Bournemouth Academy of Modern Music Ltd - Period Ending 2018-08-31

Bournemouth Academy of Modern Music Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2018

Registration number: 10339203

Bournemouth Academy of Modern Music Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Bournemouth Academy of Modern Music Ltd

Balance Sheet

31 August 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	3	10,417	18,750
Tangible assets	4	34,333	45,333
		44,750	64,083
Current assets
Cash at bank and in hand		889	779
Creditors: Amounts falling due within one year	5	(38,233)	(44,833)
Net current liabilities		(37,344)	(44,054)
Total assets less current liabilities		7,406	20,029
Creditors: Amounts falling due after more than one year	5	(4,445)	(17,778)
Provisions for liabilities		(6,523)	(8,613)
Net liabilities		(3,562)	(6,362)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(3,662)	(6,462)
Total equity		(3,562)	(6,362)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Bournemouth Academy of Modern Music Ltd

Balance Sheet

31 August 2018

For the financial year ending 31 August 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 April 2019
 

......................................... Mr Alan Barclay Director

Company Registration Number: 10339203

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Bournemouth Academy of Modern Music Ltd

Notes to the Financial Statements

Year Ended 31 August 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3-5 Knighton Heath Estate
855 Ringwood Road
Bournemouth
Dorset
BH11 8NE
England

These financial statements were authorised for issue by the director on 15 April 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 and Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements have been prepared in British pound sterling and the have been rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Bournemouth Academy of Modern Music Ltd

Notes to the Financial Statements

Year Ended 31 August 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	5 years straight line
Computers	5 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	3 years straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 4

Bournemouth Academy of Modern Music Ltd

Notes to the Financial Statements

Year Ended 31 August 2018

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 September 2017	25,000	25,000
At 31 August 2018	25,000	25,000
Amortisation
At 1 September 2017	6,250	6,250
Amortisation charge	8,333	8,333
At 31 August 2018	14,583	14,583
Carrying amount
At 31 August 2018	10,417	10,417
At 31 August 2017	18,750	18,750

4	Tangible assets

	Equipment £	Computers £	Total £
Cost or valuation
At 1 September 2017	25,000	30,000	55,000
At 31 August 2018	25,000	30,000	55,000
Depreciation
At 1 September 2017	4,167	5,500	9,667
Charge for the period period	5,000	6,000	11,000
At 31 August 2018	9,167	11,500	20,667
Carrying amount
At 31 August 2018	15,833	18,500	34,333
At 31 August 2017	20,833	24,500	45,333

Page 5

Bournemouth Academy of Modern Music Ltd

Notes to the Financial Statements

Year Ended 31 August 2018

5

Creditors

Creditors: amounts falling due within one year

	Note	31 August 2018  £	31 August 2017  £
Due within one year
Loans and borrowings	6	13,333	13,333
Amounts due to group undertakings		24,900	31,500
		38,233	44,833

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	6	4,445	17,778

6	Loans and borrowings

	2018 £	2017 £
Loans and borrowings due after one year
Bank borrowings	4,445	17,778

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	13,333	13,333

There is a fixed and floating charge over all the companies assets by the bank due to the loan.

Page 6