Company Registration No. 09499346 (England and Wales)
Merry Go Round Music Limited
Annual report and unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
MERRY GO ROUND MUSIC LIMITED
Merry Go Round Music Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MERRY GO ROUND MUSIC LIMITED
Merry Go Round Music Limited
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
8,102
9,583
Cash at bank and in hand
270,340
274,161
278,442
283,744
Creditors: amounts falling due within one year
5
(48,928)
(49,004)
Net current assets
229,514
234,740
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
229,414
234,640
Total equity
229,514
234,740
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 July 2024
M Wyatt
Director
Company registration number 09499346 (England and Wales)
MERRY GO ROUND MUSIC LIMITED
Merry Go Round Music Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Merry Go Round Music Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents catalogue sales and royalties. Turnover is stated net of VAT.
Catalogue sales are recognised as income on transfer of the rights to the music.
Royalties earned from the exploitation of musical compositions and are recognised as income when receivable in respect of royalty periods ending within the accounting year.
1.3
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks.
1.4
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MERRY GO ROUND MUSIC LIMITED
Merry Go Round Music Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023: 1).
2023
2022
Number
Number
Total
1
1
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
856
Other debtors
8,102
8,727
8,102
9,583
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
875
191
Other creditors
48,053
48,813
48,928
49,004
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
Merry Go Round Touring ROW Limited ("MGRTROW"), Merry Go Round ROW Merchandising Limited ("MGRROWM") and Merry Go Round USA/ Canada Merchandising Inc ("MGRUSA") are companies controlled by the Estate of the former director A McVie.
Included within other debtors is £1,160 (2022: £1,160) ) owed to the company by MGRROWM.
Included within other debtors is also £6,797 (2022: £7,151) owed to the company by MGRUSA.
Included within other creditors at the year end is £27,769 (2022: £28,612) owed by the company to MGRTROW.