Company Registration No. SC167962 (Scotland)
BUZZWORKS PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
BUZZWORKS PROPERTY LIMITED
COMPANY INFORMATION
Directors
C E Blair
K J Blair
Company number
SC167962
Registered office
Grange House
34 Grange Street
Kilmarnock
AYRSHIRE
KA1 2DD
Accountants
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
BUZZWORKS PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
BUZZWORKS PROPERTY LIMITED
BALANCE SHEET
AS AT 28 APRIL 2024
28 April 2024
- 1 -
28 April
30 April
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
162,943
14,024
Investment properties
4
2,842,057
2,524,629
Investments
5
51,999
53,222
3,056,999
2,591,875
Current assets
Debtors
6
109,460
88,538
Other loans
7
1,014,587
701,518
Cash at bank and in hand
264,151
5,400
1,388,198
795,456
Creditors: amounts falling due within one year
8
(2,186,480)
(2,272,832)
Net current liabilities
(798,282)
(1,477,376)
Total assets less current liabilities
2,258,717
1,114,499
Creditors: amounts falling due after more than one year
9
(1,552,595)
(352,784)
Provisions for liabilities
(6,048)
(4,633)
Net assets
700,074
757,082
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
155,305
155,305
Profit and loss reserves
544,669
601,677
Total equity
700,074
757,082

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

BUZZWORKS PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 APRIL 2024
28 April 2024
- 2 -

For the financial Period ended 28 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 of the Companies Act 2006.

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

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
K J Blair
Director
Company Registration No. SC167962
BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2024
- 3 -
1
Accounting policies
Company information

Buzzworks Property Limited is a private company limited by shares incorporated in Scotland. The registered office is Grange House, 34 Grange Street, Kilmarnock, AYRSHIRE, KA1 2DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

As at 28 April 2024, net amounts of £1,167,563 are due to related parties. The directors have received confirmation from those related parties that they will only seek repayments of amounts due to them when the company is in a position to do so.true

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The current period covers the 52 weeks ended 28 April 2024. The comparative period covers the 52 weeks ended 30 April 2023.

1.4
Turnover

Turnover represents rental income, derived solely from UK property, receivable net of VAT.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures and fittings
- 10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. The Directors revalue the properties with sufficient regularity to ensure that their carrying value does not differ materially from fair value.

 

Although this accounting policy is in accordance with the accounting standard, it is a departure from the requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the valuations and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.7
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from entities under common control, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
57,363
Additions
152,173
At 28 April 2024
209,536
Depreciation and impairment
At 1 May 2023
43,339
Depreciation charged in the Period
3,254
At 28 April 2024
46,593
Carrying amount
At 28 April 2024
162,943
At 30 April 2023
14,024
4
Investment property
2024
£
Fair value
At 1 May 2023
2,524,629
Additions
698,613
Disposals
(365,200)
Revaluations
(15,985)
At 28 April 2024
2,842,057

Investment property comprises various commercial and residential properties held for rental income and/or capital appreciation. The Directors revalue the properties with sufficient regularity to ensure that their carrying value does not differ materially from fair value. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
51,999
53,222
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2023 & 28 April 2024
70,050
Impairment
At 1 May 2023
16,828
Impairment losses
1,223
At 28 April 2024
18,051
Carrying amount
At 28 April 2024
51,999
At 30 April 2023
53,222
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,122
4,831
Other debtors
99,338
83,707
109,460
88,538
2024
2023
7
Other loans
£
£
Loans owed by related parties
1,014,587
701,518

The amount above is due from entities under common control and is technically repayable on demand. After the end of the accounting period, the directors of Buzzworks Property Limited have confirmed that they will not seek repayment in full of the amount due for at least twelve months from the date of signing the financial statements.

BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
218,750
728,044
Trade creditors
76,940
36,686
Amounts owed to related parties
1,824,932
1,443,392
Corporation tax
2,479
26,442
Other taxation and social security
8,216
27,372
Other creditors
55,163
10,896
2,186,480
2,272,832

Bank loans and overdrafts reflect amounts due in respect of a bank loan which is secured by fixed and floating charges over the assets of the company.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,195,377
20,849
Amounts owed to related parties
357,218
331,935
1,552,595
352,784

Bank loans and overdrafts include amounts due in respect of a bank loan which is secured by fixed and floating charges over the assets of the company.

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
BUZZWORKS PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2024
- 9 -
11
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2024
2023
£
£
Entities under common control
1,824,932
1,443,391
Key management personnel
257,218
283,898
Other related parties
100,000
48,037
2,182,150
1,775,326

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
2024
2023
£
£
Entities under common control
1,014,587
701,518
1,014,587
701,518

 

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