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REGISTERED NUMBER: 05300020 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

VOLUTION MUSIC LIMITED

VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


VOLUTION MUSIC LIMITED

COMPANY INFORMATION
for the Year Ended 30 NOVEMBER 2023







DIRECTORS: G E Coles
J Docherty
W McTaggart
D L Parfitt
C D Grant





SECRETARY: D L Parfitt





REGISTERED OFFICE: Riverside Court
Beaufort Park Way
Chepstow
Monmouthshire
NP16 5UH





REGISTERED NUMBER: 05300020 (England and Wales)





ACCOUNTANTS: Burnside
Chartered Accountants
and Statutory Auditor
61 Queen Square
Bristol
BS1 4JZ

VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 67,044 67,044
Tangible assets 5 - -
67,044 67,044

CURRENT ASSETS
Debtors 6 3,223 2,547
Cash at bank 535 871
3,758 3,418
CREDITORS
Amounts falling due within one year 7 60,986 58,694
NET CURRENT LIABILITIES (57,228 ) (55,276 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,816

11,768

CAPITAL AND RESERVES
Called up share capital 8 126 126
Share premium 399,984 399,984
Retained earnings (390,294 ) (388,342 )
SHAREHOLDERS' FUNDS 9,816 11,768

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

BALANCE SHEET - continued
30 NOVEMBER 2023


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 Board of Directors and authorised for issue on 26 August 2024 and were signed on its behalf by:





D L Parfitt - Director


VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Volution Music Limited 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.

Turnover
Turnover represents the value of goods sold and services provided during the year, exclusive of value added tax.

Intangible assets
Software development costs are capitalised as incurred, and are amortised from the date the software product becomes viable and is available for sale. Amortisation is calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Software development - 5 years straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Financial instruments
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs.


VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

The validity of this assumption depends on the support of the company's directors and shareholders, as required, and the successful raising of additional funding to enable the company to meet the costs to complete the development of its software products.

The company incurred a loss for the year ended 30 November 2023 of £1,952 (2022 - £11,983) and has net current liabilities at 30 November 2023 of £57,228 (2022 - £55,276). The directors and shareholders have personally provided loan funding to ensure the company is able to meet these liabilities as they fall due since the year end, and have confirmed this financial support will continue to be provided until additional equity investment is in place.

The directors believe that the company will be able to raise the necessary finance to meet its liabilities as they fall due for the foreseeable future and to complete development of the software products, and therefore consider that the going concern assumption remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022
and 30 November 2023 67,044
NET BOOK VALUE
At 30 November 2023 67,044
At 30 November 2022 67,044

No amortisation has been charged on software development costs incurred to date as the software product is still in development and is not currently commercially available for sale at the year end.

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 December 2022
and 30 November 2023 1,505
DEPRECIATION
At 1 December 2022
and 30 November 2023 1,505
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 335 -
Other debtors 2,888 2,039
VAT liability - 508
3,223 2,547

VOLUTION MUSIC LIMITED (REGISTERED NUMBER: 05300020)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT liability 16 -
Other creditors 50,915 51,089
Accruals and deferred income 10,055 7,605
60,986 58,694

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
126 Ordinary £1.00 126 126

9. RELATED PARTY DISCLOSURES

During the year Swallet Management Solutions Limited, a related company by virtue of common directorship of D L Parfitt and G E Coles, settled costs on behalf of the company totalling £336 (2022 - £314) and at 30 November 2023 the company owed £16,754 (2022 - £16,928) to Swallet Management Solutions Limited.

During the year The Emotional Intelligence Company Limited, a related company by virtue of common directorship of D L Parfitt and G E Coles, settled costs on behalf of the company totalling £Nil (2022 - £Nil) and at 30 November 2023 the company owed £60 (2022 - £60) to The Emotional Intelligence Company Limited.

During the year the company settled costs of £283 (2022 - £647) on behalf of Volution Music Discovery Limited, a company owned by Mr D Parfitt. At the year end £930 (2022 - £647) was owed to the company.

During the year the company settled costs of £283 (2022 - £738) on behalf of Volution Music Operations Limited, a company owned by Mr D Parfitt. At the year end £1,021 (2022 - £738) was owed to the company.

During the year the company settled costs of £283 (2022 - £654) on behalf of Volution Analytics UK Limited, a company owned by Mr D Parfitt. At the year end £937 (2022 - £654) was owed to the company.

10. ULTIMATE CONTROLLING PARTY

The company is under the control of its G E Coles, J Docherty, W McTaggart, D L Parfitt and M S Hanlin, who, throughout the year, held 17.5% each of the company's issued equity share capital.