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Abbey Box Office Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Ripe LLP
9A Burroughs Gardens
London
NW4 4AU

Abbey Box Office Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Abbey Box Office Limited

Company Information

Director

Mr M C Aljoe

Registered office

Basement 2 22 Greek Street London W1D 4DY

Accountants

Ripe LLP 9A Burroughs Gardens London NW4 4AU

Page 1

Abbey Box Office Limited

(Registration number: 00472019)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	1,159	2,841
Current assets
Stocks	3	24,043	36,529
Debtors	4	278,229	433,389
Cash at bank and in hand		292,740	337,106
		595,012	807,024
Creditors: Amounts falling due within one year	5	(593,072)	(801,988)
Net current assets		1,940	5,036
Total assets less current liabilities		3,099	7,877
Provisions for liabilities		(416)	(416)
Net assets		2,683	7,461
Capital and reserves
Called up share capital		5,000	5,000
Profit and loss account		(2,317)	2,461
Total equity		2,683	7,461

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 March 2017
 

.........................................

Mr M C Aljoe

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Abbey Box Office Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery etc	33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Page 3

Abbey Box Office Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 4

Abbey Box Office Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

2	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	43,251	43,251
Additions	783	783
Disposals	(33,728)	(33,728)
At 31 December 2016	10,306	10,306
Depreciation
At 1 January 2016	40,410	40,410
Charge for the year	2,465	2,465
Eliminated on disposal	(33,728)	(33,728)
At 31 December 2016	9,147	9,147
Carrying amount
At 31 December 2016	1,159	1,159
At 31 December 2015	2,841	2,841

3

Stocks

	2016 £	2015 £
Finished goods and goods for resale	24,043	36,529

4

Debtors

	2016  £	2015  £
Trade debtors	119,038	76,140
Other debtors	101,154	94,000
Accrued income	58,037	263,249
	278,229	433,389

Page 5

Abbey Box Office Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		139,917	122,848
Amounts owed to group undertakings and undertakings in which the company has a participating interest		88,620	275,000
Taxation and social security		38,844	54,343
Other creditors		325,691	349,797
		593,072	801,988