Company registration number 12014303 (England and Wales)
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
161,357
113,025
Cash at bank and in hand
788
2,279
162,145
115,304
Creditors: amounts falling due within one year
5
(391,234)
(299,847)
Net current liabilities
(229,089)
(184,543)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(229,091)
(184,545)
Total equity
(229,089)
(184,543)
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 profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 14 April 2025
D Sfikas
Director
Company registration number 12014303 (England and Wales)
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Buse Hydrogen Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Johnsons Bridge Road, West Bromwich, West Midlands, B71 1DG.
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
Atruet the time of approving the financial statements, the director has have received assurance from fellow group undertakings that support will contiinue to be provided for the foreseeable future. Given the foregoing there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.4
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 balance sheet 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. 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, and loans from fellow group, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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 profit and loss account 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.
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 profit and loss account, 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.
3
Employees
The average monthly number of persons (excluding the director) employed by the company during the year was:
2024
2023
Number
Number
Total
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
91,674
58,189
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Debtors
(Continued)
- 5 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
69,683
54,836
Total debtors
161,357
113,025
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
340,035
249,147
Other creditors
51,199
50,700
391,234
299,847
Loans of £50,000 were received from each of the initial members of the company. The loans were scheduled for repayment on 1 April 2022, as payment could not be made advantage was taken of the clause that enabled, the term to be extended for one year. Interest is charged at 3.5% per annum, there is no security. As detailed in note 3, in 2023 one loan was waived, the other remains in place and is included in other creditors. Payment is not being demanded by the parent company, Buse Gases Limited.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Elizabeth Needham ACA CTA (VAT)
Statutory Auditor:
Kendall Wadley LLP
Date of audit report:
14 April 2025
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
27,500
27,500
Between two and five years
100,833
110,000
In over five years
9,167
128,333
146,667
BUSE HYDROGEN TECHNOLOGIES LIMITED
(FORMERLY BUSE HYGEAR LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company has been recharged costs incurred on its behalf by Buse Gases Limited which now has a 100% interest in the issued share capital of the company. The value of the costs recharged was £27,500 (2023 - £97,500). Amounts due to Buse Gases Limited at the balance sheet date in respect of recharged costs are £340,035 (2023 - £249,147), together with a £50,000 (2023 - £50,000) loan as detailed in note 5.