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Company No: 05275061 (England and Wales)

BANKBOND LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BANKBOND LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BANKBOND LIMITED

BALANCE SHEET

As at 31 March 2024
BANKBOND LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 110,643 176,181
110,643 176,181
Current assets
Stocks 1,866,408 1,758,703
Debtors 5 673,718 805,365
Cash at bank and in hand 298,803 247,513
2,838,929 2,811,581
Creditors: amounts falling due within one year 6 ( 1,088,135) ( 1,235,041)
Net current assets 1,750,794 1,576,540
Total assets less current liabilities 1,861,437 1,752,721
Creditors: amounts falling due after more than one year 7 ( 58,334) ( 112,490)
Provision for liabilities ( 13,614) ( 25,329)
Net assets 1,789,489 1,614,902
Capital and reserves
Called-up share capital 8 420 420
Share premium account 89,508 89,508
Capital redemption reserve 74 74
Profit and loss account 1,699,487 1,524,900
Total shareholder's funds 1,789,489 1,614,902

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bankbond Limited (registered number: 05275061) were approved and authorised for issue by the Board of Directors on 17 February 2025. They were signed on its behalf by:

Mr J W Ward
Director
BANKBOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BANKBOND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bankbond Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2, Howard Avenue, Barnstaple, EX32 8QA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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, and is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 6.67 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 25 27

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 50,000 50,000
At 31 March 2024 50,000 50,000
Accumulated amortisation
At 01 April 2023 50,000 50,000
At 31 March 2024 50,000 50,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 268,464 189,038 103,655 15,715 576,872
Additions 0 0 1,736 0 1,736
Disposals 0 ( 17,450) 0 ( 15,715) ( 33,165)
At 31 March 2024 268,464 171,588 105,391 0 545,443
Accumulated depreciation
At 01 April 2023 205,997 134,811 44,168 15,715 400,691
Charge for the financial year 23,031 31,166 13,077 0 67,274
Disposals 0 ( 17,450) 0 ( 15,715) ( 33,165)
At 31 March 2024 229,028 148,527 57,245 0 434,800
Net book value
At 31 March 2024 39,436 23,061 48,146 0 110,643
At 31 March 2023 62,467 54,227 59,487 0 176,181

5. Debtors

2024 2023
£ £
Trade debtors 10,511 11,155
Amounts owed by Group undertakings 480,717 716,437
Amounts owed by directors 8,659 13,646
Prepayments and accrued income 173,831 64,127
673,718 805,365

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 409,120 334,939
Amounts owed to Group undertakings 0 153,148
Accruals and deferred income 365,396 333,019
Taxation and social security 233,885 330,180
Obligations under finance leases and hire purchase contracts 4,232 16,582
Other creditors 25,502 17,173
1,088,135 1,235,041

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 58,334 108,333
Obligations under finance leases and hire purchase contracts 0 4,157
58,334 112,490

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
420 ordinary shares of £ 1.00 each 420 420

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 295,000 495,042

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At 1 April 2023 9,656 0
Advances to director 0 13,646
Repayments by director (997) (3,990)
At 31 March 2024 8,659 9,656