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Company registration number:
07313444
Mearl Music Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2024
THE BLUE SKIES PARTNERSHIP
Skyview House, 10 St Neots Road , Sandy, Bedfordshire, SG19 1LB, United Kingdom
Mearl Music Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Mearl Music Limited
Year ended
31 July 2024
As described on the statement of financial position, the Board of Directors of
Mearl Music Limited
are responsible for the preparation of the
financial statements
for the year ended
31 July 2024
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
THE BLUE SKIES PARTNERSHIP
Skyview House
10 St Neots Road
Sandy
Bedfordshire
SG19 1LB
United Kingdom
Date:
31 January 2025
Mearl Music Limited
Statement of Financial Position
31 July 2024
20242023
Note££
Fixed assets    
Tangible assets 6
18,037
 
19,524
 
Investments 7
519,184
 
299,598
 
537,221
 
319,122
 
Current assets    
Debtors 8
17,003
 
7,760
 
Cash at bank and in hand
361,379
 
460,800
 
378,382
 
468,560
 
Creditors: amounts falling due within one year 9
(217,710
)
(218,566
)
Net current assets
160,672
 
249,994
 
Total assets less current liabilities 697,893   569,116  
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
697,892
 
569,115
 
Shareholders funds
697,893
 
569,116
 
For the year ending
31 July 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
31 January 2025
, and are signed on behalf of the board by:
Mr Martin Phipps
Director
Company registration number:
07313444
Mearl Music Limited
Notes to the Financial Statements
Year ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Skyview House
,
10 St Neots Road
,
Sandy
,
Bedfordshire
,
SG19 1LB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During the period in questions, apart from those involving estimations, the management has made no judgements or uncertain policy, within the process of applying the entity’s accounting policies.

Revenue Recognition

Fee income represents revenue earned under a wide variety of contracts to provide editing services within the television and media industry. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs

Taxation

Taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
25% straight line
Office equipment
25% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 August 2023
and
31 July 2024
402,500
 
Amortisation  
At
1 August 2023
and
31 July 2024
402,500
 
Carrying amount  
At
31 July 2024
-  
At 31 July 2023 -  

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2023
104,023
 
Additions
11,404
 
At
31 July 2024
115,427
 
Depreciation  
At
1 August 2023
84,499
 
Charge
12,891
 
At
31 July 2024
97,390
 
Carrying amount  
At
31 July 2024
18,037
 
At 31 July 2023
19,524
 

7 Investments

Other investments other than loans
£
Cost or valuation  
At
1 August 2023
299,598
 
Revaluations
219,586
 
At
31 July 2024
519,184
 
Impairment  
At
1 August 2023
and
31 July 2024
-  
Carrying amount  
At
31 July 2024
519,184
 
At 31 July 2023
299,598
 
The Investment held at value amounts to the sum of £519,184 at July 2024 (£300,000 held in July 2023). The entity under management of the investment is Seven Investment Management LLP whom are authorised and regulated by the Financial Conduct Authority (FCA).

Investments held at valuation

The aggregate historical cost of the Investment is £519,184, made of £468,211 capital employed and Professional Fees incurred on setting up the fund.

8 Debtors

20242023
££
Other debtors
17,003
 
7,760
 

9 Creditors: amounts falling due within one year

20242023
££
Trade creditors -  
335
 
Taxation and social security
204,651
 
210,961
 
Other creditors
13,059
 
7,270
 
217,710
 
218,566
 

10 Financial instruments and other assets measured at fair value through profit or loss

The fair value of financial instruments and other assets measured at fair value through profit or loss was as follows:
20242023
££
Financial assets measured at fair value through profit or loss
519,184
 
299,598
 

11 Director's advances, credit and guarantees

Amounts of £2,923 (2023: £6,260) were advanced interest free, and repayable on demand, by the director during the year. At the year end, £10,026 (2023: £4,237) was owed to the director by the company.