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
Busa Lifesciences Ltd
Company Information
for the year ended 30 November 2023
Company Number
10500377 (England and Wales)
Registered Office
BUSA HOUSE 132-134
GREAT ANCOATS STREET
MANCHESTER
M4 6DE
ENGLAND
Accountants
Enso Accountants Ltd
Busa Lifesciences Ltd
Statement of financial position
as at 30 November 2023
Tangible assets
44,098
49,496
Cash at bank and in hand
2,434
324,280
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)
Called up share capital
247
150,000
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
Busa Lifesciences Ltd
Notes to the Accounts
for the year ended 30 November 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
Busa Lifesciences Ltd
Notes to the Accounts
for the year ended 30 November 2023
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.
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.
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.
Busa Lifesciences Ltd
Notes to the Accounts
for the year ended 30 November 2023
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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
Disposals
(63,086)
-
(63,086)
At 30 November 2023
52,699
3,180
55,879
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
At 30 November 2023
43,038
1,060
44,098
At 30 November 2022
47,800
1,696
49,496
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
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
264,465
312,303
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Average number of employees
During the year the average number of employees was 2 (2022: 2).