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Registration number: 09123893

The Business Supply Network Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

The Business Supply Network Limited

Contents of The Financial Statements
for the Year Ended 31 July 2024

 

Company Information

1

Accountants' Report

2 to 3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

The Business Supply Network Limited

Company Information
for the Year Ended 31 July 2024

Director

Mr RA Willson

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Business Supply Network Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Business Supply Network Limited for the year ended 31 July 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of The Business Supply Network Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Business Supply Network Limited and state those matters that we have agreed to state to the Board of Directors of The Business Supply Network Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Business Supply Network Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that The Business Supply Network Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Business Supply Network Limited. You consider that The Business Supply Network Limited 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 accounts of The Business Supply Network Limited. 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 accounts.

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Business Supply Network Limited
for the Year Ended 31 July 2024

......................................

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

28 April 2025

 

The Business Supply Network Limited

(Registration number: 09123893 )
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

467

623

Current assets

 

Debtors

6

62,027

103,430

Creditors: Amounts falling due within one year

7

(195,690)

(221,121)

Net current liabilities

 

(133,663)

(117,691)

Total assets less current liabilities

 

(133,196)

(117,068)

Creditors: Amounts falling due after more than one year

7

(6,917)

(15,917)

Net liabilities

 

(140,113)

(132,985)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(140,114)

(132,986)

Shareholders' deficit

 

(140,113)

(132,985)

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Business Supply Network Limited

(Registration number: 09123893 )
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 28 April 2025
 

.........................................
Mr RA Willson
Director

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
United Kingdom

The principal place of business is:
10 Highbank Close
Leigh on Sea
Essex
SS9 4BZ
ESSEX

These financial statements were authorised for issue by the director on 28 April 2025.

2

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 Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

25% on reducing balance

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.

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 6).

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

155

207

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

1,675

1,675

At 31 July 2024

1,675

1,675

Depreciation

At 1 August 2023

1,052

1,052

Charge for the year

156

156

At 31 July 2024

1,208

1,208

Carrying amount

At 31 July 2024

467

467

At 31 July 2023

623

623

6

Debtors

Current

2024
£

2023
£

Trade debtors

16,020

77,365

Prepayments

-

1,792

Other debtors

46,007

24,273

 

62,027

103,430

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

14,505

26,893

Trade creditors

 

7,696

50,110

Taxation and social security

 

60,561

56,691

Accruals and deferred income

 

29,950

3,265

Other creditors

 

82,978

84,162

 

195,690

221,121

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,917

15,917

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,917

15,917

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,000

9,000

Bank overdrafts

5,505

17,893

14,505

26,893

 

The Business Supply Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Related party transactions

At the year end a balance of £20,097 (2023: £-896) was due from IT Office Supplies Ltd a company under common control.