Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-3142022-04-01false4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12489033 2022-04-01 2023-03-31 12489033 2021-04-01 2022-03-31 12489033 2023-03-31 12489033 2022-03-31 12489033 c:Director1 2022-04-01 2023-03-31 12489033 d:MotorVehicles 2022-04-01 2023-03-31 12489033 d:MotorVehicles 2023-03-31 12489033 d:MotorVehicles 2022-03-31 12489033 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12489033 d:FurnitureFittings 2022-04-01 2023-03-31 12489033 d:FurnitureFittings 2023-03-31 12489033 d:FurnitureFittings 2022-03-31 12489033 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12489033 d:OfficeEquipment 2022-04-01 2023-03-31 12489033 d:OfficeEquipment 2023-03-31 12489033 d:OfficeEquipment 2022-03-31 12489033 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12489033 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 12489033 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 12489033 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 12489033 d:CurrentFinancialInstruments 2023-03-31 12489033 d:CurrentFinancialInstruments 2022-03-31 12489033 d:Non-currentFinancialInstruments 2023-03-31 12489033 d:Non-currentFinancialInstruments 2022-03-31 12489033 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12489033 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12489033 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12489033 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 12489033 d:ShareCapital 2023-03-31 12489033 d:ShareCapital 2022-03-31 12489033 d:RetainedEarningsAccumulatedLosses 2023-03-31 12489033 d:RetainedEarningsAccumulatedLosses 2022-03-31 12489033 c:OrdinaryShareClass1 2022-04-01 2023-03-31 12489033 c:OrdinaryShareClass1 2023-03-31 12489033 c:OrdinaryShareClass1 2022-03-31 12489033 c:FRS102 2022-04-01 2023-03-31 12489033 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12489033 c:FullAccounts 2022-04-01 2023-03-31 12489033 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12489033 2 2022-04-01 2023-03-31 12489033 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-04-01 2023-03-31 12489033 e:PoundSterling 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12489033














JEM MUSIC LIMITED

 
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
JEM MUSIC LIMITED
REGISTERED NUMBER:12489033

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,400,000
3,600,000

Tangible assets
 5 
51,774
63,825

  
3,451,774
3,663,825

Current assets
  

Debtors: amounts falling due within one year
 6 
109,830
81,494

Cash at bank and in hand
 7 
8,134
-

  
117,964
81,494

Creditors: amounts falling due within one year
 8 
(2,330,770)
(2,892,920)

Net current liabilities
  
 
 
(2,212,806)
 
 
(2,811,426)

Total assets less current liabilities
  
1,238,968
852,399

Creditors: amounts falling due after more than one year
 9 
-
(23,360)

Provisions for liabilities
  

Deferred tax
  
(8,739)
(10,776)

  
 
 
(8,739)
 
 
(10,776)

Net assets
  
1,230,229
818,263


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
1,230,129
818,163

  
1,230,229
818,263


Page 1

 
JEM MUSIC LIMITED
REGISTERED NUMBER:12489033
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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: 




C L Balsam
Director

Date: 22 March 2024

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

Page 2

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Jem Music Limited is a private company, limited by shares, registered in England and Wales, registration number 12489033. 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 music management. 

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

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 year 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 are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.

 
2.3

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 music management activities is recognised when it is probable the company will receive the rights to the consideration due under the contract.
 
 
2.4

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 year as the related expenditure. Grants received in respect of the Coronavirus Job Retention Scheme are included in other income.

 
2.5

Interest income

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

Page 3

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

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.

 
2.9

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.

 
2.10

 Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. The useful life of the intangible asset has been estimated to be over 20 years.

Page 4

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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 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, trade and othe creditors, and loans with related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 5

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Rights

£



Cost


At 1 April 2022
4,000,000



At 31 March 2023

4,000,000



Amortisation


At 1 April 2022
400,000


Charge for the year
200,000



At 31 March 2023

600,000



Net book value



At 31 March 2023
3,400,000



At 31 March 2022
3,600,000




5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 April 2022
32,800
27,654
41,120
101,574


Additions
-
5,207
-
5,207



At 31 March 2023

32,800
32,861
41,120
106,781



Depreciation


At 1 April 2022
8,200
11,559
17,990
37,749


Charge for the year
6,150
5,325
5,783
17,258



At 31 March 2023

14,350
16,884
23,773
55,007



Net book value



At 31 March 2023
18,450
15,977
17,347
51,774

Page 6

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
4,825

Amounts owed by connected entities
77,059
29,003

Other debtors
3,446
5,284

Prepayments and accrued income
29,325
42,382

109,830
81,494



7.


Cash

2023
2022
£
£

Cash at bank and in hand
8,134
-

Less: bank overdrafts
-
(128,352)

8,134
(128,352)



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
128,352

Trade creditors
46,066
39,656

Amounts owed to connected entities
4,253
-

Corporation tax
229,748
113,003

Other taxation and social security
6,215
-

Obligations under finance lease and hire purchase contracts
23,734
4,854

Other creditors
2,001,828
2,599,696

Accruals
18,926
7,359

2,330,770
2,892,920



9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
23,360


Page 7

 
JEM MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



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 payable by the company to the fund and amounted to £2,138 (2022 - £1,341). Contributions totalling £565 (2022 - £835) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

As at 31 March 2023, the company had future minimum lease payments due under non-cancellable operating leases amounting to £148,941 (2022 - £192,048).



13.


Transactions with directors

During the year, the company repaid  £599,407 (2022 - £503,806) to the director. As at the year end, the company owed £1,995,674 (2022 - £2,595,081) to the director. The loan is unsecured, interest free and repayable on demand. 

 
Page 8