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REGISTERED NUMBER: 08457011 (England and Wales)















THE BUYBACK SERVICE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023






THE BUYBACK SERVICE LIMITED (REGISTERED NUMBER: 08457011)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE BUYBACK SERVICE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTOR: A S Sharif





REGISTERED OFFICE: 152 Halesowen Road
Cradley Heath
West Midlands
B64 5LP





REGISTERED NUMBER: 08457011 (England and Wales)





ACCOUNTANTS: Ashtons Accountants
152 Halesowen Road
Cradley Heath
West Midlands
B64 5LP

THE BUYBACK SERVICE LIMITED (REGISTERED NUMBER: 08457011)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 162,426 70,476

CURRENT ASSETS
Debtors 5 1,341,106 1,310,542
Cash at bank 461,557 340,879
1,802,663 1,651,421
CREDITORS
Amounts falling due within one year 6 1,214,415 1,093,776
NET CURRENT ASSETS 588,248 557,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

750,674

628,121

CREDITORS
Amounts falling due after more than one
year

7

173,128

109,796
NET ASSETS 577,546 518,325

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 577,544 518,323
SHAREHOLDERS' FUNDS 577,546 518,325

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 BUYBACK SERVICE LIMITED (REGISTERED NUMBER: 08457011)

BALANCE SHEET - continued
31ST MAY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31st January 2024 and were signed by:





A S Sharif - Director


THE BUYBACK SERVICE LIMITED (REGISTERED NUMBER: 08457011)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023

1. STATUTORY INFORMATION

The Buyback Service Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

THE BUYBACK SERVICE LIMITED (REGISTERED NUMBER: 08457011)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st June 2022 77,126
Additions 122,883
At 31st May 2023 200,009
DEPRECIATION
At 1st June 2022 6,650
Charge for year 30,933
At 31st May 2023 37,583
NET BOOK VALUE
At 31st May 2023 162,426
At 31st May 2022 70,476

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,334,765 1,304,514
VAT 1,491 1,628
Prepayments 4,850 4,400
1,341,106 1,310,542

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 42,480 42,504
Hire purchase contracts 5,914 -
Trade creditors 1,657 12,163
Taxation 62,596 49,577
Social security and other taxes (110 ) 3,507
Other creditors 1,079,707 982,403
Wages control - 1,272
Pension creditor 49 -
Directors' current accounts 7,035 -
Accrued expenses 15,087 2,350
1,214,415 1,093,776

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 66,763 109,796
Hire purchase contracts 106,365 -
173,128 109,796