Bibus (UK) Ltd - Period Ending 2019-12-31

Registration number: 04084999

Bibus (UK) Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2019

Bibus (UK) Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Bibus (UK) Ltd

Company Information

Directors

C J Liddiard G M Hodges

Registered office

35A Hazlemere Road Penn High Wycombe Buckinghamshire HP10 8AD

Auditors

Wilkins Kennedy Audit Services The Mill House Boundary Road Loudwater High Wycombe HP10 9QN

Page 1

Bibus (UK) Ltd

(Registration number: 04084999)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	1,838	551
Current assets
Stocks	5	584,044	622,176
Debtors	6	462,902	417,365
Cash at bank and in hand		158,942	241,293
		1,205,888	1,280,834
Creditors: Amounts falling due within one year	7	(649,324)	(482,194)
Net current assets		556,564	798,640
Net assets		558,402	799,191
Capital and reserves
Called up share capital	8	100,000	100,000
Profit and loss account		458,402	699,191
Total equity		558,402	799,191

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 February 2020 and signed on its behalf by:
 

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

C J Liddiard
Director

The notes on pages 3 to 10 form an integral part of these financial statements.

Page 2

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

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

The address of its registered office is:
35A Hazlemere Road
Penn
High Wycombe
Buckinghamshire
HP10 8AD
England

The principal place of business is:
Unit 20
Soho Mills
Wooburn Green
Bucks
HP10 0PF

These financial statements were authorised for issue by the Board on 27 February 2020.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 27 February 2020 was Paul Laird , who signed for and on behalf of Wilkins Kennedy Audit Services.

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.

Page 3

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Foreign currency transactions and balances

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 rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 statement of financial position 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
Plant and machinery	straight line over 2 years
Office equipment	straight line over 3 years
Fixtures and fittings	straight line over 3 years
Computer equipment	straight line over 3 years

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.

Page 4

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 5

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all its financial instruments.
 Recognition and measurement
Financial instruments are recognised in the company's statement of financial position 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 statement, 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
 Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 9).

Page 6

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2019	44,550	9,530	54,080
Additions	3,191	-	3,191
Disposals	(12,542)	-	(12,542)
At 31 December 2019	35,199	9,530	44,729
Depreciation
At 1 January 2019	44,080	9,449	53,529
Charge for the year	1,192	81	1,273
Eliminated on disposal	(11,911)	-	(11,911)
At 31 December 2019	33,361	9,530	42,891
Carrying amount
At 31 December 2019	1,838	-	1,838
At 31 December 2018	470	81	551

5

Stocks

	2019 £	2018 £
Other inventories	584,044	622,176

6

Debtors

	2019 £	2018 £
Trade debtors	389,118	390,606
Prepayments	22,136	24,936
Other debtors	51,648	1,823
	462,902	417,365

7

Creditors

Creditors: amounts falling due within one year

Page 7

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

	Note	2019 £	2018 £
Due within one year
Trade creditors		259,768	364,885
Amounts owed to group undertakings and undertakings in which the company has a participating interest	10	240,000	-
Taxation and social security		109,336	81,291
Accruals and deferred income		39,393	36,018
Other creditors		827	-
		649,324	482,194

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	100,000	100,000	100,000	100,000

9

Dividends

Interim dividends paid

		2019 £		2018 £
Interim dividend of £5 (2018 - £2) per each Ordinary		545,397		200,000

Recommended final dividends paid and not recognised in the accounts

The directors are proposing the following final dividends:

£- (2018 - £1) per each Ordinary share totalling £- (2018 - £140,000)

These dividends have not been accrued in the Balance Sheet.

10	Related party transactions

Transactions with directors

2019	At 1 January 2019 £	Advances to directors £	At 31 December 2019 £
C J Liddiard
Loan with interest charged at 2.5%, repayable on demand and due to be repaid 6 March 2020	-	50,000	50,000

Page 8

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	161,103	125,013
Contributions paid to money purchase schemes	7,148	6,513
	168,251	131,526

Dividends paid to directors

	2019 £	2018 £
C J Liddiard
Dividend paid	54,540	20,000
G M Hodges
Dividend payments	54,540	20,000

Summary of transactions with parent

Parent company
 Loan to company, repayable with 12 months notice, and interest charged at 6%
 

Summary of transactions with other related parties

Fellow group companies
 

Loans to related parties

2018	Other related parties £	Total £
At start of period	50,000	50,000
Advanced	110,000	110,000
Repaid	(161,910)	(161,910)
Interest transactions	1,910	1,910
At end of period	-	-

Terms of loans to related parties

Loan made to BIBUS Metals Limited, a fellow group company, which is repayable on demand. Interest is charged at 3% per annum.

Loans from related parties

Page 9

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2019

2019	Parent £	Total £
Advanced	300,000	300,000
Repaid	(67,810)	(67,810)
Interest transactions	7,810	7,810
At end of period	240,000	240,000

Terms of loans from related parties

This loan is repayable on 12 months notice
 

11	Parent and ultimate parent undertaking

The company's immediate parent is BIBUS AG, incorporated in Switzerland.

 The ultimate parent is BIBUS Holding AG, incorporated in Switzerland.

 

Leasing Commitments

The company has total lease commitments at 31 December 2019 of £179,092 (2018 - £232,241)

Page 10