Bonefish Capital Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08513050 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

FOR

BONEFISH CAPITAL LTD

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Investment property

4

1,773,591

1,773,591

Current assets

Debtors

5

2,172

14,617

Cash at bank

20,464

767

22,636

15,384

Creditors

Amounts falling due within one year

6

1,118,225

1,073,984

Net current liabilities

(1,095,589

)

(1,058,600

)

Total assets less current liabilities

678,002

714,991

Creditors

Amounts falling due after more than one year

7

534,438

567,161

Net assets

143,564

147,830

Capital and reserves

Called up share capital

9

1

1

Retained earnings

143,563

147,829

Shareholders' funds

143,564

147,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 19 May 2022 and were signed on its behalf by:

Mr N A Holtby - Director

Mrs J Holtby - Director

1.	Statutory information

Bonefish Capital Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08513050. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Culeaze House, Bere Regis, Wareham, Dorset, BH20 7NR.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents rents receivable. Rental income is recognised on a straight line basis over the term of the lease.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Gains are recognised in the statement of comprehensive income. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 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.

Financial instruments

Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its parent comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

3.	Employees and directors

The average number of employees during the year was 2 (2020 - 2 ) .

4.	Investment property

Total

£

Fair value

At 1 June 2020

and 31 May 2021

1,773,591

Net book value

At 31 May 2021

1,773,591

At 31 May 2020

1,773,591

Investment property was valued by the directors on an open market basis on 31 May 2021.

It was confirmed by the directors that the fair value of the investment property remained the same as its cost on this date.

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Other debtors

-

12,476

Tax

2,172

2,141

2,172

14,617

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Bank loans and overdrafts

33,944

27,556

Trade creditors

7,182

3,490

Amounts owed to group undertakings

36,000

32,000

Directors' current accounts

1,032,205

1,007,758

Accruals and deferred income

5,750

-

Accrued expenses

3,144

3,180

1,118,225

1,073,984

7.

Creditors: amounts falling due after more than one year

2021

2020

£

£

Bank loans - 1-5 years

34,944

28,056

Bank loans - 2-5 years

110,832

87,167

Bank loans - over 5 years

388,662

451,938

534,438

567,161

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

388,662

451,938

8.	Secured debts

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

568,382

594,717

The bank loan is secured by way of a fixed and floating charge in favour of The Royal Bank of Scotland, over the company assets and legal charges over the freehold of St Thomas Vicarage, 21 Bolton Road, Salford.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1

Ordinary

£1

1

1

10.	Contingent assets

The company has commenced legal action against the former managing agents of the property owned by the company in relation to the recovery of rents not received.

The outcome of this action cannot be ascertained as certain at this time but would equal £70,269 if recovered.

11.	Ultimate controlling party

The company is controlled by its directors who between them own 100% of the voting share capital in the ultimate parent company, Bonefish Capital Holdings Limited.