Company Registration No. 10784878 (England and Wales)
FIERY ANGEL ENTERTAINMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
FIERY ANGEL ENTERTAINMENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
FIERY ANGEL ENTERTAINMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
361,388
32,216
Cash at bank and in hand
350,338
7,578
711,726
39,794
Creditors: amounts falling due within one year
4
(678,608)
(223,952)
Net current assets/(liabilities)
33,118
(184,158)
Capital and reserves
Called up share capital
5
2,267
1,000
Share premium account
498,871
-
Profit and loss reserves
(468,020)
(185,158)
Total equity
33,118
(184,158)
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 December 2018 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 financial statements were approved by the board of directors and authorised for issue on 27 September 2019 and are signed on its behalf by:
Mr E G C Snape
Director
Company Registration No. 10784878
FIERY ANGEL ENTERTAINMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 23 May 2017
-
-
-
-
Year ended 31 December 2017:
Loss and total comprehensive income for the year
-
-
(185,158)
(185,158)
Issue of share capital
5
1,000
-
-
1,000
Balance at 31 December 2017
1,000
-
(185,158)
(184,158)
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
-
(282,862)
(282,862)
Issue of share capital
5
1,267
498,871
-
500,138
Balance at 31 December 2018
2,267
498,871
(468,020)
33,118
FIERY ANGEL ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Fiery Angel Entertainment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
National House, 60-66 Wardour Street, London, W1F 0TA.
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
FIERY ANGEL ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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.
FIERY ANGEL ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
2
Employees
The average number of employees during the year (including directors) was 3 (2017: 1)
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
217
-
Other debtors
360,750
32,216
Prepayments and accrued income
421
-
361,388
32,216
FIERY ANGEL ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
17,388
34,674
Amounts owed to undertakings in which the company has a participating interest
142,545
111,778
Corporation tax
(30,000)
-
Other taxation and social security
78,939
-
Other creditors
418,733
74,500
Accruals and deferred income
51,003
3,000
678,608
223,952
5
Share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary A Shares of £1 each
500
500
500 Ordinary B Shares of £1 each
500
500
134 (2017: 0) Ordinary C Shares of £1 each
134
-
1,133 (2017: 0) Ordinary D Shares of £1 each
1,133
-
2,267
1,000
During the year, the company issued 134 Ordinary C shares at par, and 1,133 Ordinary D shares for £441.31 each. The Ordinary C and D shares rank pari-passu in all respects with the existing Ordinary A and B shares.
FIERY ANGEL ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
6
Related party transactions
Fiery Angel Limited
A shareholder with common directors.
As at the balance sheet date, the company owed Fiery Angel Limited £91,419 (2017: 111,778) in respect of loans advanced to the company, and other trading activities. Fiery Angel Limited recharged costs of £141,593 (2017: £140,511) to the company during the period, and interest amounting to £1,101 in respect of loans advanced (2017: £Nil) has been accrued for the year.
Raymond Gubbay
A director of the company.
As at the balance sheet date, the company owed R J Gubbay £44,791 (2017: £74,500) in respect of loans advanced to the company. During the year, R J Gubbay loaned the company £25,000 (2017: £74,500), and was repaid £12,120, with interest amounting to £1,101, in respect of loans advanced, (2017: £Nil) being accrued in the year.
During the year, 99 Ordinary D shares were allocated to R J Gubbay, for an amount (including share premium) of £43,690.
During the year, the company incurred costs of £7,230 (2017: £Nil) from R J Gubbay during the year, in respect of services provided. As at the balance sheet date, the company owed R J Gubbay £6,603 in respect of these services.
Fiery Dragons Limited
Shares common directors with the company
As at the balance sheet date, the company owed Fiery Dragons Limited £51,124 (2017: £Nil) in respect of loans advanced to the company. Interest amounting to £1,256 in respect of loans advanced, (2017: £Nil) has been accrued for the year.