Registered number |
06755733 |
LINGUA FRANCA TV LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2020 |
PAGES FOR FILING WITH REGISTRAR |
LINGUA FRANCA TV LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 5 | ||
|
|||||||
Balance Sheet | |||||||
as at |
|||||||
Company Registration No. | 06755733 | ||||||
Notes | 2020 | 2019 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 |
|
|
||||
Current assets | |||||||
Debtors | 4 |
|
|
||||
Cash at bank and in hand |
|
|
|||||
|
|
||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
||||
Net current assets |
|
|
|||||
Net assets |
|
|
|||||
Capital and reserves | |||||||
Called up share capital |
|
|
|||||
Profit and loss account |
|
|
|||||
Shareholder's funds |
|
|
|||||
|
|||||||
|
|||||||
|
|||||||
|
|||||||
………………………………….. | |||||||
Simon Nicholas Gallimore | |||||||
Director | |||||||
Approved by the board on |
|||||||
|
||||||||
NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 30 NOVEMBER 2020 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
||||||||
Going concern | ||||||||
The validity of this assumption depends on the company being able to trade profitably in the future, notwithstanding any effect on the company from the COVID-19 pandemic, and the continued support of the company's director who is also a shareholder. The financial statements do not include any adjustments that would result if the company continued to make losses and such support were withdrawn. If the company was unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amounts, provide for further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. The shareholder and director has expressed their willingness to continue supporting the company for the foreseeable future and hence it is appropriate for the financial statements to be prepared on a going concern basis. |
||||||||
Turnover | ||||||||
|
||||||||
Tangible fixed assets | ||||||||
|
||||||||
Fixtures, fittings and equipment | 25% reducing balance | |||||||
Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
||||||||
Basic financial assets | ||||||||
|
||||||||
Basic financial liabilities | ||||||||
|
||||||||
Cash and cash equivalents | ||||||||
|
||||||||
Taxation | ||||||||
|
||||||||
Current tax | ||||||||
|
||||||||
Deferred tax | ||||||||
The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
||||||||
Provisions | ||||||||
|
||||||||
Employee benefits | ||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
||||||||
Foreign currency translation | ||||||||
|
||||||||
Retirement benefits | ||||||||
|
||||||||
2 | Employees | 2020 | 2019 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
|
|
||||||
3 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 December 2019 |
|
|||||||
At 30 November 2020 |
|
|||||||
Depreciation | ||||||||
At 1 December 2019 |
|
|||||||
Charge for the year |
|
|||||||
At 30 November 2020 |
|
|||||||
Net book value | ||||||||
At 30 November 2020 |
|
|||||||
At 30 November 2019 |
|
|||||||
4 | Debtors | 2020 | 2019 | |||||
£ | £ | |||||||
Trade debtors | - |
|
||||||
Other taxes and social security costs |
|
|
||||||
|
|
|||||||
5 | Creditors: amounts falling due within one year | 2020 | 2019 | |||||
£ | £ | |||||||
Trade creditors |
|
- | ||||||
Corporation tax |
|
|
||||||
Director's current account | 8,010 | 8,666 | ||||||
Other creditors |
|
|
||||||
|
|
|||||||
6 | Other information | |||||||
Lingua Franca TV Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |