Company registration number 09670217 (England and Wales)
2K MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
2K MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
2K MANAGEMENT LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,037
11,867
Current assets
Debtors
4
327,141
263,422
Cash at bank and in hand
163,067
20,176
490,208
283,598
Creditors: amounts falling due within one year
5
(320,545)
(165,677)
Net current assets
169,663
117,921
Total assets less current liabilities
174,700
129,788
Creditors: amounts falling due after more than one year
6
(20,947)
(31,636)
Net assets
153,753
98,152
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
153,751
98,150
Total equity
153,753
98,152
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 July 2023 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.
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.
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 1 August 2024 and are signed on its behalf by:
Mr M Bah
Director
Company Registration No. 09670217
2K MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
2K Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents management commissions and expenses reimbursed net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
25% straight line
IT equipment
25% straight line
Musical equipment
25% straight line
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.
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.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2K MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Website
IT equipment
Musical equipment
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
2,830
30,463
5,727
39,020
Depreciation and impairment
At 1 August 2022
2,830
20,028
4,295
27,153
Depreciation charged in the year
-
5,398
1,432
6,830
At 31 July 2023
2,830
25,426
5,727
33,983
Carrying amount
At 31 July 2023
-
5,037
5,037
At 31 July 2022
-
10,435
1,432
11,867
2K MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,676
12,221
Corporation tax recoverable
44,388
36,029
Other debtors
269,077
215,172
327,141
263,422
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,552
10,952
Trade creditors
30,798
27,135
Corporation tax
103,024
72,218
Other taxation and social security
20,547
40,724
Other creditors
154,624
14,648
320,545
165,677
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,947
31,636