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Registered number: 09759050
Bubblewrap Food Ltd.
Financial Statements
For The Year Ended 30 June 2024
Virgate Accounts Ltd
1st Floor Olympus House
Quedgeley
Gloucester
GL2 4NF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09759050
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 7,105 10,915
Tangible Assets 5 86,751 110,703
93,856 121,618
CURRENT ASSETS
Debtors 6 120,728 76,862
Cash at bank and in hand 1,633 33,158
122,361 110,020
Creditors: Amounts Falling Due Within One Year 7 (48,191 ) (15,070 )
NET CURRENT ASSETS (LIABILITIES) 74,170 94,950
TOTAL ASSETS LESS CURRENT LIABILITIES 168,026 216,568
Creditors: Amounts Falling Due After More Than One Year 8 (18,333 ) (37,500 )
NET ASSETS 149,693 179,068
CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium account 199,900 199,900
Profit and Loss Account (50,307 ) (20,932 )
SHAREHOLDERS' FUNDS 149,693 179,068
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Qizheng Fang
Director
27/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Bubblewrap Food Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 09759050 . The registered office is 24 Wardour Street, London, W1D 6QJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are Trade Marks. It is amortised to profit and loss account over its estimated economic life of 30 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10 yrs straight line
Plant & Machinery 3 or 5 yrs straight line
Fixtures & Fittings 10 yrs straight line
Computer Equipment 3 yrs straight line
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 July 2023 27,280
As at 30 June 2024 27,280
Amortisation
As at 1 July 2023 16,365
Provided during the period 3,810
As at 30 June 2024 20,175
Net Book Value
As at 30 June 2024 7,105
As at 1 July 2023 10,915
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 133,498 29,799 106,010 269,307
As at 30 June 2024 133,498 29,799 106,010 269,307
Depreciation
As at 1 July 2023 60,422 29,798 68,384 158,604
Provided during the period 13,350 1 10,601 23,952
As at 30 June 2024 73,772 29,799 78,985 182,556
Net Book Value
As at 30 June 2024 59,726 - 27,025 86,751
As at 1 July 2023 73,076 1 37,626 110,703
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 12,364
Amounts owed by group undertakings 32,620 (22,728)
Other debtors 88,108 87,226
120,728 76,862
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,882
Bank loans and overdrafts 10,000 -
Amounts owed to group undertakings 32,026 -
Other creditors 6,165 5,000
Taxation and social security - 8,188
48,191 15,070
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 18,333 37,500
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5