REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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BAMBOO PANDA LTD |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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BAMBOO PANDA LTD |
BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BAMBOO PANDA LTD |
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Company Information |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
6-8 Bath Street |
Bristol |
BS1 6HL |
BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Balance Sheet |
31 OCTOBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Balance Sheet - continued |
31 OCTOBER 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
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The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on
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BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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1. | COMPANY INFORMATION |
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Bamboo Panda Ltd is a
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The principal activity of the company in the period under review was that of fund management. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006. |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. |
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Going concern |
The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Fixed asset investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
Other |
investments |
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COST OR VALUATION |
At 1 November 2019 |
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Additions |
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Disposals | ( |
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Revaluations |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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4. | FIXED ASSET INVESTMENTS - continued |
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Cost or valuation at 31 October 2020 is represented by: |
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Other |
investments |
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Valuation in 2017 | 273,611 |
Valuation in 2018 | 54,832 |
Valuation in 2019 | 23,302 |
Valuation in 2019 | 119,071 |
Valuation in 2020 | 154,289 |
Cost | 5,897,879 |
6,522,984 |
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Fixed asset investments were valued on an open market basis on 31 October 2020 by the portfolio management companies. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Directors' current accounts | 5,712,014 | 4,570,618 |
Accruals and deferred income |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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The loan is secured over the company's fixed asset investments. |
BAMBOO PANDA LTD (REGISTERED NUMBER: 09578749) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 OCTOBER 2020 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1.00 | 100 | 100 |
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9. | RELATED PARTY DISCLOSURES |
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P J Medlock is a director of the company. During the year, the director advanced a loan of £1,141,396 to the company. At the year end the company owed P J Medlock £5,712,014 (2019: £4,570,618).The loan is interest free and has no set date of repayment. |