Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false42023-01-01falseThe principal activity of the company continued to be that of artist management.5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01234636 2023-01-01 2023-12-31 01234636 2022-01-01 2022-12-31 01234636 2023-12-31 01234636 2022-12-31 01234636 c:Director1 2023-01-01 2023-12-31 01234636 d:FurnitureFittings 2023-01-01 2023-12-31 01234636 d:FurnitureFittings 2023-12-31 01234636 d:FurnitureFittings 2022-12-31 01234636 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01234636 d:OfficeEquipment 2023-01-01 2023-12-31 01234636 d:OfficeEquipment 2023-12-31 01234636 d:OfficeEquipment 2022-12-31 01234636 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01234636 d:ComputerEquipment 2023-01-01 2023-12-31 01234636 d:ComputerEquipment 2023-12-31 01234636 d:ComputerEquipment 2022-12-31 01234636 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01234636 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01234636 d:CurrentFinancialInstruments 2023-12-31 01234636 d:CurrentFinancialInstruments 2022-12-31 01234636 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01234636 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01234636 d:ShareCapital 2023-12-31 01234636 d:ShareCapital 2022-12-31 01234636 d:RetainedEarningsAccumulatedLosses 2023-12-31 01234636 d:RetainedEarningsAccumulatedLosses 2022-12-31 01234636 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01234636 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01234636 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01234636 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01234636 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01234636 c:OrdinaryShareClass1 2023-12-31 01234636 c:OrdinaryShareClass1 2022-12-31 01234636 c:FRS102 2023-01-01 2023-12-31 01234636 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01234636 c:FullAccounts 2023-01-01 2023-12-31 01234636 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01234636 2 2023-01-01 2023-12-31 01234636 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01234636














HIT & RUN MUSIC LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HIT & RUN MUSIC LIMITED
REGISTERED NUMBER:01234636

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,354
271

  
2,354
271

Current assets
  

Debtors: amounts falling due within one year
 5 
30,039
9,350

Cash at bank and in hand
 6 
540,181
1,589,086

  
570,220
1,598,436

Creditors: amounts falling due within one year
 7 
(281,023)
(1,352,572)

Net current assets
  
 
 
289,197
 
 
245,864

Total assets less current liabilities
  
291,551
246,135

Provisions for liabilities
  

Deferred tax
 8 
(217)
-

  
 
 
(217)
 
 
-

Net assets
  
291,334
246,135


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
291,234
246,035

  
291,334
246,135


Page 1

 
HIT & RUN MUSIC LIMITED
REGISTERED NUMBER:01234636
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 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: 




N J Price
Director

Date: 10 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hit & Run Music Limited is a private company, limited by shares, registered in England and Wales, registration number 01234636. The registered office address is 25 Ives Street, London, SW3 2ND.
The principal activity of the company continued to be that of artist management.

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 Standards 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of 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 period 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 are presented in the profit or 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 revenue 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 management services is recognised when it is probable the company will receive the right to the consideration due under the contract.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

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 corporate 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight-line
Office equipment
-
20%
straight-line
Computer equipment
-
25%
straight-line

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash

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

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

 Financial instruments

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


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 5).

Page 5

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£



Cost 


At 1 January 2023
11,982
7,465
14,895
34,342


Additions
-
2,609
-
2,609


Disposals
(1,110)
-
-
(1,110)



At 31 December 2023

10,872
10,074
14,895
35,841



Depreciation


At 1 January 2023
11,982
7,465
14,624
34,071


Charge for the year
-
255
271
526


Disposals
(1,110)
-
-
(1,110)



At 31 December 2023

10,872
7,720
14,895
33,487



Net book value



At 31 December 2023
-
2,354
-
2,354



At 31 December 2022
-
-
271
271


5.


Debtors

2023
2022
£
£


Amounts owed by connected entities
112
-

Other debtors
1,057
149

Prepayments and accrued income
28,870
9,201

30,039
9,350



6.


Cash

2023
2022
£
£

Cash at bank
540,181
1,589,086


Page 6

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
20,337
4,995

Corporation tax
11,762
219,917

Other taxation and social security
35,561
291,892

Other creditors
136,660
826,428

Accruals and deferred income
76,703
9,340

281,023
1,352,572


 

HSBC UK Bank PLC holds a floating and fixed charge over all property and assets of the company.


8.


Deferred taxation




2023


£






Charged to profit or loss
(217)



At end of year
(217)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(314)
-

Short term timing differences
97
-

(217)
-


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 7

 
HIT & RUN MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £12,096 (2022 - £11,904). Included in other creditors at the year end there is an amount payable of £387 (2022 - £NIL).


11.


Related party transactions

At the year end, the company owed £136,273 (2022 - £826,428) to the shareholder. The loans are unsecured, interest free and repayable on demand.
 
Page 8