REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024 |
FOR |
BUX LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JUNE 2023 TO 31 MARCH 2024 |
FOR |
BUX LIMITED |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 1 June 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BUX LIMITED |
COMPANY INFORMATION |
for the Period 1 June 2023 to 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Greenbank House |
141 Adelphi Street |
Preston |
Lancashire |
PR1 7BH |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
BALANCE SHEET - continued |
31 March 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 1 June 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Bux Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Bux Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investment properties |
Investment properties are recognised at open market value. Any aggregate surplus or deficit is taken to the "gains and losses on investment assets" on the Income Statement. The investment properties have been valued by the directors for the period ended 31 March 2024. The market value of the investment properties is not materially different to these values as at 31 March 2024. |
Investments in subsidiaries |
Investments in group undertakings are recognised at open market value. Any aggregate surplus or deficit being taken to "gains and losses on investment assets" in the Income Statement. The investments have been valued by the directors for the period ended 31 March 2024. The market value of the investments is not materially different to these values as at 31 March 2024. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 June 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include investments, debtors and bank balances, are initially measured at transaction price, and are subsequently carried at cost. Basic financial liabilities, which include creditors, loans and borrowings, are initially recognised at transaction price and are subsequently carried at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Investment |
properties |
£ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 May 2023 |
The investment properties are included at open market value as at 31 March 2024. The directors have valued the investment properties, and consider the market value of the investment properties will not be materially different to this amount. |
Cost or valuation at 31 March 2024 is represented by: |
Investment |
properties |
£ |
Valuation in 2020 | 143,382 |
Valuation in 2023 | 14,165 |
Cost | 2,330,477 |
2,488,024 |
If the investment property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.5.23 |
£ | £ |
Cost | 2,330,477 | 2,316,740 |
The investment property was valued on an open market basis on 31 March 2024 by the directors . |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 June 2023 to 31 March 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 June 2023 |
Revaluations | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 May 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2020 | 723,874 |
Valuation in 2021 | (30,971 | ) |
Valuation in 2022 | 230,911 |
Valuation in 2023 | (358,384 | ) |
Valuation in 2024 | (616,516 | ) |
Cost | 1,038,096 |
987,010 |
The investments are at open market value as at 31 March 2024. The directors have valued the investments, and consider the market value of the investments will not be materially different to this amount. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.5.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.5.23 |
£ | £ |
Social security and other taxes |
Other creditors |
Directors' current accounts | 526,788 | 8,966 |
BUX LIMITED (REGISTERED NUMBER: 08017056) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 1 June 2023 to 31 March 2024 |
8. | RELATED PARTY DISCLOSURES |
At the period end the company owed £526,788 (2023: £8,966) to the directors. In addition £1,050,000 is owed to family members of Mr A Bux. The loans are interest free, unsecured and repayable on demand. |
The company owes £251,540 (2023: £207,800 from) to a company owned by a director and his wife. The company is owed £20,000 (2023: £45,000) from another company owned by both directors, and £201,900 (2023: £320,000) from a charity of which both directors are trustees. |
All loans are interest free, unsecured and repayable on demand. |
During the period the company made donations to The Matliwala Family Charitable Trust of £132,925 (2023: £264,875), and Matliwala Darul Aloom Charitable Trust of £3,650 (2023: £8,288), charities of which both directors are trustees. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Bux. |