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Registered number: 09591395
Song Cycle Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Tax and Advise Ltd
19 The Circle
Queen Elizabeth Street
London
SE1 2JE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09591395
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 939 458
Investments 5 161,997 161,997
162,936 162,455
CURRENT ASSETS
Stocks 6 14,937 5,455
Debtors 7 19,757 123,122
Cash at bank and in hand 6,590 653
41,284 129,230
Creditors: Amounts Falling Due Within One Year 8 (190,566 ) (172,561 )
NET CURRENT ASSETS (LIABILITIES) (149,282 ) (43,331 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,654 119,124
NET ASSETS 13,654 119,124
CAPITAL AND RESERVES
Called up share capital 9 161,997 161,997
Profit and Loss Account (148,343 ) (42,873 )
SHAREHOLDERS' FUNDS 13,654 119,124
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Samuele Nannoni
Director
30/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Office Equipment 25% SLM
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
3. Intangible Assets
Other
£
Cost
As at 1 January 2023 2,124
As at 31 December 2023 2,124
Amortisation
As at 1 January 2023 2,124
As at 31 December 2023 2,124
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4. Tangible Assets
Office Equipment
£
Cost
As at 1 January 2023 8,072
Additions 1,186
As at 31 December 2023 9,258
Depreciation
As at 1 January 2023 7,614
Provided during the period 705
As at 31 December 2023 8,319
Net Book Value
As at 31 December 2023 939
As at 1 January 2023 458
5. Investments
Listed
£
Cost
As at 1 January 2023 161,997
As at 31 December 2023 161,997
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 161,997
As at 1 January 2023 161,997
Investment includes the following :
100% shareholding in Sneering Jesture's records company limited EUR 230,000 plus GBP 1000
6. Stocks
2023 2022
£ £
Closing Stock 14,937 5,455
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,673 1,600
Prepayments and accrued income 2,333 2,334
Dividend Receivable - 118,437
Other taxes and social security 751 751
19,757 123,122
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,771 -
Net wages 26 1,791
Loan 160,479 160,479
Directors Current Account 10,290 10,291
190,566 172,561
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 161,997 161,997
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Samuele Nannoni 10,292 - - - 10,292
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
As of 31st December 2023, there was intercomapny loan balance payable of £160,479 (2022 :  £160,479) with Sneering Jesture's records comapny limited, the sames is included in note no 8 above.
12. Ultimate Controlling Party
The company's ultimate controlling party is The Sneering Jester's Record Company Limited by virtue of his ownership of 75% of the issued share capital in the company.
13. General Information
Song Cycle Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09591395 . The registered office is 19 The Circle, Queen Elizabeth Street, London, SE1 2JE.
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