Company Registration No. 08818773 (England and Wales)
3FireMusic Limited
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
3FIREMUSIC LIMITED
3FireMusic Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
3FIREMUSIC LIMITED
3FireMusic Limited
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
46,894
38,501
Tangible assets
5
621
829
47,515
39,330
Current assets
Debtors
6
1,921
882
Cash at bank and in hand
36,503
72,915
38,424
73,797
Creditors: amounts falling due within one year
7
(9,446)
(4,594)
Net current assets
28,978
69,203
Total assets less current liabilities
76,493
108,533
Capital and reserves
Called up share capital
8
100
100
Share premium account
14,452
14,452
Profit and loss reserves
61,941
93,981
Total equity
76,493
108,533

The directors of the company have 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 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 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.

3FIREMUSIC LIMITED
3FireMusic Limited
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
K Webb
Director
Company Registration No. 08818773
3FIREMUSIC LIMITED
3FireMusic Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

3FireMusic 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 Section 1A “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102 Section 1A”) 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents licence fees, royalties and app sales, and is shown net of VAT. Licence fees and royalties income are recognised at the point they fall due. App sales are recognised at the point of sale to the customer.

1.3
Intangible fixed assets other than goodwill

Intangible assets represent app development costs and are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

App Development Costs
3 years straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

3FIREMUSIC LIMITED
3FireMusic Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3FIREMUSIC LIMITED
3FireMusic Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Intangible fixed assets
App Development costs
£
Cost
At 1 January 2023
214,745
Additions
27,571
Disposals
(157,000)
At 31 December 2023
85,316
Amortisation and impairment
At 1 January 2023
176,244
Amortisation charged for the year
19,178
Disposals
(157,000)
At 31 December 2023
38,422
Carrying amount
At 31 December 2023
46,894
At 31 December 2022
38,501
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
5,160
Depreciation and impairment
At 1 January 2023
4,332
Depreciation charged in the year
207
At 31 December 2023
4,539
Carrying amount
At 31 December 2023
621
At 31 December 2022
829
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,921
882
3FIREMUSIC LIMITED
3FireMusic Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Debtors
(Continued)
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,115
1,694
Other creditors
5,331
2,900
9,446
4,594
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Unpaid
100 ordinary shares of £1 each
100
100
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