Company Registration No. 01763106 (England and Wales)
CAGE MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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 2018
31 March 2018
- 1 -
2018
2016
Notes
£
£
£
£
Current assets
Debtors
3
755,097
1,287,819
Cash at bank and in hand
953,226
142,308
1,708,323
1,430,127
Creditors: amounts falling due within one year
4
(194,145)
(400,804)
Net current assets
1,514,178
1,029,323
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
1,514,078
1,029,223
Total equity
1,514,178
1,029,323
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 Period ended 31 March 2018 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 Period 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 19 December 2018 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 PERIOD ENDED 31 MARCH 2018
- 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, Southwark, 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
Reporting period
The entity's accounting period end has been lengthened to 31 March 2018 from 31 December 2017 for commercial purposes. Comparative amounts presented in the financial statements are therefore not entirely comparable.
1.3
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.
1.4
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.
1.5
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 2 (2016 - 2).
CAGE MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
- 3 -
3
Debtors
2018
2016
Amounts falling due within one year:
£
£
Trade debtors
83,118
201,475
Amounts owed by group undertakings and undertakings in which the company has a participating interest
671,979
1,083,998
Other debtors
-
2,346
755,097
1,287,819
4
Creditors: amounts falling due within one year
2018
2016
£
£
Trade creditors
-
14,076
Amounts due to group undertakings
-
244,564
Corporation tax
115,200
83,254
Other taxation and social security
41,683
48,910
Other creditors
37,262
10,000
194,145
400,804
5
Called up share capital
2018
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
6
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Related parties are entities in which the beneficial ownership and control is the same as that of Cage Music Limited. During the year there were various transactions with related parties.
The following disclosures are on an aggregated basis (aggregation of similar transactions by type of transaction or balance).
Included in debtors are amounts due from the following related parties:
The Pet Shop Boys Partnership Limited - £671,880 (2016: £244,563 Credit). During the year the company loaned £1,076,000 to The Pet Shop Boys Partnership Limited and The Pet Shop Boys Partnership Limited paid expenses of £159,557 on behalf of the company.
Pet Shop Boys Holdings Limited - £100 (2016: £100)