London Calling Arts Limited Filleted accounts for Companies House (small and micro)

LONDON CALLING ARTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02740643

London Calling Arts Limited

Filleted Unaudited Financial Statements

31 October 2021

London Calling Arts Limited

Financial Statements

Year ended 31 October 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

London Calling Arts Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Intangible assets	6	20,000	40,000
Tangible assets	7	56,955	107,251
		--------	---------
		76,955	147,251

Current assets

Debtors	8	442,381	313,624
Cash at bank and in hand		33,341	106,812
		---------	---------
		475,722	420,436

Creditors: amounts falling due within one year	9	858,919		433,717
		---------		---------
Net current liabilities			383,197		13,281
			---------		---------
Total assets less current liabilities			( 306,242)		133,970

Creditors: amounts falling due after more than one year	10		240,572		272,554

Provisions

Taxation including deferred tax	11	–	18,773
		---------	---------
Net liabilities		( 546,814)	( 157,357)
		---------	---------

Capital and reserves

Called up share capital	12	1,000	1,000
Profit and loss account		( 547,814)	( 158,357)
		---------	---------
Shareholders deficit		( 546,814)	( 157,357)
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2021 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

London Calling Arts Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 11 August 2022 , and are signed on behalf of the board by:

J K Moir-Jones
Director

Company registration number: 02740643

London Calling Arts Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 14A Ardleigh Road, London, N1 4HP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The director has considered the impact of the Covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its customers, but having taken all the factors into account, the director is of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	5 years
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Computer equipment	-	25% straight line

Hire purchase agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Provisions

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 64 (2020: 77 ).

5. Dividends

	2021	2020
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	–	82,000
	----	--------

During the previous year the company paid dividends in excess of its distributable profit in contravention of section 830 of the Companies Act 2006. The director was not aware that this had occurred at the time the dividend was paid. The error occurred owing to a miscalculation of the profits. The shareholder is aware of their responsibilities.

6. Intangible assets

	Goodwill
	£
Cost
At 1 November 2020 and 31 October 2021	100,000
	---------
Amortisation
At 1 November 2020	60,000
Charge for the year	20,000
	---------
At 31 October 2021	80,000
	---------
Carrying amount
At 31 October 2021	20,000
	---------
At 31 October 2020	40,000
	---------

7. Tangible assets

	Long leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2020	23,882	114,193	261,804	49,899	449,778
Additions	–	–	3,500	–	3,500
Disposals	–	–	–	( 442)	( 442)
	--------	---------	---------	--------	---------
At 31 October 2021	23,882	114,193	265,304	49,457	452,836
	--------	---------	---------	--------	---------
Depreciation
At 1 November 2020	23,882	109,552	160,700	48,393	342,527
Charge for the year	–	1,797	51,213	712	53,722
Disposals	–	–	–	( 368)	( 368)
	--------	---------	---------	--------	---------
At 31 October 2021	23,882	111,349	211,913	48,737	395,881
	--------	---------	---------	--------	---------
Carrying amount
At 31 October 2021	–	2,844	53,391	720	56,955
	--------	---------	---------	--------	---------
At 31 October 2020	–	4,641	101,104	1,506	107,251
	--------	---------	---------	--------	---------

8. Debtors

	2021	2020
	£	£
Trade debtors	172,506	68,018
Prepayments and accrued income	28,780	32,096
Director's loan account	158,015	137,191
Other debtors	83,080	76,319
	---------	---------
	442,381	313,624
	---------	---------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	44,167	13,333
Trade creditors	269,871	121,052
Accruals and deferred income	210,954	79,342
Corporation tax	51,355	44,587
Social security and other taxes	217,016	95,541
Obligations under finance leases and hire purchase contracts	36,723	34,169
Other creditors	28,833	45,693
	---------	---------
	858,919	433,717
	---------	---------

10. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	192,501	186,667
Obligations under finance leases and hire purchase contracts	48,071	85,887
	---------	---------
	240,572	272,554
	---------	---------

11. Provisions

	Deferred tax
	£
At 1 November 2020	18,773
Charge against provision	( 18,773)
	--------
At 31 October 2021	–
	--------

12. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

13. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	123,405	123,832
Later than 1 year and not later than 5 years	11,000	93,270
	---------	---------
	134,405	217,102
	---------	---------

14. Director's advances, credits and guarantees

At the year end the director owed the company £179,291 (2021: £158,015) which is shown amongst debtors. Interest of £4,164 (2021: £3,645) was charged on this loan.