Bassline Productions Ltd - Period Ending 2018-02-28
Bassline Productions Ltd - Period Ending 2018-02-28
Registration number:
Bassline Productions Ltd
for the Period from 1 October 2016 to 28 February 2018
Accountants & Business Advisors
237 Westcombe Hill
Blackheath
London
SE3 7DW
Bassline Productions Ltd
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Bassline Productions Ltd
Company Information
Directors |
Mr R E Parry Mr C E Audley Mr L C R Gordon |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bassline Productions Ltd
for the Period Ended 28 February 2018
In accordance with your instructions, we have prepared the statutory accounts your approval for the period ended 28 February 2018 as set out on pages 3 to 9 from the company's accounting records and on the basis of information and explanations you have given to us.
You consider that Bassline Productions Ltd is exempt from an audit for the period ended 28 February 2018. You have acknowledged, on the balance sheet, your responsibilities for ensuring that the company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and for preparing the statutory accounts that give a true and fair view of the state of affairs of the company and of its loss for the financial year.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these financial statements.
......................................
Accountants & Business Advisors
Blackheath
London
SE3 7DW
Page 2 |
Bassline Productions Ltd
(Registration number: 09222900)
Abridged Balance Sheet as at 28 February 2018
Note |
2018 |
2016 |
|
Fixed assets |
|||
Tangible assets |
- |
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
- |
( |
|
Accruals and deferred income |
( |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial period ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 3 |
Bassline Productions Ltd
(Registration number: 09222900)
Abridged Balance Sheet as at 28 February 2018
Approved and authorised by the
......................................... |
Page 4 |
Bassline Productions Ltd
Statement of Changes in Equity for the Period from 1 October 2016 to 28 February 2018
Share capital |
Share premium |
Profit and loss account |
Total |
|
At 1 October 2016 |
|
|
( |
( |
Loss for the period |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 28 February 2018 |
|
|
( |
( |
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 October 2015 |
|
|
|
|
Loss for the period |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
At 30 September 2016 |
|
|
( |
( |
Page 5 |
Bassline Productions Ltd
Notes to the Abridged Financial Statements for the Period from 1 October 2016 to 28 February 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 6 |
Bassline Productions Ltd
Notes to the Abridged Financial Statements for the Period from 1 October 2016 to 28 February 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
20% on Cost |
Furniture & Fittings |
20% on Cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 7 |
Bassline Productions Ltd
Notes to the Abridged Financial Statements for the Period from 1 October 2016 to 28 February 2018
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
|||
At 1 October 2016 |
|
|
|
Disposals |
( |
( |
( |
At 28 February 2018 |
- |
- |
- |
Depreciation |
|||
At 1 October 2016 |
|
|
|
Eliminated on disposal |
( |
( |
( |
At 28 February 2018 |
- |
- |
- |
Carrying amount |
|||
At 28 February 2018 |
- |
- |
- |
At 30 September 2016 |
|
|
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Page 8 |
Bassline Productions Ltd
Notes to the Abridged Financial Statements for the Period from 1 October 2016 to 28 February 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
3.99 |
|
3.99 |
Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
2018 |
2016 |
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Remuneration |
|
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Page 9 |