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Company Registration No. 06797825 (England and Wales)
Sam Young Music Limited Unaudited accounts for the year ended 31 January 2022
Sam Young Music Limited Unaudited accounts Contents
Page
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Sam Young Music Limited Company Information for the year ended 31 January 2022
Director
Sammy Young
Company Number
06797825 (England and Wales)
Registered Office
164 New Cavendish Street London W1W 6YT United Kingdom
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Sam Young Music Limited Statement of financial position as at 31 January 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,441 
523 
Current assets
Debtors
2,796 
470 
Cash at bank and in hand
57,565 
35,084 
60,361 
35,554 
Creditors: amounts falling due within one year
(31,203)
(17,738)
Net current assets
29,158 
17,816 
Net assets
31,599 
18,339 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
31,499 
18,239 
Shareholders' funds
31,599 
18,339 
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2022 and were signed on its behalf by
Sammy Young Director Company Registration No. 06797825
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Sam Young Music Limited Notes to the Accounts for the year ended 31 January 2022
1
Statutory information
Sam Young Music Limited is a private company, limited by shares, registered in England and Wales, registration number 06797825. The registered office is 164 New Cavendish Street, London, W1W 6YT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of six years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Sam Young Music Limited Notes to the Accounts for the year ended 31 January 2022
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 February 2021
12,000 
At 31 January 2022
12,000 
Amortisation
At 1 February 2021
12,000 
At 31 January 2022
12,000 
Net book value
At 31 January 2022
- 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 February 2021
4,873 
Additions
2,732 
At 31 January 2022
7,605 
Depreciation
At 1 February 2021
4,350 
Charge for the year
814 
At 31 January 2022
5,164 
Net book value
At 31 January 2022
2,441 
At 31 January 2021
523 
6
Debtors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade debtors
2,796 
- 
Other debtors
- 
470 
2,796 
470 
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Sam Young Music Limited Notes to the Accounts for the year ended 31 January 2022
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
5,800 
1,388 
Trade creditors
248 
206 
Taxes and social security
2,542 
(2,058)
Loans from directors
22,613 
18,202 
31,203 
17,738 
8
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Transactions with related parties
Mr S. Young Included in other creditors is the amount of £22,613 (2021: £18,202) owed by the company to Mr S. Young, a sole director and 100% shareholder of the company. During the period interim dividends of £5,700 (2021: £2,000) were paid to the director
10
Average number of employees
During the year the average number of employees was 1 (2021: 1).
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