24 Live UK Limited - Period Ending 2019-03-31

Registration number: 08433977

24 Live UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

 

24 Live UK Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 8

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

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24 Live UK Limited

(Registration number: 08433977)
Statement of Financial Position as at 31 March 2019

	Note	2019 £	2018 £
Non Current Assets
Tangible assets	3	658,080	882,045
Current assets
Cash at bank and in hand		6,134	116,552
Debtors falling due within one year	4	387,832	360,470
		393,966	477,022
Creditors: Amounts falling due within one year	6	(391,848)	(393,661)
Net current assets		2,118	83,361
Total assets less current liabilities		660,198	965,406
Creditors: Amounts falling due after more than one year	6	(5,379,168)	(2,537,197)
Provisions for liabilities	7	(60,020)	(95,600)
Net liabilities		(4,778,990)	(1,667,391)
Capital and reserves
Called up share capital	5	90	90
Profit and loss account		(4,779,080)	(1,667,481)
Total equity		(4,778,990)	(1,667,391)

For the financial year ending 31 March 2019 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.

Approved and authorised by the director on 4 September 2019
 

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

The notes on pages 3 to 8 form an integral part of these financial statements.

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

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.

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.

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.

 

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

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 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

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.

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

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 £175,662 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.

 

Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2018 - 2).
 

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

3	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2018	235,857	37,421	1,113,956	1,387,234
Additions	10,135	1,094	27,282	38,511
At 31 March 2019	245,992	38,515	1,141,238	1,425,745
Depreciation
At 1 April 2018	45,731	15,248	444,210	505,189
Charge for the year	24,599	9,629	228,248	262,476
At 31 March 2019	70,330	24,877	672,458	767,665
Carrying amount
At 31 March 2019	175,662	13,638	468,780	658,080
At 31 March 2018	190,126	22,173	669,746	882,045

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4

Debtors

	2019 £	2018 £
Amounts falling due within one year
Trade debtors	71,515	1,983
Prepayments	82,589	80,265
	154,104	82,248
Amounts falling due after more than one year
Other debtors	226,728	218,049
Total debtors	380,832	300,297

5	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Share capital of £1 each	90	90	90	90

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24 Live UK Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Other borrowings		17,000	-
Trade payables		302,294	283,278
Social security and other taxes		51,545	3,615
Other creditors		-	9,749
Bank overdrafts		1,009	-
Accruals		20,000	97,019
		391,848	393,661
Due after one year
Loans and borrowings		4,502,512	1,768,808
Other non-current financial liabilities		876,656	768,389
		5,379,168	2,537,197

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	1,009	-
Other borrowings	17,000	-
	18,009	-

Creditors: amounts falling due after more than one year

Loans and borrowings relate to convertible debt of £4,502,512 (2018 - £1,768,808) 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.
 

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