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Company No: 01158489 (England and Wales)

SWEET CITY SONGS LTD

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

SWEET CITY SONGS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SWEET CITY SONGS LTD

BALANCE SHEET

As at 30 June 2024
SWEET CITY SONGS LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,238 1,125
1,238 1,125
Current assets
Debtors 5 1,220 1,212
Cash at bank and in hand 35,537 36,477
36,757 37,689
Creditors: amounts falling due within one year 6 ( 68,227) ( 67,748)
Net current liabilities (31,470) (30,059)
Total assets less current liabilities (30,232) (28,934)
Net liabilities ( 30,232) ( 28,934)
Capital and reserves
Called-up share capital 7 99 99
Profit and loss account ( 30,331 ) ( 29,033 )
Total shareholders' deficit ( 30,232) ( 28,934)

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

Directors' responsibilities:

The financial statements of Sweet City Songs Ltd (registered number: 01158489) were approved and authorised for issue by the Board of Directors on 31 October 2024. They were signed on its behalf by:

S Iqbal
Director
SWEET CITY SONGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SWEET CITY SONGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Sweet City Songs 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 2 Leman Street, E1W 9US, London, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises of publishing royalties and publishing income, and is shown net of VAT and other sales related taxes.

The primary sources of revenue of the company are public performances of copyrighted works, the mechanical reproduction of copyrighted material on recorded media and use of copyrighted material in synchronisation with visual images. Consistent with industry practice, music publishing revenue are generally recognised when received. All other revenues and expenses of the company are recorded using the accruals basis of accounting.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
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. 3 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

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. 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 company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 50,001 50,001
At 30 June 2024 50,001 50,001
Accumulated amortisation
At 01 July 2023 50,001 50,001
At 30 June 2024 50,001 50,001
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 3,870 3,870
Additions 916 916
At 30 June 2024 4,786 4,786
Accumulated depreciation
At 01 July 2023 2,745 2,745
Charge for the financial year 803 803
At 30 June 2024 3,548 3,548
Net book value
At 30 June 2024 1,238 1,238
At 30 June 2023 1,125 1,125

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 852 1,212
Corporation tax 331 0
Other taxation and social security 37 0
1,220 1,212

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 0 446
Other creditors 68,227 67,302
68,227 67,748

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99

8. Ultimate controlling party

The company is under the control of the directors who own 100% of the issued share capital.