Banbury Postiche Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00972488 (England and Wales)

Banbury Postiche Ltd

Financial Statements

for the Year Ended

31 December 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Nicholas Christopher Allen

Roy James Henderson

SECRETARY:

Roy James Henderson

REGISTERED OFFICE:

Unit 10-14, Apollo Park

Ironstone Lane

Wroxton

Banbury,

Oxfordshire

OX15 6FE

REGISTERED NUMBER:

00972488 (England and Wales)

SENIOR STATUTORY AUDITOR:

Geoffrey Gilbert FCA

AUDITORS:

Moffat Gilbert

5 Clarendon Place

Leamington Spa

Warwickshire

CV32 5QL

FIXED ASSETS

Intangible assets

4

754

874

Tangible assets

5

181,325

85,951

182,079

86,825

CURRENT ASSETS

Stocks

635,139

601,287

Debtors

6

181,779

137,145

Cash at bank and in hand

118,370

277,953

935,288

1,016,385

CREDITORS

Amounts falling due within one year

7

547,823

595,708

NET CURRENT ASSETS

387,465

420,677

TOTAL ASSETS LESS CURRENT LIABILITIES

569,544

507,502

CREDITORS

Amounts falling due after more than one year

8

(121,439

)

(66,499

)

PROVISIONS FOR LIABILITIES

(33,772

)

(15,502

)

NET ASSETS

414,333

425,501

CAPITAL AND RESERVES

Called up share capital

10

217,000

217,000

Other reserves

11

72,883

72,883

Retained earnings

11

124,450

135,618

SHAREHOLDERS' FUNDS

414,333

425,501

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 9 September 2022 and were signed on its behalf by:

Roy James Henderson - Director

Nicholas Christopher Allen - Director

1.	STATUTORY INFORMATION

Banbury Postiche Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The parent company of Banbury Postiche Limited is BAHN Investments Limited a private company incorporated in England.The registered office is at Unit 10-14 Apollo Park, Ironstones Lane, Wroxton, Banbury, Oxfordshire OX15 6FE

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised once substantially all the risks and rewards of ownership have passed to the customer. For the majority of sales, which relates to sale of stock items, this is when the order is despatched with the sales invoice. For bespoke wigs it is when the item is completed and the customer has approved the item. Any wigs in progress at the year end are included in work in progress.

Intangible assets

Intangible assets are capitalised in the balance sheet and amortisation is charged on a straight line basis in order to write off the cost over their estimated useful life. The rate used is 10% on cost

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Office equipment

-

25% on cost

Motor vehicles

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

and 31 December 2021

7,858

AMORTISATION

At 1 January 2021

6,984

Charge for year

120

At 31 December 2021

7,104

NET BOOK VALUE

At 31 December 2021

754

At 31 December 2020

874

The estimated useful life is 10 years, hence 10% on cost is charged annually.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

269,100

Additions

132,019

At 31 December 2021

401,119

DEPRECIATION

At 1 January 2021

183,149

Charge for year

36,645

At 31 December 2021

219,794

NET BOOK VALUE

At 31 December 2021

181,325

At 31 December 2020

85,951

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

Additions

123,280

At 31 December 2021

123,280

DEPRECIATION

Charge for year

10,787

At 31 December 2021

10,787

NET BOOK VALUE

At 31 December 2021

112,493

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

144,718

111,792

Other debtors

1,420

10,367

Deposits on intangible fixed

assets

11,570

-

Prepayments

24,071

14,986

181,779

137,145

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

20,000

3,500

Trade creditors

171,708

173,923

Amounts owed to group undertakings

241,607

268,935

Tax

1,152

22,738

Social security and other taxes

57,432

91,291

Other creditors

2,629

1,011

Hire purchase

19,489

-

Accrued expenses

33,806

34,310

547,823

595,708

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 1-2 years

20,000

14,000

Bank loans - 2-5 years

25,000

42,000

Bank loans more 5 yr by instal

-

10,499

Hire purchase

76,439

-

121,439

66,499

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

10,499

9.	LEASING AGREEMENTS

The amount payable under non-cancellable operating leases within one year is £3,737 (2020 £2,890) and between one and five years is £4,695 (2020 £485).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

217,000

Ordinary

£1

217,000

217,000

11.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2021

135,618

72,883

208,501

Profit for the year

92,832

92,832

Dividends

(104,000

)

(104,000

)

At 31 December 2021

124,450

72,883

197,333

Other reserves of £72,883 shown above are non distributable.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Geoffrey Gilbert FCA (Senior Statutory Auditor)

for and on behalf of Moffat Gilbert

13.	CAPITAL COMMITMENTS

Prior to the year end the company had commited expenditure amounting to £25,000 in relation to the granting of trademark applications.

14.	RELATED PARTY DISCLOSURES

Transactions between related parties are at market value and although not required to be disclosed are shown here for completeness.

The company paid management charges to its parent undertaking during the year of £40,000 and rent for business premises of £50,000 . The amount owed by the company to BAHN Investments Limited at the year end amounted to £241,607. Dividends of £104,000 were paid to the parent undertaking BAHN Investments Limited during the year.

15.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements and to provide tax advice and to represent us, if necessary, at tax tribunals.

16.	ULTIMATE CONTROLLING PARTY

The directors Nicholas Christopher Allen and Roy James Henderson are regarded as the joint ultimate controlling parties by virtue of their shareholdings in the ultimate parent company.

17.	SECURED CREDITORS

The NatWest Bank Plc holds a mortgage debenture dated 13/07/99 incorporating a fixed and floating charge over all assets of the company. A guarantee dated 29/11/2018 for £715,000 has been given on behalf of the parent company.