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Registration number: SC200588

Abuzz Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Abuzz Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Abuzz Ltd.

Company Information

Directors

Mr Patrick Kenneth Cullen

Mr Kevin John Brady Cullen

Mrs Christina Ann Cullen

Company secretary

Mrs Christina Ann Cullen

Registered office

Old Church
South Craigs Road
Rumford
Falkirk
FK2 0SF

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Abuzz Ltd.

(Registration number: SC200588)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

139

176

Current assets

 

Stocks

5

9,000

12,000

Debtors

6

32,913

28,440

Cash at bank and in hand

 

5,346

29,437

 

47,259

69,877

Creditors: Amounts falling due within one year

7

(40,577)

(37,425)

Net current assets

 

6,682

32,452

Total assets less current liabilities

 

6,821

32,628

Creditors: Amounts falling due after more than one year

7

(5,557)

(11,576)

Net assets

 

1,264

21,052

Capital and reserves

 

Called up share capital

4

4

Retained earnings

1,260

21,048

Shareholders' funds

 

1,264

21,052

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2025 and signed on its behalf by:
 

.........................................
Mr Patrick Kenneth Cullen
Director

 

Abuzz Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Reducing Balance at 25%

Furniture and fittings

Reducing Balance at 25%

Motor Cars

Reducing Balance at 25%

Computer Equipment

Straight line at 33%

 

Abuzz Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Abuzz Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

289

271

12,133

12,693

At 31 October 2024

289

271

12,133

12,693

Depreciation

At 1 November 2023

289

268

11,960

12,517

Charge for the year

-

3

34

37

At 31 October 2024

289

271

11,994

12,554

Carrying amount

At 31 October 2024

-

-

139

139

At 31 October 2023

-

3

173

176

5

Stocks

2024
£

2023
£

Other inventories

9,000

12,000

6

Debtors

2024
£

2023
£

Trade debtors

866

-

Prepayments

2,553

2,553

Other debtors

29,494

25,887

32,913

28,440

 

Abuzz Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,389

6,389

Trade creditors

 

11,245

7,252

Other creditors

 

22,943

23,784

 

40,577

37,425

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

5,557

11,576

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,557

11,576

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,389

6,389

 

Abuzz Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr Kevin John Brady Cullen

4,203

3,600

Mr Patrick Kenneth Cullen

12,029

10,771

Mrs Christina Ann Cullen

1,288

3,247

 

17,520

17,618

The maximum balance outstanding during the year amounted to £17,618.

The directors current accounts are repayable on demand.

Included within other debtors is an inter company loan owed from John Cullen & Sons Ltd totalling £25,278 (2023: £20,278).

Inter company loans are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Abuzz Ltd.
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Abuzz Ltd. for the year ended 31 October 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Abuzz Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Abuzz Ltd. and state those matters that we have agreed to state to the Board of Directors of Abuzz Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abuzz Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Abuzz Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Abuzz Ltd.. You consider that Abuzz Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Abuzz Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

23 July 2025