Unforgettable Songs Limtied is a private company limited by shares incorporated in England and Wales. The registered office is Sarm Music Village, 105 Ladbroke Grove, London, W11 1PG.
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 October 2017 are the first financial statements of Unforgettable Songs Limtied 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 November 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
There are no material FRS 102 transitional adjustments in respect of the transitional and comparative periods.
Royalties
Royalties receivable are recognised on notification to the company by record companies and sub-publishers, in respect of all royalty accounting periods ending within the financial year.
Royalties payable are calculated by reference to distributors' and sub-publishers' returns used for determining royalties receivable.
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.
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, including creditors and loans from fellow group companies, 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.
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.
The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 3).
There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and prepayment of capital.
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
The company has taken the exemption under FRS102 Section 1A, paragraph 1 AC.35 not to disclose related party transactions in wholly owned groups.
The parent company is Sarm Music Holdings Limited, a company registered in England & Wales. The registered office of Sarm Music Holdings Limited is Sarm Music Village, 105 Ladbroke Grove, London, W11 1PG.