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Registration number: 04171920

Business Wire Europe Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Business Wire Europe Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Business Wire Europe Limited

(Registration number: 04171920)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,014

19,598

Current assets

 

Debtors

5

1,195,305

1,903,725

Cash at bank and in hand

 

3,753,064

2,559,064

 

4,948,369

4,462,789

Creditors: Amounts falling due within one year

6

(1,474,557)

(1,190,199)

Net current assets

 

3,473,812

3,272,590

Total assets less current liabilities

 

3,483,826

3,292,188

Creditors: Amounts falling due after more than one year

6

-

(75,691)

Net assets

 

3,483,826

3,216,497

Capital and reserves

 

Called up share capital

400,000

400,000

Retained earnings

3,083,826

2,816,497

Shareholders' funds

 

3,483,826

3,216,497

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

G Scott
Director

   
     
 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Business Control Ltd
Red Lion Yard
Frome Road
Bath
BA2 2PP

These financial statements were authorised for issue by the Board on 11 July 2024.

2

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.

The financial annual accounts are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed budgets and projections covering a future period of at least 12 months and from this review they continue to adopt the going concern basis of accounting.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 July 2024 was Guy Armitage-Norton, who signed for and on behalf of Milsted Langdon LLP.

 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 sales/value added tax, 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Fully depreciated

Fixtures, fittings and equipment

9.73% - 33% straight line

 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2022 - 17).

 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Leasehold improvements
£

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2023

106,357

406,945

513,302

Additions

-

3,614

3,614

Disposals

-

(97,282)

(97,282)

Foreign exchange movements

-

(1,944)

(1,944)

At 31 December 2023

106,357

311,333

417,690

Depreciation

At 1 January 2023

106,357

387,347

493,704

Charge for the year

-

11,111

11,111

Eliminated on disposal

-

(95,206)

(95,206)

Foreign exchange movements

-

(1,933)

(1,933)

At 31 December 2023

106,357

301,319

407,676

Carrying amount

At 31 December 2023

-

10,014

10,014

At 31 December 2022

-

19,598

19,598

5

Debtors

2023
£

2022
£

Trade debtors

887,268

1,608,065

Other debtors

293,837

282,118

Deferred tax assets

14,200

13,542

 

1,195,305

1,903,725

Less non-current portion

-

(114,692)

1,195,305

1,789,033

Details of non-current trade and other debtors

£Nil (2022 - £114,692) of rent deposit is classified as non current.

 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

8

239

-

Trade creditors

 

328

3,363

Amounts due to related parties

10

344,701

142,453

Social security and other taxes

 

139,653

161,598

Other creditors

 

989,636

882,785

 

1,474,557

1,190,199

Due after one year

 

Other creditors

 

-

75,691

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Foreign currency translation gains/losses

(52,144)

(52,144)

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

239

-

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £52,592 (2022 - £276,461). At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases.

10

Related party transactions

The company has taken advantage of the exemption in FRS 102 section 33 to not disclose any transactions entered into between two or more members of a group where any subsidiary which is a party to the transaction is wholly owned by by such a member.

 

Business Wire Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is Business Wire Inc., incorporated in United States of America.

 The ultimate parent is Berkshire Hathaway Inc., incorporated in United States of America.

 The most senior parent entity producing publicly available financial statements is Berkshire Hathaway Inc. These financial statements are available upon request from:

Berkshire Hathaway Inc.
3555 Farnam Street
Suite 1440
Omaha, NE 68131