Buywise Domestics Limited - Period Ending 2022-04-30
Buywise Domestics Limited - Period Ending 2022-04-30
Registration number:
Buywise Domestics Limited
for the Year Ended 30 April 2022
Buywise Domestics Limited
(Registration number: 06495178)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
136,621 |
122,194 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
702,355 |
632,333 |
|
Shareholders' funds |
702,455 |
632,433 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Buywise Domestics Limited
(Registration number: 06495178)
Balance Sheet as at 30 April 2022 (continued)
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
|
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Group accounts not prepared
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Income received in advance of the supply of goods is deferred and carried forward as part of creditors due within one year.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Tax
The tax expense for the period comprises current and 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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Plant and machinery |
15% straight line |
Fixtures, fittings and equipment |
25% straight line |
Motor vehicles |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
Investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. Other investments are valued at fair value and the gain or loss on this investment is recognised in the profit and loss account.
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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 initially at the transaction price.
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
|
Cost or valuation |
|
At 1 May 2021 |
|
At 30 April 2022 |
|
Amortisation |
|
At 1 May 2021 |
|
At 30 April 2022 |
|
Carrying amount |
|
At 30 April 2022 |
- |
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 May 2021 |
|
|
|
|
Disposals |
- |
- |
( |
( |
At 30 April 2022 |
|
|
|
|
Depreciation |
||||
At 1 May 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 April 2022 |
|
|
|
|
Carrying amount |
||||
At 30 April 2022 |
|
|
|
|
At 30 April 2021 |
|
|
|
|
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 May 2021 |
|
Carrying amount |
|
At 30 April 2022 |
|
At 30 April 2021 |
|
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
|
Non-current financial assets |
|
Cost or valuation |
|
At 1 May 2021 |
122,194 |
Fair value adjustments |
14,427 |
At 30 April 2022 |
136,621 |
Carrying amount |
|
At 30 April 2022 |
|
Stocks |
2022 |
2021 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Whilst the bank overdraft has not been renewed, there remains a fixed and floating charge over the assets of the company in favour of Lloyds Bank Plc, together with a personal guarantee by the directors.
Loans and borrowings included £100,000 owing in respect of a bank loan under the Coronavirus Business Interruption Loan Scheme (CBILS). This loan was repaid during the year to 30 April 2022.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Buywise Domestics Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022 (continued)
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
Hire purchase contracts |
- |
|
- |
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is £130,000 (2021 - £150,000). The company acts a guarantor for its subsidiary's rent.
Related party transactions |
The company has taken advantage of the exemption under FRS 102.33.1A. and has not provided details of transactions with its wholly owned subsidiary.