IRIS Accounts Production v23.3.0.418 11839927 director 1.4.22 31.3.23 31.3.23 7.11.23 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure118399272022-03-31118399272023-03-31118399272022-04-012023-03-31118399272021-03-31118399272021-04-012022-03-31118399272022-03-3111839927ns16:EnglandWales2022-04-012023-03-3111839927ns15:PoundSterling2022-04-012023-03-3111839927ns11:Director12022-04-012023-03-3111839927ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3111839927ns11:SmallEntities2022-04-012023-03-3111839927ns11:Audited2022-04-012023-03-3111839927ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3111839927ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111839927ns11:FullAccounts2022-04-012023-03-3111839927ns11:OrdinaryShareClass12022-04-012023-03-3111839927ns6:CurrentFinancialInstruments2023-03-3111839927ns6:CurrentFinancialInstruments2022-03-3111839927ns6:ShareCapital2023-03-3111839927ns6:ShareCapital2022-03-3111839927ns6:RetainedEarningsAccumulatedLosses2023-03-3111839927ns6:RetainedEarningsAccumulatedLosses2022-03-3111839927ns11:RegisteredOffice2022-04-012023-03-3111839927ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3111839927ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3111839927ns11:OrdinaryShareClass12023-03-31
REGISTERED NUMBER: 11839927 (England and Wales)














Financial Statements

for the Year Ended 31 March 2023

for

Voly Music Limited

Voly Music Limited (Registered number: 11839927)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Voly Music Limited (Registered number: 11839927)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 3,262 5,300
Debtors 4 16,364 13,786
19,626 19,086
CREDITORS
Amounts falling due within one year 5 744,684 240,308
NET CURRENT LIABILITIES (725,058 ) (221,222 )
TOTAL ASSETS LESS CURRENT LIABILITIES (725,058 ) (221,222 )

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings (725,158 ) (221,322 )
SHAREHOLDERS' FUNDS (725,058 ) (221,222 )

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

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 director and authorised for issue on 7 November 2023 and were signed by:





Mr I R Flanagan - Director


Voly Music Limited (Registered number: 11839927)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Voly Music Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11839927

Registered office: Spring Court
Spring Road
Hale
Cheshire
WA14 2UQ

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Voly Music Limited (Registered number: 11839927)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22 -
Other debtors 16,342 13,786
16,364 13,786

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,192 -
Amounts owed to group undertakings 712,958 228,308
Other creditors 11,534 12,000
744,684 240,308

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy Bostock BA BFP FCA (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited

8. RELATED PARTY DISCLOSURES

2023 2022
£    £   
Amounts due to related parties at the balance sheet date: 712,958 228,308

Above balances are shown in note 7 under amounts owed to group undertakings.

Management charges paid to related parties during the year: 180,000 -


9. PRIOR YEAR UNAUDITED

In the previous accounting period, the directors of the company took advantage of audit exemption under s477 of the Companies Act. Therefore the prior period financial statements were not subject to audit.

Voly Music Limited (Registered number: 11839927)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. GOING CONCERN

The financial statements have been prepared on a going concern basis notwithstanding the deficit in net assets. The company incurred a net loss of £503,836 during the year ended 31 March 2023. The directors have prepared forecasts for the next two years and these forecasts demonstrate that the company will be a going concern for that period given the continued support of the shareholders, the expectation to make profits in the year to 31 March 2025, the positive cash generation and cash balances held by the company during that period. The directors are confident that they have access to additional funding from the ultimate shareholders. The directors are satisfied that the shareholders are prepared to continue to support the development of the company for the next twelve month period from when these financial statements are approved

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Voly Group Limited, a company incorporated in England and registered at Spring Court, Spring Road, Hale, Cheshire WA14 2UQ.

The ultimate controlling party is Voly Holdco Limited, registered no: 68747, a company formed in Guernsey by virtue of its majority shareholding 50.04%.