The British Band Instrument Company Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2020
Company Registration No. 06659108 (England and Wales)
The British Band Instrument Company Limited
Company Information
Directors
D A Hughes
H Davies
Company number
06659108
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
105 High Street
Edgware
Middlesex
HA8 7DB
The British Band Instrument Company Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
The British Band Instrument Company Limited
Balance Sheet
As at 31 March 2020
31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,483
4,222
Current assets
Stock
5
169,391
129,027
Debtors
6
46,971
79,426
Cash at bank and in hand
2,126
22,808
218,488
231,261
Creditors: amounts falling due within one year
7
(213,885)
(98,210)
Net current assets
4,603
133,051
Total assets less current liabilities
7,086
137,273
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
6,986
137,173
Total equity
7,086
137,273
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 March 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2021 and are signed on its behalf by:
D A Hughes
Director
Company Registration No. 06659108
The British Band Instrument Company Limited
Notes to the Financial Statements
For the year ended 31 March 2020
Page 2
1
Accounting policies
Company information
The British Band Instrument Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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.
1.2
Going concern
The directors have considered the potential impact of COVID-19, and the various measures taken to
true
contain it, on the operations of the business in the near future. The directors will continue to monitor the
government announcements,
and in the event income is impacted significantly they will consider cost
cutting measures in order to ensure the long term viability of the business.
Consequently, the directors are confident that the company will have sufficient funds to continue to meet
its liabilities as they fall due for at least 12 months from the date of approval of the financial statements
and therefore have prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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:
Land and buildings leasehold
20% Straight Line
Fixtures, fittings & equipment
25% Straight Line
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
.
1.5
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 3
1.7
Financial instruments
The
c
ompany only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2019 - 4
).
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
-
8,950
Adjustments in respect of prior periods
(8,950)
-
Total current tax
(8,950)
8,950
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 4
4
Tangible fixed assets
Land and buildings leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2019
10,000
17,688
27,688
Additions
-
519
519
At 31 March 2020
10,000
18,207
28,207
Depreciation and impairment
At 1 April 2019
6,000
17,466
23,466
Depreciation charged in the year
2,000
258
2,258
At 31 March 2020
8,000
17,724
25,724
Carrying amount
At 31 March 2020
2,000
483
2,483
At 31 March 2019
4,000
222
4,222
5
Stock
2020
2019
£
£
Goods for resale
169,391
129,027
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
31,720
64,686
Corporation tax recoverable
8,950
-
Other debtors
6,301
14,740
46,971
79,426
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 5
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
30,551
-
Trade creditors
29,084
15,822
Corporation tax
-
8,950
Other taxation and social security
3,181
2,302
Other creditors
151,069
71,136
213,885
98,210
8
Called up share capital
2020
2019
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
25,000
25,000
Between two and five years
6,233
31,233
31,233
56,233
10
Related party transactions
Included within other creditors is an amount of
£124,818
(201
9
- £29,399) due to D A Hughes, a director.
Dividends totaling £
48
,000 (201
9
- £
60
,000) were paid in the year in respect of shares held by D
A
Hughes.
11
Events after the reporting date
In May 2020, the company secured a 6 year bank loan of £100,000 with interest rate of 2.61%.
12
Control
The company is controlled by D A Hughes, by virtue of his 100% shareholding.