Registration number:
Business Optimisation Support Services Limited
for the Year Ended 31 May 2023
Business Optimisation Support Services Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Business Optimisation Support Services Limited
Company Information
Directors |
Mr B S Quick Mr P A Frankel Mr R Theophanous |
Registered office |
|
Accountants |
|
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.
......................................
Charterred Accountants
Colne
Lancashire
BB8 9DG
Business Optimisation Support Services Limited
(Registration number: 11996267)
Balance Sheet as at 31 May 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
( |
|
|
Shareholders' funds |
|
|
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 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
......................................... |
Business Optimisation Support Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
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 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Business Optimisation Support Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Intangible assets |
Internally generated software development costs |
Total |
|
Cost or valuation |
||
At 1 June 2022 |
|
|
At 31 May 2023 |
|
|
Amortisation |
||
At 1 June 2022 |
|
|
Amortisation charge |
|
|
At 31 May 2023 |
|
|
Carrying amount |
||
At 31 May 2023 |
|
|
At 31 May 2022 |
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Business Optimisation Support Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Related party transactions |
Transactions with directors |
2023 |
At 1 June 2022 |
At 31 May 2023 |
Mr B S Quick |
||
|
|
|
2022 |
At 1 June 2021 |
Advances to director |
At 31 May 2022 |
Mr B S Quick |
|||
|
- |
|
|
The overdrawn loan account is unsecured and is repayable on demand.