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Buzzacott Livingstone Limited
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Annual report and financial statements
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For the year ended 30 September 2023
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Registered number: 03601142
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Buzzacott Livingstone Limited
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Company Information
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Buzzacott Secretaries Limited
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Buzzacott Livingstone Limited
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Contents
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Independent auditor's report
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Statement of comprehensive income
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Statement of financial position
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Notes to the financial statements
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Buzzacott Livingstone Limited
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Directors' report
For the year ended 30 September 2023
The directors present their report and the financial statements for the year ended 30 September 2023.
Directors' responsibilities statement
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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 2006. They 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.
The profit for the year, after taxation, amounted to £4,227,411 (2022 - £3,958,231).
Dividends amounting to £5,418,500 (2022 - £3,980,500) were paid during the year.
The directors who served during the year were:
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Hugh Llewellyn (appointed 1 October 2022)
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Holly Payling (appointed 1 October 2022)
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Alexander Porteous (appointed 1 October 2022)
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Page 1
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Buzzacott Livingstone Limited
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Directors' report (continued)
For the year ended 30 September 2023
Disclosure of information to auditor
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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 29 February 2024 and signed on its behalf.
Page 2
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Buzzacott Livingstone Limited
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Strategic report
For the year ended 30 September 2023
The company's principal activity is the provision of expatriate tax services.
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
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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
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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 29 February 2024 and signed on its behalf by:
Page 3
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Independent auditor's report to the members of Buzzacott Livingstone Limited
For the year ended 30 September 2023
We have audited the financial statements of Buzzacott Livingstone Limited (the 'company') for the year ended 30 September 2023, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policies. The 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 2023 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.
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
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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.
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 Report. Our 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
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Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2023
Opinion on other matters prescribed by the Companies Act 2006
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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
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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; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the
requirement to prepare a Strategic report.
Responsibilities of directors
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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
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Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2023
Auditor's responsibilities for the audit of the financial statements
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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..
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Independent auditor's report to the members of Buzzacott Livingstone Limited (continued)
For the year ended 30 September 2023
This report is made solely to the company's members, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our 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
29 February 2024
Page 7
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Buzzacott Livingstone Limited
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Statement of comprehensive income
For the year ended 30 September 2023
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Income from shares in group undertakings
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There was no other comprehensive income for 2023 (2022:£NIL).
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The notes on pages 10 to 17 form part of these financial statements.
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Page 8
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Buzzacott Livingstone Limited - Registered number: 03601142
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Statement of financial position
As at 30 September 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements were approved and authorised for issue by the board on 29 February 2024 and were signed on their behalf by:
The notes on pages 10 to 17 form part of these financial statements.
Page 9
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
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
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102. 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:
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FRS 102 - reduced disclosure exemptions
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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 2023 and these financial statements may be obtained from Companies House.
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 10
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
2.Accounting policies (continued)
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:
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Depreciated over ten years
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Depreciated over three years
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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.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
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.
Page 11
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
2.Accounting policies (continued)
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Foreign currency translation
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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'.
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.
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.
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.
The company had no employees (2022: no employees) other than the directors, who did not receive any remuneration (2022 - £NIL).
Page 12
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 22.01% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22.01% (2022 - 19%)
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Expenses not deductible for tax purposes
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Income not taxable for tax purposes
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Dividends not taxable for tax purposes
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Adjustments to tax charge in respect of prior periods
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Total tax charge for the year
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Factors that may affect future tax charges
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On 10 June 2021, the Finance Bill 2021 received Royal Assent. The Bill confirms an increase in the corporation tax
rate from 1 April 2023. From this date, the rate will taper from 19% for businesses with profits of less than £50,000
to 25% for businesses with profits over £250,000.
Page 13
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
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Dividends paid on B shares
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Fixtures, fittings and office equipment
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Page 14
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
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Investment in subsidiary company
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At 30 September 2022, the following was a subsidiary undertaking of the company:
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Buzzacott Expatriate Tax Services Limited
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The registered office of Buzzacott Expatriate Tax Services Limited is 14F Lucky Building, No.39 Wellington Street, Central, Hong Kong.
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Amounts owed by group undertakings
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Amounts recoverable on long term contracts
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Cash and cash equivalents
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Page 15
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to the profit or loss
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Allotted, called up and fully paid
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10,000 (2022 - 10,000) A shares of £1.00 each
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500 (2022 - 500) B shares of £1.00 each
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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.
Page 16
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Buzzacott Livingstone Limited
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Notes to the financial statements
For the year ended 30 September 2023
The company had no contingent liabilities at 30 September 2023 or 30 September 2022.
The company has no capital commitments at 30 September 2023 or 30 September 2022.
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Related party transactions
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There are no reportable related party transactions for 2023 or 2022.
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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 17
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