REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 March 2023 |
for |
XVII Music Group Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 March 2023 |
for |
XVII Music Group Ltd |
XVII Music Group Ltd (Registered number: 10152370) |
Contents of the Financial Statements |
for the Year Ended 29 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
XVII Music Group Ltd |
Company Information |
for the Year Ended 29 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 The Courtyard |
Holmsted Farm |
Staplefield Road |
Haywards Heath |
RH17 5JF |
XVII Music Group Ltd (Registered number: 10152370) |
Balance Sheet |
29 March 2023 |
29.3.23 | 29.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
XVII Music Group Ltd (Registered number: 10152370) |
Notes to the Financial Statements |
for the Year Ended 29 March 2023 |
1. | STATUTORY INFORMATION |
XVII Music Group Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis which the director considers appropriate given the on-going financial support of the company's connected company, iTalk Affiliate Telecommunications Limited, which the director considers will continue to provide financial support as required for the next twelve months from the date these accounts are approved. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company earns commissions from artists in relation to the performances by the contracted artists. Commission income is recognised on an accruals basis in accordance with the substance of the relevant agreement with the specific artist.. |
Tangible fixed assets |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
XVII Music Group Ltd (Registered number: 10152370) |
Notes to the Financial Statements - continued |
for the Year Ended 29 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 30 March 2022 |
and 29 March 2023 |
DEPRECIATION |
At 30 March 2022 |
Charge for year |
At 29 March 2023 |
NET BOOK VALUE |
At 29 March 2023 |
At 29 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.3.23 | 29.3.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.3.23 | 29.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
XVII Music Group Ltd (Registered number: 10152370) |
Notes to the Financial Statements - continued |
for the Year Ended 29 March 2023 |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.3.23 | 29.3.22 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, the company owed iTalk Affiliate Telecommunications Limited, a company of which R A Church is sole shareholder £512,730 (2022 - £485,630). The amount is unsecured, interest free, and has no set repayment terms. |
As at the balance sheet date, the shareholder R A Church owed the company £135,641 (2022: £135,659). The amount has been subject to interest. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party of the company is R A Church, the majority shareholder. |