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Registration number: 11996267

Business Optimisation Support Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Business Optimisation Support Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Business Optimisation Support Services Limited

Company Information

Directors

Mr B S Quick

Mr P A Frankel

Mr R Theophanous

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Charterred Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Business Optimisation Support Services Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Business Optimisation Support Services Limited for the year ended 31 May 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Business Optimisation Support Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Business Optimisation Support Services Limited and state those matters that we have agreed to state to the Board of Directors of Business Optimisation Support Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Business Optimisation Support Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Business Optimisation Support Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Business Optimisation Support Services Limited. You consider that Business Optimisation Support Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Business Optimisation Support Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Charterred Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

6 March 2024

 

Business Optimisation Support Services Limited

(Registration number: 11996267)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,847

5,693

Current assets

 

Debtors

5

4,770

4,901

Cash at bank and in hand

 

3,972

2,044

 

8,742

6,945

Creditors: Amounts falling due within one year

6

(11,382)

(10,483)

Net current liabilities

 

(2,640)

(3,538)

Net assets

 

207

2,155

Capital and reserves

 

Called up share capital

300

300

Retained earnings

(93)

1,855

Shareholders' funds

 

207

2,155

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr B S Quick
Director

 

Business Optimisation Support Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Bond Street
Colne
Lancashire
BB8 9DG

The principal place of business is:
Unit 1, Taylor Holme Ind. Estate
Atherton Way
Stacksteads
Bacup
Lancashire
OL13 0LE

These financial statements were authorised for issue by the Board on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Business Optimisation Support Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

 

Business Optimisation Support Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 June 2022

13,000

13,000

At 31 May 2023

13,000

13,000

Amortisation

At 1 June 2022

7,307

7,307

Amortisation charge

2,846

2,846

At 31 May 2023

10,153

10,153

Carrying amount

At 31 May 2023

2,847

2,847

At 31 May 2022

5,693

5,693

5

Debtors

2023
£

2022
£

Trade debtors

2,180

2,100

Other debtors

2,590

2,801

4,770

4,901

 

Business Optimisation Support Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

45

46

Accruals and deferred income

2,520

1,620

Other creditors

8,817

8,817

11,382

10,483

7

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

At 31 May 2023
£

Mr B S Quick

279

279

     
   

 

2022

At 1 June 2021
£

Advances to director
£

At 31 May 2022
£

Mr B S Quick

-

279

279

       
     

 

The overdrawn loan account is unsecured and is repayable on demand.