Registered number
07517383
BUSINESS CLOUD INTEGRATION LIMITED
Filleted Accounts
28 February 2023
BUSINESS CLOUD INTEGRATION LIMITED
Registered number: 07517383
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,148,263 793,528
Tangible assets 4 22,498 18,440
Investments 5 1 1
1,170,762 811,969
Current assets
Debtors 6 498,355 652,795
Cash at bank and in hand 595,756 427,295
1,094,111 1,080,090
Creditors: amounts falling due within one year 7 (310,935) (392,225)
Net current assets 783,176 687,865
Total assets less current liabilities 1,953,938 1,499,834
Creditors: amounts falling due after more than one year 8 (207,604) (151,974)
Net assets 1,746,334 1,347,860
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,746,234 1,347,760
Shareholders' funds 1,746,334 1,347,860
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S K Sumner
Director
Approved by the board on 26 October 2023
BUSINESS CLOUD INTEGRATION LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The disclosure requirements of section 1A of FRS102 have been appled other than where additional disclosure is required to show a true and fair view.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasilibilty can be demonstrated.
Intangible fixed assets other than goodwill
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Intangible assets acquired on business combinations are recognised seperately from goodwill at the acquisition date, where it is probable that expected future economic benefits that are attributable to the asset will flow to the entity, and the fair value of the asset can be measured reliably; the intangible asset arises from contractual legal rightss and the intangible asset is seperable from the entity.

Amortisation is recognised so as to write off the costs or valuation of assets less their residual values over their useful lives on the following bases:
Research & Development over 5 years
Cryptocurrency over 10 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 25% straight line
Computer equipment 33.33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investmenst with original maturities of three months or less, and bank overdrafts.
In the prior year the Directors determined that the company’s resources held in cryptocurrency should be treated as liquid resources in the Accounts, as this was the most appropriate basis for allowing the accounts to show a true and fair view, on the basis that the deposits in cryptocurrency represented temporary holdings of reserve funds.
The guidance issued in respect of the treatment of cryptocurrencies makes it clear that cryptocurrencies fail the international standards definition of cash and cash equivalents, partly because of the volatile nature of the holding. As the company continues to retain the cryptocurrency account the Directors confirm a change in accounting policy to present the cryptocurrency account as an Intangible Asset.
The Directors have considered restatement of the previous years accounts but have decided on the basis of materiality this is not required.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 16
3 Intangible fixed assets £
Cost
At 1 March 2022 1,322,634
Additions 735,530
Impairment losses (78,219)
At 28 February 2023 1,979,945
Amortisation
At 1 March 2022 529,106
Provided during the year 302,576
At 28 February 2023 831,682
Net book value
At 28 February 2023 1,148,263
At 28 February 2022 793,528
Intangible assets include capitalised Research & Development (R & D) costs and Cryptocurrency . The Cryptocurrency is measured under the cost model less impairment losses and amortisation.
The breakdown between R & D and Cryptocurrency is as follows:
R & D Crypto currency Total
Cost £ £ £
At 1 March 2022 1,322,634 - 1,322,634
Additions 398,134 337,396 735,530
Impairment losses - (78,219) (78,219)
At 28 February 2023 1,720,768 259,177 1,979,945
Amortisation
At 1 March 2022 529,106 - 529,106
Provided during the year 276,658 25,918 302,576
At 28 February 2023 805,764 25,918 831,682
Net book value
At 28 February 2023 915,004 233,259 1,148,263
At 28 February 2022 793,528 - 793,528
R & D expenditure is being written off in equal instalments over its estimated ecomomic life of 5 years.
The Directors are unable to assign a reliable useful economic life to the cryptocurrency and therefore the maximum amortisation period of 10 years is being applied.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 44,354
Additions 14,724
At 28 February 2023 59,078
Depreciation
At 1 March 2022 25,914
Charge for the year 10,666
At 28 February 2023 36,580
Net book value
At 28 February 2023 22,498
At 28 February 2022 18,440
5 Investments
Other
investments
£
Cost
At 1 March 2022 1
At 28 February 2023 1
6 Debtors 2023 2022
£ £
Trade debtors 148,278 161,490
Other debtors 350,077 491,305
498,355 652,795
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 82,250 80,360
Trade creditors 11,170 29,424
Taxation and social security costs 170,108 126,288
Other creditors 47,407 156,153
310,935 392,225
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 207,604 151,974
9 Pension commitments
The Company makes pension contributions to approved pension schemes. The total contributions made during the year amounted to £129,203 (£8,411 in the year to 28 February 2022).
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A B Sumner
Loan 241,387 - (149,857) 91,530
Mrs S K Sumner
Loan 241,387 - (149,857) 91,530
482,774 - (299,714) 183,060
11 Controlling party
Mr A Sumner and Mrs S Sumner, who are the Directors of the company, hold 100% of the share capital.
12 Other information
BUSINESS CLOUD INTEGRATION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
85 Great Portland Street
First Floor
London
W1W 7LT
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