Bibus (UK) Ltd - Period Ending 2022-12-31

Bibus (UK) Ltd

Contents

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

Bibus (UK) Ltd

Company Information

Director

G M Hodges

Registered office

35A Hazlemere Road Penn High Wycombe Buckinghamshire HP10 8AD

Auditors

Richardson Jones Mercury House 19-21 Chapel Street Marlow Buckinghamshire SL7 3HN

Bibus (UK) Ltd

(Registration number: 04084999)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	12,071	3,739
Current assets
Stocks	5	843,325	540,297
Debtors	6	448,340	490,044
Cash at bank and in hand		473,806	251,560
		1,765,471	1,281,901
Creditors: Amounts falling due within one year	7	(900,128)	(613,869)
Net current assets		865,343	668,032
Total assets less current liabilities		877,414	671,771
Provisions for liabilities		(1,427)	-
Net assets		875,987	671,771
Capital and reserves
Called up share capital	8	100,000	100,000
Retained earnings		775,987	571,771
Shareholders' funds		875,987	671,771

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 director on 3 March 2023
 

......................................... G M Hodges Director

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

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 20-21
Soho Mills
Wooburn Green
Bucks
HP10 0PF

These financial statements were authorised for issue by the director on 3 March 2023.

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.

Going concern

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

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 3 March 2023 was Kevin Ellerby, who signed for and on behalf of Richardson Jones.

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

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.

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 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
Plant and machinery	straight line over 2 years

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

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.

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.

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

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 the director) during the year, was 11 (2021 - 11).

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2022	40,490	8,530	49,020
Additions	12,629	-	12,629
Disposals	(6,126)	-	(6,126)
At 31 December 2022	46,993	8,530	55,523
Depreciation
At 1 January 2022	36,751	8,530	45,281
Charge for the year	4,297	-	4,297
Eliminated on disposal	(6,126)	-	(6,126)
At 31 December 2022	34,922	8,530	43,452
Carrying amount
At 31 December 2022	12,071	-	12,071
At 31 December 2021	3,739	-	3,739

5

Stocks

	2022 £	2021 £
Other inventories	843,325	540,297

6

Debtors

Current	2022 £	2021 £
Trade debtors	413,107	456,251
Prepayments	35,233	33,522
Other debtors	-	271
	448,340	490,044

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Trade creditors		501,922	294,230
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	300,000	190,000
Taxation and social security		57,025	77,217
Accruals and deferred income		38,806	50,231
Other creditors		2,375	2,191
		900,128	613,869

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary of £1 each	100,000	100,000	100,000	100,000

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2022 £	2021 £
Not later than one year	96,847	61,997
Later than one year and not later than five years	265,849	29,466
	362,696	91,463

The amount of non-cancellable operating lease payments recognised as an expense during the year was £97,750 (2021 - £93,975).

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

10

Dividends

Interim dividends paid

		2022 £		2021 £
Interim dividend of £Nil (2021 - £2.95) per each Ordinary		-		295,000

11	Related party transactions

Director's remuneration

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

	2022 £	2021 £
Remuneration	96,551	96,505
Contributions paid to money purchase schemes	5,005	5,233
	101,556	101,738

Other transactions with the director

Summary of transactions with parent

Parent company
 Loan to company, repayable with 12 months notice, and interest charged at 2.8% up to 30 June 2022, increased to 4.37% thereafter
 

Loans from related parties

2022	Parent £	Total £
At start of period	190,000	190,000
Advanced	160,000	160,000
Repaid	(56,542)	(56,542)
Interest transactions	6,542	6,542
At end of period	300,000	300,000

Bibus (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

13 Related party transactions (cont'd)

Loans from related parties

2021	Parent £	Total £
At start of period	240,000	240,000
Advanced	150,000	150,000
Repaid	(206,648)	(206,648)
Interest transactions	6,648	6,648
At end of period	190,000	190,000

Terms of loans from related parties

This loan is repayable on 12 months notice
 

12	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.