Company registration number 02627168 (England and Wales)
BUSIGEN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
BUSIGEN LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
BUSIGEN LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BUSIGEN LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Busigen Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Busigen Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Busigen Limited and state those matters that we have agreed to state to the board of directors of Busigen 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 Busigen Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Busigen Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Busigen Limited. You consider that Busigen 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 financial statements of Busigen 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 financial statements.

Malcolm Piper & Company Limited
24 April 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
BUSIGEN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
195,556
202,736
Investments
5
305,952
305,952
501,508
508,688
Current assets
Debtors
6
4,049
-
0
Cash at bank and in hand
46,907
80,878
50,956
80,878
Creditors: amounts falling due within one year
7
(461,102)
(465,316)
Net current liabilities
(410,146)
(384,438)
Net assets
91,362
124,250
Capital and reserves
Called up share capital
8
50
100
Capital redemption reserve
50
-
0
Profit and loss reserves
91,262
124,150
Total equity
91,362
124,250

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 April 2024 and are signed on its behalf by:
Mr J R Brain
Director
Company Registration No. 02627168
BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Busigen Limited is a private company limited by shares incorporated in England and Wales. The registered office is Basement Studio 1, 87 Branston Street, Birmingham, West Midlands, B18 6BT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost
Computer equipment
33% on reducing balance
Motor vehicles
25% on reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
4
BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
358,499
41,808
400,307
Additions
-
0
1,412
1,412
Disposals
-
0
(31,000)
(31,000)
At 31 March 2023
358,499
12,220
370,719
Depreciation and impairment
At 1 April 2022
158,019
39,552
197,571
Depreciation charged in the year
5,870
2,722
8,592
Eliminated in respect of disposals
-
0
(31,000)
(31,000)
At 31 March 2023
163,889
11,274
175,163
Carrying amount
At 31 March 2023
194,610
946
195,556
At 31 March 2022
200,480
2,256
202,736

Included within plant and machinery are motor vehicles are assets being purchased under finance lease agreements and therefore securing these loans. The net book value of motor vehicles pledged in this manor is £NIL (2022 - £8,396).

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
305,952
305,952
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
4,049
-
0
BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
190
216
Amounts owed to group undertakings
414,813
453,813
Corporation tax
13,778
3,951
Other taxation and social security
17,857
5,392
Other creditors
14,464
1,944
461,102
465,316

Included within other creditors are hire purchase contracts amounting to £NIL (2022: £444) which are secured on the assets to which they relate.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
14
100
14
100
Ordinary A of £1 each
12
-
12
-
Ordinary B of £1 each
12
-
12
-
Ordinary C of £1 each
12
-
12
-
50
100
50
100

On 22 July 2022 50 Ordinary shares of £1 each were purchased by the company for £1,555.30 per share and subsequently cancelled. On the same date 36 Ordinary shares of £1 each were reclassified by the company as 12 Ordinary A shares of £1, 12 Ordinary B shares of £1 each and 12 Ordinary C shares of £1 each.

 

9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company received management charges of £270,000 (2022: £220,000) from Charterbrae Limited, a wholly owned subsidiary of Busigen Limited.

At the Balance Sheet date £414,813 (2022: £453,813) was due to Charterbrae Limited. The amount due is interest free and repayable on demand but the directors have received assurances that the subsidiary will not seek repayment until such time as the company can afford to do so without detriment to other creditors and the company's working capital.

BUSIGEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Directors' transactions

Dividends totalling £54,964 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

 

During the year, the directors advanced loans to the company of £12,964 (2022 - £nil) to assist with the company's operating and working cash flow.

 

At 31 March 2023, the balance due to the directors from the company was £12,964 (2022 - £nil). These loans and advances from the directors are repayable on demand and have no specific terms regarding the payment of interest. The company received assurances from the directors that they will continue to support the company as necessary and will not seek repayment of such loans and advances in full until such time as the company can afford to do so without detriment to its operating and working cash flow and other external creditors.

2023-03-312022-04-01false24 April 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr Thomas Jeffrey BrainMr John Richard BrainMr Michael Victor BrainMr Matthew Joseph Brain026271682022-04-012023-03-31026271682023-03-31026271682022-03-3102627168core:LandBuildings2023-03-3102627168core:OtherPropertyPlantEquipment2023-03-3102627168core:LandBuildings2022-03-3102627168core:OtherPropertyPlantEquipment2022-03-3102627168core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102627168core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3102627168core:CurrentFinancialInstruments2023-03-3102627168core:CurrentFinancialInstruments2022-03-3102627168core:ShareCapital2023-03-3102627168core:ShareCapital2022-03-3102627168core:CapitalRedemptionReserve2023-03-3102627168core:CapitalRedemptionReserve2022-03-3102627168core:RetainedEarningsAccumulatedLosses2023-03-3102627168core:RetainedEarningsAccumulatedLosses2022-03-3102627168core:ShareCapitalOrdinaryShares2023-03-3102627168core:ShareCapitalOrdinaryShares2022-03-3102627168bus:Director22022-04-012023-03-3102627168core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3102627168core:ComputerEquipment2022-04-012023-03-3102627168core:MotorVehicles2022-04-012023-03-31026271682021-04-012022-03-3102627168core:LandBuildings2022-03-3102627168core:OtherPropertyPlantEquipment2022-03-31026271682022-03-3102627168core:LandBuildings2022-04-012023-03-3102627168core:OtherPropertyPlantEquipment2022-04-012023-03-3102627168bus:PrivateLimitedCompanyLtd2022-04-012023-03-3102627168bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3102627168bus:FRS1022022-04-012023-03-3102627168bus:AuditExemptWithAccountantsReport2022-04-012023-03-3102627168bus:Director12022-04-012023-03-3102627168bus:Director32022-04-012023-03-3102627168bus:Director42022-04-012023-03-3102627168bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP