Registered Number 02008983
ONWARD MUSIC LIMITED
Abbreviated Accounts
30 June 2016
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Investments | 2 |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Share premium account |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Other accounting policies
Cost of sales includes royalties payable and other direct costs. Royalties payable are written-off to the extent that amounts are contractually paid or are payable in respect of the year under review. If any royalties payable are considered to be recoverable from future income, these are carried forward in debtors.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Deferred taxation
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Group accounts
The financial statements contain information about Onward Music Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the option in section 398 Companies Act 2006 not to produce group financial statements as the group it heads qualifies as a small group.
2
Fixed assets Investments
The following are wholly-owned subsidiary companies:
Cube Records Ltd is a dormant company. At 30 June 2016, the aggregate amount of share capital and reserves amounted to £1 and the profit for the year to that date was £nil.
Hummingbird Productions Ltd is a record producer and promoter. At 30 June 2016, the aggregate amount of share capital and reserves amounted to £5,614 and the profit for the year to that date was £1,439.
Noeland Productions Ltd is a record producer and promoter. At 30 June 2016, the aggregate amount of share capital and reserves amounted to £16,725 and the profit for the year to that date was £6,217.
Tarantula Productions Ltd is a record producer and promoter. At 30 June 2016, the aggregate amount of share capital and reserves amounted to £8,255 and the profit for the year to that date was £2,574.
Tuesday Productions Ltd is a record producer and promoter. At 30 June 2016, the aggregate amount of share capital and reserves amounted to £39,371 and the profit for the year to that date was £9,897.
The following are companies, all of which are music publishers, in which a participating interest of 50% is held:
Cauliflower Music Ltd - at 30 June 2016, the aggregate amount of share capital and reserves amounted to £2,898 and the profit for the year to that date was £114.
Durham Music Ltd - at 30 June 2016, the aggregate amount of share capital and reserves amounted to £5,361 and the profit for the year to that date was £10.
Standard Music Ltd - at 31 December 2015, the aggregate amount of share capital and reserves amounted to £264,241 and the profit for the year to that date was £37,045.
Tapestry Music Ltd - At 30 June 2016, the aggregate amount of share capital and reserves amounted to £79,984 and the profit for the year to that date was £1,169.