ACCOUNTS - Final Accounts preparation

BOOM. CREATIVE LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-08-312022-08-31false2021-09-01No description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09175566 2021-09-01 2022-08-31 09175566 2020-09-01 2021-08-31 09175566 2022-08-31 09175566 2021-08-31 09175566 c:Director1 2021-09-01 2022-08-31 09175566 d:PlantMachinery 2021-09-01 2022-08-31 09175566 d:PlantMachinery 2022-08-31 09175566 d:PlantMachinery 2021-08-31 09175566 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-09-01 2022-08-31 09175566 d:CurrentFinancialInstruments 2022-08-31 09175566 d:CurrentFinancialInstruments 2021-08-31 09175566 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 09175566 d:CurrentFinancialInstruments d:WithinOneYear 2021-08-31 09175566 d:ShareCapital 2022-08-31 09175566 d:ShareCapital 2021-08-31 09175566 d:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 09175566 d:RetainedEarningsAccumulatedLosses 2022-08-31 09175566 d:RetainedEarningsAccumulatedLosses 2021-08-31 09175566 c:OrdinaryShareClass1 2021-09-01 2022-08-31 09175566 c:OrdinaryShareClass1 2022-08-31 09175566 c:OrdinaryShareClass1 2021-08-31 09175566 c:FRS102 2021-09-01 2022-08-31 09175566 c:AuditExempt-NoAccountantsReport 2021-09-01 2022-08-31 09175566 c:FullAccounts 2021-09-01 2022-08-31 09175566 c:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09175566

BOOM. CREATIVE LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2022

BOOM. CREATIVE LTD

REGISTERED NUMBER: 09175566

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		9,598		10,138
			9,598		10,138
Current assets
Debtors: amounts falling due within one year	5	3,571		1,454
Cash at bank and in hand	6	2,994		3,506
		6,565		4,960
Creditors: amounts falling due within one year	7	(32,861)		(40,060)
Net current liabilities			(26,296)		(35,100)
Total assets less current liabilities			(16,698)		(24,962)

Net liabilities			(16,698)		(24,962)

Capital and reserves
Called up share capital	8	10	10
Profit and loss account	9	(16,708)	(24,972)
		(16,698)	(24,962)

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BOOM. CREATIVE LTD

REGISTERED NUMBER: 09175566

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2022

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.

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 income and retained earnings 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 13 January 2023.

Martin Suker

Director

The notes on pages 3 to 6 form part of these financial statements.

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BOOM. CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

1.Accounting policies

1.1

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 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:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

1.4

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.

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:

Plant and machinery

20%

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.

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BOOM. CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

1.Accounting policies (continued)

1.5

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.

1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

Creditors

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

1.8

Financial instruments

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, loans to related parties and investments in ordinary shares.

2.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

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BOOM. CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

4.	Tangible fixed assets

		Plant and machinery
		£
	Cost or valuation
	At 1 September 2021	26,098
	Additions	2,768
	At 31 August 2022	28,866
	Depreciation
	At 1 September 2021	15,960
	Charge for the year on owned assets	3,308
	At 31 August 2022	19,268
	Net book value
	At 31 August 2022	9,598
	At 31 August 2021	10,138

Debtors

					2022	2021
					£	£


Trade debtors	3,081	908
Other debtors	490	546
	3,571	1,454

6.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	2,994	3,506
Less: bank overdrafts	(1)	(1)
	2,993	3,505

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BOOM. CREATIVE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank overdrafts	1	1
Trade creditors	-	80
Other creditors	30,860	37,979
Accruals and deferred income	2,000	2,000
	32,861	40,060

8.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

10 (2021 - 10) Ordinary shares of £1.00 each	10	10

Reserves

Profit and loss account

The profit and loss reserve is fully distributable.

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