Company registration number 10745446 (England and Wales)
SN1 TOURING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
SN1 TOURING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SN1 TOURING LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
693,844
459,609
Cash at bank and in hand
10,738
32,116
704,582
491,725
Creditors: amounts falling due within one year
4
(641,185)
(451,784)
Net current assets
63,397
39,941
Creditors: amounts falling due after more than one year
5
(57,329)
(39,696)
Net assets
6,068
245
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
6,067
244
Total equity
6,068
245
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 20 March 2025
Mr J Thompson
Director
Company registration number 10745446 (England and Wales)
SN1 TOURING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
SN1 Touring Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5a Bear Lane, Southwark, London, United Kingdom, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
On 29 June 2023, the company entered into a Creditors Voluntary Arrangement.
The terms of the CVA was that the company would make no fewer than 18 voluntary contributions of not less than £525,067 during the term of the arrangement.
Should the voluntary contribution fall 30 days into arrears or fall below the amount specified in the arrangement and remain so after 30 days this would constitute a failure of the arrangement and the Supervisor shall petition for the compulsory winding up of the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
SN1 TOURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
132,000
Corporation tax recoverable
102,133
108,926
Other debtors
459,711
350,683
693,844
459,609
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
Trade creditors
28,092
9,924
Corporation tax
241,090
209,874
Other taxation and social security
13,742
359
Other creditors
358,261
221,627
641,185
451,784
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
40,000
30,000
Trade creditors
17,329
9,696
57,329
39,696
SN1 TOURING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
7
Related party transactions
The following amounts were outstanding at the reporting end date:
Related parties are entities in which the beneficial ownership and control is the same as that of SN1 Touring Ltd. During the year there were various transactions with related parties.
Included in creditors are amounts due from the following related parties:
No BS Music Ltd - £114,564 (2023: £56,842). Transfers of £25,000 were made by No BS Music Ltd and transfers of £82,722 were received by No BS Music Ltd during the year
Giggs Music Ltd - £85,785 (2023: £156,785). Transfers of £71,000 were made by Giggs Music Limited during the year.
There is also an overdrawn DCA at the year end within the debtors, the amount of the DCA is £320,945 (2023: £334,762) as at 30 June 2024 and interest was charged of 2.25%
The above disclosures are on an aggregated basis (aggregation of similar transactions by type of transaction or balance).