1 2 ONE ENTERTAINMENT (UK) LTD - Filleted accounts

1 2 ONE ENTERTAINMENT (UK) LTD - Filleted accounts


Registered number
07641845
1 2 ONE ENTERTAINMENT (UK) LTD
Filleted Accounts
31 May 2020
1 2 ONE ENTERTAINMENT (UK) LTD
Registered number: 07641845
Balance Sheet
as at 31 May 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 1,659 2,212
Current assets
Debtors 4 10,999 10,999
Cash at bank and in hand 4,071 10,693
15,070 21,692
Creditors: amounts falling due within one year 5 (69,018) (85,051)
Net current liabilities (53,948) (63,359)
Total assets less current liabilities (52,289) (61,147)
Provisions for liabilities (921) (921)
Net liabilities (53,210) (62,068)
Capital and reserves
Called up share capital 2 2
Profit and loss account (53,212) (62,070)
Shareholders' funds (53,210) (62,068)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P J Kennedy
Director
Approved by the board on 21 May 2021
1 2 ONE ENTERTAINMENT (UK) LTD
Notes to the Accounts
for the year ended 31 May 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2019 11,329
At 31 May 2020 11,329
Depreciation
At 1 June 2019 9,117
Charge for the year 553
At 31 May 2020 9,670
Net book value
At 31 May 2020 1,659
At 31 May 2019 2,212
4 Debtors 2020 2019
£ £
Other debtors 10,999 10,999
5 Creditors: amounts falling due within one year 2020 2019
£ £
Bank loans and overdrafts - 5,487
Trade creditors 25,044 21,998
Taxation and social security costs 9,118 520
Other creditors 34,856 57,046
69,018 85,051
6 Related party transactions
At 31st May 2018 the amount owed to the director Mr P J Kennedy by the company was £38,458 (2017: £46,067) This loan is shown on Other Creditors and is repayable upon demand.
7 Controlling party
The company was controlled by P J Kennedy Esq.
8 Other information
1 2 ONE ENTERTAINMENT (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is:
Ground Floor
31 Kentish Town Road
London
NW1 8NL
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