Company Registration No. 08896071 (England and Wales)
NOPEN MUSIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
NOPEN MUSIC LTD
COMPANY INFORMATION
Director
Jacob Cruz
Company number
08896071
Registered office
4th Floor, East Wing, Chancery House
53-64 Chancery Lane
London
WC2A 1QS
Accountants
CC Young & Co Limited
4th Floor, East Wing, Chancery House
53-64 Chancery Lane
London
WC2A 1QS
NOPEN MUSIC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
NOPEN MUSIC LTD
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
2
21,465
-
Cash at bank and in hand
44,671
56,225
66,136
56,225
Creditors: amounts falling due within one year
3
(9,791)
(15,710)
Net current assets
56,345
40,515
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
56,245
40,415
Total equity
56,345
40,515
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 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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.
The financial statements were approved and signed by the director and authorised for issue on 7 March 2019
Jacob Cruz
Director
Company Registration No. 08896071
NOPEN MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Nopen Music Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4th Floor, East Wing, Chancery House, 53-64 Chancery Lane, London, WC2A 1QS.
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
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Royalty income is accounted for on a receivable basis to the extent that it can be quantified from amounts received from or declared by licensees and other parties.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances,
are
measured at transaction price including transaction
costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price
.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NOPEN MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
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.
2
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
21,465
-
3
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
3,713
9,632
Other creditors
6,078
6,078
9,791
15,710
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
5
Related party transactions
Creditors include £5,478 (201
7
: £5,478) owed to the company director. No interest has been charged on these amounts.
NOPEN MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
6
Control
The company is controlled by the director.