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COMPANY REGISTRATION NUMBER: SC319894
AMP Music Productions Limited
Filleted Unaudited Financial Statements
31 August 2018
AMP Music Productions Limited
Financial Statements
Year ended 31 August 2018
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
AMP Music Productions Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of AMP Music Productions Limited
Year ended 31 August 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AMP Music Productions Limited for the year ended 31 August 2018, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of AMP Music Productions Limited. Our work has been undertaken solely to prepare for your approval the financial statements of AMP Music Productions Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AMP Music Productions Limited and its director for our work or for this report.
It is your duty to ensure that AMP Music Productions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of AMP Music Productions Limited. You consider that AMP Music Productions Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of AMP Music Productions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
15 October 2018
AMP Music Productions Limited
Statement of Financial Position
31 August 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
4
822
1,723
Current assets
Debtors
5
1,391
1,877
Cash at bank and in hand
4,287
3,377
-------
-------
5,678
5,254
Creditors: amounts falling due within one year
6
1,939,492
1,799,186
------------
------------
Net current liabilities
1,933,814
1,793,932
------------
------------
Total assets less current liabilities
( 1,932,992)
( 1,792,209)
------------
------------
Net liabilities
( 1,932,992)
( 1,792,209)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 1,933,092)
( 1,792,309)
------------
------------
Shareholders deficit
( 1,932,992)
( 1,792,209)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 October 2018 , and are signed on behalf of the board by:
Mr M Adam
Director
Company registration number: SC319894
AMP Music Productions Limited
Notes to the Financial Statements
Year ended 31 August 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% straight line
Plant & Machinery
-
20% straight line
4. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 September 2017 and 31 August 2018
152,459
11,004
163,463
---------
--------
---------
Depreciation
At 1 September 2017
151,833
9,907
161,740
Charge for the year
626
275
901
---------
--------
---------
At 31 August 2018
152,459
10,182
162,641
---------
--------
---------
Carrying amount
At 31 August 2018
822
822
---------
--------
---------
At 31 August 2017
626
1,097
1,723
---------
--------
---------
5. Debtors
2018
2017
£
£
Other debtors
1,391
1,877
-------
-------
6. Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
1,939,492
1,799,186
------------
------------
7. Director's advances, credits and guarantees
During the year Mr Adam provided loan funds to the company of £140,000. At the year end the company owed Mr Adam £1,938,392 (2017: £1,798,086). This loan is interest free and has no fixed date for repayment .
8. Controlling party
The company was under the control of Mr M Adam throughout the current period.