Registration number:
BB Technology Ltd
for the Year Ended 31 July 2024
BB Technology Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
BB Technology Ltd
Company Information
Directors |
Mr Marc Simon Downes Mr Paul John Brotherhood Mr Simon Peter Fine Mr Jonny Franklin-Adams Mr Julian Jonathan Morse Mr Timothy Bruce Cockroft |
Registered office |
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Accountants |
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BB Technology Ltd
(Registration number: 13508012) (England and Wales)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,250,000 |
750,000 |
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Retained earnings |
(781,218) |
(342,856) |
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Shareholders' funds |
468,782 |
407,144 |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
The financial statements were approved and authorised for issue by the
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BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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.
The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate.The company has sufficient funds and a commitment from the shareholders. Therefore, the directors are of the opinion that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services and commissions receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
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.
BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
Intangible Asset - Development costs
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognised as intangible assets when the following criteria are met:
- it is technically feasible to complete the software so that it is available for use;
- management intends to complete the software and use or sell it;
- there is an ability to use or sell the software;
- it can be demonstrated how the software will generate probable future ecominc benefits;
- adequate technical, financial and other resources to complete the development and to use or sell the software is available; and
- the expenditure attributable to the software during its development can be reliably measured.
Expenditure on research and development activities which does not meet the above criteria is charged to the profit and loss as incurred.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development costs |
Over 3 years straight line |
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 |
Office equipment |
20% Reducing balance basis |
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.
BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
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.
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.
Financial instruments
Classification
Recognition and measurement
Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Impairment
For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Staff numbers |
The average monthly number of persons employed by the company (including directors) during the year, was
Intangible assets |
Internally generated software development costs |
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Cost |
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At 1 August 2023 |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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Amortisation charge |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Internally generated software development costs consist of qualifying expenditure incurred by the Company on the development of a platform.
BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Tangible assets |
Office equipment |
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Cost |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Debtors |
2024 |
2023 |
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Other debtors |
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- |
Prepayments |
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- |
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- |
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
- |
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Accruals |
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BB Technology Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,250,000 |
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750,000 |
The convertible loan notes were issued on 10 November 2023. Interest accrues on the principal amount of £250,000 at 7.75% per annum. The debt was converted into 500,000 £1 Ordinary shares in the company on 1 July 2024.
Reserves |
Other reserves represents the equity component of the convertible loan note at initial issue less transfers to retained earnings in respect of this component using the effective interest rate method.
Related party transactions |
Summary of transactions with other related parties
The company has received services during the year of £217,346 (2023 - £144,701) provided by a company which has some common directors.