REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 23 November 2023 |
for |
Busmar Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 23 November 2023 |
for |
Busmar Limited |
Busmar Limited (Registered number: 04411222) |
Contents of the Financial Statements |
for the Year Ended 23 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Busmar Limited |
Company Information |
for the Year Ended 23 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Busmar Limited (Registered number: 04411222) |
Balance Sheet |
23 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
Busmar Limited (Registered number: 04411222) |
Balance Sheet - continued |
23 November 2023 |
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 |
Busmar Limited (Registered number: 04411222) |
Notes to the Financial Statements |
for the Year Ended 23 November 2023 |
1. | STATUTORY INFORMATION |
Busmar Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the rendering of services. |
Revenue from the sale of services is recognised when all of the following conditions are satisfied: |
- the company has transferred to the buyer the significant risks and rewards of ownership of the services; |
- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the services sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the economic benefits associated with the transaction can be measured reliably. |
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
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. |
Busmar Limited (Registered number: 04411222) |
Notes to the Financial Statements - continued |
for the Year Ended 23 November 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 24 November 2022 |
Disposals | ( |
) |
Revaluations | 140,000 |
At 23 November 2023 |
NET BOOK VALUE |
At 23 November 2023 |
At 23 November 2022 |
Fair value at 23 November 2023 is represented by: |
£ |
Valuation in 2017 | 181,474 |
Valuation in 2022 | 408,205 |
Valuation in 2023 | 140,000 |
Cost | 1,386,811 |
2,116,490 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Tax |
Amounts due to associates | - | 1,434,459 |
Directors' current accounts | 30,203 | 30,203 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans more 5 yrs non-inst | 534,980 | 597,435 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Busmar Limited (Registered number: 04411222) |
Notes to the Financial Statements - continued |
for the Year Ended 23 November 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Mortgages | 534,980 | 597,435 |
Mortgages are secured against the properties to which they relate |
9. | RESERVES |
Distributable | Non-distributable | Total |
£ | £ | £ |
At 24 November 2022 | 132.499 | 485,366 | 617,865 |
Dividends | (15,092 | ) | - | (15,092 | ) |
Revaluation of investment property | (140,000 | ) | 140,000 | - |
Deferred tax movement | (1,496 | ) | 1,496 | - |
Transfer of valuation on disposal | 107,228 | (107,228 | ) | - |
Total comprehensive income | 1,626,357 | - | 1,626,357 |
At 23 November 2023 | 1,709,496 | 519,634 | 2,229,130 |
10. | RELATED PARTY DISCLOSURES |
McCloy (LS) Limited |
A company in which the directors are shareholders. |
Other creditors includes a balance £0 (2022: £1,434,459) due to McCloy (LS) Ltd. During the year the directors agreed to write off this loan balance in both Companies. |
McCloy Partnership |
A partnership in which the directors are partners. |
During the year, rent of £9,000 (2022 - £9,000) has been received from the partnership. |
11. | ULTIMATE CONTROLLING PARTY |
The company is jointly controlled by the directors, Mr and Mrs McCloy, by virtue of their shareholdings. |