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Registered number: 12084418
That's Why They Limited
Financial Statements
For The Year Ended 31 March 2024
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—6
Page 1
Balance Sheet
Registered number: 12084418
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,682 43,807
Investments 5 1 1
26,683 43,808
CURRENT ASSETS
Debtors 6 225,176 8,894
Cash at bank and in hand 139,199 182,334
364,375 191,228
Creditors: Amounts Falling Due Within One Year 7 (162,771 ) (115,997 )
NET CURRENT ASSETS (LIABILITIES) 201,604 75,231
TOTAL ASSETS LESS CURRENT LIABILITIES 228,287 119,039
Creditors: Amounts Falling Due After More Than One Year 8 - (25,994 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (6,671 ) (10,952 )
NET ASSETS 221,616 82,093
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 221,614 82,091
SHAREHOLDERS' FUNDS 221,616 82,093
Page 1
Page 2
For the year ending 31 March 2024 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 Joshua Grimmett
Director
23/12/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
That's Why They Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12084418 . The registered office is 1st Floor, 104 Oxford Street, Fitzrovia, 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 recognised at the fair value of the consideration received or receivable for services provided in the 
normal course of business, and is shown net of Value Added Tax and other sales related taxes.
Revenue from royalties are recognised on the date the royalties are receivable. Remix fees are recognised in 
line with the contractual agreement entered into.
2.3. 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:
Plant & Machinery 20% straight line
Motor Vehicles 20% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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. 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 years 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 14,480 71,139 85,619
As at 31 March 2024 14,480 71,139 85,619
Depreciation
As at 1 April 2023 4,151 37,661 41,812
Provided during the period 2,897 14,228 17,125
As at 31 March 2024 7,048 51,889 58,937
Net Book Value
As at 31 March 2024 7,432 19,250 26,682
As at 1 April 2023 10,329 33,478 43,807
5. Investments
Associates
£
Cost
As at 1 April 2023 1
As at 31 March 2024 1
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 1
As at 1 April 2023 1
Page 4
Page 5
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Prepayments and accrued income 219,017 8,894
Other debtors 6,159 -
225,176 8,894
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts 25,994 4,463
Trade creditors - 899
Corporation tax 57,225 61,587
VAT 9,898 37,677
Other creditors - 3,074
Accruals and deferred income 67,993 3,110
Director's loan account 1,661 5,187
162,771 115,997
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts - 25,994
9. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 25,994 4,463
Later than one year and not later than five years - 25,994
25,994 30,457
25,994 30,457
10. Deferred Taxation
The provision for deferred tax is made up as follows:
31 March 2024 31 March 2023
£ £
Other timing differences 6,671 10,952
Page 5
Page 6
11. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 2 2
Page 6