70,834


Page 7

 
BONDSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
196,318
234,416

Amounts owed to group undertakings
1,347,112
847,112

Other taxation and social security
24,559
27,616

Other creditors
128,883
346,227

Accruals and deferred income
55,922
70,264

1,752,794
1,525,635



10.Pension commitments

The Company operates a defined contributions pension scheme, The assets of the scheme are held
separately from those of the Company in an independently administered fund, The pension cost charge
represents contributions payable by the Company to the fund and amounted to £19,250 (2023: £16,013).
Contributions totalling £4,296 (2023: £4,052) were payable to the fund at the balance sheet date and are
included in creditors.


11.


Related party transactions

Contemporary Hotels Limited is a related party by virtue of common ownership. At the year end, the company owed £500,000 (2023: £nil) to Contemporary Hotels Limited. Included in other creditors there is an amount of £847,122 (2023: £847,122) owed to the parent company, Samoa Holdings Limited. Both these loans are interest free and repayable on demand.  Included in other debtors there is an amount of £2,272 (2023: £2,272) owed to the company by a Director.

 
Page 8