ACCOUNTS - Final Accounts

THE BIGLITTLE CO. LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-10-312022-10-31No description of principal activitytrue1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2021-11-01false1true 07819834 2021-11-01 2022-10-31 07819834 2020-11-01 2021-10-31 07819834 2022-10-31 07819834 2021-10-31 07819834 c:Director1 2021-11-01 2022-10-31 07819834 d:FurnitureFittings 2021-11-01 2022-10-31 07819834 d:FurnitureFittings 2022-10-31 07819834 d:FurnitureFittings 2021-10-31 07819834 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-11-01 2022-10-31 07819834 d:CurrentFinancialInstruments 2022-10-31 07819834 d:CurrentFinancialInstruments 2021-10-31 07819834 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 07819834 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 07819834 d:ShareCapital 2022-10-31 07819834 d:ShareCapital 2021-10-31 07819834 d:RetainedEarningsAccumulatedLosses 2022-10-31 07819834 d:RetainedEarningsAccumulatedLosses 2021-10-31 07819834 c:OrdinaryShareClass1 2021-11-01 2022-10-31 07819834 c:OrdinaryShareClass1 2022-10-31 07819834 c:OrdinaryShareClass1 2021-10-31 07819834 c:FRS102 2021-11-01 2022-10-31 07819834 c:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 07819834 c:FullAccounts 2021-11-01 2022-10-31 07819834 c:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07819834

THE BIGLITTLE CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

REGISTERED NUMBER:07819834

THE BIGLITTLE CO. LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		4,010		2,925
			4,010		2,925
Current assets
Stocks		1,667,524		1,300,288
Cash at bank and in hand		2,986		2,593
		1,670,510		1,302,881
Creditors: amounts falling due within one year	5	(1,730,256)		(1,361,608)
Net current liabilities			(59,746)		(58,727)
Total assets less current liabilities			(55,736)		(55,802)

Net liabilities			(55,736)		(55,802)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(55,738)	(55,804)
Total shareholders' deficit	(55,736)	(55,802)

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P D Ryb

Director

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REGISTERED NUMBER:07819834

THE BIGLITTLE CO. LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2022

Date: 28 July 2023

The notes on pages 3 to 7 form part of these financial statements.

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THE BIGLITTLE CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

1.	General information

The BigLittle Co Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that
the company has a deficiency on total equity at the end of the year. The directors consider this basis
to be appropriate as the company has sufficient facilities available from its shareholders to fund its
working capital requirements for a period of at least twelve months from the date these financial
statements were approved.

2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical 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.

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THE BIGLITTLE CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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.

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. On initial recognition the financial liability component is recorded at its fair value. The fair value of the liability component is estimated using the prevailing market interest rate for a similar instrument without equity features. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised in equity and not subsequently remeasured.

The company’s policies for its major classes of financial assets and financial liabilities are set out below.

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THE BIGLITTLE CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price, which excludes transaction costs for those financial assets that are subsequently measured at fair value through profit and loss.
Such financial assets are subsequently measured at fair value through profit or loss, where they are publicly traded, or fair value can be measured reliably, for example by using a valuation technique. Where fair value cannot be measured reliably, the financial asset is measured at cost less impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Derivative contracts
Derivatives contracts, including interest rate swaps and foreign exchange forward contracts, are not basic financial instruments.
Derivatives contracts are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in interest payable and similar expenses or interest receivable and similar income as appropriate.

Derivative contracts
The company enters into floating to fixed interest rate swaps to manage its exposure to cash flow risk on its variable rate debt instruments. These derivatives are measured at fair value at each reporting date. To the extent the hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffectiveness is recognised in the profit and loss account for the year within interest payable and similar expenses.

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THE BIGLITTLE CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

2.Accounting policies (continued)

Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

If a transfer does not result in derecognition because the company has retained significant risks and rewards of ownership of the transferred asset, the company continues to recognise the transferred asset in its entirety and recognises a financial liability for the consideration received. The asset and liability are not offset. In subsequent periods, the company recognises any income on the transferred asset and any expense incurred on the financial liability.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

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THE BIGLITTLE CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost
	At 1 November 2021	24,535
	Additions	1,897
	At 31 October 2022	26,432
	Depreciation
	At 1 November 2021	21,610
	Charge for the year	812
	At 31 October 2022	22,422
	Net book value
	At 31 October 2022	4,010
	At 31 October 2021	2,925

5.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Other creditors	1,723,336	1,354,688
Accruals and deferred income	6,920	6,920
	1,730,256	1,361,608

6.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

2 (2021 - 2) Ordinary shares of £1.00 each	2	2

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