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REGISTERED NUMBER: 08389489 (England and Wales)















JUKEBOX COLLECTIVE

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 25TH FEBRUARY 2024






JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25TH FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


JUKEBOX COLLECTIVE

COMPANY INFORMATION
FOR THE YEAR ENDED 25TH FEBRUARY 2024







DIRECTORS: Ms C L Brown
Ms L Abhulimen
Ms O Ekele





SECRETARY: Mrs L L Barussi





REGISTERED OFFICE: Butetown Community Hub
40 Loudoun Square
Butetown
Cardiff
CF10 5UZ





REGISTERED NUMBER: 08389489 (England and Wales)





ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF

JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)

BALANCE SHEET
25TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 935 1,861
935 1,861

CURRENT ASSETS
Debtors 6 27,262 15,238
Cash at bank and in hand 206,076 412,357
233,338 427,595
CREDITORS
Amounts falling due within one year 7 144,701 297,853
NET CURRENT ASSETS 88,637 129,742
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,572

131,603

RESERVES
Income and expenditure account 89,572 131,603
89,572 131,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 25th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd November 2024 and were signed on its behalf by:





Ms C L Brown - Director


JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25TH FEBRUARY 2024

1. STATUTORY INFORMATION

Jukebox Collective is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors
Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments
Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

25% straight line.

JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Tax payable in the financial statements relates to income generated from activities outside the scope of the entities mission statement.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Cash and cash equivalents
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Going concern
These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

Debtors
Debtors include trade debtors and certain other financial instruments, prepayments, and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future.

Creditors
Creditors include trade creditors and certain other short and long-term financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 26th February 2023
and 25th February 2024 9,813
AMORTISATION
At 26th February 2023
and 25th February 2024 9,813
NET BOOK VALUE
At 25th February 2024 -
At 25th February 2023 -

JUKEBOX COLLECTIVE (REGISTERED NUMBER: 08389489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 25TH FEBRUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 26th February 2023
and 25th February 2024 22,504
DEPRECIATION
At 26th February 2023 20,643
Charge for year 926
At 25th February 2024 21,569
NET BOOK VALUE
At 25th February 2024 935
At 25th February 2023 1,861

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,264 7,140
Other debtors 10,998 8,098
27,262 15,238

Included within other debtors is an amount owed to he company by the controlling party Ms Barussi. This totals £24.37 and is deemed repayable upon demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,282 -
Taxation and social security 8,287 24,714
Other creditors 134,132 273,139
144,701 297,853

8. ULTIMATE CONTROLLING PARTY

The controlling party is Ms Liara Barussi.

9. OTHER OPERATING INCOME

Unrestricted grant income received to contribute towards the running costs of Jukebox Collective is recognised in the period that it has been received and can be used as seen fit by management
Restricted grant income received is recognised entirely when the conditions of the grant have been met.