ACCOUNTS - Final Accounts

K-TEL MULTIMEDIA (UK) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-06-302022-06-30false12021-07-01No description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06659067 2021-07-01 2022-06-30 06659067 2020-07-01 2021-06-30 06659067 2022-06-30 06659067 2021-06-30 06659067 c:Director1 2021-07-01 2022-06-30 06659067 d:CurrentFinancialInstruments 2022-06-30 06659067 d:CurrentFinancialInstruments 2021-06-30 06659067 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 06659067 d:CurrentFinancialInstruments d:WithinOneYear 2021-06-30 06659067 d:ShareCapital 2022-06-30 06659067 d:ShareCapital 2021-06-30 06659067 d:RetainedEarningsAccumulatedLosses 2022-06-30 06659067 d:RetainedEarningsAccumulatedLosses 2021-06-30 06659067 c:FRS102 2021-07-01 2022-06-30 06659067 c:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 06659067 c:FullAccounts 2021-07-01 2022-06-30 06659067 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure

Registered number: 06659067

K-TEL MULTIMEDIA (UK) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022


K-TEL MULTIMEDIA (UK) LIMITED REGISTERED NUMBER:06659067

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2022

		2022		2021
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,194,637		1,019,664
Cash at bank and in hand	5	100,016		114,455
		1,294,653		1,134,119
Creditors: amounts falling due within one year	6	(581,601)		(489,070)
Net current assets			713,052		645,049
Total assets less current liabilities			713,052		645,049

Net assets			713,052		645,049

Capital and reserves
Called up share capital	10	10
Profit and loss account	713,042	645,039
	713,052	645,049

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K-TEL MULTIMEDIA (UK) LIMITED REGISTERED NUMBER:06659067

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 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 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 7 March 2023.

D P Kives

Director

The notes on pages 3 to 5 form part of these financial statements.

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K-TEL MULTIMEDIA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

1.	General information

K-Tel Multimedia (UK) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 06659067. The registered office is Third Floor Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.

2.Accounting policies

2.1

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:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.3

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.

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K-TEL MULTIMEDIA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

2.Accounting policies (continued)

2.4

Taxation

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.

2.5

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.

2.6

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.

2.7

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.

2.8

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.

Employees

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

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K-TEL MULTIMEDIA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

Debtors

					2022	2021
					£	£


Trade debtors	250	1,052
Amounts owed by group undertakings	1,053,968	909,880
Other debtors	35	10
Prepayments and accrued income	140,384	108,722
	1,194,637	1,019,664

5.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	100,016	114,455

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

Trade creditors	23,944	15,405
Amounts owed to group undertakings	435,306	357,555
Corporation tax	15,971	13,041
Other taxation and social security	-	2,862
Accruals and deferred income	106,380	100,207
	581,601	489,070

7.	Controlling party

The company's parent is K-Tel International Inc, a company incorporated in the United States of America. The parent's principal place of business and registered office is 160-3025 Portage Ave, Winnipeg MB, R3K 2E2, Canada.

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