ACCOUNTS - Final Accounts

K N TOURING LIMITED - Company Information

Registered number: 07169522

K N TOURING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020


K N TOURING LIMITED REGISTERED NUMBER:07169522

BALANCE SHEET

AS AT 31 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		2,349		275
			2,349		275
Current assets
Stocks	5	6,218		5,918
Debtors: amounts falling due within one year	6	8,625		72,547
Cash at bank and in hand	7	36,927		3,858
		51,770		82,323
Creditors: amounts falling due within one year	8	(165,592)		(208,180)
Net current liabilities			(113,822)		(125,857)
Total assets less current liabilities			(111,473)		(125,582)
Provisions for liabilities
Deferred tax		(446)		-
			(446)		-
Net liabilities			(111,919)		(125,582)

Capital and reserves
Called up share capital	9	1	1
Profit and loss account		(111,920)	(125,583)
		(111,919)	(125,582)


K N TOURING LIMITED REGISTERED NUMBER:07169522

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2020

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

K M Nash

Director

Date: 30 March 2021

The notes on pages 3 to 7 form part of these financial statements.


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

K N Touring Limited is a private company, limited by shares, registered in England and Wales, registration number 07169522. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of music touring.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006

2.2

Going concern

The director has considered the implication of COVID-19 on the company. The director is of the opinion, on the basis of information and enquiries that are pertinent to the company’s circumstances and which she believes to be adequate, it is appropriate to continue to treat the company as a going concern. In particular she believes that adequate cash resources will be available to cover the company’s requirements for working capital for at least fourteen months from the date of signing the financial statements.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the rendering of services is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Income from performances are recognised once the performances have taken place.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.
Merchandise income is recognised when the significant risks and rewards of ownership have been transferred to the buyer.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors, loans from related parties and loans to other third parties.

Employees

The average monthly number of employees, including the director, during the year was 1 (2019 - 1).


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	At 1 April 2019	367
	Additions	2,679
	At 31 March 2020	3,046
	Depreciation
	At 1 April 2019	92
	Charge for the year	605
	At 31 March 2020	697
	Net book value
	At 31 March 2020	2,349
	At 31 March 2019	275

5.	Stocks
		2020	2019
		£	£

	Stocks	6,218	5,918

Debtors

					2020	2019
					£	£


Trade debtors	-	64,700
Other debtors	6,767	5,405
Prepayments and accrued income	1,858	2,442
	8,625	72,547


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

7.	Cash
		2020	2019
		£	£

	Cash at bank	36,927	3,858

8.	Creditors: amounts falling due within one year
		2020	2019
		£	£

Trade creditors	799	1,121
Other taxation and social security	-	8,830
Other creditors	162,993	147,046
Accruals and deferred income	1,800	51,183
	165,592	208,180

9.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

1 (2019 - 1) Ordinary share of £1.00	1	1

10.	Transactions with the director

During the year, the director paid expenses on behalf of the company. As at the year end, the company owed £162,993 (2019 - £141,641) to the director. The loan is unsecured, interest free and repayable on demand.