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Registration number: 11302745

The Busman Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

The Busman Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Busman Limited

Company Information

Director

Mr Adrian Lee Morton

Registered office

26 Queen Victoria Street
Reading
Berkshire
RG1 1TG

Accountants

Vale & West
Chartered Accountants
Victoria House
26 Queen Victoria House
Reading
Berkshire
RG1 1TG

 

The Busman Limited

(Registration number: 11302745)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

89,844

147,991

Current assets

 

Debtors

5

6,600

10,411

Cash at bank and in hand

 

698

62,444

 

7,298

72,855

Creditors: Amounts falling due within one year

6

(71,017)

(160,178)

Net current liabilities

 

(63,719)

(87,323)

Net assets

 

26,125

60,668

Capital and reserves

 

Called up share capital

7

25

25

Retained earnings

26,100

60,643

Shareholders' funds

 

26,125

60,668

For the financial year ending 31 March 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 June 2025
 

.........................................
Mr Adrian Lee Morton
Director

 

The Busman Limited

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

1

General information

The address of its registered office is:
26 Queen Victoria Street
Reading
Berkshire
RG1 1TG

These financial statements were authorised for issue by the director on 6 June 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'. Additional Text

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

The Busman Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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

Plant and Machinery

25% Straight Line

Motor Vehicles

25% Reducing Balance Method

Computer Equipment

25% Straight Line

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

 

The Busman Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

6,440

1,271

239,663

247,374

Additions

-

-

8,000

8,000

Disposals

-

-

(31,860)

(31,860)

At 31 March 2024

6,440

1,271

215,803

223,514

Depreciation

At 1 April 2023

4,427

418

94,538

99,383

Charge for the year

1,610

318

42,760

44,688

Eliminated on disposal

-

-

(10,401)

(10,401)

At 31 March 2024

6,037

736

126,897

133,670

Carrying amount

At 31 March 2024

403

535

88,906

89,844

At 31 March 2023

2,013

853

145,125

147,991

5

Debtors

Current

2024
£

2023
£

Trade debtors

6,600

5,700

Other debtors

-

4,711

 

6,600

10,411

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,281

-

Other creditors

69,736

160,178

71,017

160,178

 

The Busman Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

25

25

25

25

       

8

Related party transactions

 

The Busman Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

9,100