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COMPANY REGISTRATION NUMBER: 03128811
Karaoke Box Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Karaoke Box Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
639,940
764,108
Current assets
Debtors
6
790,812
758,080
Cash at bank and in hand
1,701,633
1,481,425
------------
------------
2,492,445
2,239,505
Creditors: amounts falling due within one year
7
599,590
607,905
------------
------------
Net current assets
1,892,855
1,631,600
------------
------------
Total assets less current liabilities
2,532,795
2,395,708
Creditors: amounts falling due after more than one year
8
18,186
27,973
Provisions
Taxation including deferred tax
131,581
123,594
------------
------------
Net assets
2,383,028
2,244,141
------------
------------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
2,373,028
2,234,141
------------
------------
Shareholders funds
2,383,028
2,244,141
------------
------------
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 October 2023 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 year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Karaoke Box Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
N Moriyama
Director
Company registration number: 03128811
Karaoke Box Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hyde House, The Hyde, Edgware Road, London, NW9 6LA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
6% straight line
Fixtures and fittings
-
15% reducing balance
Plant and machinery
-
15% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2022: 30 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
1,868,164
233,900
339,092
2,441,156
------------
---------
---------
------------
Depreciation
At 1 November 2022
1,183,074
209,716
284,258
1,677,048
Charge for the year
112,315
3,628
8,225
124,168
------------
---------
---------
------------
At 31 October 2023
1,295,389
213,344
292,483
1,801,216
------------
---------
---------
------------
Carrying amount
At 31 October 2023
572,775
20,556
46,609
639,940
------------
---------
---------
------------
At 31 October 2022
685,090
24,184
54,834
764,108
------------
---------
---------
------------
6. Debtors
2023
2022
£
£
Trade debtors
44,555
24,663
Amounts owed by group undertakings and undertakings in which the company has a participating interest
297,382
254,211
Other debtors
448,875
479,206
---------
---------
790,812
758,080
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,568
16,049
Trade creditors
178,397
225,843
Corporation tax
59,387
8,957
Social security and other taxes
101,371
90,050
Other creditors
234,867
267,006
---------
---------
599,590
607,905
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,186
27,973
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N Moriyama
259,964
( 36,695)
223,269
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
N Moriyama
441,418
( 181,454)
259,964
---------
---------
---------
The loan was repaid in full following the balance sheet date.
10. Related party transactions
During the year the company was charged £182,400 (2022: £182,400) for the hire of equipment by a company in which Mr N Moriyama has a 100% shareholding.