Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302022-07-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04457684 2022-07-01 2023-06-30 04457684 2021-07-01 2022-06-30 04457684 2023-06-30 04457684 2022-06-30 04457684 c:Director1 2022-07-01 2023-06-30 04457684 d:OfficeEquipment 2022-07-01 2023-06-30 04457684 d:OfficeEquipment 2023-06-30 04457684 d:OfficeEquipment 2022-06-30 04457684 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04457684 d:CurrentFinancialInstruments 2023-06-30 04457684 d:CurrentFinancialInstruments 2022-06-30 04457684 d:Non-currentFinancialInstruments 2023-06-30 04457684 d:Non-currentFinancialInstruments 2022-06-30 04457684 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04457684 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 04457684 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04457684 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 04457684 d:ShareCapital 2023-06-30 04457684 d:ShareCapital 2022-06-30 04457684 d:RetainedEarningsAccumulatedLosses 2023-06-30 04457684 d:RetainedEarningsAccumulatedLosses 2022-06-30 04457684 c:OrdinaryShareClass1 2022-07-01 2023-06-30 04457684 c:OrdinaryShareClass1 2023-06-30 04457684 c:OrdinaryShareClass1 2022-06-30 04457684 c:FRS102 2022-07-01 2023-06-30 04457684 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04457684 c:FullAccounts 2022-07-01 2023-06-30 04457684 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04457684 2 2022-07-01 2023-06-30 04457684 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04457684














L 25 ENTERTAINMENT LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
L 25 ENTERTAINMENT LIMITED
REGISTERED NUMBER:04457684

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,448
3,264

  
2,448
3,264

Current assets
  

Debtors: amounts falling due within one year
 6 
10,453
1,075

Cash at bank and in hand
 7 
161,650
551,602

  
172,103
552,677

Creditors: amounts falling due within one year
 8 
(12,915)
(121,530)

Net current assets
  
 
 
159,188
 
 
431,147

Total assets less current liabilities
  
161,636
434,411

Creditors: amounts falling due after more than one year
 9 
(14,550)
(22,137)

  

Net assets
  
147,086
412,274


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
147,084
412,272

  
147,086
412,274


Page 1

 
L 25 ENTERTAINMENT LIMITED
REGISTERED NUMBER:04457684
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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: 




D S Michaelson
Director

Date: 27 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
L 25 ENTERTAINMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

L 25 Entertainment Limited is a private company, limited by shares, registered in England and Wales, registration number 04457684. 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 recording and 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
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 publishing and recording activities is recognised when it is probable the company will receive the rights to the consideration due under the contract.

 
2.4

Interest income

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

 
2.5

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. 

Page 3

 
L 25 ENTERTAINMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
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 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.

 
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:

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.

 
2.9

 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

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities including bank loan, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, other creditors and loans with related parties.

Page 4

 
L 25 ENTERTAINMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




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


4.


Dividends

2023
2022
£
£


Dividends
336,000
182,000


5.


Tangible fixed assets





Office equipment

£



Cost 


At 1 July 2022
4,734



At 30 June 2023

4,734



Depreciation


At 1 July 2022
1,470


Charge for the year
816



At 30 June 2023

2,286



Net book value



At 30 June 2023
2,448



At 30 June 2022
3,264

Page 5

 
L 25 ENTERTAINMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Other debtors
8,906
1,075

Tax recoverable
1,547
-

10,453
1,075



7.


Cash

2023
2022
£
£

Cash at bank
161,650
551,602



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Other loans
7,667
7,018

Corporation tax
-
101,553

Other creditors
4,695
1,792

Accruals
553
11,167

12,915
121,530


Included in creditors is the Coronavirus Bounce Back Loan for £7,667 (2022 - £7,018) which is 100% guaranteed by the government.


9.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Other loans
14,550
22,137


The bank loan of £14,550 (2022 - £22,137) is a Coronavirus Bounce Back Loan which is 100% guaranteed by the government.

Page 6

 
L 25 ENTERTAINMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1 each
2
2



11.


Transactions with the director

During the year, the company advanced £604,087 (2022 - £355,624). The directors repaid £606,991 (2022 - £356,323) to the company. As at the year end, the company owed the directors £4,696 (2022 - £1,792). The loans are unsecured and repayable on demand, interest has been charged on the loans.
During the year, dividends of £336,000 (2022 - £182,000) was paid to the director.

 
Page 7