Company registration number 03749931 (England and Wales)
ROKSTONE PRODUCTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ROKSTONE PRODUCTIONS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
130,254
29,904
Current assets
Debtors
5
108,068
77,543
Cash at bank and in hand
3,815,376
3,598,621
3,923,444
3,676,164
Creditors: amounts falling due within one year
6
(911,317)
(495,668)
Net current assets
3,012,127
3,180,496
Total assets less current liabilities
3,142,381
3,210,400
Provisions for liabilities
7
(32,564)
(7,476)
Net assets
3,109,817
3,202,924
Capital and reserves
Called up share capital
501
501
Capital redemption reserve
499
499
Profit and loss reserves
3,108,817
3,201,924
Total equity
3,109,817
3,202,924
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 22 October 2024
Mr S McCutcheon
Director
Company registration number 03749931 (England and Wales)
ROKSTONE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Rokstone Productions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from production contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
In addition to fees for record production the company receives royalties. Royalties are collected and reported to the company by third parties and the income is recognised at the time the third party informs the company that the revenue is due and the amount that will be paid. Until the third party reporting date the level of certainty required as a condition for recognition under FRS 102 is not considered to have been met.
During the normal course of activities rights are created which lead to subsequent flows of royalties. The company does not retain copyright as part of these transactions. In accordance with FRS 102 no value is placed on these internally generated rights and the costs are shown as revenue expenditure.
The company does not subsequently revalue the rights to fair value.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
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:
Leasehold improvements
Straight line over the life of the lease
Plant and machinery
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
ROKSTONE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and other loans, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
ROKSTONE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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:
2024
2023
Number
Number
Total
2
2
ROKSTONE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
232,760
457,712
690,472
Additions
72,213
66,741
138,954
Disposals
(232,760)
(232,760)
At 30 April 2024
72,213
524,453
596,666
Depreciation and impairment
At 1 May 2023
232,760
427,808
660,568
Depreciation charged in the year
14,443
24,161
38,604
Eliminated in respect of disposals
(232,760)
(232,760)
At 30 April 2024
14,443
451,969
466,412
Carrying amount
At 30 April 2024
57,770
72,484
130,254
At 30 April 2023
29,904
29,904
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
68,861
59,295
Other debtors
39,207
18,248
108,068
77,543
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
123,492
233,925
Corporation tax
115,342
123,131
Other taxation and social security
271,271
39,761
Other creditors
401,212
98,851
911,317
495,668
ROKSTONE PRODUCTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
32,564
7,476
8
Operating lease commitments
The company occupies its studio under two leases with a total passing rent of £80,000 plus service charges. The leases were extended during 2023/4 to end on 25/3/28.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
313,333
9
Contingent liabilities
The studio is occupied under leases where the tenant may be required to remove the leasehold improvements and redecorate at the end of the lease term. No amounts have been accrued in these accounts for the potential dilapidations costs.
10
Related party transactions
The company was owed £20,840 (2023: £3,473 owed to) by Rokstone Music Limited, a company controlled by the director. The balance is repayable on demand and interest free.