ACCOUNTS - Final Accounts

K N TOURING LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueMusic touringfalse2016-04-01 07169522 2016-04-01 2017-03-31 07169522 2015-04-01 2016-03-31 07169522 2017-03-31 07169522 2016-03-31 07169522 c:Director1 2016-04-01 2017-03-31 07169522 c:RegisteredOffice 2016-04-01 2017-03-31 07169522 d:CurrentFinancialInstruments 2017-03-31 07169522 d:CurrentFinancialInstruments 2016-03-31 07169522 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 07169522 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 07169522 d:ShareCapital 2017-03-31 07169522 d:ShareCapital 2016-03-31 07169522 d:RetainedEarningsAccumulatedLosses 2017-03-31 07169522 d:RetainedEarningsAccumulatedLosses 2016-03-31 07169522 c:FRS102 2016-04-01 2017-03-31 07169522 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 07169522 c:FullAccounts 2016-04-01 2017-03-31 07169522 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 07169522

K N TOURING LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017


K N TOURING LIMITED

COMPANY INFORMATION

Director	K Nash


Registered number	07169522


Registered office	5th Floor
	89 New Bond Street
	London
	W1S 1DA


Accountants	SRLV
	Chartered Accountants
	5th Floor
	89 New Bond Street
	London
	W1S 1DA


K N TOURING LIMITED

CONTENTS

	Page
Balance sheet	1
Notes to the financial statements	2 - 5


K N TOURING LIMITED REGISTERED NUMBER:07169522

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£


Current assets
Stocks	4	3,500		3,500
Debtors: amounts falling due within one year	5	5,392		486
Cash at bank and in hand	6	7,210		259
		16,102		4,245
Creditors: amounts falling due within one year	7	(130,355)		(108,105)
Net current liabilities			(114,253)		(103,860)
Total assets less current liabilities			(114,253)		(103,860)

Net liabilities			(114,253)		(103,860)

Capital and reserves
Called up share capital	1	1
Profit and loss account	(114,254)	(103,861)
	(114,253)	(103,860)

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 Companies Act 2006.

The director acknowledges her 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 profit and loss account 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 21 December 2017.

K Nash

Director

The notes on pages 2 to 5 form part of these financial statements.


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

K N Touring Limited is a private company, limited by shares, registered in England and Wales, registration number 07169522. The registered office is 5th floor, 89 New Bond Street, London, W1S 1DA.
The principal activity of the company is that of music touring.

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

Going concern

As at the balance sheet date, the company had net current liabilities. Accordingly the financial statements have been prepared on a going concern basis as the director has confirmed that she will continue to support the company for the foreseeable future and meet the excess liabilitiesif the company is unable to do so.

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

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

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

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

Financial instruments

The Company only enters into basic financial instruments 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.

2.8

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.

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.

2.10

Borrowing costs

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


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.11

Taxation

Tax is recognised in the profit and loss account, 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

4.	Stocks
		2017	2016
		£	£

Stock	3,500	3,500
	3,500	3,500

Debtors

					2017	2016
					£	£


Trade debtors	5,393	-
Other debtors	(1)	486
	5,392	486


K N TOURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

6.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	7,210	259
Less: bank overdrafts	(326)	-
	6,884	259

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	326	-
Trade creditors	12,046	18,328
Other taxation and social security	5,224	-
Other creditors	102,357	87,777
Accruals and deferred income	10,402	2,000
	130,355	108,105

First time adoption of FRS 102

The policies applied under the entity's previous reporting framework are not materially different from the recognition and measurement principles set out under FRS 102. As a result, the transition to the new reporting regime has not impacted on equity or profit or loss and therefore no reconciliation between previously reported results and the 2016 comparative information has been presented