Company Registration No. 08176250 (England and Wales)
BEN HOWARD MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
BEN HOWARD MUSIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BEN HOWARD MUSIC LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,951
7,493
Current assets
Debtors
4
324,260
364,402
Cash at bank and in hand
1,033,917
615,833
1,358,177
980,235
Creditors: amounts falling due within one year
5
(125,339)
(202,597)
Net current assets
1,232,838
777,638
Total assets less current liabilities
1,248,789
785,131
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
1,248,788
785,130
Total equity
1,248,789
785,131
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 August 2017 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 24 May 2018
Benjamin Howard
Director
Company Registration No. 08176250
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information
Ben Howard Music Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19 Portland Place, London, W1B 1PX.
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 August 2017
are the
first
financial statements of Ben Howard Music 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 September 2016. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Revenue represents amounts receivable for recording, publishing royalties and expenses recharged net of VAT.
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
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic 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
.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.6
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 1 (2016 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
13,079
Additions
13,774
At 31 August 2017
26,853
Depreciation and impairment
At 1 September 2016
5,586
Depreciation charged in the year
5,316
At 31 August 2017
10,902
Carrying amount
At 31 August 2017
15,951
At 31 August 2016
7,493
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
324,260
364,402
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,700
4,372
Corporation tax
111,202
140,298
Other taxation and social security
-
21,253
Other creditors
12,437
36,674
125,339
202,597
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
1
1
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's loan
3.00
-
40,947
90
(41,037)
-
Director's loan
3.00
-
232,295
3,407
(235,702)
-
-
273,242
3,497
(276,739)
-