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Registered number: 05556214
TCR Music Limited
Financial Statements
For The Year Ended 30 September 2023
MSE Business Management LLP
Association of Chartered Certified Accountants
1st Floor
104 Oxford Street
London
Greater London
W1D 1LP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05556214
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 750,000 375,000
Tangible Assets 5 3,985 2,543
Investments 6 38,473 25,315
792,458 402,858
CURRENT ASSETS
Debtors 7 69,735 39,265
Cash at bank and in hand 175,815 82,136
245,550 121,401
Creditors: Amounts Falling Due Within One Year 8 (165,707 ) (79,372 )
NET CURRENT ASSETS (LIABILITIES) 79,843 42,029
TOTAL ASSETS LESS CURRENT LIABILITIES 872,301 444,887
Creditors: Amounts Falling Due After More Than One Year 9 (17,708 ) (26,208 )
NET ASSETS 854,593 418,679
CAPITAL AND RESERVES
Called up share capital 10 1 1
Other reserves 600,487 273,487
Profit and Loss Account 254,105 145,191
SHAREHOLDERS' FUNDS 854,593 418,679
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gary Baker
Director
12/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
TCR Music Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05556214 . The registered office is 1st Floor, 104 Oxford Street, London, Greater London, W1D 1LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are investments made by the company in Cryptocurrencies. An impairment review is undertaken annually so that the fair value of the asset is stated in the financial statements. Any increase in the value of the intangible asset is taken to a revaluation reserve on the Balance Sheet.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% reducing balance
2.5. Financial Instruments
The company has only basic financial instruments.
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.
Basic financial liabilities
Basic financial liabilities, which include creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transactions.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
1 1
4. Intangible Assets
Other
£
Cost or Valuation
As at 1 October 2022 393,280
Additions 48,000
Revaluations 327,000
As at 30 September 2023 768,280
Amortisation
As at 1 October 2022 18,280
As at 30 September 2023 18,280
Net Book Value
As at 30 September 2023 750,000
As at 1 October 2022 375,000
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 October 2022 31,387
Additions 2,917
Disposals (3,000 )
As at 30 September 2023 31,304
Depreciation
As at 1 October 2022 28,844
Provided during the period 492
Disposals (2,017 )
As at 30 September 2023 27,319
Net Book Value
As at 30 September 2023 3,985
As at 1 October 2022 2,543
Page 4
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6. Investments
Other
£
Cost
As at 1 October 2022 25,315
Additions 13,158
As at 30 September 2023 38,473
Provision
As at 1 October 2022 -
As at 30 September 2023 -
Net Book Value
As at 30 September 2023 38,473
As at 1 October 2022 25,315
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 16,642 1,213
Prepayments and accrued income 15,849 178
Other debtors 37,244 37,244
Corporation tax recoverable assets - 630
69,735 39,265
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,296 1,084
Bank loans and overdrafts 8,500 8,500
Corporation tax 80,728 25,516
VAT 14,049 12,342
Accruals and deferred income 60,290 29,726
Director's loan account 844 2,204
165,707 79,372
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 17,708 26,208
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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