Bournemouth Academy of Modern Music Ltd - Period Ending 2020-08-31

Bournemouth Academy of Modern Music Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Bournemouth Academy of Modern Music Ltd

Balance Sheet

31 August 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	-	2,084
Tangible assets	5	12,333	23,333
		12,333	25,417
Current assets
Cash at bank and in hand		1,368	2,233
Creditors: Amounts falling due within one year	6	(14,155)	(28,922)
Net current liabilities		(12,787)	(26,689)
Total assets less current liabilities		(454)	(1,272)
Provisions for liabilities		(2,343)	(4,433)
Net liabilities		(2,797)	(5,705)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(2,897)	(5,805)
Total equity		(2,797)	(5,705)

Bournemouth Academy of Modern Music Ltd

Balance Sheet

31 August 2020

For the financial year ending 31 August 2020 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 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 director on 25 May 2021
 

......................................... Mr Alan Barclay Director

Company Registration Number: 10339203

Bournemouth Academy of Modern Music Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3-5 Knighton Heath Estate
855 Ringwood Road
Bournemouth
Dorset
BH11 8NE
England

These financial statements were authorised for issue by the director on 25 May 2021.

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 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.

Bournemouth Academy of Modern Music Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2019 - 0).

Bournemouth Academy of Modern Music Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 September 2019	25,000	25,000
At 31 August 2020	25,000	25,000
Amortisation
At 1 September 2019	22,916	22,916
Amortisation charge	2,084	2,084
At 31 August 2020	25,000	25,000
Carrying amount
At 31 August 2020	-	-
At 31 August 2019	2,084	2,084

5	Tangible assets

	Equipment £	Computers £	Total £
Cost or valuation
At 1 September 2019	25,000	30,000	55,000
At 31 August 2020	25,000	30,000	55,000
Depreciation
At 1 September 2019	14,167	17,500	31,667
Charge for the year period	5,000	6,000	11,000
At 31 August 2020	19,167	23,500	42,667
Carrying amount
At 31 August 2020	5,833	6,500	12,333
At 31 August 2019	10,833	12,500	23,333

Bournemouth Academy of Modern Music Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 August 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	7	-	4,445
Amounts due to group undertakings		13,935	20,935
Corporation tax		220	3,542
		14,155	28,922

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	-	4,445

There is a fixed and floating charge over all the companies assets by the bank due to the loan.