Company Registration No. 08176250 (England and Wales)
BEN HOWARD MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
BEN HOWARD MUSIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BEN HOWARD MUSIC LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
175,025
11,964
Investments
4
-
100,000
175,025
111,964
Current assets
Debtors
5
1,740,625
597,771
Cash at bank and in hand
82,681
915,912
1,823,306
1,513,683
Creditors: amounts falling due within one year
6
(588,340)
(80,556)
Net current assets
1,234,966
1,433,127
Total assets less current liabilities
1,409,991
1,545,091
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,409,990
1,545,090
Total equity
1,409,991
1,545,091
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 August 2019 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 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 and signed by the director and authorised for issue on 30 November 2020
Benjamin Howard
Director
Company Registration No. 08176250
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 2 -
1
Accounting policies
Company information
Ben Howard Music Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
180 Great Portland Street, London, W1W 5QZ.
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
Revenue represents amounts receivable for recording, publishing royalties and expenses recharged net of VAT.
1.3
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
No depreciation
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘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
.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 3 -
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2018
-
26,853
26,853
Additions
160,615
7,250
167,865
At 31 August 2019
160,615
34,103
194,718
Depreciation and impairment
At 1 September 2018
-
14,889
14,889
Depreciation charged in the year
-
4,804
4,804
At 31 August 2019
-
19,693
19,693
Carrying amount
At 31 August 2019
160,615
14,410
175,025
At 31 August 2018
-
11,964
11,964
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 4 -
4
Fixed asset investments
2019
2018
£
£
Other investments other than loans
-
100,000
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 September 2018
100,000
Disposals
(100,000)
At 31 August 2019
-
Carrying amount
At 31 August 2019
-
At 31 August 2018
100,000
The company which this investment relates to has been dissolved after the year end date.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
1,740,625
597,771
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
4,360
1,710
Corporation tax
110,186
71,185
Other creditors
473,794
7,661
588,340
80,556
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
BEN HOWARD MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
7
Directors' transactions
(Continued)
- 5 -
Director's Loan Account
2.50
914,922
156,019
18,393
(500,000)
589,334
914,922
156,019
18,393
(500,000)
589,334