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REGISTRAR OF COMPANIES

Registration number: 08528890

Devine Music Limited

Unaudited Financial Statements

30 June 2023

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Devine Music Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Devine Music Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Devine Music Limited for the year ended 30 June 2023 as set out on pages 2 to 9 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 Devine Music Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of Devine Music Limited and state those matters that we have agreed to state to the Board of Directors of Devine 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 Devine Music Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Devine 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 profit of Devine Music Limited. You consider that Devine 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 Devine 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.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

6 October 2023

 

Devine Music Limited

(Registration number: 08528890)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

440

440

Tangible assets

5

174,697

31,415

 

175,137

31,855

Current assets

 

Debtors

6

22,800

24,188

Cash at bank and in hand

 

6,570,911

6,197,880

 

6,593,711

6,222,068

Creditors: Amounts falling due within one year

7

(4,231,209)

(3,691,428)

Net current assets

 

2,362,502

2,530,640

Total assets less current liabilities

 

2,537,639

2,562,495

Provisions for liabilities

(44,066)

(5,969)

Net assets

 

2,493,573

2,556,526

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

2,493,473

2,556,426

Total equity

 

2,493,573

2,556,526

 

Devine Music Limited

(Registration number: 08528890)
Balance Sheet as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

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

S Devine

Director

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

L Devine

Company secretary and director

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
21 Clara Drive
Calverley
LEEDS
LS28 5QP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Income received from subscriptions will be deferred over the deemed length of the service. Annual subscriptions will be recognised over a 1 year period, and lifetime subscriptions over a 10 year period.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and office equipment

25% reducing balance

Motor vehicles

25% reducing balance

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

Trademark applications

10 years straight line (no amortisation charged until applications approved)

Website development

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 the sale of goods 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.

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 23 (2022 - 11).

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Intangible assets

Trademark applications
 £

Website development
£

Total
£

Cost or valuation

At 1 July 2022

440

303,108

303,548

At 30 June 2023

440

303,108

303,548

Amortisation

At 1 July 2022

-

303,108

303,108

At 30 June 2023

-

303,108

303,108

Carrying amount

At 30 June 2023

440

-

440

At 30 June 2022

440

-

440

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Tangible assets

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 July 2022

-

68,181

68,181

Additions

155,847

21,618

177,465

At 30 June 2023

155,847

89,799

245,646

Depreciation

At 1 July 2022

-

36,766

36,766

Charge for the year

22,728

11,455

34,183

At 30 June 2023

22,728

48,221

70,949

Carrying amount

At 30 June 2023

133,119

41,578

174,697

At 30 June 2022

-

31,415

31,415

6

Debtors

2023
£

2022
£

Other debtors

22,800

24,188

22,800

24,188

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

346,445

78,075

Trade creditors

 

28,532

90,980

Taxation and social security

 

57,615

51,162

Corporation tax liability

 

52,431

132,172

Other creditors

 

19,279

22,508

Accruals and deferred income

 

3,726,907

3,316,531

 

4,231,209

3,691,428

 

Devine Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

346,445

78,075

9

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 June 2023
£

S Devine

Loan

-

(2,233)

-

-

2,233

-

-

               
         

L Devine

Loan

-

(2,233)

-

-

2,233

-

-

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.