Beatink UK Ltd
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 September 2019
Company Registration No. 08683444 (England and Wales)
Beatink UK Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Beatink UK Ltd
Balance Sheet
As at 30 September 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,655
2,846
Investments
4
1
1
1,656
2,847
Current assets
Debtors
6
17,142
27,702
Cash at bank and in hand
79,369
6,245
96,511
33,947
Creditors: amounts falling due within one year
7
(141,441)
(143,391)
Net current liabilities
(44,930)
(109,444)
Total assets less current liabilities
(43,274)
(106,597)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(43,374)
(106,697)
Total equity
(43,274)
(106,597)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 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.
Beatink UK Ltd
Balance Sheet (Continued)
As at 30 September 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 23 June 2020 and are signed on its behalf by:
R C Hearn
Director
Company Registration No. 08683444
Beatink UK Ltd
Notes to the Financial Statements
For the year ended 30 September 2019
Page 3
1
Accounting policies
Company information
Beatink UK Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Charlotte Building, 17 Gresse Street, London, W1T 1QL.
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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken the following exemptions under the small companies regime:
-
The requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv).
-
The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
-
The requirements of Section 11 paragraphs 11.39 to 11.48A and Section 12 paragraphs 12.26 to 12.29A.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The company is supported by loans from associated companies, who have confirmed they will not recall their loans until such time as the company has adequate cash resources to be able to repay them, for a period of not less than 12 months from the date of signing these financial statements. In addition they will advance further such funds as are necessary to enable to company to meet its other debts as they fall due during the same period.
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Beatink UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 4
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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:
Fixtures, fittings & equipment
3 years straight line
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
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
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.
Beatink UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 5
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial
instruments classified as other, or basic instruments measured at fair value.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Beatink UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
1
Accounting policies
(Continued)
Page 6
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2018
4,283
Additions
191
At 30 September 2019
4,474
Depreciation and impairment
At 1 October 2018
1,437
Depreciation charged in the year
1,382
At 30 September 2019
2,819
Carrying amount
At 30 September 2019
1,655
At 30 September 2018
2,846
4
Fixed asset investments
2019
2018
£
£
Investments
1
1
Beatink UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
4
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 October 2018 & 30 September 2019
1
Carrying amount
At 30 September 2019
1
At 30 September 2018
1
5
Joint ventures
Details of the company's joint ventures at 30 September 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Blow-Up Live Limited
*
Booking agency
Ordinary
50.00
0
* 2nd Floor Northumberland House, High Holborn, London, WC1V 7JZ
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
13,127
22,573
Other debtors
4,015
5,129
17,142
27,702
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
40,663
14,784
Other taxation and social security
25,339
209
Other creditors
75,439
128,398
141,441
143,391
Beatink UK Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 September 2019
Page 8
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
1,354
1,354
10
Related party transactions
During the year the company received cash advances of £35,000 (2018: £5,000) from Blow-Up Live Limited, a company registered in England & Wales in which Beatink UK Ltd holds a 50% stake. Cash repayments of £40,000 (2018: £16,391) were made during the year and so at the year end £1 (2018: £5,001) was owed to Blow-Up Live Limited.
At the year end the company owed £24 (2018: £4,750) to G P Principe, a director during the year, in respect of fees for services and expenses.
11
Controlling party
The ultimate controlling party is director R C Hearne by virtue of his 100% shareholding in the company.