Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-0144truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11828308 2023-07-01 2024-06-30 11828308 2024-06-30 11828308 2022-07-01 2023-06-30 11828308 2023-06-30 11828308 c:Director1 2023-07-01 2024-06-30 11828308 d:PlantMachinery 2023-07-01 2024-06-30 11828308 d:PlantMachinery 2024-06-30 11828308 d:PlantMachinery 2023-06-30 11828308 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11828308 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 11828308 d:MotorVehicles 2023-07-01 2024-06-30 11828308 d:MotorVehicles 2024-06-30 11828308 d:MotorVehicles 2023-06-30 11828308 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11828308 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 11828308 d:FurnitureFittings 2023-07-01 2024-06-30 11828308 d:FurnitureFittings 2024-06-30 11828308 d:FurnitureFittings 2023-06-30 11828308 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11828308 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 11828308 d:OfficeEquipment 2023-07-01 2024-06-30 11828308 d:OfficeEquipment 2024-06-30 11828308 d:OfficeEquipment 2023-06-30 11828308 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11828308 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 11828308 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 11828308 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 11828308 d:Goodwill 2023-07-01 2024-06-30 11828308 d:Goodwill 2024-06-30 11828308 d:Goodwill 2023-06-30 11828308 d:CurrentFinancialInstruments 2024-06-30 11828308 d:CurrentFinancialInstruments 2023-06-30 11828308 d:Non-currentFinancialInstruments 2024-06-30 11828308 d:Non-currentFinancialInstruments 2023-06-30 11828308 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 11828308 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 11828308 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 11828308 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 11828308 d:ShareCapital 2024-06-30 11828308 d:ShareCapital 2023-06-30 11828308 d:RetainedEarningsAccumulatedLosses 2024-06-30 11828308 d:RetainedEarningsAccumulatedLosses 2023-06-30 11828308 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 11828308 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 11828308 c:FRS102 2023-07-01 2024-06-30 11828308 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 11828308 c:FullAccounts 2023-07-01 2024-06-30 11828308 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 11828308 d:HirePurchaseContracts d:WithinOneYear 2024-06-30 11828308 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 11828308 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-06-30 11828308 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 11828308 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 11828308 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure
Registered number: 11828308


BUZY BEEZ TYRES AND EXHAUSTS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
REGISTERED NUMBER: 11828308

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,292
22,192

Tangible assets
 5 
82,799
76,032

  
90,091
98,224

Current assets
  

Stocks
  
21,788
20,800

Debtors: amounts falling due within one year
 6 
4,322
1,338

Cash at bank and in hand
 7 
20,224
40,337

  
46,334
62,475

Creditors: amounts falling due within one year
 8 
(99,594)
(126,142)

Net current liabilities
  
 
 
(53,260)
 
 
(63,667)

Total assets less current liabilities
  
36,831
34,557

Creditors: amounts falling due after more than one year
  
(4,253)
-

Provisions for liabilities
  

Deferred tax
 11 
(20,864)
(19,008)

  
 
 
(20,864)
 
 
(19,008)

Net assets
  
11,714
15,549


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
11,614
15,449

  
11,714
15,549


Page 1

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
REGISTERED NUMBER: 11828308
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr J Willoughby
Director
Date: 27 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Buzy Beez Tyres & Exhusts Ltd is a limited company incorporated in England being part of the United Kingdom whose registered office and principle place of business is 131 Rose Hill, Oxford, Oxfordshire, England, OX4 4HT.
The company was incorporated 15 February 2019 and began trading 1 July 2019.

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 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

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.

 
2.5

Pensions

Defined contribution pension plan

The Company contributes into a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 4

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Motor vehicles
-
15%
Fixtures and fittings
-
15%
Office equipment
-
15%

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
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 shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
83,520
73,347

Cost of defined contribution scheme
7,340
6,998

90,860
80,345


The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
81,792



At 30 June 2024

81,792



Amortisation


At 1 July 2023
59,600


Charge for the year on owned assets
14,900



At 30 June 2024

74,500



Net book value



At 30 June 2024
7,292



At 30 June 2023
22,192



Page 7

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
9,366
82,293
4,279
5,506
101,444


Additions
821
22,286
-
-
23,107



At 30 June 2024

10,187
104,579
4,279
5,506
124,551



Depreciation


At 1 July 2023
4,103
18,064
1,159
2,086
25,412


Charge for the year on owned assets
1,713
12,267
615
1,027
15,622


Charge for the year on financed assets
-
718
-
-
718



At 30 June 2024

5,816
31,049
1,774
3,113
41,752



Net book value



At 30 June 2024
4,371
73,530
2,505
2,393
82,799



At 30 June 2023
5,263
64,229
3,120
3,420
76,032


6.


Debtors

2024
2023
£
£


Other debtors
3,700
1,005

Prepayments and accrued income
622
333

4,322
1,338


Page 8

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,224
40,337

20,224
40,337



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
13,684
17,638

Corporation tax
11,723
4,251

Other taxation and social security
12,221
10,602

Obligations under finance lease and hire purchase contracts
3,691
-

Other creditors
43,661
88,197

Accruals and deferred income
14,614
5,454

99,594
126,142



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
4,253
-

4,253
-



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
3,691
-

Between 1-5 years
4,253
-

7,944
-

Page 9

 
BUZY BEEZ TYRES AND EXHAUSTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Deferred taxation




2024


£






At beginning of year
(19,008)


Charged to profit or loss
(1,856)



At end of year
(20,864)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(20,863)
(19,008)

(20,863)
(19,008)


12.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £998. Contributions totalling £239 were payable to the fund at the balance sheet date and are included in other creditors.
The Company also made contributions to a director's pension scheme amounting to £6,000 during the year. 


13.


Related party transactions

Held within other creditors at the balance sheet date is an amount of £43,661 owed to director and shareholder Mr Justin Willoughby. 
There is no fixed date for repayment.


14.


Controlling party

The controlling party is director Mr Justin Willoughy by virtue of his 100% shareholding.

 
Page 10