Bonas & Company Limited - Accounts to registrar (filleted) - small 22.3
Bonas & Company Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 7 APRIL 2022 |
| FOR |
| BONAS & COMPANY LIMITED |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 7 April 2022 |
| Page |
| Company Information | 1 |
| Abridged Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| BONAS & COMPANY LIMITED |
| COMPANY INFORMATION |
| for the year ended 7 April 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 88 Crawford Street |
| London |
| W1H 2EJ |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| ABRIDGED STATEMENT OF FINANCIAL POSITION |
| 7 April 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Investments |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Other reserves |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 7 April 2022 |
| 1. | STATUTORY INFORMATION |
| Bonas & Company Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in UK Pound Sterling, which is functional currency of the company. |
| Turnover |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover includes commission income from diamond brokerage and consultancy fees. Commission income is recognised on third party assumption of responsibility of the goods and consultancy fee income is recognised in the period in which the services are provided. |
| Other income includes office rent contributions and management fees. Office rent contributions is recognised in the period that it relates to and management fees is recognised in the period in which the services are provided. |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, over their expected useful lives as follows: |
| Motor vehicles, fixture and fittings, and computer equipment between 20% and 25% straight line. |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the income statement. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Investments in unlisted Company shares, whose market value can be reliably determined, are re-measured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
| Investments in listed Company shares are measured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in the Income statement for the period. |
| Stocks |
| Stocks represents precious stones and have been valued at cost and at each balance sheet date are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment is recognised immediately in the profit and loss account. |
| Financial instruments |
| Financial assets and liabilities are recognised on the balance sheet when the company becomes party to the contractual provisions of the instrument. Financial instruments are initially recognised at fair value on the date a contract is entered into and are subsequently re-measured at their fair value. |
| Changes in the fair value of financial instruments that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that is attributable to the hedged risk. |
| The company has entered into forward foreign exchange contracts that are fair value hedges for foreign currency denominated receivables and payables. |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 7 April 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
| Pension costs and employee benefits |
| The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans. |
| Short term benefits: |
| Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received. |
| Annual bonus plans: |
| The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made. This can include discretionary bonuses which have been approved at the year end. |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in the Income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
| The Company is a member of a multi-employer plan and pays contributions into "Bonas and Company Limited" Retirement Benefits Scheme, a defined benefit group scheme for employees of three associated companies. The company is unable to identify its shares of the underlying assets and liabilities of this scheme and hence accounts for pension costs in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard in the United Kingdom and the Republic of Ireland" as if they were a defined contribution scheme. |
| Comparatives |
| Where the presentation of figures has been amended in the current year, the comparative figures have been amended accordingly. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 7 April 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 8 April 2021 |
| Disposals | ( |
) |
| At 7 April 2022 |
| DEPRECIATION |
| At 8 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 7 April 2022 |
| NET BOOK VALUE |
| At 7 April 2022 |
| At 7 April 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 8 April 2021 |
| and 7 April 2022 | 476,181 |
| NET BOOK VALUE |
| At 7 April 2022 | 476,181 |
| At 7 April 2021 | 476,181 |
| 6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Other debtors |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 7 April 2022 and 7 April 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest was charged on the loan at the rate of 2.50% per annum. |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose transactions with fellow group undertakings on the grounds that it is a wholly owned subsidiary of Bonas Family Holdings Limited, a company preparing consolidated accounts which are publicly available. |
| BONAS & COMPANY LIMITED (REGISTERED NUMBER: 00623528) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 7 April 2022 |
| 10. | ULTIMATE PARENT UNDERTAKING |
| As at 7 April 2022, the smallest and largest group of undertakings of which the company was a member and for which group accounts will be drawn up was that headed by the ultimate parent undertaking, Bonas Family Holdings Limited, a company registered in England and Wales. |
| 11. | SUBSIDIARY UNDERTAKINGS |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Country of | Class of | Group |
| registration/ | Nature of | share capital | Holding |
| operation | business | held | % |
| Bonas Marketing India Private Limited |
India | Consultancy services | Ordinary shares | 100 |
| Bonas Botswana Consulting (Pty) Limited |
Botswana | Administrative expenses | Ordinary shares | 99.99 |
| Plouton Limited | England and Wales |
Consultancy services | Ordinary shares | 50 |
| The aggregate of the share capital and reserves as at 7 April 2022 and of the profit and loss for the year ended on that date for the subsidiary undertakings were as follows: |
| Aggregate of share |
| capital and reserves | Profit/l(oss | ) |
| £ | £ |
| Bonas Marketing India Private Limited | 325,070 | 23,856 |
| Bonas Botswana Consulting (Pty) Limited | 305,883 | 30,941 |
| Plouton Limited | 5,306 | (885 | ) |