London Calling Arts Limited Filleted accounts for Companies House (small and micro)

LONDON CALLING ARTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02740643

London Calling Arts Limited

Filleted Unaudited Financial Statements

31 October 2018

London Calling Arts Limited

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Intangible assets	6	80,000	–
Tangible assets	7	205,625	21,548
		---------	--------
		285,625	21,548

Current assets

Stocks		15,635	5,048
Debtors	8	525,312	396,540
Cash at bank and in hand		92,111	220,266
		---------	---------
		633,058	621,854

Creditors: amounts falling due within one year	9	468,418		360,796
		---------		---------
Net current assets			164,640		261,058
			---------		---------
Total assets less current liabilities			450,265		282,606

Creditors: amounts falling due after more than one year	10		142,477		–

Provisions

Taxation including deferred tax	11	38,613	1,213
		---------	---------
Net assets		269,175	281,393
		---------	---------

Capital and reserves

Called up share capital	12	1,000	1,000
Profit and loss account		268,175	280,393
		---------	---------
Shareholders funds		269,175	281,393
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

London Calling Arts Limited

Statement of Financial Position (continued)

31 October 2018

These financial statements were approved by the board of directors and authorised for issue on 29 May 2019 , and are signed on behalf of the board by:

J K Moir-Jones
Director

Company registration number: 02740643

London Calling Arts Limited

Notes to the Financial Statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14A Ardleigh Road, London, N1 4HP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	5 years
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Computer equipment	-	33% straight line

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Provisions

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 90 (2017: 69 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax (income)/expense	( 2,700)	47,155
Adjustments in respect of prior periods	–	( 10,468)
	-------	--------
Total current tax	( 2,700)	36,687
	-------	--------

Deferred tax:

Origination and reversal of timing differences	37,400	433
	--------	--------
Tax on profit	34,700	37,120
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
Additions	100,000
	---------
At 31 October 2018	100,000
	---------
Amortisation
Charge for the year	20,000
	---------
At 31 October 2018	20,000
	---------
Carrying amount
At 31 October 2018	80,000
	---------
At 31 October 2017	–
	---------

7. Tangible assets

	Long leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2017	23,882	107,003	79,177	46,316	256,378
Additions	–	1,075	197,586	1,325	199,986
Disposals	–	–	( 20,769)	–	( 20,769)
	--------	---------	---------	--------	---------
At 31 October 2018	23,882	108,078	255,994	47,641	435,595
	--------	---------	---------	--------	---------
Depreciation
At 1 November 2017	16,374	104,313	77,162	36,981	234,830
Charge for the year	4,725	1,521	2,779	6,885	15,910
Disposals	–	–	( 20,770)	–	( 20,770)
	--------	---------	---------	--------	---------
At 31 October 2018	21,099	105,834	59,171	43,866	229,970
	--------	---------	---------	--------	---------
Carrying amount
At 31 October 2018	2,783	2,244	196,823	3,775	205,625
	--------	---------	---------	--------	---------
At 31 October 2017	7,508	2,690	2,015	9,335	21,548
	--------	---------	---------	--------	---------

8. Debtors

	2018	2017
	£	£
Trade debtors	315,754	207,660
Prepayments and accrued income	42,497	49,670
Corporation tax repayable	2,700	–
Director's loan account	121,837	103,476
Other debtors	42,524	35,734
	---------	---------
	525,312	396,540
	---------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	73,351	38,315
Accruals and deferred income	197,870	176,224
Corporation tax	–	36,687
Social security and other taxes	72,352	102,501
Obligations under finance leases and hire purchase contracts	35,620	–
Other creditors	89,225	7,069
	---------	---------
	468,418	360,796
	---------	---------

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Obligations under finance leases and hire purchase contracts	142,477	–
	---------	----

11. Provisions

	Deferred tax
	£
At 1 November 2017	1,213
Additions	37,400
	--------
At 31 October 2018	38,613
	--------

12. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000.00	1,000	1,000.00
	-------	----------	-------	----------

13. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	89,375	64,100
Later than 1 year and not later than 5 years	176,000	23,375
	---------	--------
	265,375	87,475
	---------	--------

14. Director's advances, credits and guarantees

At the year end the director owed the company £121,837 (2017 - £103,476) which is shown amongst debtors. Interest of £2,873 (2017 - £4,268) was charged on this loan. The loan was repaid in April 2019.