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Company Registration No. 10500377 (England and Wales)
Busa Lifesciences Ltd Unaudited accounts for the year ended 30 November 2023
Busa Lifesciences Ltd Unaudited accounts Contents
Page
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Busa Lifesciences Ltd Company Information for the year ended 30 November 2023
Director
Husein Salem
Company Number
10500377 (England and Wales)
Registered Office
BUSA HOUSE 132-134 GREAT ANCOATS STREET MANCHESTER M4 6DE ENGLAND
Accountants
Enso Accountants Ltd
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Busa Lifesciences Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
44,098 
49,496 
Current assets
Debtors
282,502 
31,144 
Cash at bank and in hand
2,434 
324,280 
284,936 
355,424 
Creditors: amounts falling due within one year
(14,532)
(41,372)
Net current assets
270,404 
314,052 
Total assets less current liabilities
314,502 
363,548 
Creditors: amounts falling due after more than one year
(264,465)
(312,303)
Net assets
50,037 
51,245 
Capital and reserves
Called up share capital
247 
150,000 
Share premium
149,753 
- 
Profit and loss account
(99,963)
(98,755)
Shareholders' funds
50,037 
51,245 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 August 2024 and were signed on its behalf by
Husein Salem Director Company Registration No. 10500377
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Busa Lifesciences Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Busa Lifesciences Ltd is a private company, limited by shares, registered in England and Wales, registration number 10500377. The registered office is BUSA HOUSE 132-134, GREAT ANCOATS STREET, MANCHESTER, M4 6DE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
5 Year Straight Line
Fixtures & fittings
5 Year Straight Line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Busa Lifesciences Ltd Notes to the Accounts for the year ended 30 November 2023
Going concern
The management has assessed the company's ability to continue as a going concern for the foreseeable future, typically at least twelve months from the date of the financial statements. This assessment is based on the company's current financial position, operational performance, cash flow forecasts, and available credit facilities. The company's financial statements reflect the ongoing operations of the business and the ability to meet its financial obligations as they become due. In making this assessment, management has made certain assumptions about future performance, including market conditions, economic trends, and the company's ability to execute its strategic plans. Management continuously monitors and evaluates potential risks and uncertainties that could impact the company's ability to continue as a going concern. Appropriate actions will be taken to mitigate these risks if necessary. Any material uncertainties or events that could cast significant doubt on the company's ability to continue as a going concern are disclosed in the financial statements.
Cash at bank and in hand
The company establishes and maintains relationships with reputable financial institutions for its banking needs. These relationships include maintaining operating accounts, investment accounts, and credit facilities as necessary. Bank reconciliations are performed regularly to reconcile cash balances in the company's records with bank statements. Any discrepancies are investigated and resolved promptly. If applicable, procedures for managing petty cash funds are established, including guidelines for reimbursement, documentation of expenses, and periodic reconciliations. The cash at bank and in hand policy complies with relevant accounting standards and regulations regarding the recording, reconciliation, and reporting of cash balances in financial statements. All cash transactions, including bank statements, reconciliations, and supporting documentation, are properly documented and retained as part of the company's financial records.
Creditors
Purchases are made through a formal purchase order process that specifies the goods or services required, quantities, prices, and delivery terms. Purchase orders are approved according to predefined authorization levels. Invoices received from suppliers are verified against purchase orders and receiving documents to ensure accuracy and completeness. Discrepancies are resolved promptly with the supplier. Payments to creditors are made in accordance with agreed-upon credit terms. Payments are processed and approved following established procedures, including segregation of duties to prevent unauthorized payments. The company manages its cash flow to ensure timely payment of creditors while optimizing cash utilization and working capital efficiency. The creditors policy complies with relevant accounting standards and regulations regarding the recognition, measurement, and disclosure of accounts payable in financial statements.
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Busa Lifesciences Ltd Notes to the Accounts for the year ended 30 November 2023
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 December 2022
63,086 
3,180 
66,266 
Additions
52,699 
- 
52,699 
Disposals
(63,086)
- 
(63,086)
At 30 November 2023
52,699 
3,180 
55,879 
Depreciation
At 1 December 2022
15,286 
1,484 
16,770 
Charge for the year
9,661 
636 
10,297 
On disposals
(15,286)
- 
(15,286)
At 30 November 2023
9,661 
2,120 
11,781 
Net book value
At 30 November 2023
43,038 
1,060 
44,098 
At 30 November 2022
47,800 
1,696 
49,496 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due after more than one year
Other debtors
282,502 
31,144 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
15,942 
- 
Taxes and social security
(1,410)
24,572 
Other creditors
- 
16,800 
14,532 
41,372 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
264,465 
312,303 
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).
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