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Registration number: 03063836

The Bubbles Brushes & Wiper Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

The Bubbles Brushes & Wiper Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

The Bubbles Brushes & Wiper Company Limited

(Registration number: 03063836)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

89,507

97,158

Investment property

5

166,667

166,667

 

256,174

263,825

Current assets

 

Stocks

98,465

97,562

Debtors

6

366,280

289,112

Cash at bank and in hand

 

138,126

149,531

 

602,871

536,205

Creditors: Amounts falling due within one year

7

(238,458)

(207,515)

Net current assets

 

364,413

328,690

Total assets less current liabilities

 

620,587

592,515

Creditors: Amounts falling due after more than one year

7

(416,037)

(433,725)

Provisions for liabilities

(5,347)

(6,811)

Net assets

 

199,203

151,979

Capital and reserves

 

Called up share capital

100

100

Retained earnings

199,103

151,879

Shareholders' funds

 

199,203

151,979

 

The Bubbles Brushes & Wiper Company Limited

(Registration number: 03063836)
Statement of Financial Position as at 31 July 2024

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

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

.........................................
Mrs K Hussain
Director

   
     
 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Queens Road
Accrington
Lancashire
BB5 6AR
United Kingdom

These financial statements were authorised for issue by the Board on 28 April 2025.

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 and deferred 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.

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

2% straight line

Fixture, fittings and equipment

33% straight line

Motor vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Freehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

88,551

22,734

90,908

202,193

Additions

-

4,645

-

4,645

Disposals

-

-

(13,241)

(13,241)

At 31 July 2024

88,551

27,379

77,667

193,597

Depreciation

At 1 August 2023

18,745

17,982

68,308

105,035

Charge for the year

1,772

2,775

7,749

12,296

Eliminated on disposal

-

-

(13,241)

(13,241)

At 31 July 2024

20,517

20,757

62,816

104,090

Carrying amount

At 31 July 2024

68,034

6,622

14,851

89,507

At 31 July 2023

69,806

4,752

22,600

97,158

5

Investment properties

2024
£

At 1 August

166,667

At 31 July

166,667

The investment property has been valued at 31 July 2024 by Mrs K Hussain, a director. The basis of this valuation was to record the current market value of the property. The property has a current value of £166,667 (2023 - £166,667) and a carrying amount at historic cost of £166,667 (2023 - £166,667). The depreciation on this historic cost is £Nil (2023 - £Nil).

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Trade debtors

356,489

280,833

Prepayments

9,791

8,279

366,280

289,112

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

26,179

23,503

Trade creditors

 

147,182

131,776

Taxation and social security

 

60,016

45,125

Accruals and deferred income

 

4,883

6,865

Other creditors

 

198

246

 

238,458

207,515

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,612

16,936

HP and finance lease liabilities

6,567

6,567

26,179

23,503


Creditors due within one year includes a bank loan for £9,612 which is secured by a legal charge over Aero Mill, Off Edward Street, Church, Accrington, Lancashire. The hire purchase creditor is secured on the asset to which is relates.

 

The Bubbles Brushes & Wiper Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

416,037

433,725

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

109,141

129,373

HP and finance lease liabilities

4,925

11,491

Other borrowings

301,971

292,861

416,037

433,725


Creditors due over one year includes a bank loan for £100,808 which is secured by a legal charge over Aero Mill, Off Edward Street, Church, Accrington, Lancashire. The hire purchase creditor is secured on the asset to which is relates.

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

6,955

-

Later than one year and not later than five years

17,968

-

24,923

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,898 (2023 - £Nil).

9

Related party transactions

At the balance sheet date the amount owed to the directors was £301,971 (2023: £292,861), no interest is charged on the outstanding balances and the directors have confirmed the loans will not be withdrawn for a period of at least one year from the balance sheet date.