Tribe Festivals Limited - Period Ending 2014-08-31

Registration number: 07999583

Tribe Festivals Limited

Unaudited Abbreviated Accounts

for the year ended 31 August 2014
 

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

Tribe Festivals Limited
(Registration number: 07999583)
Unaudited financial statements
Abbreviated balance sheet as at 31 August 2014

		Note			31 August 2014						31 August 2013
	£			£			£			£
Fixed assets
Intangible fixed assets								57,042						71,667
Tangible fixed assets								3,931						1,080
								60,973						72,747
Current assets
Stocks					9,395						9,395
Debtors					17,991						2,661
Cash at bank and in hand					24,422						14,054
					51,808						26,110
Creditors: Amounts falling due within one year					(90,731)						(96,451)
Net current liabilities								(38,923)						(70,341)
Total assets less current liabilities								22,050						2,406
Creditors: Amounts falling due after more than one year								-						(102,500)
Net assets/(liabilities)								22,050						(100,094)
Capital and reserves
Called up share capital		3			378						185
Share premium account					233,036						87,395
Other reserves					-						12,000
Profit and loss account					(211,364)						(199,674)
Shareholders' funds/(deficit)								22,050						(100,094)

For the year ending 31 August 2014 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 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 October 2014 and signed on its behalf by:

G Merifield
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Tribe Festivals Limited
Unaudited financial statements
Notes to the abbreviated accounts for the year ended 31 August 2014

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

Turnover represents the total value of invoices raised in the year, together with the value of any work done where a right to consideration arises.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Licence	over 5 years
Goodwill	over 4 years

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
Equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

There is no tax payable on the results for the year.

Page 2

Tribe Festivals Limited
Unaudited financial statements
Notes to the abbreviated accounts for the year ended 31 August 2014

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2013		100,000			1,440			101,440
Additions		6,000			4,162			10,162
At 31 August 2014		106,000			5,602			111,602
Depreciation
At 1 September 2013		28,333			360			28,693
Charge for the year		20,625			1,311			21,936
At 31 August 2014		48,958			1,671			50,629
Net book value
At 31 August 2014		57,042			3,931			60,973
At 31 August 2013		71,667			1,080			72,747

3	Share capital

Allotted, called up and fully paid shares

	31 August 2014						31 August 2013
		No.			£			No.			£
Ordinary shares of £1 each		378			378			185			185

During the year the capital base of the company was increased by the issue of 193 £1 shares at a premium. The total subscription amounted to £145,834.

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