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COMPANY REGISTRATION NUMBER: 07367366
Buzz Futures Limited
Filleted Unaudited Financial Statements
31 May 2024
Buzz Futures Limited
Balance Sheet
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
107,154
162,257
Current assets
Debtors
6
450,111
749,761
Cash at bank and in hand
31,578
13,548
---------
---------
481,689
763,309
Creditors: amounts falling due within one year
7
99,765
304,538
---------
---------
Net current assets
381,924
458,771
---------
---------
Total assets less current liabilities
489,078
621,028
Creditors: amounts falling due after more than one year
8
2,499
---------
---------
Net assets
489,078
618,529
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
489,077
618,528
---------
---------
Shareholders funds
489,078
618,529
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Buzz Futures Limited
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 28 May 2025 , and are signed on behalf of the board by:
Mr A Georgiou
Director
Company registration number: 07367366
Buzz Futures Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents profits from trading activities arising in the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% straight line
Motor Vehicles
-
20% straight line
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
123,150
152,564
8,780
284,494
---------
---------
-------
---------
Depreciation
At 1 June 2023
40,274
73,183
8,780
122,237
Charge for the year
30,669
24,434
55,103
---------
---------
-------
---------
At 31 May 2024
70,943
97,617
8,780
177,340
---------
---------
-------
---------
Carrying amount
At 31 May 2024
52,207
54,947
107,154
---------
---------
-------
---------
At 31 May 2023
82,876
79,381
162,257
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Other debtors
450,111
749,761
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
115
Corporation tax
49,015
221,713
Social security and other taxes
940
700
Other creditors
49,810
82,010
--------
---------
99,765
304,538
--------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,499
----
-------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
481,689
763,309
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
49,811
84,625
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Georgiou
( 827)
928
101
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Georgiou
( 32)
( 795)
( 827)
----
----
----