COMPANY REGISTRATION NUMBER:
09476006
Filleted Unaudited Financial Statements
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Chartered Management Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Junk IBU Limited
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Year ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Junk IBU Limited for the year ended 31 December 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com. This report is made solely to the Board of Directors of Junk IBU Limited, as a body, in accordance with the terms of our engagement letter dated 11 March 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Junk IBU Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Junk IBU Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Junk IBU Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Junk IBU Limited. You consider that Junk IBU Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Junk IBU Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHR CONSULTANCY LTD
Chartered Management Accountants
Minster House, 126a High St
Whitton
TWICKENHAM
Middlesex
TW2 7LL
15 March 2020
Statement of Financial Position
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31 December 2019
Current assets
Stocks
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4,325
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1,621
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Debtors
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4
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–
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69
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Cash at bank and in hand
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1,693
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10,423
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-------
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--------
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6,018
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12,113
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Creditors: amounts falling due within one year
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5
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600
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600
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-------
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--------
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Net current assets
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5,418
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11,513
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-------
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--------
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Total assets less current liabilities
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5,418
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11,513
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Creditors: amounts falling due after more than one year
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6
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25,900
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25,900
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--------
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--------
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Net liabilities
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(
20,482)
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(
14,387)
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--------
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--------
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Capital and reserves
Called up share capital
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100
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100
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Profit and loss account
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(
20,582)
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(
14,487)
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--------
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--------
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Shareholders deficit
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(
20,482)
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(
14,387)
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--------
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--------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 March 2020
, and are signed on behalf of the board by:
Company registration number:
09476006
Notes to the Financial Statements
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Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Minster House, 126a High St, Whitton, Twickenham, Middlesex, TW2 7LL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
The company meets its day-to-day working capital requirements through short-term borrowings from the parent company. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue recognition
Turnover comprises CD sales income receivable in the year, income from recording rights and licence agreements and other services included at the invoiced value (excluding VAT where recoverable) of goods and services supplied in the year and grants receivable in the year. Revenue recognition - With regard to the company's recording rights, costs are incurred in the year in relation to recording of music. Licence agreements are in place that last for ten years, providing fees for the company in the event the recording is used for public broadcast. As there is no guarantee of any income from this agreement, the costs and revenue are recognised as they occur.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4.
Debtors
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2019
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2018
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£
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£
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Other debtors
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–
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69
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----
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----
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5.
Creditors:
amounts falling due within one year
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2019
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2018
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£
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£
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Other creditors
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600
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600
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----
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----
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6.
Creditors:
amounts falling due after more than one year
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2019
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2018
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£
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£
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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25,900
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25,900
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7.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value
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2019
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2018
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£
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£
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Richard Thomas Foundation
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--------
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8.
Controlling party
The ultimate controlling party is The Richard Thomas Foundation, a charity incorporated in the United Kingdom.