Registration number:
The Boombox UK Entertainment Ltd
for the Year Ended 31 July 2021
The Boombox UK Entertainment Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Boombox UK Entertainment Ltd
Company Information
Director |
B Mukuze |
Registered office |
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Accountants |
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The Boombox UK Entertainment Ltd
(Registration number: 11479361)
Balance Sheet as at 31 July 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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( |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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For the financial year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
The Boombox UK Entertainment Ltd
(Registration number: 11479361)
Balance Sheet as at 31 July 2021
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Director
The Boombox UK Entertainment Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding that there is a deficiency of assets at the year end date. This is the first year of trading and the validity of this assumption is dependent on the continued financial support of the company's director and creditors. The financial statements do not include any adjustments that would result from discontinuance of their financial support. On this basis, the director considers that it is appropriate for the financial statements to be prepared on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The Boombox UK Entertainment Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
The Boombox UK Entertainment Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
The Boombox UK Entertainment Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Tangible assets |
Land and buildings |
Motor vehicles |
Equipment |
Total |
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Cost or valuation |
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At 1 August 2020 |
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Additions |
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- |
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At 31 July 2021 |
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Depreciation |
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At 1 August 2020 |
- |
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Charge for the year |
- |
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At 31 July 2021 |
- |
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Carrying amount |
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At 31 July 2021 |
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At 31 July 2020 |
- |
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Included within the net book value of land and buildings above is £4,327 (2020 - £Nil) in respect of freehold land and buildings.
Debtors |
2021 |
2020 |
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Prepayments |
- |
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- |
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The Boombox UK Entertainment Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Accruals and deferred income |
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Other creditors |
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- |
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Director loan account |
18,684 |
15,318 |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Other borrowings |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Other borrowings |
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