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Company No: 03831534 (England and Wales)

BUSY CORPORATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

BUSY CORPORATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

BUSY CORPORATION LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
BUSY CORPORATION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Nina Bosheva Stoyanova
Dimitar Stoyanov
SECRETARY Nina Bosheva Stoyanova
REGISTERED OFFICE Unit 8 30-32 Knowsley Street
Manchester
M8 8HQ
England
United Kingdom
COMPANY NUMBER 03831534 (England and Wales)
ACCOUNTANT Jones & Co of York Limited
Wellington House
Aviator Court
York
YO30 4UZ
United Kingdom
BUSY CORPORATION LIMITED

BALANCE SHEET

As at 31 December 2023
BUSY CORPORATION LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 319,720 320,526
319,720 320,526
Current assets
Stocks 4 51,225 37,178
Debtors 5 0 1,003
Cash at bank and in hand 6 2,322 1,231
53,547 39,412
Creditors: amounts falling due within one year 7 ( 191,103) ( 153,836)
Net current liabilities (137,556) (114,424)
Total assets less current liabilities 182,164 206,102
Creditors: amounts falling due after more than one year 8 ( 79,807) ( 93,946)
Net assets 102,357 112,156
Capital and reserves
Called-up share capital 9 10,000 10,000
Profit and loss account 92,357 102,156
Total shareholders' funds 102,357 112,156

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Busy Corporation Limited (registered number: 03831534) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

Nina Bosheva Stoyanova
Director
BUSY CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
BUSY CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Busy Corporation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 30-32 Knowsley Street, Manchester, M8 8HQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 319,194 10,121 2,417 331,732
At 31 December 2023 319,194 10,121 2,417 331,732
Accumulated depreciation
At 01 January 2023 0 10,121 1,085 11,206
Charge for the financial year 0 0 806 806
At 31 December 2023 0 10,121 1,891 12,012
Net book value
At 31 December 2023 319,194 0 526 319,720
At 31 December 2022 319,194 0 1,332 320,526

4. Stocks

2023 2022
£ £
Stocks 51,225 37,178

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Other taxation and social security 0 1,003

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 2,322 1,231
Less: Bank overdrafts ( 24,051) ( 23,256)
(21,729) (22,025)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 46,577 45,256
Amounts owed to directors 119,004 92,054
Other loans 4,164 0
Accruals 2,445 2,125
Other taxation and social security 8,985 9,917
Other creditors 9,928 4,484
191,103 153,836

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 79,807 93,946

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

10. Contingencies

Contingent liabilities

Barclays bank currently hold a legal charge on the commercial property owned by the limited company.