COMPANY REGISTRATION NUMBER:
11242246
Filleted Unaudited Financial Statements
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Period from 8 March 2018 to 31 March 2019
Statement of financial position
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1
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Notes to the financial statements
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2
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Statement of Financial Position
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31 March 2019
Fixed assets
Current assets
Creditors: amounts falling due within one year
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7
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9,087,723
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------------
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Net current liabilities
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9,006,150
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------------
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Total assets less current liabilities
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(
347,758)
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---------
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Net liabilities
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(
347,758)
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---------
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Capital and reserves
Called up share capital
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1
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Profit and loss account
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(
347,759)
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---------
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Shareholders deficit
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(
347,758)
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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 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 comprehensive income has not been delivered.
For the period ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
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The director acknowledges his 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
6 December 2019
, and are signed on behalf of the board by:
Mr C S Mindenhall
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Director
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Company registration number:
11242246
Notes to the Financial Statements
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Period from 8 March 2018 to 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Hammersmith Broadway, London, W6 9DL, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has reviewed the net assets position and are satisfied that the company can continue as a going concern for the next 12 months.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
.
5.
Investments
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Other loans
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£
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Cost
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At 8 March 2018
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–
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Additions
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8,758,575
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At 31 March 2019
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8,758,575
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Impairment
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At 8 March 2018
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–
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Impairment losses
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100,183
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At 31 March 2019
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100,183
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Carrying amount
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At 31 March 2019
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8,658,392
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6.
Debtors
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31 Mar 19
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£
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Other debtors
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81,573
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--------
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7.
Creditors:
amounts falling due within one year
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31 Mar 19
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£
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Loan to LL Investments
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5,080,878
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Other creditors
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4,006,845
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9,087,723
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BCI Europe Limited S.a.r.l holds a floating charge over the property and and undertaking of the company.
8.
Related party transactions
At the balance sheet date, the company owed the director £3,977,550, no interest is being charged on this balance. During the period, the company made loans of £8,743,466 to connected companies by virtue of common control and directorship. At the balance sheet date, the company owed £5,080,878 to LL Investments 1, a company registered in Jersey (Registration Number 136288) under the control of the directors wife.
9.
Controlling party
The ultimate and immeditate parent company is BC Media Holdings Limited, a company registered in Jersey (Registration Number 111564). The registered address of the parent company is No 2 The Forum Grenville Street St Helier Jersey JE1 4HH.