REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASM ONE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASM ONE LIMITED |
ASM ONE LIMITED (REGISTERED NUMBER: 09695333) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ASM ONE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 St John's Road |
Harrow |
Middlesex |
HA1 2EY |
ASM ONE LIMITED (REGISTERED NUMBER: 09695333) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium Account |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
ASM ONE LIMITED (REGISTERED NUMBER: 09695333) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
ASM One Limited is a |
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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern: |
The financial statements have been prepared on a going concern basis not withstanding the company's net current liabilities position as at the year end. The connected company has provided with an undertaking that they will continue to support financially for the foreseeable future and that they will not seek repayment of the amounts currently owing to them in the twelve months from the date of signing the financial statements. |
Turnover |
Turnover represents royalties received from music copyrights during the year. |
Revenue recognition |
Royalties from music copyrights is recognised by the company in the accounting period in which they relate to. |
Financial instruments |
Financial assets and liabilities are recognized in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Loans and Borrowings |
Loans and borrowings are measured initially at fair value, net of transactions costs and are measured subsequently at amortised cost using the effective interest method. |
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. |
Music copyrights |
Music Copyrights are valued at cost less accumulated amortisation. |
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 20 years. |
Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ASM ONE LIMITED (REGISTERED NUMBER: 09695333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | INTANGIBLE FIXED ASSETS |
Music |
Copyright |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Amounts owed to related company |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank Loans due after more than |
5 years | 2,953 | 5,038 |
2,953 | 5,038 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans within 1 year |
ASM ONE LIMITED (REGISTERED NUMBER: 09695333) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | LOANS - continued |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1 - 2 years |
Amounts falling due between two and five years: |
Bank loans - 2 - 5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank Loans due after more than |
5 years | 2,953 | 5,038 |
2,953 | 5,038 |
9. | SECURED DEBTS |
The bank loans are secured by a fixed and floating charge over the assets of the company. Interest is charged at 8% and loans are due for repayment in March 2025. |
10. | RELATED PARTY DISCLOSURES |
Included within creditors as at the year end is £140,533 (2022: £184,043), an amount owed to Copyright Administration Services Limited, a company where Mr. Simon Fawcett is also the director. The amount owed is unsecured and there are no specific terms to the repayment of this amount. |