BALL BROTHERS ENTERTAINMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
BALL BROTHERS ENTERTAINMENTS LIMITED
COMPANY INFORMATION
Director
F. S. Tomlinson
Company number
00262365 (England and Wales)
Registered office
15 Bacup Road
Rawtenstall,
Rossendale
Lancashire
United Kingdom
BB4 7NG
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
NatWest Bank plc
28 Bank Street
Rawtenstall
Rossendale
Lancashire
BALL BROTHERS ENTERTAINMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BALL BROTHERS ENTERTAINMENTS LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,183
1,765
Current assets
Stocks
138
326
Debtors
4
150
281
Cash at bank and in hand
3,312
2,491
3,600
3,098
Creditors: amounts falling due within one year
5
(24,205)
(26,359)
Net current liabilities
(20,605)
(23,261)
Total assets less current liabilities
(19,422)
(21,496)
Capital and reserves
Called up share capital
6
2,800
2,800
Profit and loss reserves
(22,222)
(24,296)
Total equity
(19,422)
(21,496)
The notes on pages 2 - 5 form an integral part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 9 February 2018
F. S. Tomlinson
Director
Company Registration No. 00262365
BALL BROTHERS ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information
Ball Brothers Entertainments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
15 Bacup Road, Rawtenstall,, Rossendale, Lancashire, United Kingdom, BB4 7NG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At 31 May 201
7
, the company's liabilities exceeded its assets. The company is dependent on the continued support of its director Mr. Tomlinson. Mr. Tomlinson is owed £
23,387
(201
6
: £
25,654
) by the company which is not to be fully paid in the foreseeable future. The director has projected his anticipated cash requirements and is satisfied that there are adequate facilities in place to enable the company to continue operations. On this basis, the director considers it appropriate to prepare accounts on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Alterations to Leasehold Premises
20% reducing balance basis
Plant on Rental
20% straight line basis
Fixtures and Fittings
15% reducing balance basis
Motor Vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BALL BROTHERS ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BALL BROTHERS ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
D
eferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Alterations to Leasehold Premises
Plant on Rental
Fixtures and Fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 June 2016
9,878
24,106
28,936
3,600
66,520
Disposals
-
(5,162)
-
-
(5,162)
At 31 May 2017
9,878
18,944
28,936
3,600
61,358
Depreciation and impairment
At 1 June 2016
9,834
23,592
27,943
3,386
64,755
Depreciation charged in the year
11
368
149
54
582
Eliminated in respect of disposals
-
(5,162)
-
-
(5,162)
At 31 May 2017
9,845
18,798
28,092
3,440
60,175
Carrying amount
At 31 May 2017
33
146
844
160
1,183
At 31 May 2016
44
514
993
214
1,765
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Prepayments and accrued income
150
281
BALL BROTHERS ENTERTAINMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
23,387
25,654
Accruals and deferred income
818
705
24,205
26,359
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2,800 Ordinary shares of £1 each
2,800
2,800
2,800
2,800