London Calling Arts Limited - Period Ending 2015-10-31

Registration number: 02740643

London Calling Arts Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Sobell Rhodes LLP
Chartered Accountants
Ground Floor
Unit 501 Centennial Park
Centennial Avenue
Elstree, Borehamwood
Hertfordshire
WD6 3FG

London Calling Arts Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

London Calling Arts Limited
(Registration number: 02740643)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			237,467			286,090
Current assets
Debtors					509,974			551,055
Cash at bank and in hand					52,306			41,376
					562,280			592,431
Creditors: Amounts falling due within one year					(542,667)			(500,209)
Net current assets					19,613			92,222
Total assets less current liabilities					257,080			378,312
Provisions for liabilities					-			(1,899)
Net assets					257,080			376,413
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					256,080			375,413
Shareholders' funds					257,080			376,413

For the year ending 31 October 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 July 2016

 J K Moir-Jones
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

London Calling Arts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

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

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold property	Over the term of the lease
Fixtures and fittings	Straight line - 25%
Motor vehicles	Straight line - 25%
Computer equipment	Straight line - 33.3%

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: (i) No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. (ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Page 2

London Calling Arts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2014		709,222			709,222
Revaluations		(28,967)			(28,967)
Additions		6,323			6,323
At 31 October 2015		686,578			686,578
Depreciation
At 1 November 2014		423,132			423,132
Charge for the year		25,979			25,979
At 31 October 2015		449,111			449,111
Net book value
At 31 October 2015		237,467			237,467
At 31 October 2014		286,090			286,090

Page 3

London Calling Arts Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 4