Company Registration No. 12703349 (England and Wales)
Singing In... Ltd
Unaudited accounts
for the year ended 31 March 2023
Singing In... Ltd
Unaudited accounts
Contents
Singing In... Ltd
Company Information
for the year ended 31 March 2023
Directors
K Shipway
P Burchill
Company Number
12703349 (England and Wales)
Registered Office
24 Sycamore Court
Oughtibridge
Sheffield
South Yorkshire
S35 0EQ
United Kingdom
Accountants
DKB Accountancy & Taxation
12 Blackbrook Drive
Lodge Moor
Sheffield
South Yorkshire
S10 4LS
Singing In... Ltd
Statement of financial position
as at 31 March 2023
Intangible assets
12,691
14,441
Tangible assets
1,345
1,365
Cash at bank and in hand
1,841
2,214
Creditors: amounts falling due within one year
(16,290)
(23,674)
Net current liabilities
(13,543)
(16,860)
Total assets less current liabilities
493
(1,054)
Provisions for liabilities
Net assets/(liabilities)
237
(1,313)
Called up share capital
100
100
Profit and loss account
137
(1,413)
Shareholders' funds
237
(1,313)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by
P Burchill
Director
Company Registration No. 12703349
Singing In... Ltd
Notes to the Accounts
for the year ended 31 March 2023
Singing In... Ltd is a private company, limited by shares, registered in England and Wales, registration number 12703349. The registered office is 24 Sycamore Court, Oughtibridge, Sheffield, South Yorkshire, S35 0EQ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (goodwill)
Intangible fixed assets are recognised in relation to the goodwill arising on the purchase of the ongoing sole trade activity (K Shipway t/a Singing In...). The goodwill is included at cost less accumulated amortisation.
Goodwill is amortised over the expected life is provided for on a straight-line basis over 10 years.
Intangible fixed assets (publication rights)
Intangible fixed assets are recognised in relation to the acquisition and ownership, by the company, of publication and copyright licences. These are included in the accounts at the initial cost of acquisition.
At the balance sheet date, the directors agreed that the fair value of rights and licences was that of initial cost - without amortisation.
It is not anticipated the company will receive a return in the foreseeable future due to their being used 'royalty-free' by a third-party association. It is neither expected that the rights could currently be transferred for more than a peppercorn sum. However, the inclusion of the intangible asset in the financial statements defines ownership, and the directors believe the inclusion is necessary to portray a true and fair view of the company's affairs.
Singing In... Ltd
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the rates shown below in order to write off the assets over their estimated useful lives. Items classed as 'other tangible fixed assets' relate to musical instruments which are expected to have a longer useful life, and are included in the balance sheet under 'Plant & machinery'
Plant & machinery
20% - reducing balance
Computer equipment
33% - reducing balance
Other tangible fixed assets
10% - reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 April 2022
17,500
4
17,504
At 31 March 2023
17,500
4
17,504
At 1 April 2022
3,063
-
3,063
Charge for the year
1,750
-
1,750
At 31 March 2023
4,813
-
4,813
At 31 March 2023
12,687
4
12,691
At 31 March 2022
14,437
4
14,441
Intangible assets relate to the goodwill arising on the purchase of the existing sole trade activity - K Shipway t/a Singing In...
Singing In... Ltd
Notes to the Accounts
for the year ended 31 March 2023
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
221
2,118
2,339
At 31 March 2023
661
2,118
2,779
At 1 April 2022
33
941
974
Charge for the year
68
392
460
At 31 March 2023
101
1,333
1,434
At 31 March 2023
560
785
1,345
At 31 March 2022
188
1,177
1,365
Amounts falling due within one year
Accrued income and prepayments
850
4,600
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
1,441
971
Loans from directors
12,919
15,604
Deferred income
1,128
6,120
8
Deferred taxation
2023
2022
Accelerated capital allowances
256
259
Provision at start of year
259
160
(Credited)/charged to the profit and loss account
(3)
99
Provision at end of year
256
259
Singing In... Ltd
Notes to the Accounts
for the year ended 31 March 2023
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's Current Account
-
1,344
1,344
-
During the year, the company made advances of £1,344 (2022: £Nil), and received repayments of £1,344 (2022: £Nil), to key management personnel. The advances were repaid in full by the year-end, with the Director's Current Account being in credit as of the balance sheet date. The advances were unsecured, interest-free, and repayable on demand.
11
Transactions with related parties
At the year-end, a balance of £12,919, (2022: £15,604), included in Directors' Loans, was due to key management personnel. The balance was unsecured, non-interest bearing, and repayable on demand.
12
Average number of employees
During the year the average number of employees was 2 (2022: 2).