Company Registration No. 03181711 (England and Wales)
CROCODILE MUSIC LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
CROCODILE MUSIC LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CROCODILE MUSIC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
311
390
Current assets
Debtors
11,697
19,014
Cash at bank and in hand
17,401
6,841
29,098
25,855
Creditors: amounts falling due within one year
(29,327)
(26,243)
Net current liabilities
(229)
(388)
Total assets less current liabilities
82
2
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
81
1
Shareholders' funds
82
2
For the financial year ended 31 December 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 15 July 2015
M Ironton
Director
Company Registration No. 03181711
CROCODILE MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents music royalties and fees receivable net of VAT.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
25% straight line
Fixtures, fittings & equipment
15% straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2014
8,554
Additions
416
At 31 December 2014
8,970
Depreciation
At 1 January 2014
8,164
Charge for the year
495
At 31 December 2014
8,659
Net book value
At 31 December 2014
311
At 31 December 2013
390
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1
CROCODILE MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
4
Related party relationships and transactions
Loans to directors
The following director had a loan during the year. The movement on this loan is as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
M Ironton
3.25
10,802
28,284
158
41,389
(2,145)
10,802
28,284
158
41,389
(2,145)
Related party transactions
During the year Crocodile Records International Limited were charged £
458
(201
3
: £
nil
) in respect of
rent and
services.
At the balance sheet date an amount of £
34
(201
3
: £
nil
) was due
from
Crocodile Records International Limited
; t
his is included in other creditors.
Crocodile Records International Limited is a related party as M A Ironton is a shareholder in both Crocodile Records International Limited and Crocodile Music Limited.
During the year
Creative Media Alliance L
imited were charged £
1,291
(201
3
: £
nil
) in respect of
storage
.
During the year Creative Media Alliance Limited charged Crocodile Music Limited £
5
,
613
(201
3
: £
6
,
279
) in respect of rent and services for the year. At the balance sheet date an amount of £
1,549
(201
3
: £
nil
) was due
from
Creative Media Alliance Limited
; this is included in trade debtors
.
Creative Media Alliance Limited is a related party as M A Ironton is a shareholder in both Creative Media Alliance Limited and Crocodile Music Limited.