Registration number:
BoutiQi Bags Limited
for the Year Ended 31 August 2019
BoutiQi Bags Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
BoutiQi Bags Limited
(Registration number: 10181844)
Balance Sheet as at 31 August 2019
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2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
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Page 1 |
BoutiQi Bags Limited
(Registration number: 10181844)
Balance Sheet as at 31 August 2019
For the financial year ending 31 August 2019 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.
Approved and authorised by the
Director
Page 2 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company had net current liabilities of £16,248 (2018: £13,401) and retained losses of £14,462 (2018: £10,884). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.
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 of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 3 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 accounts. Deferred tax is provided in full on timing differences that 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Office equipment |
25% straight line |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
33% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Trade debtors are recognised at the transaction price.
Stocks
Stock is valued at the lower of cost and net realisable value.
Page 4 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
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.
Trade creditors are recognised at the transaction price.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 September 2018 |
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At 31 August 2019 |
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Amortisation |
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At 1 September 2018 |
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Amortisation charge |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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Depreciation |
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At 1 September 2018 |
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Charge for the year |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Page 6 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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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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Accruals and deferred income |
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Other creditors |
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Page 7 |
BoutiQi Bags Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Bank borrowings
The carrying amount of the PayPal loan at the year-end is £4,776 (2018 - £3,690).
PayPal have the right to collect any prospective payments which are processed through PayPal.
Related party transactions |
Other transactions with directors |
At the balance sheet date, the company owed £87,249 (2018: £103,221) to the director, Ms Q Zhan. The loan was provided interest-free with no formal terms of repayment.
Controlling party |
The ultimate controlling party is
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