Rooks Nest Entertainment Limited Filleted accounts for Companies House (small and micro)

ROOKS NEST ENTERTAINMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07273625

Rooks Nest Entertainment Limited

Filleted Unaudited Financial Statements

31 March 2022

Rooks Nest Entertainment Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	3,155	3,116

Current assets

Stocks		1,220,324	1,275,942
Debtors	6	41,979	83,409
Cash at bank and in hand		880,617	911,367
		------------	------------
		2,142,920	2,270,718

Creditors: amounts falling due within one year	7	( 2,125,158)	( 2,175,461)
		------------	------------
Net current assets		17,762	95,257
		--------	--------
Total assets less current liabilities		20,917	98,373
		--------	--------
Net assets		20,917	98,373
		--------	--------

Capital and reserves

Called up share capital	500	500
Profit and loss account	20,417	97,873
	--------	--------
Shareholders funds	20,917	98,373
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rooks Nest Entertainment Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 21 December 2022 , and are signed on behalf of the board by:

J Godzinskaya

Director

Company registration number: 07273625

Rooks Nest Entertainment Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Tottenham Mews, First Floor, London, W1T 4AQ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company's major creditor is one of its directors who has confirmed will provide sufficient support to ensure the company will have sufficient resources to meet its debts as they fall due. As a result, the directors consider it appropriate for the accounts to be prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax. Revenue from projects is recognised in the accounts dependent of the status of individual projects. Revenue from rent receivable is recognised in the period to which it relates.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	Straight line over the life of the lease
Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Financial instruments

Financial assets Financial assets are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company does not hold any third party financial assets. Financial liabilities and equity instruments Financial liabilities and equity are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities. Borrowing Borrowings are initially recognised at fair value of the consideration received, after deduction of issue costs and are subsequently measured at amortised cost using the effective interest rate method less provision for any impairment. Issue costs, together with finance costs, are charged to the profit and loss over the term of the borrowings and present a constant proportion of the balance of capital repayments outstanding.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).

5. Tangible assets

	Long leasehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	2,010	15,422	4,670	22,102
Additions	–	–	1,041	1,041
Disposals	–	–	( 2,200)	( 2,200)
	-------	--------	-------	--------
At 31 March 2022	2,010	15,422	3,511	20,943
	-------	--------	-------	--------
Depreciation
At 1 April 2021	795	13,762	4,429	18,986
Charge for the year	562	221	219	1,002
Disposals	–	–	( 2,200)	( 2,200)
	-------	--------	-------	--------
At 31 March 2022	1,357	13,983	2,448	17,788
	-------	--------	-------	--------
Carrying amount
At 31 March 2022	653	1,439	1,063	3,155
	-------	--------	-------	--------
At 31 March 2021	1,215	1,660	241	3,116
	-------	--------	-------	--------

6. Debtors

	2022	2021
	£	£
Trade debtors	13,912	7,330
Other debtors	28,067	76,079
	--------	--------
	41,979	83,409
	--------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	1,071	294
Trade creditors	20,493	13,095
Social security and other taxes	9,751	12,818
Payments received on account	–	49,984
Other creditors	2,093,843	2,099,270
	------------	------------
	2,125,158	2,175,461
	------------	------------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	20,000	20,000
Later than 1 year and not later than 5 years	3,333	23,333
	--------	--------
	23,333	43,333
	--------	--------

9. Other financial commitments

As at the reporting date there were no financial or other commitments or contracts for capital expenditure in place (2020: £nil).

10. Related party transactions

No transactions were undertaken with related parties as such that are required to be disclosed under FRS 102 Section 1A.