Registered number: 05954827
PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
REGISTERED NUMBER: 05954827
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
REGISTERED NUMBER: 05954827
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 12 form part of these financial statements.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Pablo Diablo's Legitimate Business Firm Limited (the "Company") is a private company limited by shares and is incorporated and domiciled in the United Kingdom. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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The financial statements of the Company have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, and the UK Companies Act 2006.
The preparation of financial statements in conformity with Financial Reporting Standard 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies.
Details of those estimates and/or judgments made in applying the Company's accounting policies towards the preparation of these financial statements that may be considered as yielding a significant risk of a material adjustment being made to the carrying amounts of assets and/or liabilities reported in the balance sheet during the next financial reporting period are disclosed in note 3 to the financial statements.
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company and the currency in which the financial statements are presented (the "presentational currency") is 'Pounds Sterling' (£) rounded to the nearest single unit of currency
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The director at the time of approving the financial statements, having reviewed the Company's performance up to the date these financial statements were approved and expected performance over the 18 months following the balance sheet date, has a reasonable expectation that the Company has, available at its disposal, adequate resources to continue in operational existence for the foreseeable future.
While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover represents revenue receivable measured at the fair value of consideration receivable net of Value Added Taxation.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the amount of revenue attributable can be reliably measured with the method by which revenue is recognised dependant upon the inherent nature of the underlying transactions as outlined below:
Audiovisual productions and publications
∙In exchange for the provision of a contract for services, recognition is made by reference to completion of the Company's contractual performance obligations. Where it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in profit or loss.
Live performances
∙Recognised on completion of the performance.
Royalties and share of merchandise sales
∙Recognised upon the Company having been notified of sums due to it.
Rumble fees
∙Recognised upon the Company having been notified of sums due net of platform fees payable for content promotion and rights management.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company operates a defined contribution pension plan for its employees and may make contributions towards the personal pensions of certain employees.
A defined contribution pension plan is one under which the Company pays fixed contributions to a separate entity. Once the contributions have been paid the Company has no further payment obligations.
Contributions payable are recognised as an expense in profit or loss for the reporting period when they fall due. Amounts falling due but not paid are included within other creditors in the balance sheet.
The assets of the pension plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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Taxation comprises current (i.e. corporation) and deferred taxation; both of which are recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable to the respective tax authorities.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled. Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tangible fixed assets are recognised as follows:
Fixtures and fittings and office and computer equipment
∙At historical cost less accumulated depreciation where historical cost comprises acquisition costs and expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended upon acquisition.
Freehold property
∙Initially at purchase cost plus directly attributable acquisition expenses and subsequently re-measured at fair value.
Depreciation is provided on the following basis:
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Office and computer equipment
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Depreciation of a tangible fixed asset commences once the asset is available for use. The residual value and depreciation basis of tangible fixed assets are reviewed, and adjusted prospectively where deemed appropriate, if there is an indication of a significant change since the last balance sheet date.
Gains and losses arising from changes in fair value are recognised in profit or loss during the period in which they arise.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, financial liabilities and equity held by the Company is as outlined in notes 2.12 to 2.15 of the financial statements.
Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors, excluding commercial bank loans, are initially measured and subsequently held at transaction price
Commercial bank loans initially measured at fair value and subsequently measured at amortised cost using the effective interest method with the interest expense recognised on an effective yield basis.
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Equity dividends are recognised upon approval of their issue by the Company's director.
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The average monthly number of employees, including directors, during the year was 11 (2022 - 11).
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Computer and office equipment
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Charge for the year on owned assets
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The valuations of freehold properties were made by the director, on an open market value for existing use basis. Based on the valuation exercise performed, the director is of the opinion that the movement in fair value as at 31 December 2023 from that as at 1 January 2023 is immaterial and does not warrant an adjustment for re-valuation to be recognised as at the balance sheet date.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Falling due within one year
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Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different to their carrying value.
At the balance sheet date, the provision for impairment against debtors falling due within one year was £nil (2022: £nil).
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Amounts repayable more than five years after the balance sheet date are repayable in monthly instalments and incur interest at the bank's base rate plus 2.75% per annum.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Bank loans totalling £670,910 (2022: £686,846) as at the balance sheet date are secured by a fixed and floating charge over all present and future assets of the Company, including a first legal charge over certain freehold property held by the Company and a personal guarantee limited to £150,000 given by the sole director of the Company.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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In the opinion of the director, deferred taxation liabilities expected to reverse in the following financial reporting period are not considered to be material to warrant specifc disclosure of the amount.
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Employee and employer contributions totalling £nil (2022: £1,731) were outstanding at the balance sheet date and are included in creditors falling due within one year.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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During the reporting period, the Company continued to maintain an unsecured loan account with the director. The loan account is repayable on demand with interest charged by the Company (where the loan account may be classed as a benefit-in-kind in accordance with HM Revenue) at the official rate of interest in the UK per annum. At the balance sheet date the Company was owed £4,845,312 by its director (2022: £312,204 was owed by the Company to its director).
During the reporting period the Company maintained unsecured, interest-free loan accounts with the following entities under common control. Amounts owed towards the loan accounts are repayable on demand with no fixed date of repayment and at the balance sheet date, the Company was due/(owed) the following amounts:
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New Color Productions Inc
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There were no further related party transactions and/or period end balances to report in accordance with the Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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The Company was under the control of its sole director throughout the reporting period and up to and including the date these financial statements were approved.
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