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Registration number: 12438152

B2B Connect It Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

B2B Connect It Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

B2B Connect It Ltd

Company Information

Director

Mr Allan Smith

Registered office

67 Bolton Road
Ashton-In-Makerfield
Wigan
Lancashire
WN4 8AA

 

B2B Connect It Ltd

(Registration number: 12438152)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

462

23,077

Current assets

 

Stocks

5

4,410

1,622

Debtors

6

477,708

436,336

Cash at bank and in hand

 

125,374

99,728

 

607,492

537,686

Creditors: Amounts falling due within one year

7

(488,011)

(431,580)

Net current assets

 

119,481

106,106

Net assets

 

119,943

129,183

Capital and reserves

 

Called up share capital

100

100

Retained earnings

119,843

129,083

Shareholders' funds

 

119,943

129,183

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 June 2024
 

.........................................
Mr Allan Smith
Director

 

B2B Connect It Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
67 Bolton Road
Ashton-In-Makerfield
Wigan
Lancashire
WN4 8AA

These financial statements were authorised for issue by the director on 13 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

B2B Connect It Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

B2B Connect It Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

B2B Connect It Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

800

26,295

27,095

Disposals

-

(26,295)

(26,295)

At 31 December 2023

800

-

800

Depreciation

At 1 January 2023

183

3,835

4,018

Charge for the year

155

-

155

Eliminated on disposal

-

(3,835)

(3,835)

At 31 December 2023

338

-

338

Carrying amount

At 31 December 2023

462

-

462

At 31 December 2022

617

22,460

23,077

5

Stocks

2023
£

2022
£

Other inventories

4,410

1,622

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

204,538

337,586

Amounts owed by related parties

8

268,169

95,725

Prepayments

 

5,000

-

Other debtors

 

1

3,025

   

477,708

436,336

7

Creditors

Creditors: amounts falling due within one year

 

B2B Connect It Ltd

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

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

47,847

29,986

Amounts owed to participating interests

8

372,764

355,842

Taxation and social security

 

61,621

39,752

Accruals

 

4,788

6,000

Other creditors

 

991

-

 

488,011

431,580

8

Related party transactions

Key management personnel

At the balance sheet date the amount due from the director was £2,477 (2022: £95,624).

 

B2B Connect It Ltd

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

Summary of transactions with other related parties

An amount of £174 owed by a related business B2B Business Group Ltd has been written off. B2B Business Group Ltd was dissolved on 13th December 2022. An amount of £15,553 has been written off owed to a related business B2B Secure Ltd, the company has been dissolved on 24th January 2024. Two further related businesses are in liquidation and therefore the loan balances have been written off, B2B Promote IT Ltd £246, and CSE Vitman Ltd £281.
 

9

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

7,922

1,677

UK corporation tax adjustment to prior periods

-

(23,997)

7,922

(22,320)