Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31true42022-02-01falseNo description of principal activity4falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12412587 2022-02-01 2023-01-31 12412587 2021-02-01 2022-01-31 12412587 2023-01-31 12412587 2022-01-31 12412587 2021-02-01 12412587 c:Director1 2022-02-01 2023-01-31 12412587 d:ComputerEquipment 2022-02-01 2023-01-31 12412587 d:ComputerEquipment 2023-01-31 12412587 d:ComputerEquipment 2022-01-31 12412587 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 12412587 d:CurrentFinancialInstruments 2023-01-31 12412587 d:CurrentFinancialInstruments 2022-01-31 12412587 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 12412587 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 12412587 d:ShareCapital 2023-01-31 12412587 d:ShareCapital 2021-02-01 2022-01-31 12412587 d:ShareCapital 2022-01-31 12412587 d:ShareCapital 2021-02-01 12412587 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 12412587 d:RetainedEarningsAccumulatedLosses 2023-01-31 12412587 d:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 12412587 d:RetainedEarningsAccumulatedLosses 2022-01-31 12412587 d:RetainedEarningsAccumulatedLosses 2021-02-01 12412587 c:FRS102 2022-02-01 2023-01-31 12412587 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 12412587 c:FullAccounts 2022-02-01 2023-01-31 12412587 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12412587 2 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 12412587









EMPAWA AFRICA MUSIC SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
REGISTERED NUMBER: 12412587

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
96
442

Current assets
  

Debtors: amounts falling due within one year
 5 
1,113,738
763,349

Cash at bank and in hand
 6 
126,059
447,577

  
1,239,797
1,210,926

Creditors: amounts falling due within one year
 7 
(1,377,799)
(1,013,932)

  

Net (liabilities)/assets
  
(137,906)
197,436


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
(637,906)
(302,564)

  
(137,906)
197,436


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 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 on 4 April 2024.


................................................
Oluwatosin Oluwole Ajibade
Director

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

Page 1

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2021
2
(115,597)
(115,595)


Comprehensive income for the year

Loss for the year
-
(186,967)
(186,967)

Shares issued during the year
499,998
-
499,998



At 1 February 2022
500,000
(302,564)
197,436


Comprehensive income for the year

Loss for the year
-
(335,342)
(335,342)


At 31 January 2023
500,000
(637,906)
(137,906)


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

Page 2

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Empawa Africa Music Services Limited is a private company limited by share capital, incorporated in England and Wales, registration number 12412587. The address of the registered office is Wisteria Grange Barn, Pikes End, Pinner, Middlesex, United Kingdom, HA5 2EX. 

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

Going concern

The financial statements have been prepared on a going concern basis as the director believes adequate resources exist to enable it to meet its working capital requirements for at least twelve months from approval of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 3

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Taxation

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 income 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.

Page 4

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

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:

Computer 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.

 
2.9

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.

 
2.10

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

Page 5

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

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


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2022
691



At 31 January 2023

691



Depreciation


At 1 February 2022
249


Charge for the year on owned assets
346



At 31 January 2023

595



Net book value



At 31 January 2023
96



At 31 January 2022
442

Page 6

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
207,139
175,066

Amounts owed by group undertakings
-
576,027

Other debtors
906,599
12,256

1,113,738
763,349


Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
126,059
447,577

126,059
447,577



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
53,766
22,831

Amounts owed to group undertakings
1,105,522
929,055

Other taxation and social security
14,777
6,590

Other creditors
64,332
52,053

Accruals and deferred income
139,402
3,403

1,377,799
1,013,932


Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

Page 7

 
EMPAWA AFRICA MUSIC SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Related party transactions

Included in other debtors at the balance sheet is an amount of £676,702 (2022: £nil) paid in advance from the director, Oluwatosin Oluwole Ajibade.
Included in other creditors at the balance sheet date is an amount owed to the director, Oluwatosin Ajibade of £52,888 (2022: £48,009). 
These amounts are interest free and repayable on demand. 

 
Page 8