Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-286true2022-03-01falseNo description of principal activity6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04525243 2022-03-01 2023-02-28 04525243 2021-03-01 2022-02-28 04525243 2023-02-28 04525243 2022-02-28 04525243 c:Director2 2022-03-01 2023-02-28 04525243 d:FurnitureFittings 2022-03-01 2023-02-28 04525243 d:FurnitureFittings 2023-02-28 04525243 d:FurnitureFittings 2022-02-28 04525243 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04525243 d:OfficeEquipment 2022-03-01 2023-02-28 04525243 d:CurrentFinancialInstruments 2023-02-28 04525243 d:CurrentFinancialInstruments 2022-02-28 04525243 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04525243 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 04525243 d:ShareCapital 2023-02-28 04525243 d:ShareCapital 2022-02-28 04525243 d:SharePremium 2023-02-28 04525243 d:SharePremium 2022-02-28 04525243 d:CapitalRedemptionReserve 2023-02-28 04525243 d:CapitalRedemptionReserve 2022-02-28 04525243 d:RetainedEarningsAccumulatedLosses 2023-02-28 04525243 d:RetainedEarningsAccumulatedLosses 2022-02-28 04525243 c:FRS102 2022-03-01 2023-02-28 04525243 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 04525243 c:FullAccounts 2022-03-01 2023-02-28 04525243 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04525243 2 2022-03-01 2023-02-28 04525243 6 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 04525243









MUSICALLY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
MUSICALLY LIMITED
REGISTERED NUMBER: 04525243

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,464
5,662

Investments
 5 
3,998
3,998

  
9,462
9,660

Current assets
  

Debtors: amounts falling due within one year
 6 
1,141,696
920,083

Cash At Bank And In Hand
 7 
1,133,438
1,410,252

  
2,275,134
2,330,335

Creditors: amounts falling due within one year
 8 
(454,012)
(350,102)

Net current assets
  
 
 
1,821,122
 
 
1,980,233

Total assets less current liabilities
  
1,830,584
1,989,893

  

Net assets
  
1,830,584
1,989,893


Capital and reserves
  

Called up share capital 
  
23
23

Share premium account
  
2,779
2,779

Capital redemption reserve
  
(31,999)
(31,999)

Profit and loss account
  
1,859,781
2,019,090

  
1,830,584
1,989,893


Page 1

 
MUSICALLY LIMITED
REGISTERED NUMBER: 04525243
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider 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 directors acknowledge their 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 comprehensive income 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: 




S Mayall
Director
Date: 15 November 2023

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

Page 2

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Musically Limited is a private company limited by shares and incorporated in England. Its registered office is at 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is
dependent on the shareholders for financial support. As at 28 February 2023, the shareholders have
confirmed that they will provide adequate finance to enable the company to continue in operational
existence. Therefore, the directors consider it appropriate to prepare the financial statements on the
going concern basis.

Page 3

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
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

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

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.

 
2.7

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.

 
2.8

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 5

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

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

Page 6

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Taxation

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 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 income.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 March 2022
32,335


Additions
1,623



At 28 February 2023

33,958



Depreciation


At 1 March 2022
26,673


Charge for the year on owned assets
1,821



At 28 February 2023

28,494



Net book value



At 28 February 2023
5,464



At 28 February 2022
5,662

Page 7

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 March 2022
3,998



At 28 February 2023
3,998





6.


Debtors

2023
2022
£
£


Trade debtors
130,452
62,258

Amounts owed by group undertakings
998,325
848,325

Other debtors
2,919
-

Prepayments and accrued income
10,000
9,500

1,141,696
920,083



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,133,438
1,410,252

1,133,438
1,410,252


Page 8

 
MUSICALLY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
46,225
44,960

Corporation tax
31,312
69,782

Other taxation and social security
18,134
9,007

Other creditors
241,177
222,803

Accruals and deferred income
117,164
3,550

454,012
350,102



9.


Controlling party

There is no ultimate controlling party. 

 
Page 9