Company Registration No. 10459007 (England and Wales)
Biznest Ltd
Unaudited accounts
for the year ended 30 November 2023
Biznest Ltd
Unaudited accounts
Contents
Biznest Ltd
Company Information
for the year ended 30 November 2023
Company Number
10459007 (England and Wales)
Registered Office
UNIT 2
2 COWGATE ROAD
GREENFORD
UB6 8HQ
ENGLAND
Biznest Ltd
Statement of financial position
as at 30 November 2023
Tangible assets
1,392
1,856
Cash at bank and in hand
9,525
3,388
Creditors: amounts falling due within one year
(30,982)
(20,449)
Net current assets
19,792
27,997
Total assets less current liabilities
21,184
29,853
Creditors: amounts falling due after more than one year
(15,000)
(25,000)
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
5,919
4,500
Shareholders' funds
5,920
4,501
For the year ending 30 November 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 August 2024 and were signed on its behalf by
Mr Junaid Aslam
Director
Company Registration No. 10459007
Biznest Ltd
Notes to the Accounts
for the year ended 30 November 2023
Biznest Ltd is a private company, limited by shares, registered in England and Wales, registration number 10459007. The registered office is UNIT 2, 2 COWGATE ROAD, GREENFORD, UB6 8HQ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Biznest Ltd
Notes to the Accounts
for the year ended 30 November 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 December 2022
6,325
850
7,175
At 30 November 2023
6,325
850
7,175
At 1 December 2022
4,689
630
5,319
Charge for the year
409
55
464
At 30 November 2023
5,098
685
5,783
At 30 November 2023
1,227
165
1,392
At 30 November 2022
1,636
220
1,856
Amounts falling due within one year
Accrued income and prepayments
1,953
1,822
Other debtors
23,796
14,736
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Taxes and social security
13,253
4,989
7
Creditors: amounts falling due after more than one year
2023
2022
8
Transactions with related parties
During the year the company paid dividends of £19,500 (2022 - £10,500) to the director.
As at the year end date the director owed £15,190 (2022 - £11,730) to the company, the loan has been repaid post year end date.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).