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Registration number: NI617791

Budding Designs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Budding Designs Limited

(Registration number: NI617791)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

262,800

245,000

Current assets

 

Stocks

5

22,758

22,487

Debtors

6

106,351

82,494

Cash at bank and in hand

 

239,178

271,793

 

368,287

376,774

Creditors: Amounts falling due within one year

7

(43,192)

(47,721)

Net current assets

 

325,095

329,053

Net assets

 

587,895

574,053

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

587,885

574,043

Shareholders' funds

 

587,895

574,053

For the financial year ending 30 September 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Budding Designs Limited

(Registration number: NI617791)
Balance Sheet as at 30 September 2024

Approved and authorised by the director on 3 December 2024
 

.........................................
Mrs Nuala Coogan
Director

 

Budding Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 32 Main Street, Randalstown, Co. Antrim, BT41 3AB.

These financial statements were authorised for issue by the director on 3 December 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises current 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.

 

Budding Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line basis

Motor vehicles

25% reducing balance basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Budding Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

245,000

243

3,500

248,743

Additions

-

-

22,250

22,250

Disposals

-

-

(3,500)

(3,500)

At 30 September 2024

245,000

243

22,250

267,493

Depreciation

At 1 October 2023

-

243

(3,500)

(3,257)

Charge for the year

-

-

4,450

4,450

Eliminated on disposal

-

-

3,500

3,500

At 30 September 2024

-

243

4,450

4,693

Carrying amount

At 30 September 2024

245,000

-

17,800

262,800

At 30 September 2023

245,000

-

-

245,000

Included within the net book value of land and buildings above is £245,000 (2023 - £245,000) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

22,758

22,487

 

Budding Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,636

2,119

Prepayments

375

375

Other debtors

103,340

80,000

 

106,351

82,494

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

21,854

21,362

Taxation and social security

6,170

11,100

Accruals and deferred income

12,706

13,659

Other creditors

2,462

1,600

43,192

47,721

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

9

Related party transactions


At the year end the director owed the company £75,000 (2023: the company owed the director £80,000).

10

Controlling interest


The director, Mrs Nuala Coogan owns 100% of the company called up share capital.