REGISTERED NUMBER: |
MUSIC FOR TELEVISION LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
REGISTERED NUMBER: |
MUSIC FOR TELEVISION LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
MUSIC FOR TELEVISION LIMITED |
COMPANY INFORMATION |
for the year ended 28 February 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
BALANCE SHEET |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserves |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
BALANCE SHEET - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Music For Television Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
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 value added tax and other sales taxes. |
Revenue from royalties is recognised on an accruals basis in accordance with the substance of the relevant agreement. |
Tangible fixed assets |
Tangible fixed assets are stated at historical price 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 use. |
Depreciation is provided to allocate the cost of assets less their residual value over their estimated useful lives on the following basis: |
Plant and machinery - 25% straight line basis |
Fixtures and fittings - 25% reducing balance |
On disposal the difference between the net proceeds and the carrying amount of the item disposed of is recognised in the profit and loss account and is included within administrative expenses. |
Investment property |
Investment property is initially measured at cost, including transaction costs. Subsequently investment property is shown at the most recent valuation, being the fair value of the property. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account and is subsequently transferred to non-distributable reserves on the balance sheet. Any losses are only transferred to the non-distributable reserve as far as they can be matched against overall net unrealised gains. |
Investment property fair value is determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. |
Valuation of investments |
Investments in listed company shares are remeasured to market value at each balance sheet date. Changes in fair value are recognised in the profit and loss account. |
Basic financial instruments |
Financial instruments are classified as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company does not have any non-basic financial instruments. |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. |
Current tax is the amount of tax payable in respect of the taxable profit for the year or prior year. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. |
Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating leases |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the lease term. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 March 2022 |
Change in fair value |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Cost or valuation at 28 February 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 18,209 |
The increase in fair value of £1,622 has been recognised in the profit and loss account. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2022 |
Change in fair value | 55,685 |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
The 2023 valuation was made on an open market basis on 28 February 2023 by the director. Open market value is considered to be equal to the property's fair value. |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2023 | 438,020 |
MUSIC FOR TELEVISION LIMITED (REGISTERED NUMBER: 03324508) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 28 February 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
HSBC holds a fixed and floating charge over all assets for the provision of an overdraft facility. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end included within other debtors is £6,558 owed by the directors to the company. The loan is interest free and repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MUSIC FOR TELEVISION LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Music For Television Limited for the year ended 28 February 2023 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Music For Television Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Music For Television Limited and state those matters that we have agreed to state to the Board of Directors of Music For Television Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Music For Television Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Music For Television 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 profit of Music For Television Limited. You consider that Music For Television 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 Music For Television 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. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than you, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |