Company Registration No. 09283111 (England and Wales)
Bizzon Limited
Audited accounts
for the year ended 31 December 2023
Bizzon Limited
Audited accounts
Contents
Bizzon Limited
Company Information
for the year ended 31 December 2023
Directors
Matthijs Welle
Richard Valtr
Company Number
09283111 (England and Wales)
Registered Office
91 Waterloo Road
London
London
SE1 8RT
England
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Bizzon Limited
Statement of financial position
as at 31 December 2023
Intangible assets
1,423,114
1,229,992
Cash at bank and in hand
156,880
242,698
Creditors: amounts falling due within one year
(2,624,517)
(594,529)
Net current assets
382,926
327,671
Total assets less current liabilities
1,807,038
1,565,693
Creditors: amounts falling due after more than one year
-
(241,210)
Provisions for liabilities
Net assets
1,805,331
1,324,483
Bizzon Limited
Statement of financial position
as at 31 December 2023 (continued)
Called up share capital
4
4
Share premium
3,644,550
3,496,591
Capital contribution reserve
268,743
416,705
Profit and loss account
(2,107,966)
(2,588,817)
Shareholders' funds
1,805,331
1,324,483
For the year ending 31 December 2023 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by
Matthijs Welle
Director
Company Registration No. 09283111
Bizzon Limited
Notes to the Accounts
for the year ended 31 December 2023
Bizzon Limited is a private company, limited by shares, registered in England and Wales, registration number 09283111. The registered office is 91 Waterloo Road, London, London, SE1 8RT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
Software development costs - 5 years
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
3 Years
Computer equipment
3 Years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Research expenditure is written off against profits in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised within intangible assets and amortised when ready for use.
Bizzon Limited
Notes to the Accounts
for the year ended 31 December 2023
Research and development tax credit
During the financial year, Bizzon Limited received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Investments in shares are included at cost.
Investment of £1 in Floe was made on 20 January 2016. Bizzon Limited holds 100% of the shares.
There have been no changes from the prior year in the value of the investment.
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Prior Year Adjustment Disclosure
A prior year adjustment has been identified in relation to the 2022 comparative figures presented in the 2023 financial statements. The retained earnings balance reported in the 2022 signed financial statements filed at Companies House does not align with the figures in the 2023 accounts.
This discrepancy originates from a 2021 adjustment to License Revenue, which was recorded in the statutory accounts but not reflected in the accounting system. As a result, the correction was made in 2022 without a corresponding prior period adjustment disclosure.
To rectify this, the retained earnings closing balance for 2022 has been adjusted by £57,854, reducing it from £2,646,671 to £2,588,817. This adjustment has been recognized in accordance with IAS 8 to ensure the accurate presentation of financial information.
Government grant was received in relation to the Small Business Grant Fund and credited to the profit and loss on receipt.
Capital Contribution Reserve
The capital contribution reserve relates to the employee share based payment option scheme in operation. The fair value of employee options are calculated at each grant date and amounts recognised in the profit and loss account within staff costs across the vesting period on a straight line basis, with corresponding amounts recognised within this reserve.
Note that the prior period amounts have been restated to include these share based payment option schemes, resulting in an increase in staff costs of £109,699 (and therefore retained losses) and an increase in the capital contribution reserve of £109,699.
Bizzon Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
At 1 January 2023
2,567,592
At 31 December 2023
3,266,046
At 1 January 2023
1,337,600
Charge for the year
505,332
At 31 December 2023
1,842,932
At 31 December 2023
1,423,114
At 31 December 2022
1,229,992
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
25,272
17,295
42,567
Disposals
-
(4,152)
(4,152)
At 31 December 2023
25,272
13,143
38,415
At 1 January 2023
25,272
9,266
34,538
Charge for the year
-
3,260
3,260
At 31 December 2023
25,272
12,146
37,418
At 31 December 2023
-
997
997
At 31 December 2022
-
8,029
8,029
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
1
Valuation at 31 December 2023
1
Investment of £1 in Bizzon d.o.o. was made on 20 January 2016. Bizzon Limited holds 100% of the shares.
Bizzon Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
681,751
663,980
Amounts due from group undertakings etc.
1,551,755
-
Accrued income and prepayments
564,828
5,637
Other debtors
44,479
2,135
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
3,312
48,800
Amounts owed to group undertakings and other participating interests
159,276
-
Taxes and social security
8,441
15,183
Other creditors
7,329
134,646
Deferred income
641,886
363,279
9
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
362,186 Ordinary Shares of £0.00001 each
3.62
3.62
11
Transactions with related parties
None of the directors received any remuneration for their services in the current year nor the prior year as they are remunerated by another Group company and an apportionment is not practicable.
The Company has taken advantage of the exemptions available under FRS 102 Section 33 not to disclose transactions with the Parent company nor with other wholly-owned members of the Group headed by the Parent company.
The Company is a subsidiary of Mews Systems B.V,, which is the parent company of the smallest and largest group for which consolidated financial statements are drawn up. Mews Systems B.V. is incorporated in Netherlands and registered at Kieine-Gartmanplantsioen 21, 1St Floor, 1017 RP, Amsterdam.
13
Average number of employees
During the year the average number of employees was 4 (2022: 5).