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Buzzacott Livingstone Limited
























Annual report and financial statements



For the year ended 30 September 2024



Registered number: 03601142

 
Buzzacott Livingstone Limited
 


Company Information


Directors
Paul Baker 
Scott Barber 
Holly Caulder 
Justin Dillingham 
Trevor Egan 
Nicola Flood 
Carlo Gray 
Anthony Hopson 
Hugh Llewellyn 
Alexander Porteous 
Martin Scullion 
Gurveet Singh 
Mary Ward 
Sarah Whitelaw 
Allan Wilkinson 




Registered number
03601142



Registered office
130 Wood Street

London

EC2V 6DL




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP




Bankers
HSBC UK Bank Plc
1-3 Bishopsgate

London

EC2N 3AQ





 
Buzzacott Livingstone Limited
 


Contents



Page
Directors' report
 
1 - 2
Strategic report
 
3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Notes to the financial statements
 
12 - 20
Statement of changes in equity
 
10 - 11


 
Buzzacott Livingstone Limited
 
 

Directors' report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £4,108,864 (2023 - £4,227,420).

Dividends amounting to £3,545,500 (2023 - £5,418,500) were paid during the year.

Directors

The directors who served during the year were:

Paul Baker 
Scott Barber 
Holly Caulder 
Trevor Egan 
Trevor Egan 
Nicola Flood 
Carlo Gray 
Anthony Hopson 
Hugh Llewellyn 
Alexander Porteous 
Martin Scullion 
Gurveet Singh 
Mary Ward 
Sarah Whitelaw 
Allan Wilkinson 

Page 1

 
Buzzacott Livingstone Limited
 


Directors' report (continued)
For the year ended 30 September 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 20 January 2025 and signed on its behalf by:
 





Carlo Gray
Director

Page 2

 
Buzzacott Livingstone Limited
 


Strategic report
For the year ended 30 September 2024

Principal activity

The company's principal activity is the provision of expatriate tax services.

Business review
 
The company's performance is consistent with its business model and the directors believe it is in a strong position for the future.

Principal risks and uncertainties
 
The management of the business and the execution of the company’s strategy are subject to a number of risks.
The company’s financial instruments comprise trade debtors, amounts recoverable on contracts and amounts due to and from group undertakings that arise directly from its operations. The directors review and manage the company’s exposures to risks relating to these financial statements such as liquidity, foreign currency and credit risks to the extent possible.
The principal financial assets held by the company are trade debtors and amounts recoverable on contracts. The principal credit risk arises from trade debtors. Management reviews debtor balances on a regular basis in conjunction with company performance and forecasts to ensure the recoverability of the balances due.
The company operates internationally, exposing it to foreign currency risk arising from the movement in the values of overseas financial instruments as a result of fluctuations in exchange rates. The company holds financial assets and liabilities in currencies other than sterling and these are revalued in accordance with currency movements.

Financial key performance indicators
 
Given the nature of the company, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the company.


This report was approved by the board on 20 January 2025 and signed on its behalf by:



Carlo Gray
Director

Page 3

 
 

 
Independent auditor's report to the members of Buzzacott Livingstone Limited
For the year ended 30 September 2024

Opinion


We have audited the financial statements of Buzzacott Livingstone Limited (the 'company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
 
 

Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2024

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
 
•            adequate accounting records have not been kept, or returns adequate for our audit have not been received from
              branches not visited by us; or
•            the financial statements are not in agreement with the accounting records and returns; or
•            certain disclosures of directors' remuneration specified by law are not made; or
•            we have not received all the information and explanations we require for our audit. 


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
 
 

Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2024

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
the nature of the industry and sector, control environment and business performance including the remuneration
             incentives and pressures of key management;
• the primary responsibility for the prevention and detection of fraud rests with both those charged with 
             governance of the entity and management. We consider the results of our enquiries of management about their 
             own identification and assessment of the risks of irregularities;
• any matters we identified having obtained and reviewed the company’s documentation of their policies and
             procedures relating to:
        -    identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of          non-compliance;
        -    detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or                 any alleged fraud;
        -   the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed among the audit engagement team, regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for
fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to
perform specific procedures to respond to the risk of management override, including testing journals and evaluating
whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on
provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures
in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the
financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the
more that compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion,
omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 
 
 

Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2024

Use of our report
 

This report is made solely to the company's members, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, for our audit work, for this report, or for the opinions we have formed.





Alexander Bottom ACA (Senior statutory auditor)
for and on behalf of
Hillier Hopkins LLP
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Watford
Hertfordshire
WD17 1HP

20 January 2025
Page 7

 
Buzzacott Livingstone Limited
 


Statement of comprehensive income
For the year ended 30 September 2024

2024
2023
£
£

  

Turnover
  
15,394,693
13,310,813

Administrative expenses
  
(11,778,639)
(9,864,651)

Operating profit
  
3,616,054
3,446,162

Income from shares in group undertakings
 6 
440,591
354,111

Income from participating interests
 6 
1,277,671
1,523,317

Profit before tax
  
5,334,316
5,323,590

Tax on profit
 7 
(1,225,452)
(1,096,170)

Profit for the year
  
4,108,864
4,227,420

There was no other comprehensive income for 2024 or 2023.

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
Buzzacott Livingstone Limited - Registered number:03601142



Statement of financial position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
-
-

Investments
 10 
300
300

  
300
300

Current assets
  

Debtors
 11 
7,534,035
6,487,877

Cash at bank and in hand
 12 
253,762
607,874

  
7,787,797
7,095,751

Creditors: amounts falling due within one year
 13 
(6,419,944)
(6,391,262)

Net current assets
  
 
 
1,367,853
 
 
704,489

Total assets less current liabilities
  
1,368,153
704,789

Provisions for liabilities
 14 
(180,000)
(80,000)

Net assets
  
1,188,153
624,789


Capital and reserves
  

Called up share capital 
 15 
10,500
10,500

Share premium account
 16 
4,500
4,500

Profit and loss account
 16 
1,173,153
609,789

  
1,188,153
624,789


The financial statements were approved and authorised for issue by the board on 20 January 2025 and were signed on their behalf by:



Carlo Gray
Director

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
Buzzacott Livingstone Limited
 


Statement of changes in equity
For the year ended 30 September 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
10,500
4,500
609,789
624,789


Comprehensive income for the year

Profit for the year

-
-
4,108,864
4,108,864


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
4,108,864
4,108,864


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(3,545,500)
(3,545,500)


Total transactions with owners
-
-
(3,545,500)
(3,545,500)


At 30 September 2024
10,500
4,500
1,173,153
1,188,153


The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
Buzzacott Livingstone Limited
 


Statement of changes in equity
For the year ended 30 September 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
10,500
4,500
1,800,869
1,815,869


Comprehensive income for the year

Profit for the year

-
-
4,227,420
4,227,420


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
4,227,420
4,227,420


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,418,500)
(5,418,500)


Total transactions with owners
-
-
(5,418,500)
(5,418,500)


At 30 September 2023
10,500
4,500
609,789
624,789


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office is 130 Wood Street, London, EC2V 6DL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'Financial Reporting Standard, the Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

FRS 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102:
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
 
This information is included in the consolidated financial statements of Buzzacott LLP as at 30 September 2024 and these financial statements may be obtained from Companies House.
 
 
2.3

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.4

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

 
Buzzacott Livingstone Limited
 


Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Depreciated over ten years
Other fixed assets
-
Depreciated over three years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

 
Buzzacott Livingstone Limited
 


Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.13

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholder at an annual general meeting. 

Page 14

 
Buzzacott Livingstone Limited
 


Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.



3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors make estimates and assumptions concerning the future, and they are also required to exercise
judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
The following is the company's key source of estimation uncertainty:
Recoverability of debtors
Trade debtors, other debtors and amounts recoverable on contracts are recognised to the extent that they are
judged recoverable. Directors' reviews are performed to estimate the level of provision required for irrecoverable
debtors and amounts not recoverable on contracts. Provision are made specifically against debtors and amounts
recoverable on contracts where recoverability is uncertain.







4.


Employees

The company had no employees (2023: no employees) other than the directors, who did not receive any remuneration (2023 - £NIL).


5.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor:


2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
9,750
9,250

Page 15

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

6.


Income from investments

The company received dividends from its investment in group undertakings of £440,591 (2023: £354,111) and profit share from its investment in the group participating interests of £1,277,671 (2023: £1,523,317).


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,225,452
1,096,170


1,225,452
1,096,170


Total current tax
1,225,452
1,096,170

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax 25% (2023 -  22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
5,334,316
5,323,590


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
1,333,579
1,171,625

Effects of:


Expenses not deductible for tax purposes
322,050
337,733

Capital allowances for year in excess of depreciation
(319,418)
(335,255)

Dividends not taxable for tax purposes
(110,147)
(77,933)

Adjustments to tax charge in respect of prior periods
(612)
-

Total tax charge for the year
1,225,452
1,096,170


8.


Dividends

2024
2023
£
£


Dividends paid on B shares
3,545,500
5,418,500

3,545,500
5,418,500

Page 16

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

9.


Tangible fixed assets





Fixtures, fittings and office equipment

£



Cost


At 1 October 2023
89,433


Disposals
(89,433)



At 30 September 2024

-



Depreciation


At 1 October 2023
89,433


Disposals
(89,433)



At 30 September 2024

-



Net book value



At 30 September 2024
-



At 30 September 2023
-


10.


Fixed asset investments





Investment in subsidiary company
Investments in participating interest
Total

£
£
£



Cost or valuation


At 1 October 2023
-
300
300



At 30 September 2024
-
300
300




The investment in Buzzacott Expatriate Tax Services Limited is HK$1. 

Page 17

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

Subsidiary undertaking


At 30 September 2024, the following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

Buzzacott Expatriate Tax Services Limited
Ordinary
100%

The registered office of Buzzacott Expatriate Tax Services Limited is 14F Lucky Building, No.39 Wellington Street, Central, Hong Kong.


Participating interest in group undertaking


At 30 September 2024, the following was a participating interest in group undertaking of the company:


Name

Class of shares

Holding

Buzzacott Financial Sector Outsourcing LLP
Capital
1%

The registered office of Buzzacott Financial Sector Outsourcing LLP is the same as the company's.


11.


Debtors

2024
2023
£
£


Trade debtors
3,663,931
3,750,882

Amounts owed by group undertakings
2,821,821
1,949,584

Other debtors
-
5

Prepayments
167,910
171,354

Amounts recoverable on long term contracts
712,452
616,052

Tax recoverable
167,921
-

7,534,035
6,487,877



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
253,762
607,874

253,762
607,874


Page 18

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

13.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
7,219
3,181

Amounts owed to group undertakings
2,932,792
1,150,181

Corporation tax
-
314,614

Other creditors
3,212,007
4,584,068

Accruals and deferred income
267,926
339,218

6,419,944
6,391,262



14.


Provisions





Provision for PI claims

£





At 1 October 2023
80,000


Charged to the profit or loss
100,000



At 30 September 2024
180,000


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) A shares of £1.00 each
10,000
10,000
500 (2023 - 500) B shares of £1.00 each
500
500

10,500

10,500


Page 19

 
Buzzacott Livingstone Limited
 
 

Notes to the financial statements
For the year ended 30 September 2024

16.


Reserves

Share premium account

Share premium account - includes all amounts above the nominal value received for shares sold, less transaction costs.

Profit and loss account

Profit and loss account - includes all current and prior period retained profits and losses.


17.


Contingent liabilities

The company had no contingent liabilities at 30 September 2024 or 30 September 2023.


18.


Capital commitments

The company has no capital commitments at 30 September 2024 or 30 September 2023.


19.


Related party transactions

There are no reportable related party transactions for 2024 or 2023.


20.


Controlling party

The company's immediate and ultimate parent undertaking is Buzzacott LLP. The smallest and largest group of
undertakings for which consolidated accounts including the company are drawn up is headed by Buzzacott LLP.
The registered office of Buzzacott LLP is the same as the company.

Page 20