Company Registration No. 04655514 (England and Wales)
WE WILL ROCK YOU LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
WE WILL ROCK YOU LIMITED
CONTENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WE WILL ROCK YOU LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
1,047
Cash at bank and in hand
103,135
117,199
104,182
117,199
Creditors: amounts falling due within one year
(105,270)
(108,147)
Net current (liabilities)/assets
(1,088)
9,052
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(1,089)
9,051
Total equity
(1,088)
9,052
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 June 2021 and are signed on its behalf by:
R Taylor
Director
Company Registration No. 04655514
WE WILL ROCK YOU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
We Will Rock You Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Savoy Court, London, WC2R 0EX.
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
pound
.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below:
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources 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.
true
The directors have considered the potential impact of the COVID-19 pandemic
on the
c
ompany, and are satisfied that the
c
ompany has adequate facilities to meet its liabilities as they fall due for at least twelve months from the date of the approval of the financial statements.
1.3
Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents amounts for services provided net of discounts and VAT.
Licensing income is recognised on receipt or as rights are utilised on an accruals basis where sufficient reliable information is available.
1.4
Cash and cash equivalents
Cash and cash equivalents
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
WE WILL ROCK YOU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Auditor's remuneration
2020
2019
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
3,500
3,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2019 - 0
).
WE WILL ROCK YOU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
4
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Stephen Iseman FCA.
The auditor was Sopher & Co LLP.
6
Parent company
The directors consider that the immediate and ultimate parent undertaking of the company is Queen Productions Limited, a company incorporated in England and Wales, by virtue of its 100% beneficial interest. The largest and smallest Group of which the company is a member and for which Group financial statements are drawn up is headed by Queen Productions Limited. The registered office is 7 Savoy Court, London, WC2R 0EX, and copies of the financial statements are available from The Registrar of Companies for England and Wales.