Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-07-0122truetrue 07272792 2022-07-01 2023-06-30 07272792 2021-07-01 2022-06-30 07272792 2023-06-30 07272792 2022-06-30 07272792 c:Director2 2022-07-01 2023-06-30 07272792 d:PlantMachinery 2022-07-01 2023-06-30 07272792 d:PlantMachinery 2023-06-30 07272792 d:PlantMachinery 2022-06-30 07272792 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07272792 d:FurnitureFittings 2022-07-01 2023-06-30 07272792 d:FurnitureFittings 2023-06-30 07272792 d:FurnitureFittings 2022-06-30 07272792 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07272792 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07272792 d:CurrentFinancialInstruments 2023-06-30 07272792 d:CurrentFinancialInstruments 2022-06-30 07272792 d:Non-currentFinancialInstruments 2023-06-30 07272792 d:Non-currentFinancialInstruments 2022-06-30 07272792 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07272792 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 07272792 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07272792 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 07272792 d:ShareCapital 2023-06-30 07272792 d:ShareCapital 2022-06-30 07272792 d:RetainedEarningsAccumulatedLosses 2023-06-30 07272792 d:RetainedEarningsAccumulatedLosses 2022-06-30 07272792 c:OrdinaryShareClass1 2022-07-01 2023-06-30 07272792 c:OrdinaryShareClass1 2023-06-30 07272792 c:OrdinaryShareClass1 2022-06-30 07272792 c:FRS102 2022-07-01 2023-06-30 07272792 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 07272792 c:FullAccounts 2022-07-01 2023-06-30 07272792 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07272792 e:PoundSterling 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07272792














MOJAM MUSIC LTD

 
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
MOJAM MUSIC LTD
REGISTERED NUMBER:07272792

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
50,453
63,067

  
50,453
63,067

Current assets
  

Debtors: amounts falling due within one year
 5 
76,487
65,452

Cash at bank and in hand
 6 
101,570
99,484

  
178,057
164,936

Creditors: amounts falling due within one year
 7 
(139,142)
(123,211)

Net current assets
  
 
 
38,915
 
 
41,725

Total assets less current liabilities
  
89,368
104,792

Creditors: amounts falling due after more than one year
 8 
(27,437)
(37,271)

Provisions for liabilities
  

Deferred tax
  
(11,829)
(14,811)

  
 
 
(11,829)
 
 
(14,811)

Net assets
  
50,102
52,710


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
49,102
51,710

  
50,102
52,710


Page 1

 
MOJAM MUSIC LTD
REGISTERED NUMBER:07272792
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 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 by: 




M A Omer
Director

Date: 16 April 2024

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
MOJAM MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Mojam Music Ltd is a private company, limited by shares, registered in England and Wales, registration number 07272792. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company continued to be that of music production and song writing.

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 the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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 year 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from music production and song writing is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Royalties receivable are recognised at the year end date by the company.
Advances received are carried forward as deferred income until the earlier of recoupment against contractual royalties due, agreement expiry or recognition that recoupment is unlikely to take place.

Page 3

 
MOJAM MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the profit and loss account in the same year as the related expenditure. Grants received in respect of bounce back loans and the related interest  are included in the other income.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

The tax expense for the year comprises current and deferred tax. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
MOJAM MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

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.

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

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance

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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.10

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 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.

 
2.12

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, loans from bank and loan with related parties.

 
2.13

 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.


3.


Employees

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

Page 5

 
MOJAM MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost 


At 1 July 2022
122,996
18,000
140,996



At 30 June 2023

122,996
18,000
140,996



Depreciation


At 1 July 2022
67,302
10,627
77,929


Charge for the year
11,139
1,475
12,614



At 30 June 2023

78,441
12,102
90,543



Net book value



At 30 June 2023
44,555
5,898
50,453



At 30 June 2022
55,694
7,373
63,067


5.


Debtors

2023
2022
£
£


Trade debtors
54,478
51,977

Amounts owed by connected companies
13,821
11,780

Other debtors
7,956
-

Prepayments and accrued income
232
1,695

76,487
65,452



6.


Cash

2023
2022
£
£

Cash at bank
101,570
99,484


Page 6

 
MOJAM MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank loans
9,829
9,586

Trade creditors
7,086
1,308

Corporation tax
31,835
25,598

Other taxation and social security
1,414
5,183

Other creditors
4,862
12,063

Accruals and deferred income
84,116
69,473

139,142
123,211


 Included creditors less than one year, is the bounce back loan for £9,829 (2022 - £9,586) which is   fully guaranteed by the government.
 

8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
27,437
37,271


 Included in creditors more than one year, is the bounce back loan for £27,437 (2022 - £37,271)   which is fully guaranteed by the government.
 

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Transactions with directors

During the year, the company advanced £13,279 (2022 - £3,350) to the director, of which £4,776 (2022 - £3,334) was repaid by the director to the company. As at the year end, the director owed £7,959 to the company (2022 - the company owed £544 to director). Interest has been charged on the loan at the beneficial loan rate. The loan is unsecured and repayable on demand.
During the year, the company advanced £11,327 (2022 - £2,263) to the director, of which £4,673 (2022 - £13,419) was repaid by the director to the company. As at the year end, the company owed £4,864 to the director (2022 - £11,518). Interest has been charged on the loan at the beneficial loan rate. The loan is unsecured and repayable on demand.
During the year, dividends of £116,000 (2022 - £138,000) was paid to the directors.
 

Page 7