Groovebutton Limited
Groovebutton Limited
Registered number: SC273498
Financial Statements
For The Year Ended
31 January 2021
MSE Business Management LLP
Association of Chartered Certified Accountants
5th Floor
104 Oxford Street
London
Greater London
W1D 1LP
Groovebutton Limited
Financial Statements
For The Year Ended
31 January 2021
Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1 |
| Statement of Changes in Equity | 2 |
| Notes to the Financial Statements | 3—4 |
Groovebutton Limited
Balance Sheet
As at
31 January 2021
Balance Sheet
Registered number:
SC273498
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 55,421 | 296,427 | |||
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 1
Groovebutton Limited
Statement of Changes in Equity
For The Year Ended
31 January 2021
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 February 2019 |
|
|
237,107 |
| Profit for the year and total comprehensive income | - |
|
59,320 |
| As at 31 January 2020 and 1 February 2020 |
|
|
296,427 |
| Profit for the year and total comprehensive income | - |
|
38,994 |
| Dividends paid | - | (280,000) | (280,000) |
| As at
|
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|
55,421 |
Page 2
Groovebutton Limited
Notes to the Financial Statements
For The Year Ended
31 January 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of Value Added Tax. Turnover represents revenue earned from fees receivable in respect of the provision of services.
1.3.
Financial Instruments
The company has only basic financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.5.
Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2021 | 2020 | ||
|---|---|---|---|
| Office and administration |
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4.
Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
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| Other taxes and social security |
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| Directors' loan accounts |
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- | |
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Page 3
Groovebutton Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 January 2021
5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Corporation tax |
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| Directors' loan accounts | - |
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7.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
|
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Paolo Nutini |
( |
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( |
- |
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The above loan is unsecured and repayable on demand. Interest was charged at the rate of 2.25% per annum. The balance was repaid to the company after the year end.
8.
General Information
Groovebutton Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC273498
. The registered office is 5th Floor, 104 Oxford Street, London, Greater London, W1D 1LP.
Page 4