Company Registration No. 09186943 (England and Wales)
GOLDFINCH ENTERTAINMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
GOLDFINCH ENTERTAINMENT LIMITED
COMPANY INFORMATION
Directors
K Bell
P Mckenzie
(Appointed 1 October 2017)
Company number
09186943
Registered office
Unit 11
Westbourne Studios
242 Acklam Road
London
W10 5JJ
Accountants
Alliotts
4th Floor
Imperial House
15 Kingsway
London
WC2B 6UN
GOLDFINCH ENTERTAINMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GOLDFINCH ENTERTAINMENT LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Trade and other receivables
3
166,515
48,855
Cash and cash equivalents
185,665
29,148
352,180
78,003
Current liabilities
4
(219,299)
(100,437)
Net current assets/(liabilities)
132,881
(22,434)
Equity
Called up share capital
5
2
2
Retained earnings
132,879
(22,436)
Total equity
132,881
(22,434)
The directors of the company have elected not to include a copy of the income statement 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 directors acknowledge their 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 by the board of directors and authorised for issue on 18 January 2018 and are signed on its behalf by:
K Bell
Director
Company Registration No. 09186943
GOLDFINCH ENTERTAINMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 June 2015
2
-
2
Year ended 31 May 2016:
Loss and total comprehensive income for the year
-
(22,436)
(22,436)
Balance at 31 May 2016
2
(22,436)
(22,434)
Year ended 31 May 2017:
Profit and total comprehensive income for the year
-
390,315
390,315
Dividends
-
(235,000)
(235,000)
Balance at 31 May 2017
2
132,879
132,881
GOLDFINCH ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
1
Accounting policies
Company information
Goldfinch Entertainment Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 11, Westbourne Studios, 242 Acklam Road, London, W10 5JJ.
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.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Goldfinch Entertainment Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and 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.
1.3
Cash and cash equivalents
Cash and cash equivalents
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.
1.4
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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 assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
GOLDFINCH ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred 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 income statement, 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 and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
There were no employees other than the directors during the current and prior year.
GOLDFINCH ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
3
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
17,046
1,800
Other receivables
149,469
47,055
166,515
48,855
4
Current liabilities
2017
2016
£
£
Trade payables
17,460
80,500
Corporation tax
92,798
-
Other taxation and social security
52,451
5,120
Other payables
56,590
14,817
219,299
100,437
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
2017
2016
£
£
Other related parties
226,055
162,473
GOLDFINCH ENTERTAINMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
6
Related party transactions
(Continued)
- 6 -
Expenses paid
Services received
2017
2016
2017
2016
£
£
£
£
Other related parties
-
1,572
16,805
208,880
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Other related parties
-
14,457
The following amounts were outstanding at the reporting end date:
2017
Amounts owed by related parties
£
Other related parties
40,080
2016
Amounts owed in previous period
£
Other related parties
840
7
Parent company
The parent company of Goldfinch Entertainment Limited is Goldfinch Holdings Limited and its registered office is Unit 11, Westbourne Studios, 242 Acklam Road, London, W10 5JJ.
Goldfinch Entertainment Limited is the 100% owned subsidiary of Goldfinch Holdings Limited.