Company Registration No. 07914676 (England and Wales)
TOUREAN LIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
TOUREAN LIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TOUREAN LIVE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,854
10,472
Current assets
Cash at bank and in hand
76,889
116,703
Creditors: amounts falling due within one year
4
(786,326)
(717,827)
Net current liabilities
(709,437)
(601,124)
Total assets less current liabilities
(701,583)
(590,652)
Provisions for liabilities
(1,492)
Net liabilities
(703,075)
(590,652)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(703,076)
(590,653)
Total equity
(703,075)
(590,652)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 financial statements were approved and signed by the director and authorised for issue on 15 September 2021
Jacob Cruz
Director
Company Registration No. 07914676
TOUREAN LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
Tourean Live Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3rd Floor, 5 Chancery Lane, London, WC2A 1LG.
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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The director has agreed not to recall his loan until the company is trading profitably.
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.
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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
An impairment loss is recognised immediately in profit or loss.
1.5
Financial instruments
The company
only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.
TOUREAN LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
TOUREAN LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2020 and 31 December 2020
95,381
Depreciation and impairment
At 1 January 2020
84,909
Depreciation charged in the year
2,618
At 31 December 2020
87,527
Carrying amount
At 31 December 2020
7,854
At 31 December 2019
10,472
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
786,326
717,827
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
TOUREAN LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
6
Related party transactions
During the period,
Jacob Cruz
, director of the company,
incurred expenses on behalf of the company totalling £97,396
. At the Balance Sheet date the director was owed £776,738 (2019: £679,342
)
During the period,
Tourean Touring LLC
, an entity in which the director is a member,
was repaid £37,735
. At the balance sheet date, Tourean Touring LLC was owed £Nil (2019: £37,735
). Jacob Cruz is a director of Tourean Live Limited and member of Tourean Touring LLC.
During the period,
Tourean Recording LLC
, an entity in which the director is a member,
incurred expenses on behalf of the company totalling £53
. At the balance sheet date, Tourean Recording LLC was owed £53
(2019: £Nil). Jacob Cruz is a director of Tourean Live Limited and member of Tourean Recording LLC.
The director is also the sole director and shareholder of
Vollume Inc
. At 31 December 2020 Vollume Inc owed
the company
£376,091 (2019: £308,757).
A bad debt provision in respect of this debt has been fully provided for in the accounts with a further provision of £67,334 being recognised in 2020.
No interest has been charged on the above amounts.
7
Control
The company is controlled by the director, by virtue of his shareholding.