Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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15,411 | 7,306 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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145,026 | 198,830 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 105,002 | 129,255 | ||
Total assets less current liabilities | 120,413 | 136,561 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of B B Wear Ltd (registered number:
B A Bright
Director |
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.
B B Wear Ltd (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 Ground Floor, Blackbrook Gate 1, Blackbrook Business Park, Taunton, Somerset, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include 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.
The functional currency of B B Wear Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
In light of the current economic situation, both in the UK and globally, impacted by rising energy costs, inflation and general cost of living increases, the directors have given consideration to the impact of these issues on the operations and financial position of the company, as well as upon customers and suppliers. The directors are satisfied that, having considered no less than 12 months from the date of approval of the financial statements, that the issues identified do not present a significant risk to the going concern basis of the company and, therefore, that the going concern basis of preparation remains appropriate.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
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.
Other intangible assets |
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The useful economic life of Digital Assets cannot be reasonably estimated so the directors have adopted the standard ten-year straight line policy for amortisation. Given the active market for the Digital Assets held by the company and the reliable valuation that can be ascertained at any point in time, the directors have chosen to revalue Digital Assets at the balance sheet date to that of the realisable market value.
Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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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.
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.
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
Digital assets
Digital Assets are a relatively new technology with different asset types comprising of different characteristics. As a result it is difficult to ascertain what the estimated useful life of a digital asset may be; any such estimate would require an understating of the future adoption and perseverance of the underlying technology. The directors have chosen to amortise digital assets over a period of ten years as their best estimation of useful life, and to revalue at the year end date based on active market data. The directors are aware that digital asset markets are prone to volatility and are satisfied with the risks and uncertainty in considering the future value of these assets. The carrying value at the year end is £14,208 (2023 - £5,820).
Aside from the above, the directors do not consider that significant estimates or judgements have been made during the preparation of the financial statements impacting the results and position reported.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Other intangible assets | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 December 2023 |
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Revaluations |
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At 30 November 2024 |
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Accumulated amortisation | |||
At 01 December 2023 |
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Charge for the financial year |
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At 30 November 2024 |
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Net book value | |||
At 30 November 2024 |
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At 30 November 2023 |
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Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | |||||
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Cost | |||||||||
At 01 December 2023 |
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Additions |
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At 30 November 2024 |
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Accumulated depreciation | |||||||||
At 01 December 2023 |
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Charge for the financial year |
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At 30 November 2024 |
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Net book value | |||||||||
At 30 November 2024 |
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At 30 November 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Director 1 | 0 | 3,782 | |
Director 2 | 0 | 337 | |
Director 3 | 0 | 4,033 | |
Director 4 | 380 | 180 |
An advance of £3,782 for Director 1 was brought forward at 1 December 2023. £3,782 was repaid during the year to 30 November 2024.
An advance of £337 for Director 2 was brought forward at 1 December 2023. £337 was repaid during the year to 30 November 2024.
An advance of £4,033 for Director 3 was brought forward at 1 December 2023. £4,033 was repaid during the year to 30 November 2024.
An advance of £180 for Director 4 was brought forward at 1 December 2023. Further advances of £200 were taken during the year. The balance owed at 30 November 2024 is £380.
These loans are interest free and repayable on demand.