Company Registration No. 11304047 (England and Wales)
FIZZBOXCOM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
FIZZBOXCOM LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
FIZZBOXCOM LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIZZBOXCOM LIMITED FOR THE PERIOD ENDED 30 APRIL 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fizzboxcom Limited for the period ended 30 April 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Fizzboxcom Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Fizzboxcom Limited
and state those matters that we have agreed to state to the Board of Directors of Fizzboxcom Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fizzboxcom Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Fizzboxcom Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Fizzboxcom Limited. You consider that Fizzboxcom Limited is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Fizzboxcom Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
2 January 2020
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
FIZZBOXCOM LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 2 -
2019
Notes
£
£
Fixed assets
Intangible assets
3
73,428
Tangible assets
4
599
74,027
Current assets
Debtors
5
91,298
Cash at bank and in hand
90,481
181,779
Creditors: amounts falling due within one year
6
(338,013)
Net current liabilities
(156,234)
Total assets less current liabilities
(82,207)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(82,307)
Total equity
(82,207)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 period 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 2 January 2020 and are signed on its behalf by:
Mr R J Hill
Director
Company Registration No. 11304047
FIZZBOXCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Fizzboxcom Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hanover House, 4th Floor, 118 Queens Road, Brighton, East Sussex, BN1 3XG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The financial statements for the company are set out for a period longer than a year being the first set of accounts for the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
commission on event bookings made through their online platform, and
is shown net of VAT and other sales related taxes
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
Amortisation 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:
Development costs
Over an estimated useful life of 7 years
The development costs of the company online platform are recognised as an asset in the company's accounts being that it is reasonably expected that the company will realise future economic benefits attributable to the asset.
These development costs are written off over an estimated useful life of 7 years.
1.5
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.
FIZZBOXCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
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 and fittings
33.33% per annum on a diminishing balance basis
Computers
33.33% per annum on a diminishing balance basis
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
.
1.6
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 profit and loss account 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.
FIZZBOXCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
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 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 and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
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 period was 0.
3
Intangible fixed assets
Development costs
£
Cost
At 11 April 2018
-
Additions - internally developed
75,205
At 30 April 2019
75,205
Amortisation and impairment
At 11 April 2018
-
Amortisation charged for the period
1,777
At 30 April 2019
1,777
Carrying amount
At 30 April 2019
73,428
FIZZBOXCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2019
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 11 April 2018
-
-
-
Additions
317
375
692
At 30 April 2019
317
375
692
Depreciation and impairment
At 11 April 2018
-
-
-
Depreciation charged in the period
62
31
93
At 30 April 2019
62
31
93
Carrying amount
At 30 April 2019
255
344
599
5
Debtors
2019
Amounts falling due within one year:
£
Corporation tax recoverable
25,081
Other debtors
66,217
91,298
6
Creditors: amounts falling due within one year
2019
£
Trade creditors
10,644
Other creditors
327,369
338,013
7
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
FIZZBOXCOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2019
- 7 -
8
Events after the reporting date
Following the year-end, the company issued 172,975 preference shares of £1 each, effective on 13 September 2019.