Company Registration No. 07619101 (England and Wales)
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Unaudited accounts
for the year ended 31 May 2024
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Unaudited accounts
Contents
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Company Information
for the year ended 31 May 2024
Directors
M P LEWIS
M J FEY
Company Number
07619101 (England and Wales)
Registered Office
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Statement of financial position
as at 31 May 2024
Tangible assets
44,775
59,329
Cash at bank and in hand
21,532
25,526
Creditors: amounts falling due within one year
(122,487)
(157,410)
Net current liabilities
(100,955)
(131,884)
Total assets less current liabilities
(56,180)
(72,555)
Creditors: amounts falling due after more than one year
(222,818)
(234,233)
Net liabilities
(278,998)
(306,788)
Called up share capital
200
200
Profit and loss account
(279,198)
(306,988)
Shareholders' funds
(278,998)
(306,788)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by
M P LEWIS
Director
Company Registration No. 07619101
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Notes to the Accounts
for the year ended 31 May 2024
VIBE ENTERTAINMENT (SOUTH WEST) LTD is a private company, limited by shares, registered in England and Wales, registration number 07619101. The registered office is 151 WHITELADIES ROAD, CLIFTON, BRISTOL, BS8 2RA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
15% and 25% reducing balance
Motor vehicles
25% reducing balance
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The company has a deficit on the balance sheet. The directors are confident that the company will trade out of its current difficulties and the major shareholders have confirmed their financial support for the company. As a result these accounts have been prepared on a going concern basis.
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
118,623
51,085
9,250
178,958
At 31 May 2024
118,623
51,085
9,250
178,958
At 1 June 2023
75,286
36,018
8,325
119,629
Charge for the year
11,862
2,460
232
14,554
At 31 May 2024
87,148
38,478
8,557
134,183
At 31 May 2024
31,475
12,607
693
44,775
At 31 May 2023
43,337
15,067
925
59,329
5
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,000
9,000
Taxes and social security
15,702
12,607
Other creditors
65,785
49,303
Loans from directors
30,000
85,000
6
Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
213,818
216,233
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
8
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
2,000
3,170
Later than one year and not later than five years
500
2,500
VIBE ENTERTAINMENT (SOUTH WEST) LTD
Notes to the Accounts
for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 14 (2023: 12).