Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312true2023-04-01falseThe principal activity of the company continued to be that of music recording and live performance activities.4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07749750 2023-04-01 2024-03-31 07749750 2022-04-01 2023-03-31 07749750 2024-03-31 07749750 2023-03-31 07749750 c:Director2 2023-04-01 2024-03-31 07749750 d:PlantMachinery 2023-04-01 2024-03-31 07749750 d:PlantMachinery 2024-03-31 07749750 d:PlantMachinery 2023-03-31 07749750 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07749750 d:OtherPropertyPlantEquipment 2024-03-31 07749750 d:OtherPropertyPlantEquipment 2023-03-31 07749750 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07749750 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07749750 d:CurrentFinancialInstruments 2024-03-31 07749750 d:CurrentFinancialInstruments 2023-03-31 07749750 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07749750 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07749750 d:ShareCapital 2024-03-31 07749750 d:ShareCapital 2023-03-31 07749750 d:RetainedEarningsAccumulatedLosses 2024-03-31 07749750 d:RetainedEarningsAccumulatedLosses 2023-03-31 07749750 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07749750 c:OrdinaryShareClass1 2024-03-31 07749750 c:OrdinaryShareClass1 2023-03-31 07749750 c:FRS102 2023-04-01 2024-03-31 07749750 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07749750 c:FullAccounts 2023-04-01 2024-03-31 07749750 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07749750 2 2023-04-01 2024-03-31 07749750 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 07749750














SAFETY NET MUSIC LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SAFETY NET MUSIC LIMITED
REGISTERED NUMBER:07749750

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
525
1,049

  
525
1,049

Current assets
  

Debtors: amounts falling due within one year
 5 
44,603
101,369

Cash at bank and in hand
 6 
999,307
1,007,083

  
1,043,910
1,108,452

Creditors: amounts falling due within one year
 7 
(12,416)
(50,729)

Net current assets
  
 
 
1,031,494
 
 
1,057,723

Total assets less current liabilities
  
1,032,019
1,058,772

Provisions for liabilities
  

Deferred tax
  
(131)
(262)

  
 
 
(131)
 
 
(262)

Net assets
  
1,031,888
1,058,510


Capital and reserves
  

Called up share capital 
 8 
2
2

Profit and loss account
  
1,031,886
1,058,508

  
1,031,888
1,058,510


Page 1

 
SAFETY NET MUSIC LIMITED
REGISTERED NUMBER:07749750
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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: 




R Swire-Thompson
Director

Date: 12 December 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SAFETY NET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Safety Net Music Limited is a private company, limited by shares, registered in England and Wales, registration number 07749750. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of music recording and live performance activities.
 
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 Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in profit or loss statement.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from music recording and live performance activities is recognised when it is probable the company will receive the rights to the consideration due under the contract.
Recharged income is recognised when the corresponding expenses have been incurred on behalf of another entity.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SAFETY NET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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.

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%
straight-line

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.

Page 4

 
SAFETY NET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

 
2.12

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 4).

Page 5

 
SAFETY NET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Other fixed assets
Total

£
£
£



Cost


At 1 April 2023
4,044
2,097
6,141



At 31 March 2024

4,044
2,097
6,141



Depreciation


At 1 April 2023
4,044
1,048
5,092


Charge for the year
-
524
524



At 31 March 2024

4,044
1,572
5,616



Net book value



At 31 March 2024
-
525
525



At 31 March 2023
-
1,049
1,049


5.


Debtors

2024
2023
£
£


Trade debtors
2,590
8,090

Amounts owed by connected entities
10,875
14,772

Other debtors
30,207
32,993

Accrued income
931
45,514

44,603
101,369



6.


Cash

2024
2023
£
£

Cash at bank and in hand
999,307
1,007,083


Page 6

 
SAFETY NET MUSIC LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
98
8,145

Corporation tax
-
9,375

Other taxation and social security
937
10,414

Other creditors
1,709
1,573

Accruals
9,672
21,222

12,416
50,729



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) ordinary shares of £1.00 each
2
2



9.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2023 - £747).


10.


Transactions with directors

As at the year end, the directors owed £20,537 (2023 - £32,506) to the company. The loan is unsecured, repayable on demand and interest at an official rate has been charged.
During the year, dividends of £NIL (2023 - £4,000) were paid to the directors.

 
Page 7