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COMPANY REGISTRATION NUMBER: 07273625
Rooks Nest Entertainment Limited
Filleted Unaudited Financial Statements
31 March 2024
Rooks Nest Entertainment Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
681
1,626
Current assets
Stocks
588,455
1,198,022
Debtors
6
34,242
61,632
Cash at bank and in hand
693,884
851,098
------------
------------
1,316,581
2,110,752
Creditors: amounts falling due within one year
7
( 350,795)
( 2,113,366)
------------
------------
Net current assets/(liabilities)
965,786
( 2,614)
---------
-------
Total assets less current liabilities
966,467
( 988)
---------
----
Net assets/(liabilities)
966,467
( 988)
---------
----
Capital and reserves
Called up share capital
639
500
Share premium account
1,766,841
Capital redemption reserve
125
Profit and loss account
( 801,138)
( 1,488)
------------
-------
Shareholders funds/(deficit)
966,467
( 988)
------------
-------
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 comprehensive income has not been delivered.
For the year ending 31 March 2024 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 .
Rooks Nest Entertainment Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
J Godzinskaya
Director
Company registration number: 07273625
Rooks Nest Entertainment Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Tottenham Mews, First Floor, London, W1T 4AQ, England.
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 company's major creditor is one of its directors who has confirmed will provide sufficient support to ensure the company will have sufficient resources to meet its debts as they fall due. As a result, the directors consider it appropriate for the accounts to be prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax. Revenue from projects is recognised in the accounts dependent of the status of individual projects. Revenue from rent receivable is recognised in the period to which it relates.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
Straight line over the life of the lease
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Financial liabilities and equity instruments Financial liabilities and equity are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Borrowing Borrowings are initially recognised at fair value of the consideration received, after deduction of issue costs and are subsequently measured at amortised cost using the effective interest rate method less provision for any impairment. Issue costs, together with finance costs, are charged to the profit and loss over the term of the borrowings and present a constant proportion of the balance of capital repayments outstanding.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 4 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
2,010
15,422
3,511
20,943
Additions
191
191
Disposals
( 2,010)
( 15,422)
( 17,432)
-------
--------
-------
--------
At 31 March 2024
3,702
3,702
-------
--------
-------
--------
Depreciation
At 1 April 2023
1,918
14,646
2,753
19,317
Charge for the year
92
268
360
Disposals
( 2,010)
( 14,646)
( 16,656)
-------
--------
-------
--------
At 31 March 2024
3,021
3,021
-------
--------
-------
--------
Carrying amount
At 31 March 2024
681
681
-------
--------
-------
--------
At 31 March 2023
92
776
758
1,626
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
18,763
15,909
Other debtors
15,479
45,723
--------
--------
34,242
61,632
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,120
1,597
Trade creditors
2,224
21,742
Social security and other taxes
25,568
3,497
Other creditors
321,883
2,086,530
---------
------------
350,795
2,113,366
---------
------------
8. Other financial commitments
As at the reporting date there were no financial or other commitments or contracts for capital expenditure in place (2022: £nil).
9. Related party transactions
No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102 Section 1A.