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Financial Statements for the Year Ended 30 June 2017 |
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Baka Media Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2017 |
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for |
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Baka Media Limited |
Baka Media Limited (Registered number: 08520339) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Baka Media Limited |
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Company Information |
for the Year Ended 30 June 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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55 Kentish Town Road |
Camden Town |
London |
NW1 8NX |
Baka Media Limited (Registered number: 08520339) |
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Balance Sheet |
30 June 2017 |
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30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Prepayments and accrued income |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act
2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Baka Media Limited (Registered number: 08520339) |
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Balance Sheet - continued |
30 June 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Baka Media Limited (Registered number: 08520339) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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Baka Media Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Music rights catalogue |
The valuation of the music rights catalogue is based on a music industry standard formula of the average of royalties |
received for the last three year times a multiplier of 2.5. |
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This asset will be revalued on this basis at the end of each financial year. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Musical equipment - 33% on cost |
Office equipment - 33% on cost |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will |
be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Baka Media Limited (Registered number: 08520339) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 July 2016 |
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Additions |
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At 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Baka Media Limited (Registered number: 08520339) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | RESERVES |
Revaluation |
reserve |
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At 1 July 2016 |
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Increase in music rights | 66,215 |
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At 30 June 2017 |
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Baka Media Limited (Registered number: 08520339) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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9. | RELATED PARTY DISCLOSURES |
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T Clarke |
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drew fees for services as a musician and songwriter on a self employed basis during the year in the amount of £300 |
(2016 : £5,516). |
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The amount due to the related party at the balance sheet date was £1,916 (2016 : £3,900) |
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J M Kogan |
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drew fees for services as a musician and songwriter on a self employed basis during the year in the amount of £300 |
(2016 : £3,679). |
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The amount due to the related party at the balance sheet date was £2,579 (2016 : £4,837) |
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A C Parvis |
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drew fees for services as a musician and songwriter on a self employed basis during the year in the amount of £300 |
(2016 : £3,016). |
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The amount due to the related party at the balance sheet date was £1,916 (2016 : £5,666). |
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L G Taylor |
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drew fees for services as a musician and songwriter on a self employed basis during the year in the amount of £300 |
(2016 : £3,679). |
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The amount due to the related party at the balance sheet date was £2,579 (2016 : £5,639). |
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Smihilism Records Limited |
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A company owned by the same shareholders |
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During the year Baka Media Limited received income for Smihilism Records Limited in the amount of £0 (2016 : |
£41,491) and paid costs for Smihilism Records Limited in the amount of £0 (2016 : £3,657). Also during the year |
Smihilism Records Limited received income for Baka Media Limited in the amount of £10,769 (2016 : £5,597). |
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During the year, Baka Media Limited charged Smihilism Records Limited £0 (2016 : £30,000) in respect of |
licensing of intellectual property for performance and use in merchandise and paid Smihilism Records Limited tour |
support in the amount of £6,500 (2016 : £0) |
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The amount due from Baka Media Limited to Smihilism Records Limited charged at the balance sheet date was |
£4,081 (2016 : 2,237) |