Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-01false3true 07101577 2022-04-01 2023-03-31 07101577 2021-04-01 2022-03-31 07101577 2023-03-31 07101577 2022-03-31 07101577 c:Director1 2022-04-01 2023-03-31 07101577 d:ComputerEquipment 2022-04-01 2023-03-31 07101577 d:ComputerEquipment 2023-03-31 07101577 d:ComputerEquipment 2022-03-31 07101577 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07101577 d:CurrentFinancialInstruments 2023-03-31 07101577 d:CurrentFinancialInstruments 2022-03-31 07101577 d:Non-currentFinancialInstruments 2023-03-31 07101577 d:Non-currentFinancialInstruments 2022-03-31 07101577 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07101577 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07101577 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07101577 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 07101577 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 07101577 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 07101577 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 07101577 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 07101577 d:ShareCapital 2023-03-31 07101577 d:ShareCapital 2022-03-31 07101577 d:RetainedEarningsAccumulatedLosses 2023-03-31 07101577 d:RetainedEarningsAccumulatedLosses 2022-03-31 07101577 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07101577 c:OrdinaryShareClass1 2023-03-31 07101577 c:OrdinaryShareClass1 2022-03-31 07101577 c:FRS102 2022-04-01 2023-03-31 07101577 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07101577 c:FullAccounts 2022-04-01 2023-03-31 07101577 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07101577 2 2022-04-01 2023-03-31 07101577 6 2022-04-01 2023-03-31 07101577 d:Associate1 2022-04-01 2023-03-31 07101577 d:Associate1 1 2022-04-01 2023-03-31 07101577 e:PoundSterling 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 07101577














GARETH OWEN SOUND LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GARETH OWEN SOUND LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
GARETH OWEN SOUND LIMITED
REGISTERED NUMBER:07101577

BALANCE SHEET
AS AT 31 MARCH 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
9,141
1,907

Investments
 5 
105
206,485

  
9,246
208,392

Current assets
  

Debtors
 6 
148,122
70,658

Cash at bank and in hand
 7 
339,138
77,284

  
487,260
147,942

Creditors: amounts falling due within one year
 8 
(223,912)
(71,000)

Net current assets
  
 
 
263,348
 
 
76,942

Total assets less current liabilities
  
272,594
285,334

Creditors: amounts falling due after more than one year
 9 
-
(32,500)

  

Net assets
  
272,594
252,834


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
  
272,593
252,833

  
272,594
252,834


1

 
GARETH OWEN SOUND LIMITED
REGISTERED NUMBER:07101577
    
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: 




G Owen
Director

Date: 28 March 2024

The notes on pages 3 to 9 form part of these financial statements.

2

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Gareth Owen Sound Limited is a private company, limited by shares, registered in England and Wales, registration number 07101577. The registered office address is 85 Great Portland Street, London, W1W 7LT.

The principal activity of the company continued to be that of sound recording and music publishing

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
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 period 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.

 
2.3

Turnover

Turnover from sound recording and musical publishing is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue 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. 

 
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 period as the related expenditure. Grants received in respect of Covid Job Retention Scheme and interest on the Coronavirus Bounce Back Loan are included in other operating income. 

 
2.5

Interest income

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

 
2.6

Borrowing costs

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

3

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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 and loss account 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.

 
2.8

Taxation

Tax is recognised in profit and loss account 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 in the countries where the company operates and generates income.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
straight line over 3 years

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.

 
2.10

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

4

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

 Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

 Debtors

Short term debtors are measured at transaction price, less any impairment. 

 
2.13

 Cash and cash equivalents

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, including bank loans, 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 only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks, loans to and from related parties and investments in ordinary shares. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

5

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 April 2022
12,919


Additions
9,637



At 31 March 2023

22,556



Depreciation


At 1 April 2022
11,011


Charge for the year on owned assets
2,404



At 31 March 2023

13,415



Net book value



At 31 March 2023
9,141



At 31 March 2022
1,907


5.


Fixed asset investments





Investment in subsidiary company
Investment in associate
Other fixed asset investments
Total

£
£
£
£



Cost or valuation


At 1 April 2022 (as previously stated)
100
2,000
206,380
208,480


Prior Year Adjustment

-
(1,995)
-
(1,995)


At 1 April 2022 (as restated)
100
5
206,380
206,485


Other net movements
-
-
(12,976)
(12,976)


Withdrawals
-
-
(193,404)
(193,404)



At 31 March 2023
100
5
-
105





Associate


The following was an associate of the company:


Name

Registered office

Class of shares

Holding

Show Control Limited
United Kingdom
Ordinary
45%

6

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

As restated
2023
2022
£
£



Trade debtors
101
1,954

Amounts owed by group undertakings
-
12,662

Amounts owed by associated undertakings
-
2,000

Other debtors
146,793
37,535

Prepayments and accrued income
1,228
16,507

148,122
70,658



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
339,138
77,284



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
32,500
10,000

Trade creditors
26,007
12,941

Corporation tax
77,659
36,052

Other taxation and social security
-
1,165

Other creditors
72,585
4,083

Accruals and deferred income
15,161
6,759

223,912
71,000


The bank loan of £32,500 (2022 - £10,000) included in creditors due within one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
32,500


The bank loan of £NIL (2022 - £32,500) included in creditors due after more than one year is a Coronavirus Bounce Back Loan, 100% guaranteed by the government.

7

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
32,500
10,000

Amounts falling due 1-2 years

Bank loans
-
10,000

Amounts falling due 2-5 years

Bank loans
-
22,500


32,500
42,500



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



12.


Prior year adjustment

An amount of £2,000 due from an associated undertaking erroneously presented under the fixed asset investments and the investment in associate of £4.50 is omitted to record in the prior year accounts.
The comparatives in the accounts have therefore been adjusted to present the loan and investment correctly. It has had no impact on the profit and loss account nor the corporation tax.


13.


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 £80,000 (2022 - £Nil). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date.

8

 
GARETH OWEN SOUND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Related party transactions

No disclosure has been made of transactions with wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.
Included in other debtors is an amount of £Nil (2022 restated - £2,000) due from an associated undertaking. The loan is interest free and repayable on demand.
Included in other debtors is an amount of £132,063 (2022 restated - £17,731due from the director of the company. Interest of £1,063 (2022 - £1,189) has been charged on the loan at official interest rate. The loan is unsecured and repayable on demand.
During the year, the company has issued a dividend of £300,000 (2022 - £50,000) to the director of the company.
Included in other debtors is an amount of £Nil (2022 - £8,050) due from a company which is under a common control of the director. The loan is unsecured, interest free and repayable on demand.

 
9