Boomerang Ed Limited
Boomerang Ed Limited
Registered number: 04526847
Unaudited Financial Statements
For The Year Ended
31 December 2021
Jupp Castle Limited
ACCA
5 Taplins Court
Taplins Farm Lane Hartley Wintney
Hook
Hampshire
RG27 8XU
Boomerang Ed Limited
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—6 |
Boomerang Ed Limited
Statement of Financial Position
As at
31 December 2021
Statement of Financial Position
Registered number:
04526847
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 207,150 | 89,630 | |||
Boomerang Ed Limited
Statement of Financial Position (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Boomerang Ed Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Sale of goods
Turnover from the sale of the manufacture and provision of educational diaries is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are computer software. It is amortised to income statement over its estimated economic life of not more than 10 years.
1.5.
Research and Development
Expenditure on research and development is written off in the year it is incurred.
1.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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Other assets are depreciated over 20% straight line
1.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. At each balance sheet date stocks are assessed for impairment and if any adjustments are necessary these are recognised immediately in the Statement of Income and Retained Earnings.
1.8.
Financial Instruments
Financial instruments are measured at transaction price less any impairment.
Boomerang Ed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
1.9.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.10.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.11.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 11 (2020: 11)
3.
Intangible Assets
| Goodwill | Computer software | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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Boomerang Ed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
4.
Tangible Assets
| Plant & Machinery | |
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| Cost | |
| As at
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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5.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock - finished goods |
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6.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Deferred tax current asset | - | 5,438 | |
| Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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Boomerang Ed Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
9.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
Boomerang Media Group Limited
.
Boomerang Media Group Limited
was incorporated in England and Wales. Copies of the group accounts may be obtained from the secretary,
The Manor House, Manor Park, Aldershot Gu12 4JU
. The ultimate controlling party is
G R Smith
who controls 65.2% of the shares of
Boomerang Ed Limited
.
10.
General Information
Boomerang Ed Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04526847
. The registered office is The Manor House, Manor Park, Aldershot, GU12 4JU.