Registration number:
Bonds Limited
for the Year Ended 31 March 2021
Bonds Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bonds Limited
Company Information
Directors |
Mr Paul Duncan Mrs Melissa Duncan |
Registered office |
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Accountants |
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Bonds Limited
(Registration number: 03363167)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
- |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Other financial assets |
225,117 |
142,347 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Bonds Limited
(Registration number: 03363167)
Balance Sheet as at 31 March 2021
These financial statements were approved and authorised for issue by the
.........................................
Mr Paul Duncan
Director
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Group accounts not prepared
The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Judgements
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. |
Revenue recognition
Turnover represents rents receivable and services provided during the year net of discounts and valued added tax.
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.
Government grants
Government grants are recognised within Other operating income. Revenue grants are recognised under the accruals method, on a systematic basis over the periods in which the related costs are recorded for which the grant is intended to compensate.
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tax
The tax expense for the period comprises 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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within Provisions for liabilties and charges, deferred tax assets are presented within other debtors.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Motor Vehicles |
25% straight line |
Office Equipment |
20% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Dividends on equity securities are recognised in income when receivable.
Trade 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.
Trade 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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 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.
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.
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.
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
- |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
- |
- |
- |
At 31 March 2020 |
- |
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Investment properties |
2021 |
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At 1 April |
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At 31 March |
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The investment properties have been valued by the directors. Their valuation is based on local property values.
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2020 |
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Provision |
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At 1 April 2020 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) 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 and shares held |
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2021 |
2020 |
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Subsidiary undertakings |
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England |
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The principal activity of Tallulah Love Limited is |
During the previous year (2020) a loan made to Tallulah Love Limited was converted in to Ordinary shares, in accordance with the terms of the loan. On coversion Tallulah Love Limited became a subsidiary of the company. |
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Current financial assets |
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Cost or valuation |
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At 1 April 2020 |
142,347 |
142,347 |
Fair value adjustments |
66,782 |
66,782 |
Additions |
15,988 |
15,988 |
At 31 March 2021 |
225,117 |
225,117 |
Carrying amount |
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At 31 March 2021 |
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225,117 |
Debtors |
2021 |
2020 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Less non-current portion |
( |
( |
Total current trade and other debtors |
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Details of non-current trade and other debtors
£80,059 (2020 -£80,059) of a Loan to a subsidiary is classified as non current.
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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- |
Trade creditors |
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Taxation and social security |
- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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- |
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
2021 |
2020 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
- |
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1,380 |
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1,380 |
Bonds Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The company has recieved a loan advance under the Goverment backed Bounce Back Loan Scheme
(BBLS). The loan is repayable over 6 years with an annual fixed interest rate of 2.5%. The first 12
months of interest are covered by the Government's Business Interuption Payment (BIP). Loan
repayments commence 13 months after the date the advance was received. £1,667 is due after more
than five years in respect of this loan.
Related party transactions |
Transactions with directors |
2021 |
At 1 April 2020 |
Repayments by director |
At 31 March 2021 |
Mr Paul Duncan |
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Loan |
16,406 |
( |
- |
2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
Interest |
At 31 March 2020 |
Mr Paul Duncan |
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Loan |
42,404 |
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( |
557 |
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