Company Registration No. 07871423 (England and Wales)
BOOMTOWN FESTIVAL UK LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2016
BOOMTOWN FESTIVAL UK LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BOOMTOWN FESTIVAL UK LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2016
31 October 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
154,502
177,334
Current assets
Debtors
598,960
131,533
Cash at bank and in hand
564,348
139,492
1,163,308
271,025
Creditors: amounts falling due within one year
(1,312,522)
(370,711)
Net current liabilities
(149,214)
(99,686)
Total assets less current liabilities
5,288
77,648
Capital and reserves
Called up share capital
3
4
4
Profit and loss account
5,284
77,644
Shareholders' funds
5,288
77,648
For the financial year ended 31 October 2016 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 and authorised for issue on 24 April 2017
Mr C Rutherford
Mr LM Mitchell
Director
Director
Company Registration No. 07871423
BOOMTOWN FESTIVAL UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
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 amounts receivable for goods and services net of VAT and trade discounts.
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:
Plant and machinery
25% straight line
Computer equipment
25% Straight Line
Fixtures, fittings & equipment
33% Straight Line
Motor vehicles
25% Straight Line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
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.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
BOOMTOWN FESTIVAL UK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2015
234,125
Additions
58,966
Disposals
(4,995)
At 31 October 2016
288,096
Depreciation
At 1 November 2015
56,791
On disposals
(1,249)
Charge for the year
78,052
At 31 October 2016
133,594
Net book value
At 31 October 2016
154,502
At 31 October 2015
177,334
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4 Ordinary of £1 each
4
4
4
Ultimate parent company
The ultimate controlling party of Boomtown Festival UK Ltd is Circus of Boom Ltd by virtue of Circus of Boom Ltd's sole ownership of Boomtown Festival UK Ltd's shares.