Company Registration No. 01763106 (England and Wales)
CAGE MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
CAGE MUSIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
CAGE MUSIC LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
382,772
988,132
Cash at bank and in hand
1,051,073
1,348,578
1,433,845
2,336,710
Creditors: amounts falling due within one year
4
(198,384)
(241,414)
Net current assets
1,235,461
2,095,296
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,235,361
2,095,196
Total equity
1,235,461
2,095,296
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 year ended 31 March 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 16 December 2020 and are signed on its behalf by:
Mr C S Lowe
Director
Company Registration No. 01763106
CAGE MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Cage Music Limited is a
private
company
limited by shares
incorporated in England and Wales and its registered number is 1763106.
The registered office is
5A Bear Lane, London, SE1 0UH.
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 represents royalties receivable and non-refundable royalty advances. Royalty income is recognised on the contractual due date or, where this is unspecified, the date of receipt of cash. Royalty income in respect of albums and videos already released is included on a receivable basis by reference to the royalty accounting periods ending within the year.
1.3
Taxation
The tax expense represents the tax currently payable
.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
CAGE MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
85,073
143,868
Amounts owed by group undertakings and undertakings in which the company has a participating interest
288,287
674,667
Other debtors
9,412
169,597
382,772
988,132
4
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
30,323
-
Corporation tax
126,705
137,882
Other taxation and social security
30,588
62,654
Other creditors
10,768
40,878
198,384
241,414
5
Events after the reporting date
Following the year end, the company has been impacted by the spread of the COVID-19 virus. The financial effects of this are yet to be determined but will be reflected in the 2021 financial statements.
6
Related party transactions
The company is a wholly owed subsidiary of
Pet Shop Boys Holdings
Limited and has taken advantage of the exemption available under FRS102 not to disclose related party transactions. The registered office of Pet Shop Boys Holdings Limited is 5A Bear Lane Southwark London SE1 0UH.