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Registration number: 6906929

Seventeen12 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Seventeen12 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Seventeen12 Limited

Company Information

Directors

Mrs AA Hodges

Mr H Hodges

Company secretary

Mr H Hodges

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited
Chartered Accountants
Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Seventeen12 Limited

(Registration number: 6906929)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

fixed assets

 

tangible assets

5

312,773

10,124

Current assets

 

Debtors

6

2,003

32,375

Cash at bank and in hand

 

10,581

22,098

 

12,584

54,473

Creditors: Amounts falling due within one year

7

(97,976)

(79,012)

Net current liabilities

 

(85,392)

(24,539)

Total assets less current liabilities

 

227,381

(14,415)

Creditors: Amounts falling due after more than one year

7

(278,611)

(18,356)

Net liabilities

 

(51,230)

(32,771)

capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(51,330)

(32,871)

Shareholders' deficit

 

(51,230)

(32,771)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................
Mr H Hodges
Company secretary and director

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the Board on 4 September 2024.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

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:

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Asset class

Depreciation method and rate

Leasehold improvements

10% on cost

Fixtures and fittings

25% net book value

Office equipment

25% net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

10,000

10,000

At 31 May 2023

10,000

10,000

Amortisation

At 1 June 2022

10,000

10,000

At 31 May 2023

10,000

10,000

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

29,588

8,609

38,197

Additions

306,067

-

306,067

At 31 May 2023

335,655

8,609

344,264

Depreciation

At 1 June 2022

21,291

6,782

28,073

Charge for the year

2,959

459

3,418

At 31 May 2023

24,250

7,241

31,491

Carrying amount

At 31 May 2023

311,405

1,368

312,773

At 31 May 2022

8,297

1,827

10,124

Included within the net book value of land and buildings above is £306,067 (2022 - £Nil) in respect of freehold land and buildings and £5,338 (2022 - £8,297) in respect of short leasehold land and buildings.
 

6

Debtors

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Current

2023
£

2022
£

Prepayments

-

30,372

Other debtors

2,003

2,003

 

2,003

32,375

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors

 

38,603

37,720

Directors' loan accounts

 

59,373

41,292

 

97,976

79,012

Due after one year

 

Loans and borrowings

9

278,611

18,356

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

278,611

18,356

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary H of £1 each

50

50

50

50

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,615

18,356

Other borrowings

262,996

-

278,611

18,356

10

Dividends

Interim dividends paid

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Interim dividend of £Nil per each Ordinary A

-

-

Interim dividend of £Nil per each Ordinary H

-

-

-

-

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

11

Related party transactions

 

Seventeen12 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,722

9,475