BONAIR LIMITED - Filleted accounts

Registered number

02391257

BONAIR LIMITED

Filleted Accounts

31 December 2024

BONAIR LIMITED
Registered number:		02391257
Balance Sheet
as at 31 December 2024

Notes			2024	2023 (restated)
£				£
Fixed assets
Tangible assets	4		23,633			33,283

Current assets
Debtors	5	136,343			138,025
Cash at bank and in hand		220,162			306,828
		356,505			444,853

Creditors: amounts falling due within one year	6	(89,743)			(148,222)

Net current assets			266,762			296,631

Total assets less current liabilities			290,395			329,914

Creditors: amounts falling due after more than one year	7		(16,655)			(27,280)



Net assets			273,740			302,634

Capital and reserves
Called up share capital			102			102
Profit and loss account			273,638			302,532

Shareholders' funds			273,740			302,634

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Louay Yousif
Director
Approved by the board on 10 September 2025

BONAIR LIMITED
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			20% straight line
	Motor vehicles			25% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.


2	Prior year adjustments
	During the year ended 31 December 2024, the company identified and corrected material prior period errors retrospectively in accordance with FRS 102 Section 10. The adjustments relate primarily to the reclassification of director ISA contributions, correction of fixed asset disposals and related depreciation, and recognition of corporation tax and section 455 corporation tax balances. The corrections have been applied to: the opening balance at 1 January 2023 (relating to 2021–2022), and the comparatives for the year ended 31 December 2023.

	(A) Opening balance at 1 January 2023 (impact of 2021–2022 adjustments)
				01/01/2023 (as previously reported)		Adjustments		01/01/2023 (restated)
£					£		£
	Fixed assets		1	21,262		9,752		31,014
	Debtors		2	111,701		27,197		138,898
	Cash at bank and in hand			234,839		-		234,839
	Creditors: amounts <1 year		3	(81,778)		(14,627)		(96,405)
	Creditors: amounts >1 year			(37,656)		-		(37,656)
	Net assets			248,368		22,322		270,691
	Share capital			102				102
	Retained earnings		4	248,266		22,322		270,589

	Nature of the adjustments (Opening balance):
	1. Correction of an error in the prior year whereby a motor vehicle was incorrectly derecognised; the disposal entry has been reversed and accumulated depreciation reinstated. 2. Recognition of recoverable section 455 tax relating to prior-year loans to participator. 3. Recognition of prior-year corporation tax liabilities and section 455 tax liabilities arising on outstanding loans to participators. 4. Represents the cumulative net effect of the above adjustments, including prior-period profit and tax corrections, applied retrospectively.

	(B) Impact on prior-year comparatives — year ended 31 December 2023
				2023 (as previously reported)		Adjustments		2023 (restated)
£					£		£
	Administrative expenses – Pensions (P&L)		1	55,522		-15,385		40,137
	Administrative expenses – Depreciation (P&L)		2	9,650		9,752		19,402
	Corporation tax (P&L)		3	26,150		4,962		31,112
	Other debtors - Loan LY		4	0		35,911		35,911
	Recoverable section 455 tax (B/S)		5	0		6,671		6,671
	Corporation tax creditor (B/S)		6	-45,998		-19,589		-65,587









	Nature of the adjustments
	1. Reclassification of director ISA contributions from pension expense to drawings. 2. Reversal of an incorrect prior-period disposal and reinstatement of depreciation on the asset, plus depreciation on correctly recorded disposals. 3. Increase in the current year’s corporation tax charge following the restatement of taxable profit. 4. Recognition of recoverable section 455 corporation tax relating to prior-year loans to participators. 5. Increase in the balance due to HMRC for corporation tax, consistent with the revised tax charge and prior-period corrections. 6. Correction and reclassification of amounts due from the director, reflecting loans to participators.

	Comparative figures and the opening equity at 1 January 2023 have been restated accordingly.

3	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					11		11


4	Tangible fixed assets
								Motor vehicles
£
	Cost
	At 1 January 2024							108,463
	Disposals							(21,206)
	At 31 December 2024							87,257

	Depreciation
	At 1 January 2024							75,180
	Charge for the year							9,650
	On disposals							(21,206)
	At 31 December 2024							63,624

	Net book value
	At 31 December 2024							23,633
	At 31 December 2023							33,283


5	Debtors					2024	2023 (restated)
£							£

	Trade debtors					104,043		91,517
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					63		-
	Other debtors					32,237		46,508
						136,343		138,025



6	Creditors: amounts falling due within one year					2024	2023 (restated)
£							£

	Trade creditors					46,367		40,767
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					3,054		3,054
	Taxation and social security costs					34,560		84,752
	Other creditors					5,762		19,649
						89,743		148,222


7	Creditors: amounts falling due after one year					2024		2023
£							£

	Bank loans					15,655		25,780
	Other creditors					1,000		1,500
						16,655		27,280


8	Related party transactions

	The company has entered into loan transactions with its directors. These loans are unsecured, interest-free and repayable on demand. The movements and balances were as follows:

	Year loan advanced	Amount advanced		Amount repaid		Balance at year end
£			£		£
	2021	10,000		-		10,000
	2022	10,526		-		20,526
	2023	15,384		-		35,910
	2024	15,384		30,768		20,526

	At 31 December 2024 the total balance due from the director was £20,526 (2023: £35,910). The 2023 and 2024 loans were settled on 1 July 2024 by way of a deemed dividend. In addition, at the year end the company owed £807 to the director (2023: £300); this balance is unsecured, interest-free, and repayable on demand.


9	Other information

	BONAIR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	Suite 1, First Floor
	20a The Mall
	London, W5 2PJ