Belcanto Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07508737 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2018

FOR

BELCANTO LIMITED

T/A

THE MUSIC WORKS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Hart

Ms K Lidbetter

REGISTERED OFFICE:

The Music Works

New Road

Milford

Surrey

GU8 5BE

REGISTERED NUMBER:

07508737 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

4

46,603

31,377

CURRENT ASSETS

Debtors

5

39,034

2,934

Cash at bank and in hand

29,713

25,246

68,747

28,180

CREDITORS

Amounts falling due within one year

6

101,245

53,509

NET CURRENT LIABILITIES

(32,498

)

(25,329

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,105

6,048

PROVISIONS FOR LIABILITIES

6,769

2,814

NET ASSETS

7,336

3,234

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7,236

3,134

SHAREHOLDERS' FUNDS

7,336

3,234

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 November 2018 and were signed on its behalf by:

Ms K Lidbetter - Director

1.	STATUTORY INFORMATION

Belcanto Limited is a private company, limited by shares , registered in England and Wales. The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sale of goods, excluding VAT. Turnover is recognised at the point the goods are

physically delivered to the customer.

Turnover also represents net invoiced sale of services, excluding VAT. Turnover is recognised at the point the

customer is entitled to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Over the life of the lease

Improvements to leasehold

-

25% on cost

Plant and machinery

-

10% on cost

Music equipment

-

25% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

Music

leasehold

leasehold

machinery

equipment

£

£

£

£

COST

At 1 September 2017

50,658

-

-

41,608

Additions

-

22,450

6,210

2,967

At 31 August 2018

50,658

22,450

6,210

44,575

DEPRECIATION

At 1 September 2017

33,350

-

-

35,371

Charge for year

6,332

5,614

621

3,193

At 31 August 2018

39,682

5,614

621

38,564

NET BOOK VALUE

At 31 August 2018

10,976

16,836

5,589

6,011

At 31 August 2017

17,308

-

-

6,237

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 September 2017

2,022

10,257

7,476

112,021

Additions

1,160

-

2,125

34,912

At 31 August 2018

3,182

10,257

9,601

146,933

DEPRECIATION

At 1 September 2017

1,411

5,812

4,700

80,644

Charge for year

448

1,110

2,368

19,686

At 31 August 2018

1,859

6,922

7,068

100,330

NET BOOK VALUE

At 31 August 2018

1,323

3,335

2,533

46,603

At 31 August 2017

611

4,445

2,776

31,377

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

VAT

1,892

1,160

Prepayments

37,142

1,774

39,034

2,934

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

5,380

282

Tax

655

4,324

Social security and other taxes

571

531

Other creditors

14,092

14,969

Directors' loan accounts

64,668

29,925

Accrued expenses

15,879

3,478

101,245

53,509

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, A Hart increased his loan to the company. As at 31 August 2018, the company owed him

£31,400 (2017: £14,611). Net interest of 7% was charged on this loan which amounted to £1,122 which is also

outstanding to the director.This balance represents the maximum outstanding during the year and the loan is

repayable on demand.

Also during the year, K Lidbetter increased her loan to the company. As at 31 August 2018, the company owed

her £33,268 (2017: £15,314). Net interest of 7% was charged on this loan which amounted to £2,155 which is

also outstanding to the director. This balance represents the maximum outstanding during the year and the loan

is repayable on demand.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Hart.