Company Registration No. 10772795 (England and Wales)
SARM MUSIC HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
SARM MUSIC HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
SARM MUSIC HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
7
7
Current assets
Debtors
4
1,029,865
1,029,865
Creditors: amounts falling due within one year
5
(11)
(11)
Net current assets
1,029,854
1,029,854
Total assets less current liabilities
1,029,861
1,029,861
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,029,761
1,029,761
Total equity
1,029,861
1,029,861
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial Year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 19 October 2020 and are signed on its behalf by:
T Horn CBE
Director
Company Registration No. 10772795
SARM MUSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
Sarm Music Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Sarm Music Village, 105 Ladbroke Grove, London, W11 1PG.
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.
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
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.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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.
SARM MUSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets
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, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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 are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Year was:
2019
2018
Number
Number
Total
-
3
Fixed asset investments
2019
2018
£
£
Shares in group undertakings and participating interests
7
7
Fixed asset investments comprise equity shares in subsidiary undertakings which are not publicly traded.
SARM MUSIC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 November 2018 & 31 October 2019
7
Carrying amount
At 31 October 2019
7
At 31 October 2018
7
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,029,865
1,029,765
Other debtors
-
100
1,029,865
1,029,865
5
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
11
11
6
Events after the reporting date
Due to the effect of Covid-19, all summer 2020 shows were cancelled therefore revenue of the group companies is down in the period post year end. However, as Sarm Music Holdings Limited is essentially a dormant holding company and has no payroll or financing obligations, it has faced no adverse cash flow implications in the period post year end.