Spinning Circle Limited - Limited company accounts 17.3
Spinning Circle Limited - Limited company accounts 17.3
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTOR AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| SPINNING CIRCLE LIMITED |
| PREVIOUSLY DIRTY BOOTS LTD |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Report of the Director | 2 |
| Income Statement | 3 |
| Other Comprehensive Income | 4 |
| Balance Sheet | 5 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| Reconciliation of Equity | 11 |
| Reconciliation of Loss | 13 |
| SPINNING CIRCLE LIMITED |
| PREVIOUSLY DIRTY BOOTS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 24 Bedford Row |
| London |
| WC1R 4TQ |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| The director presents his report with the financial statements of the company for the year ended 31 March 2017. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of music management and record label |
| production. |
| REVIEW OF BUSINESS |
| The results for the year and financial position of the company are as shown in the annexed financial statements. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 31 March 2017 will be nil. |
| DIRECTORS |
| Other changes in directors holding office are as follows: |
| RELATED PARTY TRANSACTION |
| None of the directors had a material interest at anytime during the year in any contracts of significance in relation to the |
| business of the company. |
| TAXATION STATUS |
| The company is a close company within the provision of the Income and Corporation Taxes Act 2010. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS LOSS | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest payable and similar expenses | 5 | ( |
) |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 6 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| LOSS FOR THE YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium | 11 |
| Retained earnings | 11 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director on |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2015 | ( |
) | ( |
) |
| Changes in equity |
| Issue of share capital | - |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 March 2016 | ( |
) |
| Changes in equity |
| Total comprehensive income | - | ( |
) | - | ( |
) |
| Balance at 31 March 2017 | ( |
) | ( |
) |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Spinning Circle Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Computer equipment | - |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Revenue recognition |
| All production costs are accounted for when incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2017 | 2016 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| The average monthly number of employees during the year was as follows: |
| 2017 | 2016 |
| Administration | 1 | 1 |
| 2017 | 2016 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING LOSS |
| The operating loss is stated after charging: |
| 2017 | 2016 |
| £ | £ |
| Depreciation - owned assets |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2017 | 2016 |
| £ | £ |
| Interest Paid |
| 6. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss for the year was as follows: |
| 2017 | 2016 |
| £ | £ |
| Current tax: |
| Over provision of Corporation tax | (1 | ) | - |
| Tax on loss | ( |
) |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 6. | TAXATION - continued |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
| explained below: |
| 2017 | 2016 |
| £ | £ |
| Loss before tax | ( |
) | ( |
) |
| Loss multiplied by the standard rate of corporation tax in the UK of (2016 - |
( |
) |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | - | ( |
) |
| Depreciation in excess of capital allowances | - |
| Utilisation of tax losses |
| Overprovision of Corporation tax | (1 | ) | - |
| Total tax credit | (1 | ) | - |
| 7. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Shareholders loan account | 70,000 | - |
| Directors' current accounts | 69 | 69 |
| Accrued expenses |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| 11. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 April 2016 | ( |
) | 29,271 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 March 2017 | ( |
) | (58,889 | ) |
| 12. | FIRST YEAR ADOPTION |
| The Company has adopted FRS 102 1A for the year ended 31 March 2017 and there are no transitional |
| adjustment arising due the FRS 102 1A adoption. |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| RECONCILIATION OF EQUITY |
| 1 APRIL 2015 |
| (DATE OF TRANSITION TO FRS 102) |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| CURRENT ASSETS |
| Debtors | 9,750 | 9,750 |
| CREDITORS |
| Amounts falling due within one year | (10,043 | ) | (10,043 | ) |
| NET CURRENT LIABILITIES | (293 | ) | (293 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
(293 |
) |
(293 |
) |
| NET LIABILITIES | (293 | ) | (293 | ) |
| CAPITAL AND RESERVES |
| Called up share capital | 100 | 100 |
| Retained earnings | (393 | ) | (393 | ) |
| SHAREHOLDERS' FUNDS | (293 | ) | (293 | ) |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| RECONCILIATION OF EQUITY - continued |
| 31 MARCH 2016 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 1,436 | 1,436 |
| CURRENT ASSETS |
| Debtors | 750 | 750 |
| Cash at bank | 39,022 | 39,022 |
| 39,772 | 39,772 |
| CREDITORS |
| Amounts falling due within one year | (11,737 | ) | (11,737 | ) |
| NET CURRENT ASSETS | 28,035 | 28,035 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
29,471 |
29,471 |
| NET ASSETS | 29,471 | 29,471 |
| CAPITAL AND RESERVES |
| Called up share capital | 200 | 200 |
| Share premium | 99,900 | 99,900 |
| Retained earnings | (70,629 | ) | (70,629 | ) |
| SHAREHOLDERS' FUNDS | 29,471 | 29,471 |
| SPINNING CIRCLE LIMITED (REGISTERED NUMBER: 06840221) |
| PREVIOUSLY DIRTY BOOTS LTD |
| RECONCILIATION OF LOSS |
| FOR THE YEAR ENDED 31 MARCH 2016 |
| Effect of |
| UK | transition |
| GAAP | to FRS 102 | FRS 102 |
| £ | £ | £ |
| TURNOVER | 8,721 | 8,721 |
| Cost of sales | (12,883 | ) | (12,883 | ) |
| GROSS LOSS | (4,162 | ) | (4,162 | ) |
| Administrative expenses | (66,073 | ) | (66,073 | ) |
| OPERATING LOSS | (70,235 | ) | (70,235 | ) |
| Interest payable and similar expenses | (1 | ) | (1 | ) |
| LOSS BEFORE TAXATION | (70,236 | ) | (70,236 | ) |
| Tax on loss | - | - |
| LOSS FOR THE FINANCIAL YEAR | (70,236 | ) | (70,236 | ) |