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Burendo Limited

Registered number: 11185546
Annual report and
 financial statements
For the year ended 29 February 2024

 
BURENDO LIMITED
 
 
COMPANY INFORMATION


Directors
A C Bell 
G Crossley 
G A Green 




Registered number
11185546



Registered office
10 Wellington Place

Leeds

West Yorkshire

LS1 4AP




Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP





 
BURENDO LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Notes to the Financial Statements
 
13 - 27

 
BURENDO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
Burendo Limited provides IT consultancy services to a diverse range of organisations across both the public and private sector.

Business review
 
Following a period of rapid growth since inception, Burendo's revenue has dropped to £12.6m in the latest financial year. However, the successful implementation of our strategy to move to an increased number of direct client engagements and contract for more profitable fixed outcome work, meant that the gross margin for the year increased significantly to 28% from 19% in the prior year. 
Our investment in business development aimed at securing future revenue streams has seen increased activity in successful framework submissions and awards. In addition, focused client concentration around specific strategic sectors has seen our brand strength and recognition grow and we are now increasingly recognised as ‘go to’ experts in our chosen sectors. In addition, we have grown our engineering capability over the year to provide our clients with more end to end solutions, increasing our longevity within core accounts
This year the increased net profit margin was a sign that we reaped the rewards of the people and infrastructure investment we made in the prior period (increasing our head count and moving to a larger, centrally located Leeds office). Both client and staff feedback has been overwhelmingly positive concerning our new location and this has energized our culture for both staff wellbeing and motivation and client engagement.
We continue to invest in geographical expansion and this has seen the opening of our London office in May. The investment in this second hub in response to client demand, signals the next stage of our strategic growth plans as we focus on achieving UK wide growth. We are excited about this development and service delivery led by our London based personnel has already begun at pace.
As we continue to mature, we are ensuring that our value of quality in all that we do remains central to all of our processes. To this end, we have continued to invest in operational governance and to implement systems to allow us to focus on data driven decisioning. During the year we gained ISO 27001 – Information Security and ISO9001 Quality Management Systems.
People are Burendo’s most important asset and as such, we have continued our significant investment in their well being, development and remuneration, ensuring that the environment we offer our employees is positive and allows them to thrive in their chosen field. We are proud to have experienced very low attrition and have maintained our head count during a period when other operators in the sector have had to reduce numbers due to the pressures of the economic downturn. We have introduced a portal which allows all employees to exert personal choice and control over their well-being allowance and benefits. During the year we introduced sabbaticals for employees and also added life assurance to our already comprehensive remuneration package. We continue to respond to employee feedback to ensure our packages are best in class. 

Financial key performance indicators
 

2024
2023
Turnover
12,637,312
14,407,632
Gross profit
3,545,528
2,799,477
Gross profit margin
28%
19%
Profit before tax
694,736
145,704
Net profit margin
4%
1%
- 1 -

 
BURENDO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Other key performance indicators
 
Management also measure and monitor operational performance metrics such as Utilisation, Client Satisfaction, Employee Satisfaction, Debtor days.

Principal risks and uncertainties
 
High Inflation – Inflationary pressure is expected to reduce but as yet still has an ongoing impact on both individuals and businesses. As a result, we have seen an increase in wage demands in an already competitive recruitment market. Our employees are integral to our business model, so we continue to monitor this and do our best to support our employees during this period. To mitigate the increased cost base, we ensure we recruit and train our employees to a high standard ensuring we can comfortably recover the cost of this via our client engagements.
Geopolitical Landscape – Results of UK General elections will impact spend and investment within our core services (Public Sector Healthcare) and will have further impact on private sector spend in new revenue sectors for us (Retail). This introduces risks as we aim to diversify our client portfolio. Other elections (ie USA) may also impact certain client sector procurement patterns.
Customer Retention – The local consultancy market is competitive, and many clients are looking to reduce costs under the current economic conditions therefore customer retention remains a risk. To mitigate this, we place a high emphasis on delivering value for clients and look for ways to support them via cost reductions as well as delivering high quality digital transformation and consultancy. In addition to this, our business development team continues to build our pipeline across a diverse range of industries and sectors to spread the risk.
Cyber Security – With most employees working remotely, we are reliant on the availability and security of our IT systems. To mitigate risk here, we continue to maintain our Cyber Essentials plus certification, and have further enhanced our security measures this year through obtaining the ISO27001 accreditation.


This report was approved by the board on 19 August 2024 and signed on its behalf.



A C Bell
Director
- 2 -

 
BURENDO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £482,535 (2023 - £130,770).

Directors

The directors who served during the year were:

A C Bell 
G Crossley 
G A Green 

Going concern
These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
 
- 3 -

 
BURENDO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Economic impact of global events
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid 19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
 
Burendo Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsForvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 August 2024 and signed on its behalf.
 





A C Bell
Director
- 4 -

 
BURENDO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURENDO LIMITED
 

Opinion

We have audited the financial statements of Burendo Limited (the ‘Company’) for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows, the Analysis of Net Debt and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 29 February 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
- 5 -

 
BURENDO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURENDO LIMITED
 

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
- 6 -

 
BURENDO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURENDO LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: UK employment regulation, anti-money laundering regulation, the Bribery Act and data protection legislation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as UK tax legislation, UK pension laws, the Companies Act 2006. 
- 7 -

 
BURENDO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURENDO LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Ashley Barraclough (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

19 August 2024
- 8 -

 
BURENDO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,637,312
14,407,632

Cost of sales
  
(9,091,784)
(11,608,155)

Gross profit
  
3,545,528
2,799,477

Administrative expenses
  
(2,862,557)
(2,652,812)

Operating profit
  
682,971
146,665

Interest receivable and similar income
 9 
12,737
2,182

Interest payable and similar expenses
 10 
(972)
(3,143)

Profit before tax
  
694,736
145,704

Tax on profit
 11 
(212,201)
(14,934)

Profit for the financial year
  
482,535
130,770

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 13 to 27 form part of these financial statements.
- 9 -

 
BURENDO LIMITED
REGISTERED NUMBER: 11185546

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
143,004
246,172

  
143,004
246,172

Current assets
  

Debtors: amounts falling due within one year
 14 
2,069,559
2,827,233

Cash at bank and in hand
 15 
1,849,551
1,112,007

  
3,919,110
3,939,240

Creditors: amounts falling due within one year
 16 
(2,095,233)
(1,636,598)

Net current assets
  
 
 
1,823,877
 
 
2,302,642

Total assets less current liabilities
  
1,966,881
2,548,814

Provisions for liabilities
  

Deferred tax
 17 
(16,105)
(29,313)

Net assets
  
1,950,776
2,519,501


Capital and reserves
  

Called up share capital 
 18 
120
120

Profit and loss account
 19 
1,950,656
2,519,381

  
1,950,776
2,519,501


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2024.




A C Bell
Director

The notes on pages 13 to 27 form part of these financial statements.
- 10 -

 
BURENDO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022 (Unaudited)
120
3,079,690
3,079,810


Comprehensive income for the year

Profit for the year
-
130,770
130,770
Total comprehensive income for the year
-
130,770
130,770

Dividends: Equity capital
-
(691,079)
(691,079)



At 1 March 2023
120
2,519,381
2,519,501


Comprehensive income for the year

Profit for the year
-
482,535
482,535
Total comprehensive income for the year
-
482,535
482,535

Dividends: Equity capital
-
(1,051,260)
(1,051,260)


At 29 February 2024
120
1,950,656
1,950,776


The notes on pages 13 to 27 form part of these financial statements.
- 11 -

 
BURENDO LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
482,535
130,770

Adjustments for:

Depreciation of tangible assets
107,330
123,063

Loss/(profit) on disposal of tangible assets
3,694
(20)

Interest paid
972
3,143

Interest received
(12,737)
(2,182)

Taxation charge
212,201
14,934

Decrease in debtors
684,260
1,535,914

Increase/(decrease) in creditors
306,640
(949,496)

Corporation tax received/(paid)
-
(603,708)

Net cash generated from operating activities

1,784,895
252,418


Cash flows from investing activities

Purchase of tangible fixed assets
(11,237)
(276,358)

Sale of tangible fixed assets
3,381
943

Interest received
12,737
2,182

Net cash from investing activities

4,881
(273,233)

Cash flows from financing activities

Repayment of loans
-
(400,000)

Dividends paid
(1,051,260)
(691,079)

Interest paid
(972)
(3,143)

Net cash used in financing activities
(1,052,232)
(1,094,222)

Net increase/(decrease) in cash and cash equivalents
737,544
(1,115,037)

Cash and cash equivalents at beginning of year
1,112,007
2,227,044

Cash and cash equivalents at the end of year
1,849,551
1,112,007


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,849,551
1,112,007

1,849,551
1,112,007


The notes on pages 13 to 27 form part of these financial statements.

- 12 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Burendo Limited (the 'Company') is a private limited company, limited by shares and registered in England and Wales, registered number 11185546. The registered address is 10 Wellington Place, Leeds, West Yorkshire, England, LS1 4AP. 
The principal activity is that of providing consultancy services regarding information technology. 
These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the Company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Company to continue as a going concern.
- 13 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 14 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

At the beginning of the period the Directors evaluated the depreciation method accounting estimate and determined the straight-line method below to be a more accurate reflection of the useful life of the Company's assets. This change does not result in a significant impact on the financial statements.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Computer equipment
-
33%
Other fixed assets
-
100%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

- 15 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
- 16 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

- 17 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 18 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgments in applying the Company's accounting policies
The critical judgments that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty 
(i) Recoverability of debtors
The Company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability, the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.


4.


Turnover

The whole of the turnover is attributable to the Company's principal activity.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
107,330
123,063

Exchange differences
565
1,060

Other operating lease rentals
72,672
72,672

Defined pension contribution cost
282,455
246,526

- 19 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

31,500
30,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,868,987
6,470,130

Social security costs
662,286
787,205

Cost of defined contribution scheme
282,455
246,526

6,813,728
7,503,861


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
82
95


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
57,694
56,725

Company contributions to defined contribution pension schemes
36,000
35,000

93,694
91,725


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

- 20 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
12,737
2,182


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
972
3,143


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
223,948
6,496

Adjustments in respect of previous periods
1,461
285


225,409
6,781


Total current tax
225,409
6,781

Deferred tax


Origination and reversal of timing differences
(24,406)
13,516

Effect of changes in tax rates
9,723
(4,988)

Adjustments in respect of prior periods
1,475
(375)

Total deferred tax
(13,208)
8,153


Tax on profit
212,201
14,934
- 21 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
694,736
145,704


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
170,141
27,684

Effects of:


Fixed asset differences
240
(10,087)

Expenses not deductible for tax purposes
29,482
2,415

Adjustments to tax charge in respect of previous periods
1,461
285

Adjustments to tax charge in respect of previous periods - deferred tax
1,475
(375)

Remeasurement of deferred tax for changes in tax rates
9,238
(4,988)

Other tax adjustments, reliefs and transfers
164
-

Total tax charge for the year
212,201
14,934


Factors that may affect future tax charges

There are no factors that may affect future tax charges.
- 22 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

12.


Dividends

29 February
28 February
2024
2023
£
£


Dividends paid on Ordinary shares
1,051,260
691,079


13.


Tangible fixed assets







Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost


At 1 March 2023
160,671
221,802
2,625
385,098


Additions
-
10,367
870
11,237


Disposals
-
(25,623)
(2,625)
(28,248)



At 29 February 2024

160,671
206,546
870
368,087



Depreciation


At 1 March 2023
47,586
89,416
1,924
138,926


Charge for the year
41,425
65,204
701
107,330


Disposals
-
(18,548)
(2,625)
(21,173)



At 29 February 2024

89,011
136,072
-
225,083



Net book value



At 29 February 2024
71,660
70,474
870
143,004



At 28 February 2023
113,085
132,386
701
246,172
- 23 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
1,987,417
2,038,084

Amounts owed by entities under common control
-
89,868

Other debtors
135
574,096

Prepayments and accrued income
82,007
125,185

2,069,559
2,827,233



15.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
1,849,551
1,112,007



16.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
636,785
745,905

Corporation tax
151,995
-

Other taxation and social security
707,756
561,391

Other creditors
44,682
50,998

Accruals and deferred income
554,015
278,304

2,095,233
1,636,598


- 24 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

17.


Deferred taxation






2024
2023


£

£






At beginning of year
(29,313)
(21,160)


Charged to profit or loss
13,208
(8,153)



At end of year
(16,105)
(29,313)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Fixed asset timing differences
(21,548)
(33,880)

Short term timing differences
5,443
4,567

(16,105)
(29,313)


18.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



117 (2023 - 117) Ordinary shares of £1.00 each
117
117
1 (2023 - 1) Ordinary A share of £1.00
1
1
1 (2023 - 1) Ordinary B share of £1.00
1
1
1 (2023 - 1) Ordinary C share of £1.00
1
1

120

120

All share classes carry the right to vote and receive dividends.



19.


Reserves

Profit and loss account

This reserve represents the cumulative profits and losses less dividends declared.
- 25 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
20.


Analysis of net debt




At 1 March 2023
Cash flows
At 29 February 2024
£

£

£

Cash at bank and in hand

1,112,007

737,544

1,849,551

Debt due within 1 year

-

-

-


1,112,007
737,544
1,849,551


21.


Pension commitments

The Company operates a defined contribution pension plan for its employees. The pension cost charged in the period represents contributions payable by the Company to the funds and amounted to £282,455 (2023: £246,526). Contributions amounting to £43,172 (2023: £45,157) were outstanding at the reporting date and are included within creditors.


22.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
72,672
72,672

Later than 1 year and not later than 5 years
139,288
211,960

211,960
284,632


23.


Transactions with directors

At the start of the year, the directors owed the Company £500,682 (2023: £454,273). During the year amounts were paid in advance to directors in the amount of £550,714 (2023: £741,346) and amounts were repaid in the amount of £1,051,261 (2023: £694,937). The balance outstanding as at the year end is a debtor balance of £135 (2023: £500,682).


24.


Related party transactions

During the year the Company entered into transactions with entities under common control totalling £8,240 (2023: £32,029). As a result, included within debtors, £98,108 (2023: £89,868) is owed as at the year end. The related party balance has been fully provided for in the year.

- 26 -

 
BURENDO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

25.


Controlling party

The directors do not consider there to be one ultimate controlling party.

 
- 27 -