for the Period Ended 31 December 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes | |
Community Interest Report |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Directors
The director shown below has held office during the whole of the period from
29 December 2022 to 31 December 2023
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2023 | ||
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| £ | |
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Cost of sales: | ( | |
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Operating profit(or loss): | ( | |
Profit(or loss) before tax: | ( | |
Profit(or loss) for the financial year: | ( |
As at
Notes | 2023 | ||
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| £ | ||
Current assets | |||
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Creditors: amounts falling due within one year: | 3 | ( | |
Net current assets (liabilities): | ( | ||
Total assets less current liabilities: | ( | ||
Total net assets (liabilities): | ( | ||
Members' funds | |||
Profit and loss account: | ( | ||
Total members' funds: | ( |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
for the Period Ended 31 December 2023
2023 | ||
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Average number of employees during the period | |
for the Period Ended 31 December 2023
2023 | ||
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£ | ||
Accruals and deferred income | | |
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The company (MM) operates an online music platform which supports musicians and charitable organisations through the sale of music uploaded by the musicians. For every music ‘release,’ artists have the option to donate between 5 and 100% of any subsequent revenue to a charitable ‘fund’ of their choice. These funds comprise charitable organisationsworking in a range of thematic areas including social inclusion, the environment, poverty alleviation and services for young people.In addition to providing the means for musicians to distribute their music and fundraise, MM supports both the artists registered on the platform and its beneficiary organisations through promotion, primarily on social media.MM began trading with its first artist sign-up in February 2023. Over the course of our first year, some 25 artists have registered and published music on the platform and over 70 individual releases have been sold. This has generated approximately £90.00 income for registered artists and £150.00 in charitable donations.In our first year, MM has invested in building engagement with musicians and customers through social media as this is crucial to driving sales on the platform. We have secured approximately 3000 follows across Facebook and Instagram.The response to MM’s concept has been overwhelmingly positive from musicians and its charitable beneficiaries. In our next year, we hope to continue and grow our engagement with them to drive more fundraising activities and build our community of like-minded artists and non-profits.
MM’s key stakeholders are the musicians registered on the platform and representatives from its charitable beneficiaries. MM actively engages with each registered artist through email and through social media groups in order to collect feedback. These mechanisms have provided alot of useful feedback, primarily in relation to the design and efficiency of the platform itself. Through artist feedback, we have made a number of incremental improvements to the platform’s user interface and functionality. Next year, we will be releasing a new major versionof the platform and will be actively engaging with musicians and our charitable beneficiaries to assist in testing and to provide feedback on any new designs.One major area of improvement will be based upon feedback from musicians that they want to be more actively connected to the charities they are supporting through the sale of their music. For this reason, we will be designing a ‘community’ area of our platform through which musicians will be able to directly engage with our charitable beneficiaries and share their ideas. In this way, we want MM to become a hub for like-minded artists and non-profits to collaborate.
No remuneration was received
The following transfers were made as donations to our registered beneficiaries generated through the sale of music on our platform. All transfers have been made with the regulator’s consent via the submission of CIC 53 forms:05/06/23: Donation to Audio Active (charity: 1168749) - £54.2511/12/23: Donation to Audio Active (charity: 1168749) - £9.1205/06/23: Donation to Indigo Volunteers (charity: 1158459) - £39.3305/06/23: Donation to Stay Up Late (charity: 1145040) - £24.4205/06/23: Donation to The LEAF Charity (charity: 1184069) - £23.41
This report was approved by the board of directors on
15 April 2024
And signed on behalf of the board by:
Name: Toby Wilson
Status: Director