Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30false2022-10-01ABC22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01316887 2022-10-01 2023-09-30 01316887 2021-10-01 2022-09-30 01316887 2023-09-30 01316887 2022-09-30 01316887 c:Director1 2022-10-01 2023-09-30 01316887 d:OfficeEquipment 2022-10-01 2023-09-30 01316887 d:OtherPropertyPlantEquipment 2023-09-30 01316887 d:OtherPropertyPlantEquipment 2022-09-30 01316887 d:CurrentFinancialInstruments 2023-09-30 01316887 d:CurrentFinancialInstruments 2022-09-30 01316887 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01316887 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 01316887 d:ShareCapital 2023-09-30 01316887 d:ShareCapital 2022-09-30 01316887 d:RetainedEarningsAccumulatedLosses 2023-09-30 01316887 d:RetainedEarningsAccumulatedLosses 2022-09-30 01316887 c:OrdinaryShareClass2 2022-10-01 2023-09-30 01316887 c:OrdinaryShareClass2 2023-09-30 01316887 c:OrdinaryShareClass3 2022-10-01 2023-09-30 01316887 c:OrdinaryShareClass3 2023-09-30 01316887 c:FRS102 2022-10-01 2023-09-30 01316887 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 01316887 c:FullAccounts 2022-10-01 2023-09-30 01316887 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 01316887 2 2022-10-01 2023-09-30 01316887 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01316887









VELVET MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
VELVET MANAGEMENT LIMITED
REGISTERED NUMBER: 01316887

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Tangible assets
 4 
-
-

Current assets
  

Debtors: amounts falling due within one year
 5 
11,440
45,816

Cash at bank and in hand
 6 
158,688
104,557

  
170,128
150,373

Creditors: amounts falling due within one year
 7 
(22,738)
(12,016)

Net current assets
  
 
 
147,390
 
 
138,357

  

Net assets
  
147,390
138,357


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
147,290
138,257

  
147,390
138,357


Page 1

 
VELVET MANAGEMENT LIMITED
REGISTERED NUMBER: 01316887
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 statement of comprehensive income 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 by 




C. S. Cooper
Director

Date: 15 March 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VELVET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Velvet Management Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA.
The company's principal activity is that of the provision of management services in the music industry.

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

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.

Royalty and investment income
Revenue from royalties and investment income is recognised on an accruals basis in accordance with the substance of the relevant agreement.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
VELVET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Office equipment
-
100% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

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.

 
2.5

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.



 
2.6

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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
VELVET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 October 2022
7,881



At 30 September 2023

7,881



Depreciation


At 1 October 2022
7,881



At 30 September 2023

7,881



Net book value



At 30 September 2023
-



At 30 September 2022
-

Page 5

 
VELVET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
2,910
-

Other debtors
8,530
45,816

11,440
45,816



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
158,688
104,557



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
16,384
9,068

Other taxation and social security
3,716
310

Accruals and deferred income
2,638
2,638

22,738
12,016



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



80 Ordinary A shares of £1.00 each
80
80
20 Ordinary B shares of £1.00 each
20
20

100

100


 
Page 6