BONDS LIMITED


Directors	DUNCAN, Melissa
	DUNCAN, Paul


Registered Address	The Old Brewery, Room 3,
	Castle Eden,
	Hartlepool,
	TS27 4SU


Registered Number	03363167 (England and Wales)

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. It's registered number is: 03363167 It's registered office is: The Old Brewery, Room 3 Castle Eden County Durham TS27 4SU

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value, 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). Group accounts not prepared: In the opinion of the directors, the company and it's subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Basis of preparation

The accounts have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value, 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).

Group accounts not prepared:
In the opinion of the directors, the company and it's subsidiary undertaking comprise a small group.
The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

	Judgements and key sources of estimation uncertainty
	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations on future events that are believed to be reasonable in the circumstances.

	Turnover policy
	Turnover represents rents receivable and services provided during the year net of discounts. Rental income is recognised in the period to which it relates. For services provided, turnover is recognised to the extent that, and when, there is a right to consideration receivable.

	Dividend income
	Dividend income is recognised when the right to receive payment is established.

	Borrowing costs
	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 Profit and Loss Account 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.

Borrowing costs

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 Profit and Loss Account 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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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.

Current taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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
	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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax

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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. 

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

	Tangible fixed assets and depreciation
	Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.


		Straight line (years)
	Fixtures and fittings	5

	Investments
	Investments in subsidiaries are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Dividends on equity securities are recognised in income when receivable.

Investments

Investments in subsidiaries are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Dividends on equity securities are recognised in income when receivable.

	Investment property
	Investment properties are accounted for under FRS 102, Section 16 Investment Property. Investment properties are carried at fair value, derived from the current market prices for comparable properties determined by the directors. Changes in fair value are recognised in the profit and loss account.

	Trade and other debtors
	Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Other short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Other short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date.

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

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.

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

2.	Average number of employees


		2025		2024
	Average number of employees during the year	2		2

3.	Further information regarding the company's income
	The results for the year were derived from continuing operations. The company has no recognised gains or losses for the year other than the profit (or loss) reported for the year.

4.	Tangible fixed assets

	Fixtures & fittings	Total
	£	£
Cost or valuation
At 01 April 24	1,749	1,749
At 31 March 25	1,749	1,749
Depreciation and impairment
At 01 April 24	1,749	1,749
At 31 March 25	1,749	1,749
Net book value
At 31 March 25	-	-
At 31 March 24	-	-

5.	Investment property


		£
	Fair value at 01 April 24	132,538
	At 31 March 25	132,538

6.	Fixed asset investments
	The company's investment in it's subsidiary is stated at cost of £500,036 less a provision for impairment, which was made in a previous year, of £480,036. Details of undertakings Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows: Undertaking Registered Office Holding Proportion of voting rights & shares held Tallulah Love Limited England £1 Ordinary 99.8% The principal activity of Tallulah Love Limited is the design and sale of luxury lingerie.

Fixed asset investments

The company's investment in it's subsidiary is stated at cost of £500,036 less a provision for impairment, which was made in a previous year, of £480,036.

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking                   Registered Office        Holding           Proportion of voting rights & shares held

Tallulah Love Limited     England                      £1 Ordinary     99.8%

The principal activity of Tallulah Love Limited is the design and sale of luxury lingerie.

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 April 24	20,000	20,000
At 31 March 25	20,000	20,000
Net book value
At 31 March 25	20,000	20,000
At 31 March 24	20,000	20,000

	Notes
	¹Investments in group undertakings and participating interests

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	50,155	55,095
Prepayments and accrued income	145	178
Total	50,300	55,273


	Included within Other debtors is an amount of £2,359 in respect of a Deferred Tax asset (2024 £2,359).

8.	Debtors: amounts due after one year

	2025	2024
	£	£
Amounts owed by group undertakings	87,145	84,977
Total	87,145	84,977

9.	Current asset investments
	The market value of current asset listed investments is £123,885 (2024 £146,932).

10.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	175	192
Taxation and social security	-	810
Other creditors	38,771	45,471
Accrued liabilities and deferred income	2,880	1,500
Total	41,826	47,973

11.	Creditors: amounts due after one year

12.	Provisions for liabilities

13.	Share capital
	1,380 Ordinary £1 Shares - Allotted, called up and fully paid.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Investments	6		20,000		20,000
Investment property	5		132,538		132,538
			152,538		152,538
Current assets
Debtors	7,8	137,445		140,250
Current asset investments	9	123,885		146,932
Cash at bank and on hand		251,793		258,145
		513,123		545,327
Creditors amounts falling due within one year	10	(41,826)		(47,973)
Net current assets (liabilities)			471,297		497,354
Total assets less current liabilities			623,835		649,892
Net assets			623,835		649,892
Capital and reserves
Called up share capital			1,380		1,380
Other reserves			266,262		266,262
Profit and loss account			356,193		382,250
Shareholders' funds			623,835		649,892