Bod & Ted Limited - Period Ending 2022-06-30
Bod & Ted Limited - Period Ending 2022-06-30
Registration number:
Bod & Ted Limited
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Bod & Ted Limited
Statement of Financial Position as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Retained earnings |
67,137 |
13,157 |
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Shareholders' funds |
67,140 |
13,160 |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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Mrs S C Bland
Director
Company registration number: 06995045
Bod & Ted Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
The principal activity of the company is that of the online sale of ladies fashionwear.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 30 June 2022 and had net assets of £67,140 at that date including cash at bank of £108,671.
The company's revenues are generated from online sales and therefore the company has been able to continue trading successfully throughout the restrictions which were applied due to COVID-19.
On the basis of the above and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors have prepared the financial statements on the going concern basis.
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.
The company recognises revenue at the point of despatch to customers.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.
Bod & Ted Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Equipment |
25% straight line |
Website development |
over 5 years |
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.
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.
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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Bod & Ted Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets |
Furniture, fittings and equipment |
Website development |
Total |
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Cost or valuation |
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At 1 July 2021 |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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Charge for the year |
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- |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 30 June 2021 |
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Stocks |
2022 |
2021 |
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Stock |
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- |
Debtors |
2022 |
2021 |
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Trade debtors |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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