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Registered number: 04088829
B Squared Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Garrett Adam Accountants Limited
ACCA
3 Johnsons Barns
Waterworks Road
Petersfield
Hampshire
GU32 2BY
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04088829
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 359,224 321,323
Tangible Assets 5 75,871 101,161
435,095 422,484
CURRENT ASSETS
Stocks 6 790 627
Debtors 7 150,609 114,813
Cash at bank and in hand 434,782 384,682
586,181 500,122
Creditors: Amounts Falling Due Within One Year 8 (475,053 ) (429,307 )
NET CURRENT ASSETS (LIABILITIES) 111,128 70,815
TOTAL ASSETS LESS CURRENT LIABILITIES 546,223 493,299
Creditors: Amounts Falling Due After More Than One Year 9 (36,761 ) (71,875 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 11 (16,083 ) (18,973 )
NET ASSETS 493,379 402,451
CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Profit and Loss Account 492,379 401,451
SHAREHOLDERS' FUNDS 493,379 402,451
Page 1
Page 2
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dale Pickles
Director
10/04/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
B Squared Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04088829 . The registered office is 3 Meadows Business Park Blackwater, Camberley, Surrey, GU17 9AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Software Development
Software development costs are being amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Research and Development
Research and development expenditure is the development of software which is capitalised to the balance sheet in the year it is incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% on cost
Plant & Machinery 25% on cost
Fixtures & Fittings 25% reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 13)
14 13
4. Intangible Assets
Other
£
Cost
As at 1 August 2022 2,307,387
Additions 391,287
As at 31 July 2023 2,698,674
Amortisation
As at 1 August 2022 1,986,064
Provided during the period 353,386
As at 31 July 2023 2,339,450
Net Book Value
As at 31 July 2023 359,224
As at 1 August 2022 321,323
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Page 5
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2022 89,366 256,212 22,485 368,063
As at 31 July 2023 89,366 256,212 22,485 368,063
Depreciation
As at 1 August 2022 40,345 216,319 10,238 266,902
Provided during the period 12,255 9,973 3,062 25,290
As at 31 July 2023 52,600 226,292 13,300 292,192
Net Book Value
As at 31 July 2023 36,766 29,920 9,185 75,871
As at 1 August 2022 49,021 39,893 12,247 101,161
6. Stocks
2023 2022
£ £
Materials 790 627
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 66,457 84,513
Prepayments and accrued income 51,372 29,374
Other debtors 32,780 926
150,609 114,813
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 58,824 53,015
Bank loans and overdrafts 36,307 37,500
Corporation tax - 4,954
Other taxes and social security 8,181 49,030
VAT 34,034 36,723
Net wages - 298
Other creditors 5,674 17,667
Pension 1,883 1,845
Accruals and deferred income 329,970 228,115
Directors' loan accounts 180 160
475,053 429,307
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Included in Accruals & deferred income is £266,608 (2022 - £215,118) of deferred income for services invoiced in the period that are for delivery post July 2023.
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 36,761 71,875
36,761 71,875
10. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 73,068 109,375
11. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 16,083 18,973
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2022 18,973 18,973
Reversals (2,890 ) (2,890)
Balance at 31 July 2023 16,083 16,083
13. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
14. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 38,500 38,500
Later than one year and not later than five years 64,167 102,667
102,667 141,167
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15. Post Balance Sheet Events
It was reported in the prior year's financial statements that the company had entered an agreement to buyback the Ordinary 'A' shares. This agreement was called off by the majority shareholders in March 2023. At the company year-end all shareholders, entered into an agreement with Tautoko Education Ltd (company number 14558627) a company owned and controlled by the minority shareholders Mr Dale Pickles and Mrs Victoria Pickles, to sell 100 per cent of the share capital. The sale of the shares was concluded on 1 February 2024.
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