Company registration number 07594061 (England and Wales)
BIZZDESIGN UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BIZZDESIGN UK LTD
COMPANY INFORMATION
Directors
B Van Der Zwan
(Appointed 5 April 2023)
BiZZdesign B.V.
Company number
07594061
Registered office
52 Grosvenor Gardens
London
United Kingdom
SW1W 0AU
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
BIZZDESIGN UK LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
BIZZDESIGN UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
16,033
8,387
Current assets
Debtors
5
2,257,005
1,726,423
Cash at bank and in hand
360,143
321,578
2,617,148
2,048,001
Creditors: amounts falling due within one year
6
(2,258,910)
(1,741,257)
Net current assets
358,238
306,744
Total assets less current liabilities
374,271
315,131
Creditors: amounts falling due after more than one year
7
-
0
(38,377)
Provisions for liabilities
(4,008)
9,321
Net assets
370,263
286,075
Capital and reserves
Called up share capital
83
83
Profit and loss reserves
8
370,180
285,992
Total equity
370,263
286,075

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
B Van Der Zwan
Director
Company Registration No. 07594061
BIZZDESIGN UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2021:
Balance at 1 January 2021
83
-
223,844
223,927
Effect of restatement of Share Based Payment
-
-
0
2,501
2,501
As restated
83
-
0
226,345
226,428
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
59,647
59,647
Capital effect of Share Based Payment
-
35,897
-
35,897
Other movements
-
(35,897)
-
(35,897)
Balance at 31 December 2021
83
-
0
285,992
286,075
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
84,188
84,188
Capital effect of Share Based Payment
-
281,663
-
281,663
Other movements
-
(281,663)
-
(281,663)
Balance at 31 December 2022
83
-
0
370,180
370,263
BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

BiZZdesign UK Ltd (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is 52 Grosvenor Gardens, London, United Kingdom, SW1W 0AU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Revenue from training fees is recognised when the training takes place. Revenue from support and licence fees is proportioned and is recognised on a straight line basis over the term of the applicable licence.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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 in 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 the 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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured amortised cost using the effective interest method less any impairment.

1.10

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
13
9
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
14,511
Additions
14,424
At 31 December 2022
28,935
Depreciation and impairment
At 1 January 2022
6,124
Depreciation charged in the year
6,778
At 31 December 2022
12,902
Carrying amount
At 31 December 2022
16,033
At 31 December 2021
8,387
BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
468,426
542,494
Amounts owed by group undertakings
195,345
142,977
Other debtors
1,593,234
1,002,575
2,257,005
1,688,046
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
-
0
38,377
Total debtors
2,257,005
1,726,423
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
20,288
1,203
Amounts owed to group undertakings
205,661
438,161
Corporation tax
21,138
13,441
Other taxation and social security
153,354
117,560
Other creditors
1,858,469
1,170,892
2,258,910
1,741,257

Included in other creditors is an amount of £Nil (2021: £330) payable in respect of outstanding pension contributions.

7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
-
0
38,377
BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Profit and loss reserves
2022
2021
as restated
£
£
At the beginning of the year
276,671
223,844
Prior year adjustment
9,321
2,501
As restated
285,992
226,345
Profit for the year
84,188
59,647
At the end of the year
370,180
285,992
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Daniel Graves BA(Hons) FCA and the auditor was Azets Audit Services.
10
Related party transactions

BiZZdesign Group Holding B.V. prepares group financial statements and copies can be obtained from Capitool 15, 7521 Pl Enschede, Netherlands. Accordingly, the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.

 

The balances due from and to group undertakings are disclosed in notes 5 and 6.

11
Parent undertaking

The ultimate controlling party is H C Zwemstra.

 

BiZZdesign Group Holding B.V. (incorporated in The Netherlands) is the ultimate parent company and prepares consolidated accounts. The accounts are available at the Chamber of Commerce in The Netherlands. The registered office of BiZZdesign Group Holding B.V. is Capitool 15, 7521 Pl Enschede, Netherlands.

12
Prior period adjustment

A member of the BiZZdesign B.V. group management team entered into a Share Appreciation Rights agreement in 2018. This individual is also an employee of BiZZdesign UK Ltd. As such an amount based on the proportion of services by this individual provided to the UK in each year from commencement of the agreement should have been reflected as a Share Based Payment. In addition, the deferred tax effect of this transaction should have been reflected. As the effect of this transaction is material the financial statements, a prior year adjustment has been made to reflect the Share Based Payment relating to prior periods.

 

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in equity
1 January
31 December
2021
2021
£
£
Adjustments to prior year
Deferred tax effect on share based payment
-
9,321
Equity as previously reported
223,927
276,754
Equity as adjusted
223,927
286,075
Analysis of the effect upon equity
Profit and loss reserves
-
9,321
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Deferred tax effect on share based payment
6,820
Profit as previously reported
52,827
Profit as adjusted
59,647
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