Campbell Music Limited 02740006 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is The company is principally engaged in the provision of services to the entertainment industry. Digita Accounts Production Advanced 6.30.9574.0 true true 02740006 2022-06-01 2023-05-31 02740006 2023-05-31 02740006 core:CurrentFinancialInstruments 2023-05-31 02740006 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 02740006 core:Non-currentFinancialInstruments 2023-05-31 02740006 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 02740006 core:FurnitureFittingsToolsEquipment 2023-05-31 02740006 core:LandBuildings 2023-05-31 02740006 bus:SmallEntities 2022-06-01 2023-05-31 02740006 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02740006 bus:FullAccounts 2022-06-01 2023-05-31 02740006 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 02740006 bus:RegisteredOffice 2022-06-01 2023-05-31 02740006 bus:CompanySecretary2 2022-06-01 2023-05-31 02740006 bus:Director2 2022-06-01 2023-05-31 02740006 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02740006 bus:Agent1 2022-06-01 2023-05-31 02740006 core:Buildings 2022-06-01 2023-05-31 02740006 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 02740006 core:LandBuildings 2022-06-01 2023-05-31 02740006 countries:EnglandWales 2022-06-01 2023-05-31 02740006 2022-05-31 02740006 core:FurnitureFittingsToolsEquipment 2022-05-31 02740006 core:LandBuildings 2022-05-31 02740006 2021-06-01 2022-05-31 02740006 2022-05-31 02740006 core:CurrentFinancialInstruments 2022-05-31 02740006 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 02740006 core:Non-currentFinancialInstruments 2022-05-31 02740006 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 02740006 core:FurnitureFittingsToolsEquipment 2022-05-31 02740006 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 02740006

Campbell Music Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Campbell Music Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Financial Statements

4 to 9

 

Campbell Music Limited

Company Information

Director

M C Reed

Company secretary

A F Jenkins

Registered office

2nd Floor
130 Shaftesbury Avenue
London
W1D 5EU

Bankers

National Westminster Bank PLC
PO Box 2162
20 Dean Street
London
W1A 1SX

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Campbell Music Limited

Statement of Financial Position as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,148

45,575

Investment property

6

259,801

160,478

 

264,949

206,053

Current assets

 

Stocks

7

17,047

16,788

Debtors

8

85,202

58,290

Cash at bank and in hand

 

63,081

24,987

 

165,330

100,065

Creditors: Amounts falling due within one year

9

(59,108)

(54,226)

Net current assets

 

106,222

45,839

Total assets less current liabilities

 

371,171

251,892

Creditors: Amounts falling due after more than one year

9

(33,240)

(43,979)

Provisions for liabilities

(28,579)

(406)

Net assets

 

309,352

207,507

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

309,252

207,407

Shareholders' funds

 

309,352

207,507

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Campbell Music Limited

Statement of Financial Position as at 31 May 2023

Approved and authorised by the director on 28 February 2024
 

.........................................

M C Reed

Director

Company registration number: 02740006

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor
130 Shaftesbury Avenue
London
W1D 5EU

The company's principal activity is that of the provision of services to the entertainment industry.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 31 May 2023 and had net assets of £309,352 at that date.

During the year the company had a number of productions in theatres with further productions opening subsequent to 31 May 2023 and these have increased turnover and profitability. despite the general economic difficulties.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Turnover in respect of contracted services rendered is recognised based on the stage of completion. Turnover in respect of royalties receivable is recognised in the period to which the royalties relate.

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

2% straight line per annum

Fixtures, fittings, and equipment

20% straight line per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,052

2,834

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Long leasehold property
£

Fixtures, fittings, and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

60,327

44,191

104,518

Additions

-

5,059

5,059

Transfers to/from investment property

(60,327)

-

(60,327)

At 31 May 2023

-

49,250

49,250

Depreciation

At 1 June 2022

16,892

42,051

58,943

Charge for the year

-

2,051

2,051

Eliminated on disposal

(16,892)

-

(16,892)

At 31 May 2023

-

44,102

44,102

Carrying amount

At 31 May 2023

-

5,148

5,148

At 31 May 2022

43,435

2,140

45,575

6

Investment properties

Fair value

2023
£

At 1 June 2022

160,478

Transfers to and from owner-occupied property

43,436

Fair value adjustments

54,064

Foreign exchange movements

1,823

At 31 May 2023

259,801


The investment property is included at fair value, as estimated by the director having taken professional advice, at an amount of £259,801.

7

Stocks

2023
£

2022
£

Work in progress

17,047

16,788

8

Debtors

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

2023
£

2022
£

Trade debtors

25,698

30,007

Other debtors

59,504

28,283

85,202

58,290

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

10

9,810

6,869

Trade creditors

 

1,251

9,900

Taxation and social security

 

24,692

12,324

Other creditors

 

23,355

25,133

 

59,108

54,226

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

10

33,240

43,979

 

Campbell Music Limited

Notes to the Financial Statements for the Year Ended 31 May 2023

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

9,810

6,869

2023
£

2022
£

Non-current loans and borrowings

Bank loans

33,240

43,979

The bank loans are secured by a fixed charge over certain of the company's investment property and a fixed and floating charge over the other assets and undertakings of the company.

11

Transactions with Directors

At 31 May 2023 an amount of £57,255 (2022 - £17,921) was due from the director. During the year advances of £94,984 and repayments of £56,697 were made. Interest of £1,047 (2022 - £1,164) was charged at an annual rate of 2%. There are no set terms in place.

12

Profit and Loss account

The profit and loss account includes an amount of £81,877 (2022: £41,682) which is not distributable.