Company Registration No. 05701799 (England and Wales)
Troubador Limited
Annual report and unaudited financial statements
For the year ended 31 March 2017
Pages for filing with registrar
TROUBADOR LIMITED
Troubador Limited
COMPANY INFORMATION
Director
J Williams
Secretary
MGRWK Company Secretaries Limited
Company number
05701799
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
TROUBADOR LIMITED
Troubador Limited
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
TROUBADOR LIMITED
Troubador Limited
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,680
4,640
Current assets
Debtors
4
9,500
-
Cash at bank and in hand
18,083
24,691
27,583
24,691
Creditors: amounts falling due within one year
5
(10,738)
(16,261)
Net current assets
16,845
8,430
Total assets less current liabilities
20,525
13,070
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
20,524
13,069
Total equity
20,525
13,070
The director 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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his 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 .
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.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2017
J Williams
Director
Company Registration No. 05701799
TROUBADOR LIMITED
Troubador Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2015
1
20,901
20,902
Year ended 31 March 2016:
Profit and total comprehensive income for the year
-
32,168
32,168
Dividends
2
-
(40,000)
(40,000)
Balance at 31 March 2016
1
13,069
13,070
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
25,955
25,955
Dividends
2
-
(18,500)
(18,500)
Balance at 31 March 2017
1
20,524
20,525
TROUBADOR LIMITED
Troubador Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Troubador Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Troubador Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was
1 April 2016
. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for services within the period net of VAT and is recognised when the services have been performed.
and is recognised when the services have been performed.
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.
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:
Fixtures, fittings & equipment
25% reducing balance
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 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.
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.
TROUBADOR LIMITED
Troubador Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
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.
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.
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.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Dividends
2017
2016
£
£
Interim paid
18,500
40,000
TROUBADOR LIMITED
Troubador Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
28,939
Additions
267
At 31 March 2017
29,206
Depreciation and impairment
At 1 April 2016
24,299
Depreciation charged in the year
1,227
At 31 March 2017
25,526
Carrying amount
At 31 March 2017
3,680
At 31 March 2016
4,640
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
9,500
-
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
6,729
8,387
Other taxation and social security
2,371
2,724
Other creditors
1,638
5,150
10,738
16,261
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
TROUBADOR LIMITED
Troubador Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
7
Controlling Party
The controlling party is the director, J Williams, by virtue of his 100% shareholding which remains unchanged from the previous year.
8
Related party transactions
During the year, the company paid the director dividends of £18,500 (2016: £40,000).
Included in other creditors is an amount of £1,630 (2016: £5,110) owed to the director of the company.