Bighead Bonding Fasteners Limited - Accounts to registrar (filleted) - small 23.2.5
Bighead Bonding Fasteners Limited - Accounts to registrar (filleted) - small 23.2.5
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2023 |
| FOR |
| BIGHEAD BONDING FASTENERS LIMITED |
| BIGHEAD BONDING FASTENERS LIMITED (REGISTERED NUMBER: 00722335) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BIGHEAD BONDING FASTENERS LIMITED |
| COMPANY INFORMATION |
| For The Year Ended 31 December 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| BIGHEAD BONDING FASTENERS LIMITED (REGISTERED NUMBER: 00722335) |
| BALANCE SHEET |
| 31 December 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| BIGHEAD BONDING FASTENERS LIMITED (REGISTERED NUMBER: 00722335) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 December 2023 |
| 1. | STATUTORY INFORMATION |
| Bighead Bonding Fasteners Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts invoiced for goods, net of VAT and trade discounts. |
| Patents |
| Patents have been amortised over a period of 10 years. An annual impairment review of the carrying value was undertaken at the end of the financial period and it has been concluded that the patents should be fully impaired as they no longer have a useful economic life. |
| Tangible fixed assets |
| Improvements to leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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. |
| 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 |
| 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 |
| BIGHEAD BONDING FASTENERS LIMITED (REGISTERED NUMBER: 00722335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2023 |
| 4. | INTANGIBLE FIXED ASSETS |
| Patents |
| £ |
| COST |
| At 1 January 2023 |
| and 31 December 2023 |
| AMORTISATION |
| At 1 January 2023 |
| and 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Computer |
| leasehold | machinery | fittings | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2023 |
| DEPRECIATION |
| At 1 January 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 December 2023 |
| NET BOOK VALUE |
| At 31 December 2023 |
| At 31 December 2022 |
| 6. | STOCKS |
| 2023 | 2022 |
| £ | £ |
| Raw materials, finished goods and work-in-progress |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| BIGHEAD BONDING FASTENERS LIMITED (REGISTERED NUMBER: 00722335) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 December 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 1,502 | 1,502 |
| Founder | £0.05 | 250 | 250 |
| 1,752 | 1,752 |
| 10. | CONTINGENT LIABILITIES |
| The company has provided cross-guarantees, for which security has been given, in respect of borrowings by Bighead Fasteners Limited, the ultimate parent company. At 31 December 2023 the borrowings of related group undertakings, including accrued interest, amounted to £5,188,784 (2022 : £5,188,784). |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The total commitments, guarantees and contingencies amount to £885,017 (2022: £157,821) |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Interest at 3.75% has been charged on the loan. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Bighead Fasteners Limited. No one party exerts significant influence over the operations of Bighead Fasteners Limited, thus there is no ultimate controlling party for the group. |