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Company No: 11445248 (England and Wales)

THE BSOFT PARTNERSHIP LIMITED

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

THE BSOFT PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

THE BSOFT PARTNERSHIP LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
THE BSOFT PARTNERSHIP LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Benjamin John Turner
SECRETARY Sandra Turner
REGISTERED OFFICE 1 Poultry C/O Praxis
London
EC2R 8EJ
England
United Kingdom
COMPANY NUMBER 11445248 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
THE BSOFT PARTNERSHIP LIMITED

BALANCE SHEET

As at 31 December 2023
THE BSOFT PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investments 3 268,900 268,900
268,900 268,900
Current assets
Debtors 4 959,924 993,978
Cash at bank and in hand 5 65,304 188,636
1,025,228 1,182,614
Creditors: amounts falling due within one year 6 ( 8,254) ( 71,564)
Net current assets 1,016,974 1,111,050
Total assets less current liabilities 1,285,874 1,379,950
Net assets 1,285,874 1,379,950
Capital and reserves
Called-up share capital 7 10,100 10,100
Profit and loss account 1,275,774 1,369,850
Total shareholders' funds 1,285,874 1,379,950

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 financial statements of The BSOFT Partnership Limited (registered number: 11445248) were approved and authorised for issue by the Director on 14 October 2024. They were signed on its behalf by:

Benjamin John Turner
Director
THE BSOFT PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE BSOFT PARTNERSHIP 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

The BSOFT Partnership 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 1 Poultry C/O Praxis, London, EC2R 8EJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

In 2021 the directors made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

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 Profit and Loss Account 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 18,900
At 31 December 2023 18,900
Carrying value at 31 December 2023 18,900
Carrying value at 31 December 2022 18,900

Loans Total
£ £
Cost or valuation before impairment
At 01 January 2023 250,000 250,000
At 31 December 2023 250,000 250,000
Carrying value at 31 December 2023 250,000 250,000
Carrying value at 31 December 2022 250,000 250,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Held
BSOFT Projects Limited 1 Poultry, C/O Praxis, London EC2R 8EJ Not trading Ordinary 100.00% 100.00% Direct

4. Debtors

2023 2022
£ £
Corporation tax 88,854 0
Other debtors 871,070 993,978
959,924 993,978

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 65,304 188,636

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to own subsidiaries 5,479 71,564
Taxation and social security 2,775 0
8,254 71,564

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
9,480 A Ordinary shares of £ 1.00 each 9,480 9,480
600 B Ordinary shares of £ 1.00 each 600 600
20 D Ordinary shares of £ 1.00 each 20 20
10,100 10,100

8. Financial commitments

The Company had no material capital commitments at the year ended 31 December 2023.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Loan to the shareholders 871,070 993,978
Dividends paid to the 0 0

The loan carries interest at a rate of 2.25% (2022: 2.00%) is unsecured and repayable on demand. During the year the shareholders repaid £150,750 and the company made further loan advances of £27,843.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.