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Registered number: 09941047














LOUDMOUTH MUSIC LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
LOUDMOUTH MUSIC LTD
REGISTERED NUMBER:09941047

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
52,758
59,862

Cash at bank
 5 
93,544
69,417

  
146,302
129,279

Creditors: amounts falling due within one year
 6 
(69,414)
(21,794)

Net current assets
  
 
 
76,888
 
 
107,485

Total assets less current liabilities
  
76,888
107,485

  

Net assets
  
76,888
107,485


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
76,788
107,385

  
76,888
107,485


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: 




P S Lisberg
Director

Date: 22 October 2024

The notes on pages 2 to 4 form part of these financial statements.
Page 1

 
LOUDMOUTH MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Loudmouth Music Ltd is a private company, limited by shares, registred in England and Wales, registration number 09941047. The registered office address is 52 Southway, London, NW11 6SA.

The principal activity of the company continued to be that of a record label. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of the FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
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 year 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 and loss account within 'administrative 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 turnover 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 record label is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Royalties receivable are recognised at the year end date by the company.
Royalties payable are calculated by reference to statements of account used for determining royalties receivable.

Advances received are carried forward as deferred income until the earlier of recoupment against contractual royalties due, agreement expiry or recognition that recoupment is unlikely to take place.

Page 2

 
LOUDMOUTH MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Cash

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

 
2.7

Creditors

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

  
2.8

Financial instruments

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

 
2.9

 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 3

 
LOUDMOUTH MUSIC LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Debtors

2024
2023
£
£


Trade debtors
10,185
16,062

Other debtors
11,500
11,845

Prepayments
31,073
31,955

52,758
59,862



5.


Cash

2024
2023
£
£

Cash at bank
93,544
69,417



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Corporation tax
25,589
19,147

Other taxation and social security
1,225
-

Other creditors
40,000
-

Accruals
2,600
2,647

69,414
21,794



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) ordinary shares of £1.00 each
100
100



8.


Transactions with directors

During the year, dividends of £111,000 (2023 - £40,000) were paid to the directors. 

 
Page 4