Company Registration No. 01676109 (England and Wales)
UNFORGETTABLE SONGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
PAGES FOR FILING WITH REGISTRAR
UNFORGETTABLE SONGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
UNFORGETTABLE SONGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2020
31 October 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
324,689
200,628
Cash at bank and in hand
15,327
53,339
340,016
253,967
Creditors: amounts falling due within one year
5
(124,253)
(73,585)
Net current assets
215,763
180,382
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
215,761
180,380
Total equity
215,763
180,382
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 October 2020 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 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 21 July 2021 and are signed on its behalf by:
T C Horn CBE
Director
Company Registration No. 01676109
UNFORGETTABLE SONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020
- 2 -
1
Accounting policies
Company information
Unforgettable Songs Limited 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.
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.
1.2
Turnover
Turnover
comprises royalties receivable net of VAT.
1.3
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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 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.
UNFORGETTABLE SONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial 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.
1.5
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5
Amounts owed by group undertakings
323,008
200,628
Other debtors
1,676
324,689
200,628
UNFORGETTABLE SONGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2020
- 4 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
65,490
Taxation and social security
8,095
Other creditors
124,253
124,253
73,585
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
There is a single class of Ordinary shares. There are no restrictions on the distribution of dividends and prepayment of capital.
7
Related party transactions
The company has taken the exemption under FRS102 Section 1A, paragraph 1 AC.35 not to disclose related party transactions in wholly owned groups.
8
Parent company
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.