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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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Focus Business Management Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 29 February 2020 |
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for |
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Focus Business Management Limited |
Focus Business Management Limited (Registered number: 01296905) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 5 |
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Focus Business Management Limited |
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Company Information |
for the Year Ended 29 February 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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1st Floor |
New Uberior House |
11 Earl Grey Street |
Edinburgh |
EH3 9BN |
Focus Business Management Limited (Registered number: 01296905) |
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Balance Sheet |
29 February 2020 |
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29.2.20 | 28.2.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank | 7 |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Focus Business Management Limited (Registered number: 01296905) |
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Balance Sheet - continued |
29 February 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
Focus Business Management Limited (Registered number: 01296905) |
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Balance Sheet - continued |
29 February 2020 |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Focus Business Management Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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When cash inflows are deferred and represent a financing arrangement, the fair value of the |
consideration is the present value of the future receipts. The difference between the fair |
value of the consideration and the normal amount received is recognised as interest |
income. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
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Stamp duty and relating legal fees are amortised evenly over the term of the lease of 60 |
months. |
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Tangible fixed assets |
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Fixtures & fittings - Depreciated over the remaining life of the lease. |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost, net |
of depreciation and any impairment losses. |
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On disposal, the difference between the net disposal proceeds and the carrying amount of |
the item sold is recognised in profit or loss. |
Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the |
recognition of financial assets and liabilities like trade and other accounts receivable and |
payable, loans from banks and other third parties, loans to related parties and other third |
parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of |
each reporting period for objective evidence of impairment. If objective evidence of |
impairment is found, an impairment loss is recognised in profit or loss. |
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For financial assets measured at amortised cost, the impairment loss is measured as the |
difference between an asset's carrying amount and the present value of estimated cash |
flows discounted at the asset's original effective interest rate. If a financial asset has a |
variable interest rate, the discount rate for measuring any impairment loss is the current |
effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as |
the difference between an asset's carrying amount and the best estimate, which is an |
approximation, of the amount that the company would receive for the asset if it were to be |
sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the statement of |
financial position when there is an 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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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. |
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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. |
Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Debtors and creditors |
Short term debtors, classified as receivable in one year, 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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Short term creditors, classified as payable in one year, 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. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, |
property and equipment, are reviewed to determine whether there is an indication that an |
asset may be impaired. If there is an indication of possible impairment, the recoverable |
amount of any asset or group of related assets, which is the higher of value in use and the |
fair value less cost to sell, is estimated and compared with its carrying amount. If the |
recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable |
amount and an impairment loss is recognised immediately in profit or loss. |
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Inventories are also assessed for impairment at each reporting date. The carrying amount of |
each item of inventory, or group of similar items, is compared with its selling price less costs |
to complete and sell. If an item of inventory or group of similar items is impaired, its carrying |
amount is reduced to selling price less costs to complete and sell, and an impairment loss is |
recognised immediately in profit or loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset or group of |
elated assets is increased to the revised estimate of its recoverable amount, but not to |
exceed the amount that would have been determined had no impairment loss been |
recognised for the asset or group of related assets in prior periods. A reversal of an |
impairment loss is recognised immediately in profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 March 2019 |
and 29 February 2020 |
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AMORTISATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 March 2019 |
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Additions |
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At 29 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 29 February 2020 |
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NET BOOK VALUE |
At 29 February 2020 |
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At 28 February 2019 |
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Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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7. | CASH AT BANK |
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Cash at bank and in hand 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 under current |
liabilities. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 28.2.19 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 36,465 | 22,321 |
Other creditors |
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Accruals and deferred income |
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9. | RELATED PARTY DISCLOSURES |
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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. |
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Raw Power Management Ltd |
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A J Taylor and R C Smallwood are shareholders and directors. |
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During the year the company lent Raw Power Management Ltd £137,942 (2019: £NIL). At |
the balance sheet date the company is owed £137,942 (2019: £NIL) by Raw Power |
Management Ltd. The amount is classified as a current debtor and is repayable on demand, |
no interest is charged. |
Focus Business Management Limited (Registered number: 01296905) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2020 |
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10. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Phantom Music Management Ltd. |
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The ultimate controlling parties are A J Taylor and R C Smallwood, shareholders of the |
parent company Phantom Music Management Ltd (a company register in England and |
Wales). |
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11. | PENSION |
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The company is a member of The Phantom Music Management Limited group personal |
pension scheme, the assets of which are held separately for each employee in an |
independently administered fund. The pension cost charge represents contributions payable |
by the company and amounted to £18,835 (2019: £17,115). £NIL contributions remain |
unpaid at the year end date (2019: £1,112 contributions remain unpaid at the year end date). |