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Registered number: 8008106
Metronomy Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
FMTV Accounting Ltd
Chartered Accountants
Suite 21
Adam House 7-10 Adam Street
London
WC2N 6AA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 8008106
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 89,544 46,390
89,544 46,390
CURRENT ASSETS
Stocks 5 17,929 10,343
Debtors 6 527,297 300,516
Investments 7 175 175
Cash at bank and in hand 436,734 454,508
982,135 765,542
Creditors: Amounts Falling Due Within One Year 8 (209,460 ) (97,824 )
NET CURRENT ASSETS (LIABILITIES) 772,675 667,718
TOTAL ASSETS LESS CURRENT LIABILITIES 862,219 714,108
NET ASSETS 862,219 714,108
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 862,218 714,107
SHAREHOLDERS' FUNDS 862,219 714,108
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Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr JOSEPH MOUNT
Director
29/03/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Metronomy Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 8008106 . The registered office is Suite 21, Adam House, 7-10 Adam Street, London, WC2N 6AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery at 18% of Net Residual Value
Fixtures & Fittings at 5% of Cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2022 16,322 50,992 67,314
Additions 56,209 - 56,209
As at 31 March 2023 72,531 50,992 123,523
Depreciation
As at 1 April 2022 11,735 9,189 20,924
Provided during the period 10,965 2,090 13,055
As at 31 March 2023 22,700 11,279 33,979
...CONTINUED
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Net Book Value
As at 31 March 2023 49,831 39,713 89,544
As at 1 April 2022 4,587 41,803 46,390
5. Stocks
2023 2022
£ £
Finished goods 17,929 10,343
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 3,993 48,815
Prepayments and accrued income 39,097 29,940
Other debtors 56,049 9,287
Other debtors - Need Now Future LLP intercompany loans (378 ) (378 )
Other debtors - Hot Wave Music Publishing Ltd 35,000 35,000
Corporation tax recoverable assets 83,578 16,076
Directors' loan accounts 208,917 60,114
Amounts owed by other participating interests 101,041 101,662
527,297 300,516
7. Current Asset Investments
2023 2022
£ £
Unlisted investments 175 175
175 175
Need Now Future LLP capital subscribed - £100
Hot Wave Music Publishing Ltd capital subscribed - £75
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 27,819 2,185
Corporation tax 111,090 27,631
Other taxes and social security 3,254 4,781
VAT 15,624 13,619
Accruals and deferred income 51,673 49,608
209,460 97,824
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 31 March 2023
£ £ £ £ £
Mr JOSEPH MOUNT 10,606 266,265 117,354 - 159,517
Miss Marion Cassan 49,508 48,992 49,100 - 49,400
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