Company Registration No. 12108426 (England and Wales)
Property Buzz Ltd
Unaudited accounts
for the year ended 31 July 2023
Property Buzz Ltd
Unaudited accounts
Contents
Property Buzz Ltd
Company Information
for the year ended 31 July 2023
Directors
Robert Wood
Joseph Wood
Company Number
12108426 (England and Wales)
Registered Office
20-22 WENLOCK ROAD
LONDON
West Sussex
N1 7GU
ENGLAND
Property Buzz Ltd
Statement of financial position
as at 31 July 2023
Investment property
365,122
120,000
Cash at bank and in hand
5,783
94,008
Creditors: amounts falling due within one year
(55,314)
(113,180)
Net current liabilities
(49,531)
(19,172)
Total assets less current liabilities
315,591
100,828
Creditors: amounts falling due after more than one year
(312,327)
(98,392)
Called up share capital
(1)
(1)
Profit and loss account
3,265
2,437
Shareholders' funds
3,264
2,436
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by
Robert Wood
Director
Company Registration No. 12108426
Property Buzz Ltd
Notes to the Accounts
for the year ended 31 July 2023
Property Buzz Ltd is a private company, limited by shares, registered in England and Wales, registration number 12108426. The registered office is 20-22 WENLOCK ROAD, LONDON, West Sussex, N1 7GU, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 1 August 2022
120,000
The investment property was valued by the Directors on 31 July 2023
5
Creditors: amounts falling due within one year
2023
2022
Loans from directors
55,314
73,180
Property Buzz Ltd
Notes to the Accounts
for the year ended 31 July 2023
6
Creditors: amounts falling due after more than one year
2023
2022
Taxes and social security
6,256
6,256
Aggregate of amounts that fall due for payment after five years
312,327
98,392
The loan is secured on investment property
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Start up investment loan
(73,180)
17,866
-
(55,314)
(73,180)
17,866
-
(55,314)
£94,000 was invested into the Company to allow the purchase of the investment property.
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).