Registration number:
Abuzz Ltd.
for the Year Ended 31 October 2017
Abuzz Ltd.
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
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Accountants' Report |
Abuzz Ltd.
Company Information
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Directors |
Mrs Christina Ann Cullen Mr Kevin John Brady Cullen Mr Patrick Kenneth Cullen |
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Company secretary |
Mrs Christina Ann Cullen |
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Registered office |
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Accountants |
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Page 1 |
Abuzz Ltd.
(Registration number: SC200588)
Balance Sheet as at 31 October 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Director
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Page 2 |
Abuzz Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
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Accounting policies |
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.
The entity has transitioned from previous UK GAAP to FRS102 as at 01 December 2016. Details of how FRS102 has affected the reported financial performance is given in note 10.
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.
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.
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Page 3 |
Abuzz Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017 (continued)
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2 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% Reducing Balance |
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Furniture and fittings |
20% Reducing Balance |
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Motor Cars |
25% Reducing Balance |
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Computer Equipment |
33% Cost |
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
The tax charge on the profit for the year was as follows:
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2017 |
2016 |
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UK corporation tax |
1,814 |
605 |
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Tax on profit |
1,814 |
605 |
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Page 4 |
Abuzz Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017 (continued)
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Tangible assets |
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Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 November 2016 |
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At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Total |
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Cost or valuation |
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At 1 November 2016 |
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At 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Page 5 |
Abuzz Ltd.
Notes to the Financial Statements for the Year Ended 31 October 2017 (continued)
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Creditors |
Creditors: amounts falling due within one year
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2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
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2017 |
2016 |
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Mr P K Cullen |
3,142 |
2,070 |
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Mr K J B Cullen |
2,776 |
1,965 |
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Mrs CA Cullen |
4,056 |
2,056 |
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9,974 |
6,091 |
The maximum balance outstanding during the year amounted to £9,974.
The directors current accounts are repayable on demand.
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Transition to FRS 102 |
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 01 December 2016.
Reconciliation of Equity
No transitional adjustments were required.
Reconciliation of Profit and Loss for the year
No transitional adjustments were required.
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Page 6 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abuzz Ltd.
for the Year Ended 31 October 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abuzz Ltd. for the year ended 31 October 2017 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Abuzz Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abuzz Ltd. and state those matters that we have agreed to state to the Board of Directors of Abuzz Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abuzz Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Abuzz Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Abuzz Ltd.. You consider that Abuzz Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Abuzz Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Statutory Auditor
Unit 4B Gateway Business Park
Grangemouth
Central
FK3 8WX
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