Abbreviated Company Accounts - NOWPRESENT LIMITED

NOWPRESENT LIMITED - Company Information

Registered Number 08268468

NOWPRESENT LIMITED

Abbreviated Accounts

30 October 2013

NOWPRESENT LIMITED Registered Number 08268468

Abbreviated Balance Sheet as at 30 October 2013

	Notes	2013
		£
Current assets
Debtors		47,451
Cash at bank and in hand		22,769
		70,220
Creditors: amounts falling due within one year		(118,645)
Net current assets (liabilities)		(48,425)
Total assets less current liabilities		(48,425)
Total net assets (liabilities)		(48,425)
Capital and reserves
Called up share capital		1,375
Share premium account		24,975
Profit and loss account		(74,775)
Shareholders' funds		(48,425)

For the year ending 30 October 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 October 2014

And signed on their behalf by:
C Lycett, Director

NOWPRESENT LIMITED Registered Number 08268468

Notes to the Abbreviated Accounts for the period ended 30 October 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

During the year the company incurred trading losses. This is due to start up costs incurred in promoting and supporting the band which is expected given the nature of the trade. The company intends to generate profits in the future via album sales and performance income, and this is set to materialise within the next 12 - 24 months.

Despite the fact that the company reports a deficiency of assets at the year end, the director is of the opinion that sufficient funding is available to enable it to meet all of its liabilities as and when they fall due. The accounts have been prepared on a going concern basis.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable excluding discounts, rebates and VAT.