Registration number:
Campbell Music Limited
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Campbell Music Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Campbell Music Limited
Company Information
Director |
M C Reed |
Company secretary |
A F Jenkins |
Registered office |
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Bankers |
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Accountants |
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Campbell Music Limited
Statement of Financial Position as at 31 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
50 |
50 |
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Capital redemption reserve |
50 |
50 |
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Retained earnings |
309,252 |
207,407 |
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Shareholders' funds |
309,352 |
207,507 |
For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Campbell Music Limited
Statement of Financial Position as at 31 May 2023
Approved and authorised by the
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M C Reed
Director
Company registration number: 02740006
Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The company's principal activity is that of the provision of services to the entertainment industry.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 31 May 2023 and had net assets of £309,352 at that date.
During the year the company had a number of productions in theatres with further productions opening subsequent to 31 May 2023 and these have increased turnover and profitability. despite the general economic difficulties.
On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Turnover in respect of contracted services rendered is recognised based on the stage of completion. Turnover in respect of royalties receivable is recognised in the period to which the royalties relate.
Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Long leasehold property |
2% straight line per annum |
Fixtures, fittings, and equipment |
20% straight line per annum |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Tangible assets |
Long leasehold property |
Fixtures, fittings, and equipment |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
- |
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Transfers to/from investment property |
( |
- |
( |
At 31 May 2023 |
- |
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Depreciation |
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At 1 June 2022 |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
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At 31 May 2023 |
- |
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Carrying amount |
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At 31 May 2023 |
- |
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At 31 May 2022 |
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Investment properties |
Fair value |
2023 |
At 1 June 2022 |
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Transfers to and from owner-occupied property |
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Fair value adjustments |
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Foreign exchange movements |
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At 31 May 2023 |
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The investment property is included at fair value, as estimated by the director having taken professional advice, at an amount of £259,801.
Stocks |
2023 |
2022 |
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Work in progress |
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Debtors |
Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Campbell Music Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank loans |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank loans |
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The bank loans are secured by a fixed charge over certain of the company's investment property and a fixed and floating charge over the other assets and undertakings of the company.
Transactions with Directors |
At 31 May 2023 an amount of £57,255 (2022 - £17,921) was due from the director. During the year advances of £94,984 and repayments of £56,697 were made. Interest of £1,047 (2022 - £1,164) was charged at an annual rate of 2%. There are no set terms in place.
Profit and Loss account |
The profit and loss account includes an amount of £81,877 (2022: £41,682) which is not distributable.