Company registration number 07536715 (England and Wales)
SOHO PRODUCTION MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SOHO PRODUCTION MUSIC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SOHO PRODUCTION MUSIC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
December 2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
132,389
4,001
Tangible assets
5
2,241
1,927
134,630
5,928
Current assets
Debtors
6
13,207
7,373
Cash at bank and in hand
925,053
651,843
938,260
659,216
Creditors: amounts falling due within one year
7
(473,044)
(453,305)
Net current assets
465,216
205,911
Total assets less current liabilities
599,846
211,839
Creditors: amounts falling due after more than one year
8
(178,774)
(167,774)
Net assets
421,072
44,065
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
420,972
43,965
Total equity
421,072
44,065

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 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SOHO PRODUCTION MUSIC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 August 2022
Joanna Christine Farries
Director
Company Registration No. 07536715
SOHO PRODUCTION MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Soho Production Music Limited is a private company limited by shares incorporated in England and Wales. The registered office is 151 Wardour Street, London, United Kingdom, W1F 8WE.

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 amounts 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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future due to ongoing financial support from the majority shareholder. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The comparative period was shortened to 31 December 2020; this represented a 10 month period to bring it in line other group entities. Therefore the current year figures are not directly comparable with the previous year.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for royalties received provided in the normal course of business, and is shown net of VAT.

1.5
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Copyrights
25% straight line
Music library mastering
25% straight line
Music development
25% straight line
1.6
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:

Fixtures and fittings
20% straight line
Computer equipment
33% straight line
SOHO PRODUCTION MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
December 2020
Number
Number
Total
3
3
SOHO PRODUCTION MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
4
Intangible fixed assets
Copyrights
Music library mastering
Music development
Total
£
£
£
£
Cost
At 1 January 2021
-
0
13,500
-
0
13,500
Additions
141,606
6,540
12,503
160,649
At 31 December 2021
141,606
20,040
12,503
174,149
Amortisation and impairment
At 1 January 2021
-
0
9,499
-
0
9,499
Amortisation charged for the year
28,296
2,453
1,512
32,261
At 31 December 2021
28,296
11,952
1,512
41,760
Carrying amount
At 31 December 2021
113,310
8,088
10,991
132,389
At 31 December 2020
-
0
4,001
-
0
4,001
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
35,404
Additions
1,742
At 31 December 2021
37,146
Depreciation and impairment
At 1 January 2021
33,477
Depreciation charged in the year
1,428
At 31 December 2021
34,905
Carrying amount
At 31 December 2021
2,241
At 31 December 2020
1,927
SOHO PRODUCTION MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Debtors
2021
December 2020
Amounts falling due within one year:
£
£
Trade debtors
314
-
0
Other debtors
12,893
7,373
13,207
7,373
7
Creditors: amounts falling due within one year
2021
December 2020
£
£
Trade creditors
280,985
255,019
Corporation tax
89,590
763
Other taxation and social security
34,269
42,313
Other creditors
68,200
155,210
473,044
453,305
8
Creditors: amounts falling due after more than one year
2021
December 2020
£
£
Other creditors
178,774
167,774
9
Called up share capital
2021
December 2020
2021
December 2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A of £1 each
75
75
75
75
Ordinary Class B of £1 each
25
25
25
25
100
100
100
100
SOHO PRODUCTION MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between group companies where the subsidiary is wholly owned within the group.

 

During the year £33,000 was repaid by the company to close members of the directors family with an additional £93,000 advanced to the company. At the year end £214,774 was owing to these related parties (2020 - £157,774). This is disclosed £36,000 being due in less than one year and £178,774 due in more than one year.

 

 

 

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