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Registration number: 03685877 ( England and Wales)

The Association of Independent Music Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

The Association of Independent Music Limited

Contents

Company Information

1

Directors' Report

2 to 3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

The Association of Independent Music Limited

Company Information

Chair

N Khan

Chief executive

S Montello

Directors

R Barlow

J Bell

S Cole

S Grubb

M Kalev

A Kennedy

S Lachapelle

N McKenzie

A Morley

J Oborne

J Rackham

S Reid

E Saunders

H Weidenmuller

C Whitlock

A Whittington

Registered office

1A Knowland Drive
Milford on Sea
Lymington
Hampshire
SO41 0RH

Accountants

Howells & Co
Chartered Accountants
1A Knowland Drive
Milford on Sea
Lymington
SO41 0RH

 

The Association of Independent Music Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

R Barlow

J Bell

S Cole (appointed 15 November 2022)

R Green (resigned 14 November 2022)

E Greene (resigned 14 November 2022)

S Grubb (appointed 15 November 2022)

M Kalev

N Khan - Chairman

A Kennedy (appointed 15 November 2022)

S Lachapelle

N McKenzie

D Miller (resigned 14 November 2022)

A Morley (appointed 15 November 2022)

J Oborne

H Overton-Clewley (resigned 14 November 2022)

P Pacifico (resigned 31 December 2022)

R Patterson (resigned 31 March 2022)

P Quicke (resigned 14 November 2022)

J Rackham

S Reid

E Saunders (appointed 15 November 2022)

H Weidenmuller (appointed 1 April 2022)

C Whitlock

A Whittington

The following director was appointed after the year end:

S Montello - Chief executive (appointed 1 February 2023)

Principal activity

The principal activity of the company is that of operating as a trade body for the independent music sector.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Association of Independent Music Limited

Directors' Report for the Year Ended 31 December 2022

Approved by the Board on 21 September 2023 and signed on its behalf by:

.........................................
S Montello
Chief executive

   
     
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Association of Independent Music Limited

for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Association of Independent Music Limited for the year ended 31 December 2022 as set out on pages 5 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Association of Independent Music Limited , as a body, in accordance with the terms of our engagement letter dated 1 August 2013. Our work has been undertaken solely to prepare for your approval the accounts of The Association of Independent Music Limited and state those matters that we have agreed to state to the Board of Directors of The Association of Independent Music Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Association of Independent Music Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Association of Independent Music Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Association of Independent Music Limited . You consider that The Association of Independent Music 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 accounts of The Association of Independent Music 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 accounts.

......................................

Howells & Co
Chartered Accountants
1A Knowland Drive
Milford on Sea
Lymington
SO41 0RH

21 September 2023

 

The Association of Independent Music Limited

Profit and Loss Account for the Year Ended 31 December 2022

Note

2022
£

2021
£

Turnover

 

1,237,465

1,063,548

Cost of sales

 

(518,514)

(434,440)

Gross surplus

 

718,951

629,108

Administrative expenses

 

(779,089)

(670,786)

Operating deficit

 

(60,138)

(41,678)

Deficit before tax

4

(60,138)

(41,678)

Deficit for the financial year

 

(60,138)

(41,678)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Association of Independent Music Limited

(Registration number: 03685877)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

-

2,824

tangible assets

6

7,917

9,233

 

7,917

12,057

Current assets

 

Debtors

7

164,394

256,181

Cash at bank and in hand

 

717,852

713,964

 

882,246

970,145

Creditors: Amounts falling due within one year

8

(447,641)

(479,542)

Net current assets

 

434,605

490,603

Net assets

 

442,522

502,660

capital and reserves

 

Profit and loss account

442,522

502,660

Members funds

 

442,522

502,660

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 21 September 2023 and signed on its behalf by:
 

.........................................
S Montello
Chief executive

   
     
 

The Association of Independent Music Limited

Statement of Changes in Equity for the Year Ended 31 December 2022

Retained earnings
£

Total
£

At 1 January 2022

502,660

502,660

Deficit for the year

(60,138)

(60,138)

At 31 December 2022

442,522

442,522

Retained earnings
£

Total
£

At 1 January 2021

544,338

544,338

Deficit for the year

(41,678)

(41,678)

At 31 December 2021

502,660

502,660

 

The Association of Independent Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a company limited by guarantee incorporated in England and Wales and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
1A Knowland Drive
Milford on Sea
Lymington
Hampshire
SO41 0RH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Association of Independent Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings - leasehold

2% straight line

Fixtures,fittings and equipment

3 - 5 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible asset

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

The Association of Independent Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including executive directors) during the year, was 15 (2021 - 13).

4

Loss before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

6,479

7,653

Amortisation expense

2,823

2,823

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2022

8,470

8,470

At 31 December 2022

8,470

8,470

Amortisation

At 1 January 2022

5,647

5,647

Amortisation charge

2,823

2,823

At 31 December 2022

8,470

8,470

Carrying amount

At 31 December 2022

-

-

At 31 December 2021

2,824

2,824

 

The Association of Independent Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

33,323

33,323

Additions

6,193

6,193

Disposals

(3,271)

(3,271)

At 31 December 2022

36,245

36,245

Depreciation

At 1 January 2022

24,091

24,091

Charge for the year

6,479

6,479

Eliminated on disposal

(2,242)

(2,242)

At 31 December 2022

28,328

28,328

Carrying amount

At 31 December 2022

7,917

7,917

At 31 December 2021

9,233

9,233

7

Debtors

Current

2022
£

2021
£

Trade debtors

80,465

250,095

Prepayments

13,929

6,086

Other debtors

70,000

-

 

164,394

256,181

 

The Association of Independent Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

trade creditors

 

28,247

14,282

Taxation and social security

 

49,658

56,843

Other creditors

 

369,736

408,417

 

447,641

479,542