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Registered number: 05954827
PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
REGISTERED NUMBER:05954827
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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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 his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
REGISTERED NUMBER:05954827
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
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 statement of comprehensive income 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 on 29 September 2022.
The notes on pages 3 to 8 form part of these financial statements.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Pablo Diablo's Legitimate Business Firm Limited is a limited liability company incorporated in England and Wales with its registered office at 2nd Floor, Connaught House 1-3 Mount Street, (Entrance Via Davies Street), London W1K 3NB. The company's principal place of business is at Thatched Cottage, Hambleden, Henley On Thames, Oxon RG9 3BL.
The company's principal activities are audiovisual productions and live shows.
2.Accounting policies
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Basis of preparation of financial statements
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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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of audiovisual productions and live shows, exclusive of Value Added Tax.
Revenue from audiovisual productions is recognised so that it reflects the performance of the company's contractual obligations. The amount of revenue reflects the value of work performed.
Revenue from live shows is recognised after the completion of the live performance.
Royalties receivable from third parties for the use of contents and other materials owned by the company is recognised when the royalties become receivable and the amount can be reliably measured.
Other revenue, such as publishing, is recognised when earned and in accordance with contractual agreements.
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Foreign currency translation
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The Company's functional and presentational currency is £ Sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period 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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company contributes a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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 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 income.
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.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
No depreciation has been provided in respect of freehold buildings as they were acquired just before the Statement of Financial Position date.
Short term debtors are measured at the transaction price, less any impairment.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.
Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 3 (2020 - 4).
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Charge for the year on owned assets
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Prepayments and accrued income
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Taxation and social security
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Accruals and deferred income
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The bank loan is secured by a fixed and floating charge over the assets of the company and the personal guarantee of the director of up to £150,000.
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:
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The bank loan is secured by a fixed and floating charge over the assets of the company. The director has also provided a personal guarantee of up to £150,000 as security to the bank.
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PABLO DIABLO'S LEGITIMATE BUSINESS FIRM LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Allotted, called up and fully paid
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2 Ordinary shares of £1 each
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On 1 September 2017, 1 Ordinary share of £1 was allotted as fully paid at par but was not recorded in the financial statements at that time. The comparative figures have been restated to reflect the correct position, increasing share capital from £1 to £2 with a corresponding adjustment to the cash balance.
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Transactions with directors
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During the year the company made various advances to the director. The maximum amount outstanding during the year was £502,217. Interest has been charged on the outstanding balance at the official HMRC rate. At the Statement of Fiancial Position date the company owed £12,175 (2020 - £2,788) to the director.
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