Company No: 05569687 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	P W Rogers
	B Rogers

REGISTERED OFFICE	1 Poultry C/O Praxis
	London
	United Kingdom

COMPANY NUMBER

05569687 (England and Wales)

ACCOUNTANT	Praxis
	1 Poultry
	London
	EC2R 8EJ
	United Kingdom

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	4	2,181		0
Investments	5	525,945		537,996
		528,126		537,996
Current assets
Debtors	6	( 157)		133,167
Cash at bank and in hand	7	251,793		33,957
		251,636		167,124
Creditors
Amounts falling due within one year	8	( 4,766)		( 3,300)
Net current assets		246,870		163,824
Total assets less current liabilities		774,996		701,820
Provisions for liabilities	9	( 248)		0
Net assets		774,748		701,820
Capital and reserves
Called-up share capital	10	100		100
Profit and loss account		774,648		701,720
Total shareholders' funds		774,748		701,820

For the financial year ending 31 March 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Bonafied Limited (registered number: 05569687) were approved and authorised for issue by the Board of Directors on 21 December 2021. They were signed on its behalf by:

P W Rogers Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Bonafied Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Poultry C/O Praxis,, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Bonafied Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. Deferred tax is provided in full on timing differences which 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.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Computer equipment - 3 years

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tax on profit/(loss)

	2021		2020
	£		£
Current tax on profit/(loss)
UK corporation tax	0		0
Total current tax	0		0
Deferred tax
Origination and reversal of timing differences	451		45
Total deferred tax	451		45
Total tax on profit/(loss)	451		45

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2020	29,500		29,500
Additions	2,243		2,243
Disposals	( 29,500)		( 29,500)
At 31 March 2021	2,243		2,243
Accumulated depreciation
At 01 April 2020	29,500		29,500
Charge for the financial year	62		62
Disposals	( 29,500)		( 29,500)
At 31 March 2021	62		62
Net book value
At 31 March 2021	2,181		2,181
At 31 March 2020	0		0

5. Fixed asset investments

	Listed investments		Investments in associates		Total
	£		£		£
Carrying value before impairment
At 01 April 2020	444,533		93,463		537,996
Additions	4,585		125,000		129,585
Disposals	( 200,000)		0		( 200,000)
Movement in fair value	74,561		0		74,561
Share of profit/(loss)	0		( 16,197)		( 16,197)
At 31 March 2021	323,679		202,266		525,945
Provisions for impairment
At 01 April 2020	0		0		0
At 31 March 2021	0		0		0
Carrying value at 31 March 2021	323,679		202,266		525,945
Carrying value at 31 March 2020	444,533		93,463		537,996

6. Debtors

	2021		2020
	£		£
Other debtors	( 157)		133,167

7. Cash and cash equivalents

	2021		2020
	£		£
Cash at bank and in hand	251,793		33,957

8. Creditors: amounts falling due within one year

	2021		2020
	£		£
Other creditors	4,766		3,300

9. Provision for liabilities

	Deferred taxation		Total
	£		£
At 01 April 2020	0		0
Charged to the Statement of Income and Retained Earnings	451		451
Movement from current assets	( 203)		( 203)
At 31 March 2021	248		248

Deferred tax

	2021		2020
	£		£
Accelerated capital allowances	248		0
Provision for deferred tax	248		0

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

11. Related party transactions

Transactions with the entity's directors

	2021		2020
	£		£
Dividends paid	8,000		140,000

Advances

An advance for Loan to P Rogers was made to the directors on 31 March 2020 for £120,993 (at interest rate of 0.00%), the conditions are that the loan is interest free and repayable on demand. £120,993 has been repaid, £- has been written off, and £- has been waived.

An advance for Loan to B Rogers was made to the directors on 31 March 2020 for £11,971 (at interest rate of 0.00%), the conditions are that the loan is interest free and repayable on demand. £11,971 has been repaid, £- has been written off, and £- has been waived.

The total liability incurred under advances is £132,964, the total amount repaid are £132,964, the total amounts written-off are £- and the total amounts waived are £-.