Academy Music Management Limited 06422941 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of the management of musical artists and related consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 06422941 2022-04-01 2023-03-31 06422941 2023-03-31 06422941 core:CurrentFinancialInstruments 2023-03-31 06422941 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06422941 core:FurnitureFittingsToolsEquipment 2023-03-31 06422941 bus:SmallEntities 2022-04-01 2023-03-31 06422941 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06422941 bus:FullAccounts 2022-04-01 2023-03-31 06422941 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06422941 bus:RegisteredOffice 2022-04-01 2023-03-31 06422941 bus:Director2 2022-04-01 2023-03-31 06422941 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06422941 core:FurnitureFittings 2022-04-01 2023-03-31 06422941 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06422941 countries:EnglandWales 2022-04-01 2023-03-31 06422941 2022-03-31 06422941 core:FurnitureFittingsToolsEquipment 2022-03-31 06422941 2021-04-01 2022-03-31 06422941 2022-03-31 06422941 core:CurrentFinancialInstruments 2022-03-31 06422941 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06422941 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06422941

Academy Music Management Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Academy Music Management Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,495

3,264

Current assets

 

Debtors

5

1,258,698

853,121

Cash at bank and in hand

 

1,975

23,758

 

1,260,673

876,879

Creditors: Amounts falling due within one year

6

(597,425)

(377,669)

Net current assets

 

663,248

499,210

Total assets less current liabilities

 

665,743

502,474

Provisions for liabilities

(624)

(816)

Net assets

 

665,119

501,658

Capital and reserves

 

Called up share capital

2

2

Retained earnings

665,117

501,656

Shareholders' funds

 

665,119

501,658

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

Directors' 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 directors acknowledge their 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.

 

Academy Music Management Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

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

Mr D Trafford

Director

Company registration number: 06422941

 

Academy Music Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the management of musical artists and related consultancy services.

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 and key accounting estimates

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 March 2023 and had net assets of £665,119 at that date. The company has continued to trade profitably since 31 March 2023 and the directors do not believe that the global conflicts or current UK economic environment will have a material effect on the company.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the financial statements have been prepared on the going concern basis.

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 value added tax, returns, rebates and discounts.

The company recognises revenue in respect of services rendered over the period to which the services relate.

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.

 

Academy Music Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Furniture, Fittings and Equipment

Over 3 years straight line

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.

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 2 (2022 - 2).

 

Academy Music Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

9,132

9,132

Additions

1,783

1,783

At 31 March 2023

10,915

10,915

Depreciation

At 1 April 2022

5,868

5,868

Charge for the year

2,552

2,552

At 31 March 2023

8,420

8,420

Carrying amount

At 31 March 2023

2,495

2,495

At 31 March 2022

3,264

3,264

5

Debtors

2023
£

2022
£

Trade debtors

-

1,425

Other debtors

1,258,698

851,696

1,258,698

853,121

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Taxation and social security

 

578,225

358,039

Other creditors

 

19,200

19,630

 

597,425

377,669

7

Transactions with directors

At 31 March 2023 an amount of £1,034,225 (2022: £731,627) was due from the directors. During the year advances of £379,129 and repayments of £94,015 were made. Interest of £17,484, (2022: £12,705) is payable to the company at 2% p.a. There are no agreed terms in place.