REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BONNINGTON BLOOMSBURY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
BONNINGTON BLOOMSBURY LIMITED |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BONNINGTON BLOOMSBURY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Railview Lofts |
19c Commercial Road |
Eastbourne |
East Sussex |
BN21 3XE |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Bonnington Bloomsbury Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions for "Small Entities" under Section 1A Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on the basis that the company will continue to undertake activity for the foreseeable future. |
Tangible fixed assets |
Land and buildings have been fully depreciated as the assets have no value in use and are not believed to have a resale value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Functional currency |
The company's functional currency as defined by section 30 Financial Reporting Standard 102 is sterling. |
Going concern |
The company has been unable to attract a replacement tenant for the leasehold property. Due to the current economic climate, combined with damage caused to the property as a result of occupation by squatters, this may remain the case for somewhile. |
The company still remains liable for the rent and insurance payable to the freeholder. The rent increased during the year. In addition, the cost base is higher than would be expected as the company is responsible for overheads which would usually have been borne by a tenant and for providing security for the empty property. The company also incurred significant extra costs in the year in connection with damage caused to the property, however these costs are expected to be recovered through an insurance claim. |
The holding company, Bonnington Group Ltd, has provided a guarantee to the freeholder for the rents due under under the lease. In the past the holding company has provided financial support to the company to cover past trading losses in addition to the acquisition of the lease and fixtures & fittings. At the end of the year, the company owed Bonnington Group Ltd £2,013,906. |
The accounts have been drawn up on a going concern basis assuming that a suitable financial arrangement with the freeholder can be achieved coupled with the ongoing support from the holding company. Should the outcome of the negotiations with the freeholder not be successful or the support from the holding company not continue then adjustments would be required to restate assets to their recoverable amounts and provide for the costs associated with potential insolvency. |
Financial instruments |
The company's principal financial instruments comprise bank balances, trade debtors, trade creditors, and loans to/ from other group companies. The main purpose of these instruments is to finance the company's operations. |
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned is shown below. |
Trade debtors are managed in respect of credit and cash flow risk by policies determining the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
In respect of loans between group companies, these are interest free and have no fixed repayment terms. The directors are aware of each group company's required finance and have determined that these will only be repaid, in whole or in part, when funding is available. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Short |
leasehold |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
BONNINGTON BLOOMSBURY LIMITED (REGISTERED NUMBER: 05888214) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | LEASING AGREEMENTS - continued |
The above lease is guaranteed by the parent company Bonnington Group Limited. The lease ends on the 6th September 2031. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary shares | £1 | 1 | 1 |
9. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under paragraph 33.1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between two or more members of a group as any subsidiary party to related party transactions are wholly owned by such member. |
The company is a wholly owned subsidiary of Bonnington Group Ltd. |
10. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party is the company's director J J McGettigan by virtue of his majority shareholding in the company's ultimate parent company. |
11. | CONSOLIDATED FINANCIAL STATEMENTS |
The company is a wholly owned subsidiary of Bonnington Group Limited and of its ultimate parent, McGettigan Ltd. Bonnington Group Ltd is exempt by virtue of section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. Copies of the financial statements for Bonnington Group Limited can be obtained from Companies House in the United Kingdom and for McGettigan Ltd from Companies Registration Office in Ireland. |
12. | CONTINGENT ASSET |
During the year the company's leasehold property incurred significant damage and as a result was not available for occupation. An estimated £195,000 of costs incurred during the period in relation to the damage are expected to be recovered through an insurance claim which is in progress. In addition, the company expects to recover rent costs incurred during the period when the property could not be occupied of an estimated £125,000. |