Company Registration No. 03165769 (England and Wales)
BOOM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
BOOM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
BOOM LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
483,440
532,324
Current assets
Debtors
4
339,374
590,615
Cash at bank and in hand
629,423
445,502
968,797
1,036,117
Creditors: amounts falling due within one year
5
(320,665)
(406,012)
Net current assets
648,132
630,105
Total assets less current liabilities
1,131,572
1,162,429
Provisions for liabilities
(79,236)
(71,671)
Net assets
1,052,336
1,090,758
Capital and reserves
Called up share capital
6
80
80
Profit and loss reserves
1,052,256
1,090,678
Total equity
1,052,336
1,090,758
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
BOOM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2017
31 July 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2018 and are signed on its behalf by:
Mr M P Jensen
Mr S Hilliker
Director
Director
Mr L Walpole
Director
Company Registration No. 03165769
BOOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 3 -
1
Accounting policies
Company information
Boom Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
27-29 Berwick St, London, W1F 8RQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short Leasehold
over lease term
Studio installation
10% on cost
Fixtures, fittings & equipment
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash at bank and in hand
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 in current liabilities.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
BOOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 26 (2016 - 26).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2016
19,506
2,675,429
2,694,935
Additions
-
74,798
74,798
At 31 July 2017
19,506
2,750,227
2,769,733
Depreciation and impairment
At 1 August 2016
13,508
2,149,101
2,162,609
Depreciation charged in the year
1,358
122,326
123,684
At 31 July 2017
14,866
2,271,427
2,286,293
Carrying amount
At 31 July 2017
4,640
478,800
483,440
At 31 July 2016
5,998
526,326
532,324
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
226,515
402,012
Other debtors
112,859
188,603
339,374
590,615
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
89,673
93,567
Corporation tax
119,629
160,065
Other taxation and social security
126,928
125,200
Other creditors
(15,565)
27,180
320,665
406,012
BOOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
20 Ordinary share of £1 each
20
80
42 Ordinary A share of £1 each
42
-
18 Ordinary B share of £1 each
18
-
80
80
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
Within one year
210,000
210,000
Between two and five years
504,000
714,000
714,000
924,000