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Registered number: 11795893














SWEET MUSIC LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
SWEET MUSIC LIMITED
REGISTERED NUMBER:11795893

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,700
1,697

  
4,700
1,697

Current assets
  

Debtors: amounts falling due within one year
 5 
127,564
70,535

Cash at bank and in hand
  
46,266
3

  
173,830
70,538

Creditors: amounts falling due within one year
 6 
(163,033)
(49,314)

Net current assets
  
 
 
10,797
 
 
21,224

Total assets less current liabilities
  
15,497
22,921

Provisions for liabilities
  

Deferred tax
 7 
(1,175)
(322)

  
 
 
1,175
 
 
322

Net assets
  
14,322
22,599


Capital and reserves
  

Called up share capital 
 8 
4
4

Profit and loss account
  
14,318
22,595

  
14,322
22,599

Page 1

 
SWEET MUSIC LIMITED
REGISTERED NUMBER:11795893
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers 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 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 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: 




H K M A Hudson
Director

Date: 28 October 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SWEET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Sweet Music Limited is a private company, limited by shares, registered in England and Wales, registration number is 11795893. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of sound recording and music publishing activities and managing music artists.

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 Standard 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 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 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 from sound recording, publishing music activities, and managing music artists are recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.

Rental income from operating leases is recognised on a straight-line basis over the term of the lease.

Recharged income is recognised when the corresponding expenses have been incurred on behalf of other entities.

Page 3

 
SWEET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Research

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 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.

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 4

 
SWEET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance
Computer equipment
-
25%
reducing balance
Music equipment
-
25%
reducing balance

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.

 
2.9

 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.

 
2.10

 Cash

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

 
2.11

 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.

 
2.12

 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, trade and other creditors, and loans with related parties.

 
2.13

 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 the director, during the year was 1 (2023 - 1).

Page 5

 
SWEET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Office equipment
Computer equipment
Other fixed assets
Total

£
£
£
£



Cost


At 1 February 2023
1,810
-
-
1,810


Additions
2,385
1,318
144
3,847



At 31 January 2024

4,195
1,318
144
5,657



Depreciation


At 1 February 2023
113
-
-
113


Charge for the year
758
83
3
844



At 31 January 2024

871
83
3
957



Net book value



At 31 January 2024
3,324
1,235
141
4,700



At 31 January 2023
1,697
-
-
1,697


5.


Debtors

2024
2023
£
£


Trade debtors
37,982
6,535

Other debtors
27,331
29,892

Accrued income
62,251
34,108

127,564
70,535



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
7,138
8,249

Corporation tax
23,333
15,514

Other taxation and social security
104,718
21,328

Other creditors
14,999
-

Accruals
12,845
4,223

163,033
49,314


Page 6

 
SWEET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Deferred taxation




2024


£






At beginning of year
322


Charged to profit or loss
853



At end of year
1,175

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed assets timing differences
1,175
322


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary shares of £1.00 each
4
4

9.


Dividends

During the year, dividends of £60,000 (2023 - £NIL) were paid.


10.


Transactions with the director

During the year, the company advanced £43,086 (2023 - £120,718) to the director. As at the year end, the director owed £18,940 (2023 - £20,854) to the company. An interest at official rate has been charged on this loan. The loan is unsecured and repayable on demand.
During the year, dividends of £45,000 (2023 - £NIL) were paid to the director.

 
Page 7