BuzziSpace UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07805823 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

BUZZISPACE UK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Symons

C H Figge

C Ennenbach

REGISTERED OFFICE:

24 Wellington Business Park

Dukes Ride

Crowthorne

Berkshire

RG45 6LS

REGISTERED NUMBER:

07805823 (England and Wales)

AUDITORS:

Durrants, Chartered Accountants

Chartered Accountants & Statutory Auditor

24 Wellington Business Park

Dukes Ride

Crowthorne

Berkshire

RG45 6LS

FIXED ASSETS

Tangible assets

4

-

1,647

CURRENT ASSETS

Debtors

5

357,456

271,701

Cash at bank

71,422

36,230

428,878

307,931

CREDITORS

Amounts falling due within one year

6

83,176

95,529

NET CURRENT ASSETS

345,702

212,402

TOTAL ASSETS LESS CURRENT LIABILITIES

345,702

214,049

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

345,701

214,048

SHAREHOLDERS' FUNDS

345,702

214,049

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2021 and were signed on its behalf by:

S Symons - Director

1.	STATUTORY INFORMATION

BuzziSpace UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared using a basis other than going concern.

Significant judgements and estimates

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover represents commissions receivable in respect of services provided to it's parent company, Buzzispace NV.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

20,119

Disposals

(2,281

)

At 31 December 2020

17,838

DEPRECIATION

At 1 January 2020

18,472

Eliminated on disposal

(634

)

At 31 December 2020

17,838

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

1,647

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Amounts owed by group undertakings

312,094

233,451

Other debtors

45,362

38,250

357,456

271,701

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/20

31/12/19

£

£

Trade creditors

3,675

1,439

Taxation and social security

43,290

47,724

Other creditors

36,211

46,366

83,176

95,529

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31/12/20

31/12/19

£

£

Within one year

-

5,363

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Bessant ACA (Senior Statutory Auditor)

for and on behalf of Durrants, Chartered Accountants

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	POST BALANCE SHEET EVENTS AND GOING CONCERN

As already communicated in last year's report, due to the impact of the Covid-19 crisis the directors have taken the decision to change the sales strategy for the UK market. The agency agreement with BuzziSpace Belgium has been terminated and BuzziSpace Ltd ended its activities on 1 December 2020. BuzziSpace Belgium will address the market with external agents as from this date. BuzziSpace Ltd will be going into liquidation.

11.	ULTIMATE CONTROLLING PARTY