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REGISTERED NUMBER: 10152370 (England and Wales)















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: D McDonald





REGISTERED OFFICE: 1 Gordon Mews
Gordon Close
Portslade
East Sussex
BN41 1HU





REGISTERED NUMBER: 10152370 (England and Wales)





ACCOUNTANTS: Warren House Accountants Limited
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 74 968

CURRENT ASSETS
Debtors 5 176,130 198,417
Cash at bank 6 23,501
176,136 221,918
CREDITORS
Amounts falling due within one year 6 658,195 757,843
NET CURRENT LIABILITIES (482,059 ) (535,925 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(481,985

)

(534,957

)

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings (481,986 ) (534,958 )
SHAREHOLDERS' FUNDS (481,985 ) (534,957 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2024 and were signed by:





D McDonald - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 30 March 2022
and 29 March 2023 4,470
DEPRECIATION
At 30 March 2022 3,502
Charge for year 894
At 29 March 2023 4,396
NET BOOK VALUE
At 29 March 2023 74
At 29 March 2022 968

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.3.23 29.3.22
£    £   
Other debtors 176,130 198,417

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.3.23 29.3.22
£    £   
Trade creditors 18,912 27,417
Amounts owed to group undertakings 512,730 485,630
Taxation and social security 23,777 34,844
Other creditors 102,776 209,952
658,195 757,843

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: £    £   
1 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.