Company registration number 11068628 (England and Wales)
Bespin Labs Limited
Unaudited financial statements
For the year ended 30 November 2024
Bespin Labs Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Bespin Labs Limited
Statement of financial position
As at 30 November 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
4,800
Tangible assets
5
740
1,595
740
6,395
Current assets
Debtors
6
31,950
83,626
Cash at bank and in hand
28,011
17,080
59,961
100,706
Creditors: amounts falling due within one year
7
(311,766)
(366,605)
Net current liabilities
(251,805)
(265,899)
Net liabilities
(251,065)
(259,504)
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
(251,085)
(259,524)
Total equity
(251,065)
(259,504)

For the financial year ended 30 November 2024 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 24 February 2025
Mr P Lees
Director
Company registration number 11068628 (England and Wales)
Bespin Labs Limited
Notes to the financial statements
For the year ended 30 November 2024
- 2 -
1
Accounting policies
Company information

Bespin Labs Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor Office Suite, Mill B Colne Road Buildings, Colne Road, Huddersfield, West Yorkshire, England, HD1 3AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company was profitable during the year and post year end performance is good. The director expects improvements in the net assets position during the current year; meanwhile cash balances continue to be positive and the director confirms his ongoing support for at least the next 12 months whilst the company continues to establish itself.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Website development costs
33% on cost
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Bespin Labs Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Bespin Labs Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, which are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Useful economic lives of intangible assets

The useful economic life and subsequent annual amortisation charge of intangible assets is based on initial assessment by the director and reviewed annually.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
Bespin Labs Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 5 -
4
Intangible fixed assets
Other
£
Cost
At 1 December 2023 and 30 November 2024
61,200
Amortisation and impairment
At 1 December 2023
56,400
Amortisation charged for the year
4,800
At 30 November 2024
61,200
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
4,800
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2023 and 30 November 2024
4,135
Depreciation and impairment
At 1 December 2023
2,540
Depreciation charged in the year
855
At 30 November 2024
3,395
Carrying amount
At 30 November 2024
740
At 30 November 2023
1,595
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,696
77,009
Other debtors
18,254
6,617
31,950
83,626
Bespin Labs Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,843
14,996
Taxation and social security
5,673
7,236
Other creditors
285,250
344,373
311,766
366,605
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
10
10
10
10
B Ordinary of £1 each
10
10
10
10
20
20
20
20
9
Related party disclosures

At the balance sheet date, there was an amount due to the director of £95,558 (2023 - £186,202).

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