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REGISTERED NUMBER: 04331988 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Best4business Accountants & Company
Limited

Best4business Accountants & Company
Limited (Registered number: 04331988)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Best4business Accountants & Company
Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R C Mohabaty
S Healy





SECRETARY: Best4Business Limited (corporate)





REGISTERED OFFICE: 45 Beaufort Court
Admirals Way
London
E14 9XL





REGISTERED NUMBER: 04331988 (England and Wales)






Best4business Accountants & Company
Limited (Registered number: 04331988)

Balance Sheet
31 December 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 4 33 30
Tangible assets 5 1,175 1,219
Investments 6 125 61
1,333 1,310

CURRENT ASSETS
Stocks 81 32
Debtors 7 473 578
Cash at bank 50 7
604 617
CREDITORS
Amounts falling due within one year 8 453 420
NET CURRENT ASSETS 151 197
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,484

1,507

CREDITORS
Amounts falling due after more than one
year

9

(557

)

(652

)

PROVISIONS FOR LIABILITIES 11 (86 ) (52 )
NET ASSETS 841 803

CAPITAL AND RESERVES
Called up share capital 12 - -
Revaluation reserve 13 188 188
Other reserves 13 59 -
Retained earnings 13 594 615
SHAREHOLDERS' FUNDS 841 803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Best4business Accountants & Company
Limited (Registered number: 04331988)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





R C Mohabaty - Director


Best4business Accountants & Company
Limited (Registered number: 04331988)

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

1. STATUTORY INFORMATION

Best4business Accountants & Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the next 12 months. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the Company obtains the right to consideration. Unbilled work as at 31 December 2023 has been accrued.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of eight years.

Depreciation
Depreciation had been provided at the following rates of in order to write-off the assets over their estimated useful lives.

Motor vehicles -20% reducing balance
Computer and office equipment - over 2 to 4 years (straight line)
Fixtures, fittings and equipment - over 2 to 4 years (straight line)

No depreciation is provided on freehold land. In accordance with SSAP 19 no depreciation is provided in respect of any freehold investment property. This represents a departure from the Companies House Act 2006 requirements concerning the depreciation of fixed assets. The Company considers that the adoption of this policy if necessary to give a true and fair view.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Net realisable value is based upon estimated normal selling price less further cost expected to be incurred to completing or disposal. Provisions is made where costs are not expected to be fully recovered.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Best4business Accountants & Company
Limited (Registered number: 04331988)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains and losses on translation are included in the Profit and Loss account.

Pension costs
The company operates a defined contribution pension scheme for the benefit of its employees. Its contributions are charges to the Profit and Loss account for year or period in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals and prepayments at the year end of the period.

Current taxation
Corporation tax payable is provided on taxable profits at the current rate.

Government grants
Capital based government grants are included within accruals and deferred income in the balance sheet and credited to trading profit over the estimated useful economic lives of the assets to which they relate.

Client monies
Monies collected on behalf of clients are held on trust in a separately administered bank account not shown in the balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 38 ) .

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£'000
COST
At 1 January 2023 34
Additions 8
At 31 December 2023 42
AMORTISATION
At 1 January 2023 4
Charge for year 5
At 31 December 2023 9
NET BOOK VALUE
At 31 December 2023 33
At 31 December 2022 30

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£'000 £'000 £'000 £'000 £'000
COST OR VALUATION
At 1 January 2023 955 241 166 158 1,520
Additions - 19 - 15 34
Disposals - - (9 ) - (9 )
At 31 December 2023 955 260 157 173 1,545
DEPRECIATION
At 1 January 2023 - 93 95 113 301
Charge for year - 37 13 24 74
Eliminated on disposal - - (5 ) - (5 )
At 31 December 2023 - 130 103 137 370
NET BOOK VALUE
At 31 December 2023 955 130 54 36 1,175
At 31 December 2022 955 148 71 45 1,219

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£'000 £'000 £'000 £'000 £'000
Valuation in 2023 955 260 157 173 1,545

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

6. FIXED ASSET INVESTMENTS
Investments
£'000
COST
At 1 January 2023 61
Additions 64
At 31 December 2023 125
NET BOOK VALUE
At 31 December 2023 125
At 31 December 2022 61

The Market value of all listed investments at the end of the reporting period was £125,000 (2022: £61,000).

The Company's investments in the associated company, Treethorpe Limited, represents 2.49% of the issued ordinary share capital of that company, which is registered in England, Number: 0617 2161, and which provides professional genealogy services to individuals and businesses.

At the end of the year the Company held 1,404 shares of £0.01 each of the issued share capital of Treethorpe Limited, whose aggregate share capital and reserves at the date of its most recent accounting period were £490,000 [2022: £250,000].

The Company's investments in its subsidiary company, Hansen Sweeney Limited, represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 0922 9351, and which provides advisory services relating to US and other overseas individuals and businesses.

At the end of the year the Company held 100 shares of £1.00 each of the issued share capital of Hansen Sweeney Limited, whose aggregate share capital and reserves at that date were £54,000 [2022: £7,000].

The Company's investments in its subsidiary company, Best4Business (Technology Partners) Limited, represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 1085 9135, and which provide IT consulting services.

At the end of the year the Company held 1,000 shares of £0.10 each of the issued share capital of Best4business (Technology Partners) Limited, whose aggregate share capital and reserves at that date were £3,000 [2022: £2,000].

The Company's investments in its subsidiary company, First Choice Accountancy (Best4business) Limited , represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 1157 7434, and which provides accountancy and tax services for private individuals in the UK.

At the end of the year the Company held 1000 shares of £0.10 each of the issued share capital of First Choice Accountancy (Best4business) Limited, whose aggregate share capital and reserves at that date were £2,000 [2022: £1,000].

The Company's investments in its subsidiary company, 1st Choice Incorporations Ltd, represents 100% of the issued ordinary share capital of that company, which is registered in England, Number: 12268043, and which provides limited company formation services in th UK.

At the end of the year the Company held 1000 shares of £0.10 each of the issued share capital of 1st Choice Incorporations Ltd, whose aggregate share capital and reserves at that date were £1,000 [2022: £1,000].

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Trade debtors 263 312
Amounts owed by participating interests 132 144
Other debtors 78 122
473 578

Other debtors comprise deposits, prepayments and employee loans.

Amounts owed by participating interests consist short term loans provided to subsidiary and associated entities; as at the end of the year Hansen Sweeney Limited £11,000, [2022: £18,000], First Choice Accountancy (Best4business) Limited £6,000, [2022: £36,000] and Taylor Keeble LLP £115,000 [2022: £89,000].

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£'000 £'000
Bank loans and overdrafts 99 135
Hire purchase contracts (see note 10) - 26
Trade creditors 19 49
Amounts owed to participating interests 17 12
Taxation and social security 215 147
Other creditors 103 51
453 420

Other creditors comprise accruals, short-term loans provided to the Company and director loans £19,000 [2022:£14,000]

Amounts owed to participating interests consist short term loans provided by subsidiary and associated entities; as at the end of the year 1st Choice Incorporations Limited £7,000 [2022: £12,000] and Best4business (Technology Partners) Limited £10,000 [2022: -£1,000]. All are repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£'000 £'000
Bank loans 415 490
Hire purchase contracts (see note 10) - 30
Other creditors 142 132
557 652

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 283 307

Other creditors comprise business loans provided to the company repayable within 5 years.

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£'000 £'000
Net obligations repayable:
Within one year - 26
Between one and five years - 30
- 56

Non-cancellable
operating leases
2023 2022
£'000 £'000
Within one year 107 107
Between one and five years 391 415
In more than five years 12 97
510 619

11. PROVISIONS FOR LIABILITIES
2023 2022
£'000 £'000
Deferred tax 86 52

Deferred tax
£'000
Balance at 1 January 2023 52
Charge to Income Statement during year 34
Balance at 31 December 2023 86

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,000 'A' Ordinary 0.01 400 300
500 'B' Ordinary 0.01 5 5
10,425 'C' Ordinary 0.01 145 104
550 409

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

13. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£'000 £'000 £'000 £'000

At 1 January 2023 615 188 - 803
Profit for the year 82 - - 82
Dividends (103 ) - - (103 )
Other comprehensive income - - 59 59
At 31 December 2023 594 188 59 841

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£'000 £'000
R C Mohabaty
Balance outstanding at start of year (14 ) (3 )
Amounts advanced 14 3
Amounts repaid (19 ) (14 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (19 ) (14 )

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

15. RELATED PARTY DISCLOSURES

Treethorpe Limited

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to Treethorpe Limited, a company registered in England number 06172161, of which Mr RC Mohabaty is a majority shareholder and director. The commercial transactions between the two companies are at arm's length.

Hansen Sweeney Limited

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to Hansen Sweeney Limited, a company registered in England with number 9229351, a wholly owned subsidiary company of which Mr RC Mohabaty is a director. The value of such sales during the period being reported was £94,858 [2022: £147,000] excluding VAT.

The total balance due from Hansen Sweeney Limited at the end of the period was £11,000 [2022: £18,000].

Best4business (Technology Partners) Limited

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to Best4business (Technology Partners) Limited, a company registered in England with number 10859135, a wholly owned subsidiary company of which Mr RC Mohabaty is a director. The value of such sales during the period being reported was £121,000 [2022: £99,000] excluding VAT.

The company also purchases, on normal commercial terms, IT consultancy services from Best4business (Technology Partners) Limited. The value of such purchases during the period being reported was £204,000 [2022: £40,000] excluding VAT.

The total balance due from Best4business (Technology Partners) Limited at the end of the period was £10,000 [2022: £1,000].

First Choice Accountancy (Best4business) Ltd

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to First Choice Accountancy (Best4business) Ltd, a company registered in England with number 11577434, a wholly owned subsidiary company of which Mr RC Mohabaty is a director. The value of such sales during the period being reported was £55,000 [2022: £45,000] excluding VAT.

The total balance due from First Choice Accountancy (Best4business) Ltd at the end of the period was £6,000 [2022: £36,000].

Taylor Keeble LLP

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to Taylor Keeble LLP , a limited liability partnership registered in England with number OC412705, of which Mr RC Mohabaty is a designated partner. The value of such sales during the period being reported was £534,000 [2022: £266,000] excluding VAT.

The company also purchases, on normal commercial terms, management, accounting, bookkeeping and payroll services from Taylor Keeble LLP. The value of such purchases during the period being reported was £573,000 [2022: £327,000] excluding VAT.

The total balance due from Taylor Keeble LLP at the end of the period was £115,000 [2022: £89,000].

Best4business Accountants LLP

In the year Best4business Accountants LLP was dormant. The total balance due from Best4business Accountants LLP at the end of the period was £nil [2022: £nil].

Best4business Accountants & Company
Limited (Registered number: 04331988)

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

1st Choice Incorporations Ltd

The company sells, on normal commercial terms, management, accounting, bookkeeping and payroll services to 1st Choice Incorporations Ltd, a company registered in England with number 12268043, a wholly owned subsidiary company of which Mr RC Mohabaty is a director. The value of such sales during the period being reported was £196,000 [2022: £156,000] excluding VAT.

The company also purchases, on normal commercial terms, company secretarial and incorporation services from 1st Choice Incorporations Ltd. The value of such purchases during the period being reported was £144,000 [2022: £134,000] excluding VAT.

The total balance due to 1st Choice Incorporations Ltd at the end of the period was £7,000 [2022: £12,000].

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr RC Mohabaty who owns and controls 73.6% [2022: 74.5%] of issued ordinary share capital of the Company.