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COMPANY REGISTRATION NUMBER: 02740643
London Calling Arts Limited
Filleted Unaudited Financial Statements
31 October 2023
London Calling Arts Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
London Calling Arts Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,385
3,920
Current assets
Debtors
7
523,090
451,479
Cash at bank and in hand
10,478
35,861
---------
---------
533,568
487,340
Creditors: amounts falling due within one year
8
733,456
803,195
---------
---------
Net current liabilities
199,888
315,855
---------
---------
Total assets less current liabilities
( 198,503)
( 311,935)
Creditors: amounts falling due after more than one year
9
92,501
152,434
---------
---------
Net liabilities
( 291,004)
( 464,369)
---------
---------
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
( 292,004)
( 465,369)
---------
---------
Shareholders deficit
( 291,004)
( 464,369)
---------
---------
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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
London Calling Arts Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 9 August 2024 , and are signed on behalf of the board by:
J K Moir-Jones
Director
Company registration number: 02740643
London Calling Arts 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 6 Crusader Estate, Hermitage Road, London, N4 1LZ.
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.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the director. The director has indicated their willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. Therefore the director considers the going concern basis is appropriate.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Leasehold property
-
5 years
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25% straight line
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 32 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
100,000
---------
Amortisation
At 1 November 2022 and 31 October 2023
100,000
---------
Carrying amount
At 31 October 2023
---------
At 31 October 2022
---------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
23,882
114,193
265,304
49,015
452,394
Disposals
( 23,882)
( 73,396)
( 44,297)
( 141,575)
--------
---------
---------
--------
---------
At 31 October 2023
114,193
191,908
4,718
310,819
--------
---------
---------
--------
---------
Depreciation
At 1 November 2022
23,882
112,931
262,801
48,860
448,474
Charge for the year
1,262
1,117
155
2,534
Disposals
( 23,882)
( 73,395)
( 44,297)
( 141,574)
--------
---------
---------
--------
---------
At 31 October 2023
114,193
190,523
4,718
309,434
--------
---------
---------
--------
---------
Carrying amount
At 31 October 2023
1,385
1,385
--------
---------
---------
--------
---------
At 31 October 2022
1,262
2,503
155
3,920
--------
---------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
247,588
169,787
Prepayments and accrued income
29,969
29,213
Director's loan account
173,165
178,458
Other debtors
72,368
74,021
---------
---------
523,090
451,479
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
195,526
217,914
Accruals and deferred income
231,606
213,048
Corporation tax
59,676
58,254
Social security and other taxes
163,428
208,459
Obligations under finance leases and hire purchase contracts
9,481
38,275
Other creditors
23,739
17,245
---------
---------
733,456
803,195
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
92,501
142,501
Obligations under finance leases and hire purchase contracts
9,933
--------
---------
92,501
152,434
--------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
24,914
90,405
Later than 1 year and not later than 5 years
23,919
--------
---------
24,914
114,324
--------
---------
12. Director's advances, credits and guarantees
At the year end the director owed the company £173,165 (2022: £178,458) which is shown amongst debtors. Interest of £3,481 (2022: £3,331) was charged on this loan.