Bournemouth Academy of Modern Music Ltd - Period Ending 2019-08-31
Bournemouth Academy of Modern Music Ltd - Period Ending 2019-08-31
Year Ended
Registration number:
Bournemouth Academy of Modern Music Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Bournemouth Academy of Modern Music Ltd
Balance Sheet
31 August 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Page 1 |
Bournemouth Academy of Modern Music Ltd
Balance Sheet
31 August 2019
For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
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Company Registration Number: 10339203
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Bournemouth Academy of Modern Music Ltd
Notes to the Financial Statements
Year Ended 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 2019
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
• 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
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.
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Bournemouth Academy of Modern Music Ltd
Notes to the Financial Statements
Year Ended 31 August 2019
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 September 2018 |
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At 31 August 2019 |
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Amortisation |
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At 1 September 2018 |
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Amortisation charge |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Tangible assets |
Equipment |
Computers |
Total |
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Cost or valuation |
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At 1 September 2018 |
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At 31 August 2019 |
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Depreciation |
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At 1 September 2018 |
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Charge for the year period |
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At 31 August 2019 |
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Carrying amount |
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At 31 August 2019 |
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At 31 August 2018 |
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Page 5 |
Bournemouth Academy of Modern Music Ltd
Notes to the Financial Statements
Year Ended 31 August 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Amounts due to group undertakings |
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Corporation tax |
3,542 |
- |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2019 |
2018 |
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Loans and borrowings due after one year |
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Bank borrowings |
- |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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There is a fixed and floating charge over all the companies assets by the bank due to the loan.
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