| Busuu Limited |
| Registered number: |
08172044 |
| Abbreviated Balance Sheet |
| as at 31 December 2014 |
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| 17 Months |
| Notes |
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2014 |
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2013 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
2 |
|
|
977,066 |
|
|
1,099,199 |
| Tangible assets |
3 |
|
|
134,458 |
|
|
163,011 |
|
|
|
|
1,111,524 |
|
|
1,262,210 |
|
| Current assets |
| Debtors |
|
|
928,393 |
|
|
4,292,957 |
| Cash at bank and in hand |
|
|
1,176,158 |
|
|
846,081 |
|
|
|
2,104,551 |
|
|
5,139,038 |
|
| Creditors: amounts falling due within one year |
|
|
(1,544,655) |
|
|
(1,756,346) |
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| Net current assets |
|
|
|
559,896 |
|
|
3,382,692 |
|
| Total assets less current liabilities |
|
|
|
1,671,420 |
|
|
4,644,902 |
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| Creditors: amounts falling due after more than one year |
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|
|
(3,617,653) |
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|
(5,824,398) |
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| Net liabilities |
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|
(1,946,233) |
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|
(1,179,496) |
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|
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| Capital and reserves |
| Called up share capital |
4 |
|
|
1 |
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|
1 |
| Profit and loss account |
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|
|
(1,946,234) |
|
|
(1,179,497) |
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| Shareholder's funds |
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|
(1,946,233) |
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(1,179,496) |
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| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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|
| Mr Bernhard Niesner |
| Director |
| Approved by the board on 30 July 2015 |
|
| Busuu Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2014 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Sales generated by the parent company on behalf of the company are shown net of 3% commission payable to the parent company. |
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Research and development |
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Expenditure on research and development is written off in the period in which it is incurred. |
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Intangible Fixed Assets |
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Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life. Where the director considers that there has been a permanent impairment in value the asset is written off to its realisable value in the year of impairment. Amortisation has been provided at the following rate. |
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IP rights |
10% straight line |
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Tangible Fixed Assets |
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Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
33.33% straight line |
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Fixtures and fittings |
20% straight line |
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Improvements to property |
20% straight line |
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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Operating lease |
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Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
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Going concern |
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The director is aware that the company's balance sheet reflects net liabilities. The parent company, Busuu Online S.L. will continue to provide ongoing financial support so that the company will be able to meet its obligations, if and when, they become due. The director is therefore of the opinion that the financial statements of the company should be prepared on the going concern basis. |
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| 2 |
Intangible fixed assets |
£ |
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Cost |
|
At 1 January 2014 |
1,221,332 |
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At 31 December 2014 |
1,221,332 |
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Amortisation |
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At 1 January 2014 |
122,133 |
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Provided during the year |
122,133 |
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At 31 December 2014 |
244,266 |
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Net book value |
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At 31 December 2014 |
977,066 |
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At 31 December 2013 |
1,099,199 |
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The cost of IP rights is being written off in equal annual instalments over its estimated economic life of 10 years. |
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| 3 |
Tangible fixed assets |
£ |
|
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Cost |
|
At 1 January 2014 |
210,635 |
|
Additions |
26,697 |
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At 31 December 2014 |
237,332 |
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Depreciation |
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At 1 January 2014 |
47,624 |
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Charge for the year |
55,250 |
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At 31 December 2014 |
102,874 |
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Net book value |
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At 31 December 2014 |
134,458 |
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At 31 December 2013 |
163,011 |
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| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Class A shares |
£1 each |
|
1 |
|
1 |
|
1 |
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| 5 |
Ultimate controlling party |
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The ultimate controlling party is Busuu Online S.L., a company incorporated in Spain, with its registered office in Calle Serrano, Madrid. |
