Company registration number 07594061 (England and Wales)
BIZZDESIGN UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BIZZDESIGN UK LTD
COMPANY INFORMATION
Directors
G van der Zwan
(Appointed 5 April 2023)
BiZZdesign B.V.
Company number
07594061
Registered office
52 Grosvenor Gardens
London
United Kingdom
SW1W 0AU
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
BIZZDESIGN UK LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
BIZZDESIGN UK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,011
16,033
Current assets
Debtors
5
3,685,493
2,257,005
Cash at bank and in hand
725,092
360,143
4,410,585
2,617,148
Creditors: amounts falling due within one year
6
(3,920,360)
(2,258,910)
Net current assets
490,225
358,238
Total assets less current liabilities
511,236
374,271
Provisions for liabilities
-
0
(4,008)
Net assets
511,236
370,263
Capital and reserves
Called up share capital
83
83
Profit and loss reserves
7
511,153
370,180
Total equity
511,236
370,263

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
G van der Zwan
Director
Company Registration No. 07594061
BIZZDESIGN UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
83
-
0
285,992
286,075
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
84,188
84,188
Capital effect of Share Based Payment
-
281,663
-
281,663
Other movements
-
(281,663)
-
(281,663)
Balance at 31 December 2022
83
-
0
370,180
370,263
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
140,973
140,973
Balance at 31 December 2023
83
-
0
511,153
511,236
BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

BiZZdesign UK Ltd (the 'company') is a private company limited by shares incorporated in England and Wales. The registered office is 52 Grosvenor Gardens, London, United Kingdom, SW1W 0AU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Whilst the company made a profit of £139,315 for the year ended 31 December 2023 this was due to the support received from the immediate parent, BiZZdesign BV. The directors have received assurances that this support will continue and will remain in place for at least twelve months from the date of approval of these financial statements, even though the BiZZdesign group is in a net liabiltity position and the group loss is ongoing.

 

Due to the financial support available, the directors are satisfied that the company has sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from the date of signing of these financial statements. Accordingly, the financial statements are prepared on a going concern basis and do not include any adjustments which would be necessary if this basis of preparation was inappropriate.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Revenue from training fees is recognised when the training takes place. Revenue from support and licence fees is proportioned and is recognised on a straight line basis over the term of the applicable licence.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Computers
33% on cost

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.

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 in 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 the 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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Share-based payments

For cash-settled share-based payments, a liability is recognised for the goods and services acquired, measured initially at the fair value of the liability. At the balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.9

Trade and other receivables

Trade and other receivables are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured amortised cost using the effective interest method less any impairment.

1.10

Trade and other payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method.

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
17
13
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
28,935
Additions
13,954
At 31 December 2023
42,889
Depreciation and impairment
At 1 January 2023
12,902
Depreciation charged in the year
8,976
At 31 December 2023
21,878
Carrying amount
At 31 December 2023
21,011
At 31 December 2022
16,033
BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
545,424
468,426
Amounts owed by group undertakings
701,485
195,345
Other debtors
2,438,584
1,593,234
3,685,493
2,257,005
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
37,322
20,288
Amounts owed to group undertakings
1,176,943
205,661
Corporation tax
52,602
21,138
Other taxation and social security
167,571
153,354
Other creditors
2,485,922
1,858,469
3,920,360
2,258,910
7
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
370,180
285,992
Profit for the year
140,973
84,188
At the end of the year
511,153
370,180
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
9
Related party transactions

BiZZdesign Group Holding B.V. prepares group financial statements and copies can be obtained from Capitool 15, 7521 Pl Enschede, Netherlands. Accordingly, the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.

 

The balances due from and to group undertakings are disclosed in notes 5 and 6.

BIZZDESIGN UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Parent undertaking

The ultimate controlling party is H C Zwemstra.

 

BiZZdesign Group Holding B.V. (incorporated in The Netherlands) is the ultimate parent company and prepares consolidated accounts. The accounts are available at the Chamber of Commerce in The Netherlands. The registered office of BiZZdesign Group Holding B.V. is Capitool 15, 7521 Pl Enschede, Netherlands.

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