Company registration number 07247803 (England and Wales)
TAP MUSIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
TAP MUSIC LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
TAP MUSIC LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
5,005
-
Debtors
4
(1)
315
Cash at bank and in hand
19,915
471
24,919
786
Creditors: amounts falling due within one year
5
(39,808)
(9,334)
Net current liabilities
(14,889)
(8,548)
Capital and reserves
Called up share capital
90
90
Profit and loss reserves
(14,979)
(8,638)
Total equity
(14,889)
(8,548)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 29 January 2024 and are signed on its behalf by:
Mr P D Mahon
Director
Company registration number 07247803 (England and Wales)
TAP MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

TAP Music Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Revenue represents amounts receivable in relation to music recording and live music performances.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

The company only has financial instruments.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

TAP MUSIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
378
Depreciation and impairment
At 1 June 2022 and 31 May 2023
378
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
(1)
315
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,346
1,062
Other creditors
12,462
8,272
39,808
9,334
2023-05-312022-06-01false29 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr J G HeatleyMr P D MahonMr C S NeesonMr M J Watersfalse072478032022-06-012023-05-31072478032023-05-31072478032022-05-3107247803core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3107247803core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3107247803core:CurrentFinancialInstruments2023-05-3107247803core:CurrentFinancialInstruments2022-05-3107247803core:ShareCapital2023-05-3107247803core:ShareCapital2022-05-3107247803core:RetainedEarningsAccumulatedLosses2023-05-3107247803core:RetainedEarningsAccumulatedLosses2022-05-3107247803bus:Director22022-06-012023-05-3107247803core:ComputerEquipment2022-06-012023-05-31072478032021-06-012022-05-3107247803core:OtherPropertyPlantEquipment2022-05-3107247803core:OtherPropertyPlantEquipment2023-05-3107247803core:OtherPropertyPlantEquipment2022-05-3107247803core:WithinOneYear2023-05-3107247803core:WithinOneYear2022-05-3107247803bus:PrivateLimitedCompanyLtd2022-06-012023-05-3107247803bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3107247803bus:FRS1022022-06-012023-05-3107247803bus:AuditExemptWithAccountantsReport2022-06-012023-05-3107247803bus:Director12022-06-012023-05-3107247803bus:Director32022-06-012023-05-3107247803bus:Director42022-06-012023-05-3107247803bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP