Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30true2022-06-10false0No description of principal activity1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14163460 2022-06-09 14163460 2022-06-10 2023-06-30 14163460 2021-06-10 2022-06-09 14163460 2023-06-30 14163460 c:Director1 2022-06-10 2023-06-30 14163460 d:CurrentFinancialInstruments 2023-06-30 14163460 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 14163460 d:ShareCapital 2023-06-30 14163460 d:RetainedEarningsAccumulatedLosses 2023-06-30 14163460 c:FRS102 2022-06-10 2023-06-30 14163460 c:AuditExempt-NoAccountantsReport 2022-06-10 2023-06-30 14163460 c:FullAccounts 2022-06-10 2023-06-30 14163460 c:PrivateLimitedCompanyLtd 2022-06-10 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 14163460









MOLA RECORDS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
MOLA RECORDS LIMITED
REGISTERED NUMBER: 14163460

BALANCE SHEET
AS AT 30 JUNE 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,054,499

Cash at bank and in hand
 5 
97,369

  
1,151,868

Creditors: amounts falling due within one year
 6 
(1,798,373)

Net current (liabilities)/assets
  
 
 
(646,505)

Total assets less current liabilities
  
(646,505)

  

Net (liabilities)/assets
  
(646,505)


Capital and reserves
  

Called up share capital 
  
2

Profit and loss account
  
(646,507)

  
(646,505)


The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her 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 on 8 March 2024.




Ms F Lubis
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
MOLA RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Mola Records Limited is a private company limited by share capital, incorporated in England and Wales, registration number 14163460. The address of the registered office is 3rd Floor, 21 Tower Street, London, England, WC2H 9NS.

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

At the balance sheet date, the company's liabilities exceeded its assets. The company has received
assurance from associated companies that they will continue to give financial support to the company for a period of at least twelve months from the date of signing of these financial statements.
On this basis, the director has considered it appropriate to prepare the financial statements on a
going concern basis. However, should the financial support mentioned above not be forthcoming, the
going concern basis used in preparing the company's financial statements may be invalid and
adjustments would have to be made to reduce the value of assets to their realisable amount and to
provide for any further liabilities which might arise. The financial statements do not include any
adjustment to the company's assets or liabilities that might be necessary should this basis not
continue to be appropriate.

 
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 2

 
MOLA RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 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

Advances to artists

Advances to artists, presented within debtors on the balance sheet, represent advances paid to
artists and other costs incurred on behalf of artists under contract. These advances, which are only
recoverable against future royalties, are charged to the profit and loss account as they are recouped
or where the probability of future recoupment in respect thereof is unlikely.

 
2.6

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.

 
2.7

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.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.

Page 3

 
MOLA RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

4.


Debtors

2023
£


Other debtors
1,051,893

Prepayments and accrued income
2,606

1,054,499



5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
97,369

97,369



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
35,851

Other creditors
1,633,147

Accruals and deferred income
129,375

1,798,373


Page 4

 
MOLA RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

7.


Related party transactions

Included in other debtors at the balance sheet date is an amount of £16,430 due from an entity owned and controlled by the director. The amount is in respect of expenses borne by this company on behalf of that entity. This amount is unsecured, interest free and repayable on demand.
Also included in other debtors at the balance sheet date is an amount of £972,939 due from an associated company. The amount is in respect of expenses borne by this company on behalf of the associated company. This amount is unsecured, interest free and repayable on demand.
Included in other creditors at the balance sheet date is an amount of £1,633,147 due to an associated
company. The lendor company is owned and controlled by an individual who has also been identified as a
person with significant control status for this company. The amount is in respect of cash advances to this
company. This amount is unsecured, interest free and repayable on demand.
After the year end, on 1 January 2024, the company entered into a formal loan agreement with the lendor
company. From that date, the loan would bear interest at 4% per annum but remains unsecured and
repayable on demand.

 
Page 5