General Information
Listen Creative Limited is a private company, limited by shares,registered in England and Wales,registration number 08537454,registration address Penny Lane Business Centre, 374 Smithdown Road, Liverpool, Merseyside, L15 5AN
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
|
| 2. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 June 2019 |
11,309 |
|
18,296 |
|
29,605 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 31 May 2020 |
11,309 |
|
18,296 |
|
29,605 |
| Depreciation |
| At 01 June 2019 |
4,002 |
|
2,465 |
|
6,467 |
| Charge for year |
1,827 |
|
3,958 |
|
5,785 |
| On disposals |
- |
|
- |
|
- |
| At 31 May 2020 |
5,829 |
|
6,423 |
|
12,252 |
| Net book values |
| Closing balance as at 31 May 2020 |
5,480 |
|
11,873 |
|
17,353 |
| Opening balance as at 01 June 2019 |
7,307 |
|
15,831 |
|
23,138 |
|
| 3. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Debtors |
23,029 |
|
76,711 |
| Prepayments & Accrued Income |
1,555 |
|
1,555 |
| Other Debtors |
47,364 |
|
7,302 |
|
71,948 |
|
85,568 |
|
| 4. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Creditors |
18,223 |
|
16,532 |
| Bank Loans & Overdrafts |
58,378 |
|
60,404 |
| Corporation Tax |
2,595 |
|
4,968 |
| PAYE & Social Security |
2,417 |
|
1,845 |
| Wages & Salaries Control Account |
- |
|
- |
| Director: Nik Davies |
4,324 |
|
6,752 |
| Director: Ian Parnell |
7,969 |
|
12,900 |
| VAT |
18,686 |
|
5,258 |
|
112,592 |
|
108,659 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Bank Loans & Overdrafts |
50,000 |
|
- |
| Director Loan: Stuart Norris |
- |
|
52,541 |
|
50,000 |
|
52,541 |
|
| 6. |
Share Capital
Authorised
100 Ordinary shares of £1.00 each
1 A Ordinary share of £1.00 each
1 B Ordinary share of £1.00 each
1 C Ordinary share of £1.00 each
1 D Ordinary share of £1.00 each
Allotted, called up and fully paid
|
2020
£ |
|
2019
£ |
|
75
Ordinary shares of £1.00 each |
75 |
|
100 |
|
0
A Ordinary share of £1.00 each |
- |
|
1 |
|
1
B Ordinary share of £1.00 each |
1 |
|
1 |
|
1
C Ordinary share of £1.00 each |
1 |
|
1 |
|
1
D Ordinary share of £1.00 each |
1 |
|
1 |
|
78 |
|
104 |
|
| 7. |
Average number of employees
Average number of employees during the year was 8 (2019 : 8).
|
2
|
