Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31true2022-01-01falseThe principal activity of the company continued to be that of publishing of music.33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05863505 2022-01-01 2022-12-31 05863505 2021-01-01 2021-12-31 05863505 2022-12-31 05863505 2021-12-31 05863505 c:Director1 2022-01-01 2022-12-31 05863505 d:ComputerEquipment 2022-01-01 2022-12-31 05863505 d:ComputerEquipment 2022-12-31 05863505 d:ComputerEquipment 2021-12-31 05863505 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 05863505 d:CurrentFinancialInstruments 2022-12-31 05863505 d:CurrentFinancialInstruments 2021-12-31 05863505 d:Non-currentFinancialInstruments 2022-12-31 05863505 d:Non-currentFinancialInstruments 2021-12-31 05863505 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05863505 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05863505 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05863505 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05863505 d:ShareCapital 2022-12-31 05863505 d:ShareCapital 2021-12-31 05863505 d:SharePremium 2022-12-31 05863505 d:SharePremium 2021-12-31 05863505 d:RetainedEarningsAccumulatedLosses 2022-12-31 05863505 d:RetainedEarningsAccumulatedLosses 2021-12-31 05863505 c:OrdinaryShareClass1 2022-01-01 2022-12-31 05863505 c:OrdinaryShareClass1 2022-12-31 05863505 c:OrdinaryShareClass1 2021-12-31 05863505 c:FRS102 2022-01-01 2022-12-31 05863505 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 05863505 c:FullAccounts 2022-01-01 2022-12-31 05863505 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05863505 2 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05863505














PSYCHOTIC REACTION MUSIC LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
PSYCHOTIC REACTION MUSIC LIMITED
REGISTERED NUMBER:05863505

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,198
589

  
1,198
589

Current assets
  

Debtors: amounts falling due within one year
 5 
201,155
184,491

Cash at bank and in hand
 6 
82,979
87,565

  
284,134
272,056

Creditors: amounts falling due within one year
 7 
(318,005)
(210,257)

Net current (liabilities)/assets
  
 
 
(33,871)
 
 
61,799

Total assets less current liabilities
  
(32,673)
62,388

Creditors: amounts falling due after more than one year
 8 
(26,428)
-

Provisions for liabilities
  

Deferred tax
  
-
(147)

  
 
 
-
 
 
(147)

Net (liabilities)/assets
  
(59,101)
62,241


Capital and reserves
  

Called up share capital 
 9 
200
200

Share premium account
 10 
149,950
149,950

Profit and loss account
 10 
(209,251)
(87,909)

  
(59,101)
62,241


Page 1

 
PSYCHOTIC REACTION MUSIC LIMITED
REGISTERED NUMBER:05863505
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 profit and loss account 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: 




L A Silverman
Director

Date: 27 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Psychotic Reaction Music Limited is a private company, limited by shares, registered in England and Wales, registration number 05863505. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE. 

The principal activity of the company continued to be that of publishing of music.

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 the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as the directors have confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the directors are satisfied that the financial statements should be prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from publishing of music is recognised when it is probable the company will receive the rights to the consideration due under the contract.

Royalties receivable are recognised at the year end date by the company.                      

Advances received are carried forward as deferred income until the earlier of recoupment against contractual royalties due, agreement expiry or recognition that recoupment is unlikely to take place.

Page 3

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure. Grants received in respect of Coronavirus Job Retention Scheme and the  Bounce Bank Loans are included in other income.

 
2.6

Interest income

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

 
2.7

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. 

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

 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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2. Accounting policies (continued)

 
2.11

 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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight-line

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.

 
2.12

 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.

 
2.13

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.14

 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.

 
2.15

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans with related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

Page 5

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2022
2,357


Additions
1,224


Disposals
(2,357)



At 31 December 2022

1,224



Depreciation


At 1 January 2022
1,768


Charge for the year
516


Disposals
(2,258)



At 31 December 2022

26



Net book value



At 31 December 2022
1,198



At 31 December 2021
589


5.


Debtors

2022
2021
£
£


Trade debtors
165,944
145,173

Other debtors
5,746
-

Prepayments and accrued income
24,527
34,380

Tax recoverable
4,938
4,938

201,155
184,491



6.


Cash

2022
2021
£
£

Cash at bank and in hand
82,979
87,564


Page 6

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: amounts falling due within one year

2022
2021
£
£

Bank loans
4,590
34,783

Trade creditors
32,986
34,604

Other taxation and social security
2,750
5,296

Other creditors
269,629
120,249

Accruals and deferred income
8,050
15,325

318,005
210,257


The bank loan of £4,590 (2021 - £34,783) included in creditors due within one year is the Coronavirus Bounce Back Loan, and it is fully guaranteed by the government.
 

8.


Creditors: amounts falling due after more than one year

2022
2021
£
£

Bank loans
26,428
-


The bank loan of £26,428 (2021 - £NIL) included in creditors due after more than one year is the Coronavirus Bounce Back Loan, and it is fully guaranteed by the government.
 

9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



200 (2021 - 200) Ordinary shares of £1.00 each
200
200

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.


10.


Reserves

Share premium account

The share premium account is a non-distributable reserve which represents the excess of proceeds received over the nominal value of the shares issued.

Profit and loss account

The profit and loss account is a distributable reserve arising from accummulated profit and losses to date.
Page 7

 
PSYCHOTIC REACTION MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions by the company to the fund and amounted to £1,106 (2021 - £2,236). Contributions totalling £NIL (2021 - £619) were payable to the fund at the balance sheet date and are included in creditors.


12.


Transactions with the director

During the year, the director loaned £150,000 (2021 - £120,000) to the company of which £NIL (2021 - £14,823) was repaid to the director. At the year end, the company owed £269,629 (2021 -£119,629) to the director. The loan is unsecured, interest free and repayable on demand.

 
Page 8