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COMPANY REGISTRATION NUMBER: 12040844
BUSA Engineering Limited
Filleted Unaudited Financial Statements
30 June 2023
BUSA Engineering Limited
Financial Statements
Year ended 30 June 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
BUSA Engineering Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
249,729
313,526
Current assets
Stocks
785,000
493,000
Debtors
6
153,621
288,274
Cash at bank and in hand
11,816
11,983
---------
---------
950,437
793,257
Creditors: amounts falling due within one year
7
( 524,350)
( 669,812)
---------
---------
Net current assets
426,087
123,445
---------
---------
Total assets less current liabilities
675,816
436,971
Creditors: amounts falling due after more than one year
8
( 342,322)
( 229,054)
---------
---------
Net assets
333,494
207,917
---------
---------
Capital and reserves
Called up share capital
9
500,100
300,100
Profit and loss account
( 166,606)
( 92,183)
---------
---------
Shareholders funds
333,494
207,917
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BUSA Engineering Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
Mr WF Ledwood
Director
Company registration number: 12040844
BUSA Engineering Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oleander House, The Royal Dockyard, Pembroke Port, Pembroke Dock, Pembrokeshire, SA72 6TD, Wales.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 13 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
501,851
12,082
38,700
1,600
554,233
---------
--------
--------
-------
---------
Depreciation
At 1 July 2022
217,929
5,181
16,859
738
240,707
Charge for the year
56,784
1,380
5,460
173
63,797
---------
--------
--------
-------
---------
At 30 June 2023
274,713
6,561
22,319
911
304,504
---------
--------
--------
-------
---------
Carrying amount
At 30 June 2023
227,138
5,521
16,381
689
249,729
---------
--------
--------
-------
---------
At 30 June 2022
283,922
6,901
21,841
862
313,526
---------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
149,711
234,899
Other debtors
3,910
53,375
---------
---------
153,621
288,274
---------
---------
Other debtors includes an amount of £nil (2022 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,259
9,347
Trade creditors
89,108
197,827
Social security and other taxes
280,741
212,667
Obligations under finance leases and hire purchase contracts
76,473
64,744
Other creditors
67,769
185,227
---------
---------
524,350
669,812
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,468
28,727
Obligations under finance leases and hire purchase contracts
123,854
200,327
Other creditors
200,000
---------
---------
342,322
229,054
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
500,100
500,100
300,100
300,100
---------
---------
---------
---------
Share movements
No.
£
Ordinary
At 1 July 2022
300,100
300,100
Issue of shares
200,000
200,000
---------
---------
At 30 June 2023
500,100
500,100
---------
---------
10. Related party transactions
The company was under the control of Mr M W Ledwood the majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.