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REGISTERED NUMBER: 11448783 (England and Wales)
















Unaudited Financial Statements for the Year Ended 30 June 2023

for


CHOSEN MUSIC LIMITED



CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)








Contents of the Financial Statements

for the Year Ended 30 June 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

3





CHOSEN MUSIC LIMITED



Company Information

for the Year Ended 30 June 2023









DIRECTORS:

A Goldsmith


J S Shalit OBE







REGISTERED OFFICE:

33 Great Pulteney Street


London


W1F 9NP







REGISTERED NUMBER:

11448783 (England and Wales)







ACCOUNTANTS:

Primera Accountants Limited


First Floor


Spitalfields House


Stirling Way


Borehamwood


Hertfordshire


WD6 2FX



CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)



Balance Sheet

30 June 2023



30.6.23


30.6.22


Notes

£   

£   


FIXED ASSETS

Tangible assets

4

21,847


2,693




CURRENT ASSETS

Debtors

5

185,015


122,701



Cash at bank

455,562


29,100



640,577


151,801



CREDITORS

Amounts falling due within one year

6

(692,871

)

(167,858

)


NET CURRENT LIABILITIES

(52,294

)

(16,057

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(30,447

)

(13,364

)



CAPITAL AND RESERVES

Called up share capital

7

100


100



Retained earnings

(30,547

)

(13,464

)


SHAREHOLDERS' FUNDS

(30,447

)

(13,364

)



The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2024 and were signed on its behalf by:






A Goldsmith - Director




CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)



Notes to the Financial Statements

for the Year Ended 30 June 2023


1.

STATUTORY INFORMATION



Chosen Music Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


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.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery etc

-

25% on cost



CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company has elected to apply the provisions of Schedule 1A of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.



CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


2.

ACCOUNTING POLICIES - continued


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.

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 7 (2022 - 5 ) .


4.

TANGIBLE FIXED ASSETS


Plant and



Land and


machinery



buildings


etc


Totals

£   

£   

£   



COST


At 1 July 2022

-


5,142


5,142




Additions

7,949


12,968


20,917




Disposals

-


(806

)

(806

)



At 30 June 2023

7,949


17,304


25,253




DEPRECIATION


At 1 July 2022

-


1,402


1,402




Charge for year

497


1,507


2,004




At 30 June 2023

497


2,909


3,406




NET BOOK VALUE


At 30 June 2023

7,452


14,395


21,847




At 30 June 2022

-


3,740


3,740




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.23


30.6.22

£   

£   



Trade debtors

80,653


77,931




Amounts owed by group undertakings

58,412


11,552




Other debtors

45,950


33,218



185,015


122,701





CHOSEN MUSIC LIMITED (REGISTERED NUMBER: 11448783)



Notes to the Financial Statements - continued

for the Year Ended 30 June 2023


6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.6.23


30.6.22

£   

£   



Trade creditors

135,680


84,826




Amounts owed to group undertakings

100


-




Taxation and social security

30,118


60,926




Other creditors

526,973


22,106



692,871


167,858




7.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30.6.23


30.6.22


value:

£   

£   



100

Ordinary

£1

100


100




8.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES


Included in other debtors is a balance of £39,292 (2022: £33,218) owed by the director. Interest has been charged at the official HM Revenue & Customs rate.

This amount was repaid after the balance sheet date.

9.

RELATED PARTY DISCLOSURES



Included in debtors falling due within one year is an amount of £58,412 owed by group undertakings (2022: £11,552).