24 Live UK Limited - Period Ending 2018-03-31

Registration number: 08433977

24 Live UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

24 Live UK Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Financial Position	3 to 4
Notes to the Financial Statements	5 to 10

24 Live UK Limited

Company Information

Director

Ms Lindsey Oliver

Registered office

Building 10 Chiswick High Road Chiswick Business Park London W4 5XS

Accountants

Zenith Accounting & Business Solutions Ltd Certified Accountants Churchill House 120 Bunns Lane Mill Hill London NW7 2AS

Page 1

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
24 Live UK Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 24 Live UK Limited for the year ended 31 March 2018 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of 24 Live UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of 24 Live UK Limited and state those matters that we have agreed to state to the Board of Directors of 24 Live UK Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163
-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 24 Live UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 24 Live UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of 24 Live UK Limited. You consider that 24 Live UK Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 24 Live UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Zenith Accounting & Business Solutions Ltd
Certified Accountants
Churchill House
120 Bunns Lane
Mill Hill
London
NW7 2AS

22 February 2019

Page 2

24 Live UK Limited

(Registration number: 08433977)
Statement of Financial Position as at 31 March 2018

	Note	2018 £	2017 £
Non Current Assets
Tangible assets	3	882,045	1,102,661
Current assets
Cash at bank and in hand		116,552	163,946
Debtors falling due within one year	4	142,420	141,818
Debtors falling due after more than one year	4	218,049	199,895
		477,021	505,659
Creditors: Amounts falling due within one year	6	(1,100,988)	(1,310,987)
Net current liabilities		(623,967)	(805,328)
Total assets less current liabilities		258,078	297,333
Creditors: Amounts falling due after more than one year	6	(1,829,869)	(61,061)
Provisions for liabilities	7	(95,600)	(128,338)
Net (liabilities)/assets		(1,667,391)	107,934
Capital and reserves
Called up share capital	5	90	90
Profit and loss account		(1,667,481)	107,844
Total equity		(1,667,391)	107,934

For the financial year ending 31 March 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 her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

24 Live UK Limited

(Registration number: 08433977)
Statement of Financial Position as at 31 March 2018

Approved and authorised by the director on 22 February 2019
 

......................................... Ms Lindsey Oliver Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Building 10
Chiswick High Road
Chiswick Business Park
London
W4 5XS
United Kingdom

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

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The prior year financial statements were restated for material adjutments on FRS 102 in the current year. There were no material adjustments on transition to FRS 102, 1 April 2015.

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.

Going concern

The financial statements have been prepared on a going concern basis, the applicability of which is dependent upon the continued support of the company's director and creditors. The company has the support of its director and creditors for the foreseeable future and it is therefore conisidered apropriate to adopt the going concern policy.

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 sales/value added tax, 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.

Page 5

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

 

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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
Plant and machinery	20% straight line
Furniture and fittings	25% straight line
Leasehold improvements	10% straight line

Page 6

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Intangible assets

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Short leasehold of £190,126 is made up of capitalized improvement costs. Depreciation is charged at 10% per annum on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no judgements and key sources of estimation uncertainty to be disclosed.

 

Page 7

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 1).
 

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	221,451	23,573	1,107,095	1,352,119
Additions	14,406	13,848	6,861	35,115
At 31 March 2018	235,857	37,421	1,113,956	1,387,234
Depreciation
At 1 April 2017	22,145	5,893	221,419	249,457
Charge for the year	23,586	9,355	222,791	255,732
At 31 March 2018	45,731	15,248	444,210	505,189
Carrying amount
At 31 March 2018	190,126	22,173	669,746	882,045
At 31 March 2017	199,305	17,680	885,676	1,102,661

Page 8

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Debtors

	2018 £	2017 £
Amounts falling due within one year
Trade debtors	1,983	54,000
Prepayments	80,264	77,868
Other loans due within one year	8,900	9,950
	91,147	141,818
Amounts falling due after more than one year
Other debtors	218,049	199,895
Total debtors	309,196	341,713

5	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Share capital of £1 each	90	90	90	90

Page 9

24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Other borrowings		624,994	624,994
Trade payables		283,278	191,681
Social security and other taxes		13,364	37,407
Other creditors		82,333	54,000
Accruals & deferred income (>1 yr)		97,019	387,932
Corporation tax		-	14,973
		1,100,988	1,310,987
Due after one year
Loans and borrowings		1,768,808	-
Other non-current financial liabilities		61,061	61,061
		1,829,869	61,061

	2018 £	2017 £
Current loans and borrowings
Other borrowings	624,994	624,994

Creditors: amounts falling due after more than one year

Creditors include convertible debt of £1,768,808 (2017 - £0) with a tenure of 5 years effective 1st November 2017.

7

Provision for deferred tax liability

Provision for deferred tax liability on accelerated capital allowances.

8

Control

The company is a subsidiary undertaking of Lindsey Oliver Consulting Limited.

The ultimate controlling party is the director, Lindsey Oliver.
 

Page 10