The British Band Instrument Company Limited
Unaudited Financial Statements
For the year ended 31 March 2021
For Filing with Registrar
Company Registration No. 06659108 (England and Wales)
The British Band Instrument Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
The British Band Instrument Company Limited
Balance Sheet
As at 31 March 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
865
2,483
Investments
6
100
965
2,483
Current assets
Stock
7
160,498
169,391
Debtors
8
117,387
46,971
Cash at bank and in hand
11,540
2,126
289,425
218,488
Creditors: amounts falling due within one year
9
(222,193)
(213,885)
Net current assets
67,232
4,603
Total assets less current liabilities
68,197
7,086
Creditors: amounts falling due after more than one year
10
(78,107)
Net (liabilities)/assets
(9,910)
7,086
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
(10,010)
6,986
Total equity
(9,910)
7,086
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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 British Band Instrument Company Limited
Balance Sheet (Continued)
As at 31 March 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 March 2022 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 2021
Page 3
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 £.
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.
Included in creditors is an amount due to the director of the company of £133,195. The director has confirmed that he will not call a repayment of the amount and will continue to support the company for a period of 12 months from the date of signature of the accounts.
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
.
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
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.
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
1
Accounting policies
(Continued)
Page 5
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 6
4
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
(3,574)
(8,950)
5
Tangible fixed assets
Land and buildings leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2020
10,000
18,207
28,207
Additions
771
771
At 31 March 2021
10,000
18,978
28,978
Depreciation and impairment
At 1 April 2020
8,000
17,724
25,724
Depreciation charged in the year
2,000
389
2,389
At 31 March 2021
10,000
18,113
28,113
Carrying amount
At 31 March 2021
865
865
At 31 March 2020
2,000
483
2,483
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
6
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2020
-
Additions
100
At 31 March 2021
100
Carrying amount
At 31 March 2021
100
At 31 March 2020
-
During the year the company incorporated a 100% owned subsidiary, The British Band Instrument Company GmbH for £100 share capital value.
7
Stock
2021
2020
£
£
Goods for resale
160,498
169,391
8
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
99,795
31,720
Corporation tax recoverable
12,524
8,950
Other debtors
5,068
6,301
117,387
46,971
The British Band Instrument Company Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2021
Page 8
9
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
41,806
30,551
Trade creditors
19,950
29,084
Taxation and social security
3,129
3,181
Other creditors
157,308
151,069
222,193
213,885
10
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
78,107
11
Called up share capital
2021
2020
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
12
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:
2021
2020
£
£
Within one year
25,000
25,000
Between two and five years
55,685
6,233
80,685
31,233
13
Related party transactions
Included within other creditors is an amount of
£133,195
(20
20: £124,818
) due to D A Hughes, a director
and shareholder of the company.
Dividends totaling £
nil
(20
20: £48,000
) were paid in the year in respect of shares held by D
A
Hughes.
14
Control
The company is controlled by D A Hughes, by virtue of his 100% shareholding.
2021-03-31
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false
31 March 2022
CCH Software
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