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COMPANY REGISTRATION NUMBER: 09083404
J Busen-Smith Ltd
Unaudited Abridged Financial Statements
31 May 2024
J Busen-Smith Ltd
Abridged Financial Statements
Year ended 31 May 2024
Contents
Pages
Officers and professional advisers
1
Director's report
2 to 3
Chartered accountants report to the director on the preparation of the unaudited statutory abridged financial statements
4
Abridged profit and loss account
5
Balance sheet
6
Notes to the abridged financial statements
7 to 9
J Busen-Smith Ltd
Officers and Professional Advisers
Director
Ms J Busen-Smith
Registered office
364-366 Cemetery Road
Sheffield
England
S11 8FT
Accountants
Allen, West and Foster
Chartered Accountants
Omega Court
364-366 Cemetery Road
Sheffield
S11 8FT
J Busen-Smith Ltd
Director's Report
Year ended 31 May 2024
The director presents her report and the unaudited abridged financial statements of the company for the year ended 31 May 2024 .
Principal activities
The principal activity of the company during the year was that of osteopathic services.
Director
The director who served the company during the year was as follows:
Ms J Busen-Smith
Other matters
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 October 2024 and signed on behalf of the board by:
Ms J Busen-Smith
Director
Registered office:
364-366 Cemetery Road
Sheffield
England
S11 8FT
J Busen-Smith Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of J Busen-Smith Ltd
Year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of J Busen-Smith Ltd for the year ended 31 May 2024, which comprise the abridged profit and loss account, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of J Busen-Smith Ltd in accordance with the terms of our engagement letter dated 21 October 2024. Our work has been undertaken solely to prepare for your approval the abridged financial statements of J Busen-Smith Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Busen-Smith Ltd and its director for our work or for this report.
It is your duty to ensure that J Busen-Smith Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J Busen-Smith Ltd. You consider that J Busen-Smith Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of J Busen-Smith Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
Allen, West and Foster Chartered Accountants
Omega Court 364-366 Cemetery Road Sheffield S11 8FT
30 October 2024
J Busen-Smith Ltd
Abridged Profit and Loss Account
Year ended 31 May 2024
2024
2023
Note
£
£
Gross profit
116,247
110,473
Administrative expenses
61,295
55,557
---------
---------
Operating profit
54,952
54,916
Other interest receivable and similar income
23
---------
---------
Profit before taxation
5
54,952
54,939
Tax on profit
10,967
10,672
-------
-------
Profit for the financial year and total comprehensive income
43,985
44,267
-------
-------
Dividends paid and payable
( 44,000)
( 44,000)
Retained earnings at the start of the year
832
565
-------
-------
Retained earnings at the end of the year
817
832
-------
-------
All the activities of the company are from continuing operations.
J Busen-Smith Ltd
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
1,359
1,943
Current assets
Debtors
4,808
1,375
Cash at bank and in hand
6,956
24,730
-------
-------
11,764
26,105
Creditors: amounts falling due within one year
12,305
27,215
-------
-------
Net current liabilities
541
1,110
------
------
Total assets less current liabilities
818
833
----
----
Net assets
818
833
----
----
Capital and reserves
Called up share capital
7
1
1
Profit and loss account
817
832
----
----
Shareholders funds
818
833
----
----
These abridged financial statements have been prepared 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'.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged profit and loss account and the balance sheet for the year ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Ms J Busen-Smith
Director
Company registration number: 09083404
J Busen-Smith Ltd
Notes to the Abridged 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 364-366 Cemetery Road, Sheffield, S11 8FT, England.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amount derived from services provided in the ordinary course of activities.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
30% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
584
833
----
----
6. Tangible assets
£
Cost
At 1 June 2023 and 31 May 2024
6,965
------
Depreciation
At 1 June 2023
5,022
Charge for the year
584
------
At 31 May 2024
5,606
------
Carrying amount
At 31 May 2024
1,359
------
At 31 May 2023
1,943
------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
----
----
----
----
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms J Busen-Smith
( 14,660)
18,093
3,433
-------
-------
------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms J Busen-Smith
( 20,642)
5,982
( 14,660)
-------
------
-------
9. Related party transactions
At the balance sheet date £3,433 was owed by the director (2023: £14,660 due to the director). This amount is included within other debtors.