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Company registration number: 05512224







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HEART OF GOLD MUSIC STUDIOS LTD






































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HEART OF GOLD MUSIC STUDIOS LTD
 


 
COMPANY INFORMATION


Director
O O'Connor 




Registered number
05512224



Registered office
Riverside Building
County Hall

Westminster Bridge Road

London

SE1 7PB




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


HEART OF GOLD MUSIC STUDIOS LTD
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


HEART OF GOLD MUSIC STUDIOS LTD
REGISTERED NUMBER:05512224



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
9,286
-

  
9,286
-

Current assets
  

Debtors: amounts falling due within one year
 6 
275,229
276,403

Cash at bank and in hand
  
39,393
50,623

  
314,622
327,026

Creditors: amounts falling due within one year
 7 
(160,978)
(159,478)

Net current assets
  
 
 
153,644
 
 
167,548

Total assets less current liabilities
  
162,930
167,548

Provisions for liabilities
  

Deferred tax
  
(1,297)
-

  
 
 
(1,297)
 
 
-

Net assets
  
161,633
167,548


Capital and reserves
  

Called up share capital 
 9 
480,896
480,896

Profit and loss account
  
(319,263)
(313,348)

  
161,633
167,548


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 statement of income and retained earnings 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: 




O O'Connor
Director
Date: 29 November 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


HEART OF GOLD MUSIC STUDIOS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Heart of Gold Music Studios Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
On the 25th January 2023, the directors passed a resolution to change the company name from Rocks & Waves Cinema Ltd to Heart of Gold Music Studios Ltd.
The presentation currency of the financial statements is the Pound Sterling (£).

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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

  
2.2

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 
2.3

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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.4

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.

Page 2

 


HEART OF GOLD MUSIC STUDIOS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on cost

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.

  
2.5

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

  
2.6

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

 
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 3

 


HEART OF GOLD MUSIC STUDIOS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described below, management is required to make judgements estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Useful Economic Life of Tangible Assets:
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).


5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
36,734


Additions
11,323



At 31 December 2023

48,057



Depreciation


At 1 January 2023
36,734


Charge for the year on financed assets
2,037



At 31 December 2023

38,771



Net book value



At 31 December 2023
9,286



At 31 December 2022
-

Page 4

 


HEART OF GOLD MUSIC STUDIOS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
265,229
263,334

Other debtors
10,000
11,895

Deferred taxation
-
1,174

275,229
276,403



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
160,851
159,351

Accruals and deferred income
127
127

160,978
159,478



8.


Deferred taxation




2023


£






At beginning of year
1,174


Charged to profit or loss
(2,471)



At end of year
(1,297)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,297)
1,174

(1,297)
1,174

Page 5

 


HEART OF GOLD MUSIC STUDIOS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



480,896 (2022 - 480,896) Ordinary shares shares of £1.00 each
480,896
480,896



10.


Immediate parent company

The company is a wholly owned subsidiary of All About Quality Limited, a company incorporated in England and Wales. The company's registered office is The Riverside Building, County Hall, Westminster Bridge Road, London, SE1 7PB which is the principal place of business.
London Sky Garden Limited is regarded by the directors as being the company's ultimate controlling party and is the smallest and largest company which includes the company within its consolidated financial statements. These are available at London Sky Garden Limited, Riverside Building, County Hall, Westminster Bridge, London, SE1 7PB.


11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 29 November 2024 by Ralph Mitchison FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6