Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01false34truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04230264 2022-04-01 2023-03-31 04230264 2021-04-01 2022-03-31 04230264 2023-03-31 04230264 2022-03-31 04230264 2021-04-01 04230264 c:Director1 2022-04-01 2023-03-31 04230264 d:OfficeEquipment 2022-04-01 2023-03-31 04230264 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04230264 d:OtherPropertyPlantEquipment 2023-03-31 04230264 d:OtherPropertyPlantEquipment 2022-03-31 04230264 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04230264 d:Goodwill 2022-04-01 2023-03-31 04230264 d:Goodwill 2023-03-31 04230264 d:Goodwill 2022-03-31 04230264 d:CurrentFinancialInstruments 2023-03-31 04230264 d:CurrentFinancialInstruments 2022-03-31 04230264 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04230264 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04230264 d:ShareCapital 2023-03-31 04230264 d:ShareCapital 2022-03-31 04230264 d:RetainedEarningsAccumulatedLosses 2023-03-31 04230264 d:RetainedEarningsAccumulatedLosses 2022-03-31 04230264 c:OrdinaryShareClass1 2022-04-01 2023-03-31 04230264 c:OrdinaryShareClass1 2023-03-31 04230264 c:OrdinaryShareClass1 2022-03-31 04230264 c:OrdinaryShareClass2 2022-04-01 2023-03-31 04230264 c:OrdinaryShareClass2 2023-03-31 04230264 c:OrdinaryShareClass2 2022-03-31 04230264 c:FRS102 2022-04-01 2023-03-31 04230264 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04230264 c:FullAccounts 2022-04-01 2023-03-31 04230264 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04230264 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04230264 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04230264 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04230264 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04230264 d:RetirementBenefitObligationsDeferredTax 2023-03-31 04230264 d:RetirementBenefitObligationsDeferredTax 2022-03-31 04230264 2 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04230264









SPOTSMUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
SPOTSMUSIC LIMITED
REGISTERED NUMBER: 04230264

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,719
13,317

Current assets
  

Debtors: amounts falling due within one year
 6 
71,743
162,727

Cash at bank
  
34,198
154,560

Current liabilities
  
105,941
317,287

Creditors: amounts falling due within one year
 7 
(112,062)
(119,551)

Net current (liabilities)/assets
  
 
 
(6,121)
 
 
197,736

Total assets less current liabilities
  
3,598
211,053

Provisions for liabilities
  

Deferred tax
 8 
(1,813)
(2,034)

Net assets
  
1,785
209,019


Capital and reserves
  

Called up share capital 
 9 
320
320

Profit and loss account
  
1,465
208,699

  
1,785
209,019


Page 1

 
SPOTSMUSIC LIMITED
REGISTERED NUMBER: 04230264

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Ms M E Seyffer
Director

Date: 5 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


GENERAL INFORMATION

Spotsmusic Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 53 Linzee Road, London, N8 7RG. The Company is not part of a group.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

Page 3

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Studio equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

 
2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.10

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).


4.


INTANGIBLE ASSETS




Goodwill

£



Cost


At 1 April 2022
1,000,000



At 31 March 2023

1,000,000



Amortisation


At 1 April 2022
1,000,000



At 31 March 2023

1,000,000



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


TANGIBLE FIXED ASSETS





Other fixed assets

£



Cost


At 1 April 2022
43,813


Disposals
(6,197)



At 31 March 2023

37,616



Depreciation


At 1 April 2022
30,496


Charge for the year on owned assets
2,430


Disposals
(5,029)



At 31 March 2023

27,897



Net book value



At 31 March 2023
9,719



At 31 March 2022
13,317


6.


DEBTORS

2023
2022
£
£


Trade debtors
21,000
-

Other debtors
50,743
162,727

71,743
162,727



7.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
97
197

Corporation tax
54,269
60,918

Other taxation and social security
19,588
20,752

Other creditors
33,391
33,196

Accruals
4,717
4,488

112,062
119,551


Page 8

 
SPOTSMUSIC LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(2,034)
(2,556)


Charged to profit or loss
221
522



At end of year
(1,813)
(2,034)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,874)
(2,014)

Pension surplus
61
(20)

(1,813)
(2,034)


9.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



295 (2022 - 295) Ordinary shares of £1 each
295
295
25 (2022 - 25) Stakeholder shares of £1 each
25
25

320

320



10.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,046 (2022 - £1,968). Contributions totalling £477 (2022 - £348) were payable to the fund at the balance sheet date and are included in creditors.


11.


TRANSACTIONS WITH DIRECTORS

At 01 April 2022 the Company was owed £158,363 by the director. During the year they made repayments of £156,497 and paid expenses on the Company’s behalf of £8,994. They also withdrew amounts totalling £56,063 and paid interest of £1,808. At 31 March 2023 £50,743 was owed to the Company. This loan has interest provided at the approved HMRC interest rate and was repaid within 9 months of the year end.


Page 9