2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,900 2,333 1,900 2,333 570 233 570 233 2,100 1,330 6,183 36,999 400 42,782 4,509 1,087 211 5,385 37,397 1,674 xbrli:pure xbrli:shares iso4217:GBP 11790244 2023-06-01 2024-05-31 11790244 2024-05-31 11790244 2023-05-31 11790244 2022-06-01 2023-05-31 11790244 2023-05-31 11790244 2022-05-31 11790244 bus:Director1 2023-06-01 2024-05-31 11790244 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 11790244 core:PatentsTrademarksLicencesConcessionsSimilar 2024-05-31 11790244 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-01 2024-05-31 11790244 core:WithinOneYear 2024-05-31 11790244 core:WithinOneYear 2023-05-31 11790244 core:AfterOneYear 2023-05-31 11790244 core:ShareCapital 2024-05-31 11790244 core:ShareCapital 2023-05-31 11790244 core:SharePremium 2024-05-31 11790244 core:SharePremium 2023-05-31 11790244 core:RetainedEarningsAccumulatedLosses 2024-05-31 11790244 core:RetainedEarningsAccumulatedLosses 2023-05-31 11790244 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 11790244 bus:SmallEntities 2023-06-01 2024-05-31 11790244 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11790244 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11790244 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11790244 bus:FullAccounts 2023-06-01 2024-05-31 11790244 core:OfficeEquipment 2023-06-01 2024-05-31 11790244 core:OfficeEquipment 2023-05-31 11790244 core:OfficeEquipment 2024-05-31
COMPANY REGISTRATION NUMBER: 11790244
B.Y.M Technologies Limited
Filleted Unaudited Financial Statements
31 May 2024
B.Y.M Technologies Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
B.Y.M Technologies Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
2,100
1,330
Tangible assets
7
37,397
1,674
--------
-------
39,497
3,004
Current assets
Debtors
8
27,848
10,482
Cash at bank and in hand
589,654
267,598
---------
---------
617,502
278,080
Creditors: amounts falling due within one year
9
42,103
13,350
---------
---------
Net current assets
575,399
264,730
---------
---------
Total assets less current liabilities
614,896
267,734
Creditors: amounts falling due after more than one year
10
4,402
---------
---------
Net assets
614,896
263,332
---------
---------
Capital and reserves
Called up share capital
192
139
Share premium account
1,526,725
883,783
Profit and loss account
( 912,021)
( 620,590)
------------
---------
Shareholders funds
614,896
263,332
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
B.Y.M Technologies Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Dr C Board
Director
Company registration number: 11790244
B.Y.M Technologies Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O CMS CMNO LLP, Cannon Place, 78 Cannon Street, London, EC4N 6AF, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Share capital
In the year a SAFE investment was converted into equity. Due to the nature of the original investment, it was deemed equity at the point the cash was received in 2021 and 2022 and therefore the only adjustment to these financial is to present an additional £40 within share capital.
6. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 June 2023
1,900
Additions
2,333
Disposals
( 1,900)
-------
At 31 May 2024
2,333
-------
Amortisation
At 1 June 2023
570
Charge for the year
233
Disposals
( 570)
-------
At 31 May 2024
233
-------
Carrying amount
At 31 May 2024
2,100
-------
At 31 May 2023
1,330
-------
7. Tangible assets
Equipment
£
Cost
At 1 June 2023
6,183
Additions
36,999
Disposals
( 400)
--------
At 31 May 2024
42,782
--------
Depreciation
At 1 June 2023
4,509
Charge for the year
1,087
Disposals
( 211)
--------
At 31 May 2024
5,385
--------
Carrying amount
At 31 May 2024
37,397
--------
At 31 May 2023
1,674
--------
8. Debtors
2024
2023
£
£
Trade debtors
1,240
Other debtors
26,608
10,482
--------
--------
27,848
10,482
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,596
13,350
Other creditors
3,507
--------
--------
42,103
13,350
--------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,402
----
-------