Company Registration No. 03083262 (England and Wales)
BARBERA MUSIC LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
BARBERA MUSIC LIMITED
CONTENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
BARBERA MUSIC LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BARBERA MUSIC LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Barbera Music Limited for the year ended 30 September 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Barbera Music Limited, as a body, in accordance with the terms of our engagement letter dated 25 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Barbera Music Limited and state those matters that we have agreed to state to the Board of Directors of Barbera Music Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Barbera Music Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Barbera Music Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Barbera Music Limited. You consider that Barbera Music Limited 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 financial statements of Barbera Music Limited. 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 financial statements.
.............................................
30 June 2016
Dales Evans and Co Limited
Date
Chartered Accountants
88-90 Baker Street
London
W1U 6TQ
BARBERA MUSIC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2015
30 September 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1
1
Current assets
Debtors
29,548
28,681
Cash at bank and in hand
19,865
23,908
49,413
52,589
Creditors: amounts falling due within one year
(170,230)
(159,002)
Net current liabilities
(120,817)
(106,413)
Total assets less current liabilities
(120,816)
(106,412)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(120,916)
(106,512)
Shareholders' funds
(120,816)
(106,412)
For the financial year ended 30 September 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 30 June 2016
P Gadsdon
Director
Company Registration No. 03083262
BARBERA MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
These accounts have been prepared on the going concern basis. This basis may not be appropriate because, as at 30 September 201
5
, the company's current liabilities exceeded its current assets by
£120,817 (2014: £106,413)
. If all of the creditors were to demand immediate repayment, the company
may
not be able to continue to trade. The director believes the going concern basis is appropriate as he has indicated that he will continue to support the company's working capital requirements. Also included within current liabilities is a balance of £41,019
(2014: £41,019)
due to the director and £11
8,395 (2014: £
11
6
,
038)
to a company under the control of the director. The director has indicated that repayment of these loans will not be required until the company has sufficient financial resources to do so without prejudicing the interests of the other creditors of the company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover Revenue is measured at the fair value of the consideration received or receivable and represents amounts for goods and services provided net of discounts and VAT. Royalties are recognised on receipt or as rights are utilised on an accruals basis where sufficient reliable information is available.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts for goods and services provided net of discounts and VAT.
Royalties are recognised on receipt or as rights are utilised on an accruals basis where sufficient reliable information is available.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment
20% straight line
1.5
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
BARBERA MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 October 2014
7,398
Disposals
(4,087)
At 30 September 2015
3,311
Depreciation
At 1 October 2014
7,397
On disposals
(4,087)
At 30 September 2015
3,310
Net book value
At 30 September 2015
1
At 30 September 2014
1
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100