Company Registration No. 02137487 (England and Wales)
ONE LITTLE INDEPENDENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
ONE LITTLE INDEPENDENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ONE LITTLE INDEPENDENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,298,068
1,330,757
Investments
5
900
900
1,298,968
1,331,657
Current assets
Stocks
232,139
189,019
Debtors
6
1,323,071
1,212,552
Cash at bank and in hand
4,732
6,854
1,559,942
1,408,425
Creditors: amounts falling due within one year
7
(2,108,166)
(1,812,535)
Net current liabilities
(548,224)
(404,110)
Total assets less current liabilities
750,744
927,547
Creditors: amounts falling due after more than one year
8
(373,167)
(558,167)
Provisions for liabilities
(6,515)
(12,215)
Net assets
371,062
357,165
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
250,000
250,000
Other reserves
942,836
937,136
Profit and loss reserves
(821,874)
(830,071)
Total equity
371,062
357,165
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
ONE LITTLE INDEPENDENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 December 2022
Mr D Birkett
Director
Company Registration No. 02137487
ONE LITTLE INDEPENDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
One Little Independent Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
34 Trinity Crescent, London, SW17 7AE.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Intangible fixed assets other than goodwill
Although owned by the company, no current value of intellectual property has been included in these accounts as it cannot currently be accurately valued without significant cost.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Fixtures, fittings & equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
ONE LITTLE INDEPENDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has
only basic financial instruments.
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
.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised
for claims made through the Coronavirus Job Retention Scheme
.
ONE LITTLE INDEPENDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.12
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
in the period
are included in profit or loss.
1.13
Advances and royalties payable
Advances payable under contracts with artists and other parties are charged to the profit and loss account when incurred.
Royalties payable to such parties are recognised and charged to the profit and loss account when the related royalty income has been received by the company.
1.14
Advances and royalties receivable
Advances receivable under contracts are credited to the profit and loss account on the date of contractual entitlement (whether invoiced or not).
Royalties receivable are credited to the profit and loss account in the year of receipt.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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:
2022
2021
Number
Number
Total
14
14
ONE LITTLE INDEPENDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2021 and 31 March 2022
1,500,000
34,519
1,534,519
Depreciation and impairment
At 1 April 2021
180,000
23,762
203,762
Depreciation charged in the year
30,000
2,689
32,689
At 31 March 2022
210,000
26,451
236,451
Carrying amount
At 31 March 2022
1,290,000
8,068
1,298,068
At 31 March 2021
1,320,000
10,757
1,330,757
Land and buildings with a carrying amount of
£
1,
29
0,000
were revalued at 1 April 2015 by the director on the basis of market value per recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2022
2021
£
£
Cost
775,280
775,280
Accumulated depreciation
(333,172)
(317,666)
Carrying value
442,108
457,614
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
900
900
ONE LITTLE INDEPENDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
390,748
442,795
Corporation tax recoverable
30,358
Amounts owed by group undertakings
193,634
182,569
Other debtors
708,331
587,188
1,323,071
1,212,552
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
360,715
331,505
Trade creditors
649,726
461,142
Amounts owed to group undertakings
15,775
15,775
Taxation and social security
5,574
95,313
Other creditors
1,076,376
908,800
2,108,166
1,812,535
The
bank overdrafts and
loans are secured by fixed charges over
the intellectual property rights and freehold property.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
373,167
558,167
The
bank overdrafts and
loans are secured by fixed charges over
the intellectual property rights and freehold property.
9
Contingent liability
The company has a contractual obligation to pay Elemental Records Ltd royalties received in the exploitation of Elemental Records Ltd's catalogue. The amount payable is as yet unquantifiable and cannot be reasonably estimated and therefore no provision for this liability has been made in these financial statements.