Company Registration No. 03544405 (England and Wales)
LITTLE DRAGON MUSIC LIMITED
Unaudited accounts
for the year ended 30 April 2023
LITTLE DRAGON MUSIC LIMITED
Statement of financial position
as at 30 April 2023
Cash at bank and in hand
42,220
97
Creditors: amounts falling due within one year
(14,290)
(6,567)
Net current assets
28,450
28,441
Called up share capital
1
1
Profit and loss account
28,449
28,440
Shareholders' funds
28,450
28,441
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 January 2024 and were signed on its behalf by
Denise Dyce
Director
Company Registration No. 03544405
LITTLE DRAGON MUSIC LIMITED
Notes to the Accounts
for the year ended 30 April 2023
LITTLE DRAGON MUSIC LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03544405. The registered office is Roundhouse, 212 Regent's Park Road, London, NW1 8AW.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation and functional currency
The accounts are presented in sterling and this is also the functional currency of the company.
Turnover - Royalty Income
Royalty income is recognised on a notified earnings basis. Credit is taken for royalty income, arising from the music publishing, record production and related activities, which has been received or declared by users by the period end. Amounts received in advance are carried forward in creditors until notified as earnings by the licensee.
Royalties payable are charged to the profit and loss account to the extent that amounts are contractually paid or are payable in respect of the year under review. If any royalties payable are considered to be recoverable from future income, these are carried forward in debtors.
Basic financial instruments, whether financial assets or financial liabilities, are recognised at amortised cost using the effective interest method.
Debtors and creditors falling due within one year are recognised at undiscounted transaction price. Debtors are reviewed for impairment at the end of the financial year and any impairments are recognised in the profit and loss account.
The financial statements are presented in sterling and this is also the functional currency of the company.
Transactions in currencies (other than the functional currency) are recorded at the rate of exchange ruling at the date of the transaction.
Monetary items denominated in other currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. All exchange differences arising are dealt with in the profit and loss account.
LITTLE DRAGON MUSIC LIMITED
Notes to the Accounts
for the year ended 30 April 2023
Amounts falling due within one year
Amounts falling due after more than one year
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
16
51
Other creditors
1,200
6,516
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Net amount due to company as detailed in note 7 below.
1,599
-
1,599
-
7
Transactions with related parties
In the ordinary course of business, F Dyce (a director and the shareholder) has assigned the copyright in certain musical works to the company to exploit as music publisher. Royalties payables totalling £27,061 (2022: £26,312) are due to F Dyce in respect of these works. At the year-end debtors includes £0 (nil) (2021: £33,203) in respect of amounts advanced to F Dyce for offset against future royalties payable. Also, debtors include £0 (nil) (2021: £1,599) due from F Dyce being net of amounts expended on behalf of the company, unpaid invoices and other amounts less amounts due to the company.
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).