Company No:
Contents
DIRECTORS | P W Rogers |
B Rogers |
REGISTERED OFFICE | 1 Poultry C/O Praxis |
London | |
United Kingdom |
COMPANY NUMBER | 05569687 (England and Wales) |
ACCOUNTANT | Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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528,126 | 537,996 | |||
Current assets | ||||
Debtors | 6 | (
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Cash at bank and in hand | 7 |
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251,636 | 167,124 | |||
Creditors | ||||
Amounts falling due within one year | 8 | (
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Net current assets | 246,870 | 163,824 | ||
Total assets less current liabilities | 774,996 | 701,820 | ||
Provisions for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Bonafied Limited (registered number:
P W Rogers
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Bonafied Limited (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 1 Poultry C/O Praxis,, London, 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 Bonafied Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Computer equipment - 3 years
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2021 | 2020 | ||
£ | £ | ||
Current tax on profit/(loss) | |||
UK corporation tax |
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Total current tax |
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Deferred tax | |||
Origination and reversal of timing differences |
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Total deferred tax |
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Total tax on profit/(loss) |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2020 |
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Additions |
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Disposals | (
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At 31 March 2021 |
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Accumulated depreciation | |||
At 01 April 2020 |
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Charge for the financial year |
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Disposals | (
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At 31 March 2021 |
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Net book value | |||
At 31 March 2021 |
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At 31 March 2020 |
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Listed investments | Investments in associates | Total | |||
£ | £ | £ | |||
Carrying value before impairment | |||||
At 01 April 2020 |
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Additions |
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Disposals | (
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(
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Movement in fair value |
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Share of profit/(loss) |
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At 31 March 2021 |
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Provisions for impairment | |||||
At 01 April 2020 |
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At 31 March 2021 |
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Carrying value at 31 March 2021 |
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Carrying value at 31 March 2020 |
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2021 | 2020 | ||
£ | £ | ||
Other debtors | (
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2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
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2021 | 2020 | ||
£ | £ | ||
Other creditors |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 April 2020 |
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0 | |
Charged to the Statement of Income and Retained Earnings |
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451 | |
Movement from current assets | (
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( 203) | |
At 31 March 2021 |
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248 | |
Deferred tax
2021 | 2020 | ||
£ | £ | ||
Accelerated capital allowances |
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Provision for deferred tax |
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2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Dividends paid | 8,000 | 140,000 |
Advances
An advance for Loan to B Rogers was made to the directors on 31 March 2020 for £11,971 (at interest rate of 0.00%), the conditions are that the loan is interest free and repayable on demand. £11,971 has been repaid, £- has been written off, and £- has been waived.
The total liability incurred under advances is £132,964, the total amount repaid are £132,964, the total amounts written-off are £- and the total amounts waived are £-.