REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2022 |
for |
K2 Agency Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2022 |
for |
K2 Agency Limited |
K2 Agency Limited (Registered number: 04479392) |
Contents of the Financial Statements |
for the year ended 30 September 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
K2 Agency Limited |
Company Information |
for the year ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
71 Queen Victoria Street |
London |
EC4V 4BE |
K2 Agency Limited (Registered number: 04479392) |
Balance Sheet |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
K2 Agency Limited (Registered number: 04479392) |
Notes to the Financial Statements |
for the year ended 30 September 2022 |
1. | STATUTORY INFORMATION |
K2 Agency Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate cash reserves and support from the shareholders to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
Dividends |
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
Turnover |
Turnover is recognised at the fair value of agency commissions receivable in respect of live music performances and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discount, settlement discounts and volume rebates. |
Other income is comprised of amounts of compensation received during the year relating to the company's primary trading activities in connection with shows which did not take place during this accounting period as originally planned. Instead the company was contractually entitled to receive a sum in compensation to ensure that the obligations of the contract were fully performed as mandated by the terms of it. All compensation received and recognised relates to the company's entitlement to income during this current accounting period. Since the income received does not relate to the company's conventional trading activities as set out in the principal activities within the Directors' Report, it has been deemed appropriate to show this separately from turnover and within other income in the company's statutory profit and loss. |
Tangible fixed assets and depreciation |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Plant and machinery - 27.50% on cost, Motor vehicles - 25% on cost and Improvements to property - 27.50% on cost. |
Government grants |
Government grants received during the year were £0 (2021 £167,108). |
K2 Agency Limited (Registered number: 04479392) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into financial instruments transactions that result in the recognition of basic debt financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, bank loans and loans to or from related parties. Debt instruments due within one year are measured, initially and subsequently at the transaction price. Debt instruments due after one year are measured initially at the transaction price and subsequently at amortised cost using the effective interest method. At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment charge is recognised in the income statement. |
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. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. |
K2 Agency Limited (Registered number: 04479392) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
Trade and other debtors |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | AUDITORS' REMUNERATION |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
25,000 |
20,500 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Other debtors includes a deferred tax asset of £0 (2021 - £124,426). |
K2 Agency Limited (Registered number: 04479392) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A | 1p | 55 | 55 |
Ordinary B | 1p | 56 | 56 |
111 | 111 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | TRANSACTIONS WITH DIRECTORS |
During the year J W Jackson, one of the company's directors introduced net funds in to the company totalling £233.509. At the end of the year, the amount due to J W Jackson was £318,502 (2021 : £84,993). This amount is included in the other creditors. The balance due has no fixed repayment terms, is unsecured and is non-interest bearing. |