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Registration number: 10361861

B2Wise UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

B2Wise UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

B2Wise UK Ltd

Company Information

Directors

Mr Kevin Jock Boake

Mr Richard Forrest

Company secretary

Mr Dhruv Pandya

Registered office

23 St Johns
Enderby
Leicester
Leicestershire
LE19 2BR

Accountants

Fosse Accountants Limited
Association of Chartered Certified Accountants
23 St Johns
Enderby
Leicester
Leicestershire
LE19 2BR

 

B2Wise UK Ltd

(Registration number: 10361861)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,958

6,959

Current assets

 

Debtors

5

885,355

287,396

Cash at bank and in hand

 

-

147,537

 

885,355

434,933

Creditors: Amounts falling due within one year

6

(810,226)

(344,192)

Net current assets

 

75,129

90,741

Total assets less current liabilities

 

88,087

97,700

Creditors: Amounts falling due after more than one year

6

(26,150)

(36,249)

Net assets

 

61,937

61,451

Capital and reserves

 

Called up share capital

7

35,100

35,100

Retained earnings

26,837

26,351

Shareholders' funds

 

61,937

61,451

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 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

B2Wise UK Ltd

(Registration number: 10361861)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr Kevin Jock Boake
Director

 

B2Wise UK 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 and Wales.

The address of its registered office is:
23 St Johns
Enderby
Leicester
Leicestershire
LE19 2BR

These financial statements were authorised for issue by the Board on 19 September 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

B2Wise UK Ltd

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

Tax

The tax expense for the period comprises 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.

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:

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.

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.

Borrowings

 

B2Wise UK Ltd

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 5).

 

B2Wise UK Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

11,003

11,003

Additions

9,978

9,978

At 31 December 2023

20,981

20,981

Depreciation

At 1 January 2023

4,044

4,044

Charge for the year

3,979

3,979

At 31 December 2023

8,023

8,023

Carrying amount

At 31 December 2023

12,958

12,958

At 31 December 2022

6,959

6,959

5

Debtors

Current

2023
£

2022
£

Trade debtors

828,729

218,621

Prepayments

56,626

64,125

Other debtors

-

4,650

 

885,355

287,396

 

B2Wise UK Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

19,970

9,894

Trade creditors

 

277,881

33,312

Taxation and social security

 

109,183

46,683

Accruals and deferred income

 

268,246

179,440

Other creditors

 

134,946

74,863

 

810,226

344,192

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

26,150

36,249

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Class A Shares of £3.50 each

10,000

35,000

10,000

35,000

Ordinary Shares of £1 each

100

100

100

100

10,100

35,100

10,100

35,100

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,650

25,749

Other borrowings

10,500

10,500

26,150

36,249

Current loans and borrowings

 

B2Wise UK Ltd

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

2023
£

2022
£

Bank borrowings

10,134

9,894

Bank overdrafts

9,836

-

19,970

9,894

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

87,920

64,800

Contributions paid to money purchase schemes

60,000

-

147,920

64,800