Caseware UK (AP4) 2016.0.181 2016.0.181 2018-06-302018-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueThat of a music and arts festivalfalse2017-07-01 06507002 2017-07-01 2018-06-30 06507002 2016-07-01 2017-06-30 06507002 2018-06-30 06507002 2017-06-30 06507002 c:Director1 2017-07-01 2018-06-30 06507002 d:OfficeEquipment 2017-07-01 2018-06-30 06507002 d:OfficeEquipment 2018-06-30 06507002 d:OfficeEquipment 2017-06-30 06507002 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 06507002 d:CurrentFinancialInstruments 2018-06-30 06507002 d:CurrentFinancialInstruments 2017-06-30 06507002 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 06507002 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 06507002 d:ShareCapital 2018-06-30 06507002 d:ShareCapital 2017-06-30 06507002 d:SharePremium 2018-06-30 06507002 d:SharePremium 2017-06-30 06507002 d:RetainedEarningsAccumulatedLosses 2018-06-30 06507002 d:RetainedEarningsAccumulatedLosses 2017-06-30 06507002 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-06-30 06507002 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-06-30 06507002 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2018-06-30 06507002 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2017-06-30 06507002 c:FRS102 2017-07-01 2018-06-30 06507002 c:AuditExempt-NoAccountantsReport 2017-07-01 2018-06-30 06507002 c:FullAccounts 2017-07-01 2018-06-30 06507002 c:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 iso4217:GBP xbrli:pure

Registered number:  06507002














LIVERPOOL SOUND CITY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018


 
LIVERPOOL SOUND CITY LTD
REGISTERED NUMBER: 06507002

BALANCE SHEET
AS AT 30 JUNE 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,234
5,645

  
4,234
5,645

Current assets
  

Debtors: amounts falling due within one year
 5 
54,000
122,344

Cash at bank and in hand
 6 
61,240
70,783

  
115,240
193,127

Creditors: amounts falling due within one year
 7 
(105,810)
(295,344)

Net current assets/(liabilities)
  
 
 
9,430
 
 
(102,217)

Total assets less current liabilities
  
13,664
(96,572)

  

Net assets/(liabilities)
  
13,664
(96,572)


Capital and reserves
  

Called up share capital 
  
2,500
2,500

Share premium account
  
359,250
359,250

Profit and loss account
  
(348,086)
(458,322)

  
13,664
(96,572)


Page 1

 
LIVERPOOL SOUND CITY LTD
REGISTERED NUMBER: 06507002
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2018

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Pichilingi
Director

Date: 13 November 2018

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
LIVERPOOL SOUND CITY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 06507002). The address of the registered offise is 57 Jordan Street, Liverpool L1 0BW.

These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is that of a music and arts festival.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
LIVERPOOL SOUND CITY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 July 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 4

 
LIVERPOOL SOUND CITY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 6).

Page 5

 
LIVERPOOL SOUND CITY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2017
14,922



At 30 June 2018

14,922



Depreciation


At 1 July 2017
9,277


Charge for the year on owned assets
1,411



At 30 June 2018

10,688



Net book value



At 30 June 2018
4,234


5.


Debtors

2018
2017
£
£


Trade debtors
-
85,472

Other debtors
54,000
36,872

54,000
122,344



6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
61,240
70,783

61,240
70,783


Page 6

 
LIVERPOOL SOUND CITY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
11,676
142,194

Other taxation and social security
3,825
18,744

Other creditors
90,309
134,406

105,810
295,344



8.


Financial instruments

2018
2017
£
£

Financial assets


Financial assets measured at fair value through profit or loss
61,240
70,783

Financial assets that are debt instruments measured at amortised cost
54,000
122,344

115,240
193,127


Financial liabilities


Financial liabilities measured at amortised cost
101,985
276,600


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of trade and other debtors.


Financial liabilities measured at amortised cost comprise of bank overdrafts, trade and other creditors.


9.


Related party transactions

Included in other creditors is an amount of £35,931 owed to Sound City (Liverpool) Ltd a related company by virtue of common control. 
Also included in other creditors is an amount of £31,813 owed to Modern Sky Entertainment (UK) Ltd a company related by virtue of common control. 


10.


Controlling party

The controlling party of this entity is Dave Pichilingi.

 
Page 7