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Registration number: 05946390

Buyology Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Buyology Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Buyology Ltd

Company Information

Directors

Mrs I F Hoy

Mr R Hoy

Mrs S J Hoy

Ms C G Hoy

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Buyology Ltd

(Registration number: 05946390)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

7,037

35,734

Current assets

 

Stocks

4

698,496

1,167,808

Debtors

5

11,610,911

10,840,336

Cash at bank and in hand

 

175,406

193,606

 

12,484,813

12,201,750

Creditors: Amounts falling due within one year

6

(728,011)

(753,293)

Net current assets

 

11,756,802

11,448,457

Total assets less current liabilities

 

11,763,839

11,484,191

Provisions for liabilities

7,444

8,288

Net assets

 

11,771,283

11,492,479

Capital and reserves

 

Called up share capital

7

900

900

Capital redemption reserve

100

100

Retained earnings

11,770,283

11,491,479

Shareholders' funds

 

11,771,283

11,492,479

For the financial year ending 29 February 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 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.

 

Buyology Ltd

(Registration number: 05946390)
Balance Sheet as at 29 February 2024

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.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr R Hoy
Director

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Office equipment

20% straight line

Motor vehicles

33% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 47 (2023 - 40).

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

8,420

117,682

30,851

156,953

Additions

1,708

-

-

1,708

Disposals

-

(66,083)

-

(66,083)

At 29 February 2024

10,128

51,599

30,851

92,578

Depreciation

At 1 March 2023

5,867

88,713

26,639

121,219

Charge for the year

888

2,878

840

4,606

Eliminated on disposal

-

(40,284)

-

(40,284)

At 29 February 2024

6,755

51,307

27,479

85,541

Carrying amount

At 29 February 2024

3,373

292

3,372

7,037

At 28 February 2023

2,553

28,969

4,212

35,734

4

Stocks

2024
£

2023
£

Other inventories

698,496

1,167,808

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

458,412

97,100

Prepayments

65,882

59,919

Other debtors

11,086,617

10,683,317

 

11,610,911

10,840,336

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

276,988

391,095

Taxation and social security

271,004

248,020

Accruals and deferred income

119,164

93,968

Other creditors

60,855

20,210

728,011

753,293

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary "A" shares of £1 each

800

800

800

800

Ordinary "B" shares of £1 each

100

100

100

100

 

900

900

900

900

8

Related party transactions

Summary of transactions with other related parties

Stock of £250,000 was sold to Haycourt Developments Limited year the period.
 

 

Buyology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

250,000

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

10,325,585

10,325,585

Advanced

2,404,358

2,404,358

Repaid

(1,446,590)

(1,446,590)

At end of period

11,283,353

11,283,353

2023

Other related parties
£

Total
£

At start of period

8,571,233

8,571,233

Advanced

3,141,780

3,141,780

Repaid

(1,387,428)

(1,387,428)

At end of period

10,325,585

10,325,585

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

5,106

-

5,106

Advanced

-

50,000

50,000

Repaid

(5,106)

-

(5,106)

At end of period

-

50,000

50,000

2023

Key management
£

Total
£

Advanced

5,106

5,106

At end of period

5,106

5,106