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Company No: 07029542 (England and Wales)

SNATCH! MUSIC LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SNATCH! MUSIC LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SNATCH! MUSIC LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
SNATCH! MUSIC LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 18,376 18,858
18,376 18,858
Current assets
Debtors 4 188,054 205,692
Cash at bank and in hand 5 300,107 317,329
488,161 523,021
Creditors: amounts falling due within one year 6 ( 49,432) ( 61,415)
Net current assets 438,729 461,606
Total assets less current liabilities 457,105 480,464
Creditors: amounts falling due after more than one year 7 ( 18,299) ( 27,929)
Net assets 438,806 452,535
Capital and reserves
Called-up share capital 8 12 12
Profit and loss account 438,794 452,523
Total shareholder's funds 438,806 452,535

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Snatch! Music Ltd (registered number: 07029542) were approved and authorised for issue by the Director. They were signed on its behalf by:

S Miele
Director

15 October 2024

SNATCH! MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SNATCH! MUSIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Snatch! Music Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 81,564 81,564
Additions 4,893 4,893
At 30 April 2024 86,457 86,457
Accumulated depreciation
At 01 May 2023 62,706 62,706
Charge for the financial year 5,375 5,375
At 30 April 2024 68,081 68,081
Net book value
At 30 April 2024 18,376 18,376
At 30 April 2023 18,858 18,858

4. Debtors

2024 2023
£ £
Trade debtors 14,822 40,592
Amounts owed by connected companies 173,232 165,100
188,054 205,692

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 300,107 317,329

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,632 9,397
Amounts owed to connected companies 31,067 48,121
Taxation and social security 5,045 2,257
Other creditors 3,688 1,640
49,432 61,415

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,299 27,929

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
12 12

9. Related party transactions

Included in Other debtors is £1,463 (2023: £Nil) owed by Snatch! Records Ltd, a company related by virtue of a common director. This loan is unsecured, interest free and repayable on demand.

Included in Other debtors is £171,769 (2023: £165,100) owed by Beats Inc. Ltd, a company related by virtue of a common director. This loan is unsecured, interest free and repayable on demand.

Included in Other creditors is £31,067 (2023: £48,121) owed to Snatch! Music International LLP, a partnership related by virtue of common control. This loan is unsecured, interest free and repayable on demand.