Company Registration No. 06903369 (England and Wales)
THIS AIN'T ROCK 'N' ROLL LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
THIS AIN'T ROCK 'N' ROLL LIMITED
COMPANY INFORMATION
Directors
S Tomlinson
C Waterhouse
C Russell
Company number
06903369
Registered office
4th Floor, Park Gate
161-163 Preston Road
Brighton
East Sussex
BN1 6AF
Accountants
Friend-James Limited
4th Floor, Park Gate
161-163 Preston Road
Brighton
East Sussex
BN1 6AF
Business address
First Floor
151 Borough High Street
Bankside
London
SE1 1HR
THIS AIN'T ROCK 'N' ROLL LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
THIS AIN'T ROCK 'N' ROLL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2017
- 1 -

The directors present their annual report and financial statements for the year ended 31 May 2017.

Principal activities
The principal activity of the company continued to be that of the provision of advertising consultancy services.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S Tomlinson
C Waterhouse
C Russell
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

  • select suitable accounting policies and then apply them consistently;

  • make judgements and accounting estimates that are reasonable and prudent;

  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
C Waterhouse
C Russell
Director
Director
23 February 2018
23 February 2018
THIS AIN'T ROCK 'N' ROLL LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THIS AIN'T ROCK 'N' ROLL LIMITED FOR THE YEAR ENDED 31 MAY 2017
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of This Ain't Rock 'N' Roll Limited for the year ended 31 May 2017 set out on pages 3 to 8 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 This Ain't Rock 'N' Roll Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2018. Our work has been undertaken solely to prepare for your approval the financial statements of This Ain't Rock 'N' Roll Limited and state those matters that we have agreed to state to the Board of Directors of This Ain't Rock 'N' Roll 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 This Ain't Rock 'N' Roll Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that This Ain't Rock 'N' Roll 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 profit of This Ain't Rock 'N' Roll Limited. You consider that This Ain't Rock 'N' Roll Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of This Ain't Rock 'N' Roll 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.

Friend-James Limited
26 February 2018
Chartered Accountants
4th Floor, Park Gate
161-163 Preston Road
Brighton
East Sussex
BN1 6AF
THIS AIN'T ROCK 'N' ROLL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
2017
2016
Notes
£
£
Turnover
235,281
215,059
Cost of sales
(40,013)
(57,597)
Gross profit
195,268
157,462
Administrative expenses
(91,076)
(76,397)
Operating profit
104,192
81,065
Interest receivable and similar income
5
9
Profit before taxation
104,197
81,074
Tax on profit
(21,663)
(17,207)
Profit for the financial year
82,534
63,867
THIS AIN'T ROCK 'N' ROLL LIMITED
BALANCE SHEET
AS AT
31 MAY 2017
31 May 2017
- 4 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,865
7,821
Current assets
Debtors
4
66,415
30,108
Cash at bank and in hand
14,365
9,557
80,780
39,665
Creditors: amounts falling due within one year
5
(78,438)
(45,146)
Net current assets/(liabilities)
2,342
(5,481)
Total assets less current liabilities
8,207
2,340
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
8,107
2,240
Total equity
8,207
2,340

For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved by the board of directors and authorised for issue on 23 February 2018 and are signed on its behalf by:
C Waterhouse
C Russell
Director
Director
Company Registration No. 06903369
THIS AIN'T ROCK 'N' ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
1
Accounting policies
Company information

This Ain't Rock 'N' Roll Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. 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.

 

These financial statements for the year ended 31 May 2017 are the first financial statements of This Ain't Rock 'N' Roll 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.

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
Turnover

Turnover 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.

 

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.

1.3
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
25% reducing balance

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 .

THIS AIN'T ROCK 'N' ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
1.4
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.

1.5
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.

1.6
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 balance sheet 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 debtors 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.

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 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THIS AIN'T ROCK 'N' ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 7 -
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.

1.8
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2016 and 31 May 2017
31,906
Depreciation and impairment
At 1 June 2016
24,085
Depreciation charged in the year
1,956
At 31 May 2017
26,041
Carrying amount
At 31 May 2017
5,865
At 31 May 2016
7,821
THIS AIN'T ROCK 'N' ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 8 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
44,398
27,258
Other debtors
22,017
2,850
66,415
30,108
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,913
1,487
Trade creditors
6,072
8,403
Corporation tax
21,663
17,207
Other taxation and social security
14,155
7,500
Other creditors
34,635
10,549
78,438
45,146
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary 'A' shares of £1 each
60
60
40 Ordinary 'B' shares of £1 each
40
40
100
100
7
Directors' transactions

Dividends totalling £76,667 (2016 - £57,400) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date C Waterhouse and S Tomlinson's joint loan account was £730 (2016: £2,239) in credit. C Russell's directors loan account was £2,519 (2016: £1,305) in credit. These balances are interest free and repayable on demand.

8
Control

The ultimate controlling parties are C Waterhouse and S Tomlinson, as directors and majority shareholders for the year under review.

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