BLUDGEON_RIFFOLA_LIMITED - Accounts

BLUDGEON RIFFOLA LIMITED - Company Information

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Company Registration No. 01679389 (England and Wales)

BLUDGEON RIFFOLA LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2015

BLUDGEON RIFFOLA LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

42,083

75,327

Current assets

Debtors

281,736

223,765

Cash at bank and in hand

1,832,960

675,729

2,114,696

899,494

Creditors: amounts falling due within one year

(1,499,541)

(395,401)

Net current assets

615,155

504,093

Total assets less current liabilities

657,238

579,420

Capital and reserves

Called up share capital

100

Profit and loss account

657,138

579,320

Shareholders' funds

657,238

579,420

For the financial year ended 31 May 2015 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 November 2015

Mr R Savage

Director

Company Registration No. 01679389

BLUDGEON RIFFOLA LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents royalties receivable and non refundable royalty advances net of VAT. Royalties are recognised on a receivable basis by reference to the royalty accounting periods ending in the accounting year.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Musical Equipment

20% Straight Line

Photo Collections

8 years

1.5

Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

BLUDGEON RIFFOLA LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 June 2014

495,596

Additions

1,476

At 31 May 2015

497,072

Depreciation

At 1 June 2014

420,270

Charge for the year

34,719

At 31 May 2015

454,989

Net book value

At 31 May 2015

42,083

At 31 May 2014

75,327

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

BLUDGEON RIFFOLA LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 4 -

Transactions with directors

The following directors had interest free loans during the year. The movement on these loans are as follows:

Amount outstanding

Maximum

2015

2014

in year

P K Collen

29,816

J T Elliott

25,288

30,288

R Savage

35,103

50,546

P Collen

During the year, P Collen received PRS royalties on behalf of the company totalling £41,500 and this was fully repaid by the year end.

J Elliott

During the year, J Elliott received royalties of £33,753 on behalf of the company and this was fully repaid by the year end.

R Savage

During the year, R Savage received PRS royalties on behalf of the company and the company also paid expenses on behalf of R Savage totaling 41,060. As at the year end, R Savage had fully repaid the amount he owed.