Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31falsetrueNo description of principal activity22023-06-012trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01363894 2023-06-01 2024-05-31 01363894 2022-06-01 2023-05-31 01363894 2024-05-31 01363894 2023-05-31 01363894 c:Director1 2023-06-01 2024-05-31 01363894 d:PlantMachinery 2023-06-01 2024-05-31 01363894 d:FurnitureFittings 2023-06-01 2024-05-31 01363894 d:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 01363894 d:OtherPropertyPlantEquipment 2024-05-31 01363894 d:OtherPropertyPlantEquipment 2023-05-31 01363894 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01363894 d:CurrentFinancialInstruments 2024-05-31 01363894 d:CurrentFinancialInstruments 2023-05-31 01363894 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 01363894 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 01363894 d:ShareCapital 2024-05-31 01363894 d:ShareCapital 2023-05-31 01363894 d:RetainedEarningsAccumulatedLosses 2024-05-31 01363894 d:RetainedEarningsAccumulatedLosses 2023-05-31 01363894 c:FRS102 2023-06-01 2024-05-31 01363894 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 01363894 c:FullAccounts 2023-06-01 2024-05-31 01363894 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 01363894 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 01363894 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 01363894 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 01363894 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 01363894 6 2023-06-01 2024-05-31 01363894 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 01363894









NICKY CHINN MUSIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
NICKY CHINN MUSIC LIMITED
REGISTERED NUMBER: 01363894

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,458
2,460

Investments
 6 
1,308,486
1,052,665

  
1,322,944
1,055,125

Current assets
  

Debtors
 7 
7,706
22,293

Cash at bank and in hand
 8 
77,183
276,587

  
84,889
298,880

Creditors: amounts falling due within one year
 9 
(59,935)
(90,240)

Net current assets
  
 
 
24,954
 
 
208,640

  

Net assets
  
1,347,898
1,263,765


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,347,896
1,263,763

  
1,347,898
1,263,765


Page 1

 
NICKY CHINN MUSIC LIMITED
REGISTERED NUMBER: 01363894
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers 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 director acknowledges his 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 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: 

N B Chinn
Director

Date: 22 February 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Nicky Chinn Music Limited ('the Company') is a private company limited by shares, is incorporated under the UK Companies Act 1948 to 1967 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.

2.Accounting policies

  
2.1

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.

 
2.2

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

  
2.3

Functional and presentational currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.

  
2.4

Foreign currency translation

Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 3

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Going concern

In preparing these financial statements the director, having reviewed the financial performance and position of the Company up to the date these financial statements were approved, is of the opinion that based on current and expected operational performance there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence.
While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.

 
2.6

Revenue

Turnover comprises revenue receivable by the Company in respect of royalties and advances receivable exclusive of Value Added Tax and is recognised as and when the Company receives notification of amounts due, during the reporting period, with amounts accrued and/or deferred in accordance with the terms of the underlying contract.

 
2.7

Pensions

The Company operates a defined contribution workplace pension scheme for all eligible employees. Under this scheme, the Company pays fixed contributions to a separate entity which manages the scheme. Once the contributions have been paid the Company has no further payment obligations. Contributions are recognised as an expense in the period in which they fall due. Amounts unpaid are shown as part of other creditors in the balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.

 
2.8

Taxation

Taxation for the financial reporting period comprises of current (i.e. corporation) and deferred taxation; both of which are recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.

Page 4

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

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, on a reducing balance basis.

Depreciation is provided at the following rates:

Computer & IT equipment
-
33%
Fixtures & fittings
-
15%

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.

 
2.10

Fixed asset investments

Fixed asset investments comprise of long term holdings in marketable OEIC investment fund portfolios, a form of financial instrument, and are initially recognised at their transaction cost and subsequently measured at fair value through profit or loss.

Page 5

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities; with said financial assets and liabilities classified in accordance with the substance of the underlying contractual obligations rather than its legal form.
Financial assets and liabilities are recognised upon the Company becoming party to the contractual provisions of the instrument.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or the financial asset is transferred along with substantially all the risks and rewards of ownership of the asset to another party. Financial liabilities are derecognised only when the Company’s obligations are discharged, cancelled or expired.
The measurement of specific financial assets, excluding fixed asset investments (see note 2.10), financial liabilities and equity held by the Company is as outlined in notes 2.12 to 2.15 of the financial statements.

 
2.12

Debtors

Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.

 
2.13

Cash and cash equivalents

Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.

 
2.14

Creditors

Creditors are initially measured and subsequently held at transaction price.

 
2.15

Equity and dividends

Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Dividends are recognised in the reporting period in which they become legally payable upon approval by the Company's directors.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the opinion of the sole director, there were no critical judgments nor any critical accounting estimates made in applying the Company's accounting policies towards the preparation of these financial statements in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland. 

Page 6

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Employees

2024
2023
£
£

Wages and salaries
40,402
46,842

Social security costs
18,834
14,524

Cost of defined contribution scheme
425
491

59,661
61,857


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


5.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 June 2023
80,894


Additions
14,582



At 31 May 2024

95,476



Depreciation


At 1 June 2023
78,434


Charge for the year on owned assets
2,584



At 31 May 2024

81,018



Net book value



At 31 May 2024
14,458



At 31 May 2023
2,460

Page 7

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Fixed asset investments





Unlisted OEIC investments

£



Valuation


At 1 June 2023
1,052,665


Additions
150,000


Revaluations
105,821



At 31 May 2024
1,308,486





7.


Debtors

2024
2023
£
£

Falling due within one year

Trade debtors
2,640
2,400

Other debtors
1,432
-

Deferred taxation
3,634
19,893

7,706
22,293


Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different from their carrying value.
As at 31 May 2024, the provision for impairment against trade and other debtors falling due within one year was £nil.


8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
77,183
276,587

77,183
276,587


Page 8

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
20,525
20,525

Other taxation and social security
9,678
7,875

Other creditors
10,319
42,416

Accruals and deferred income
19,413
19,424

59,935
90,240



10.


Financial instruments

The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
Financial instruments held at fair value through profit or loss by the Company as at the balance sheet date comprise solely of unlisted OEIC investments, as reported in note 6 to the financial statements, held as part of trading portfolio managed by a third party on the Company's behalf.


11.


Deferred taxation




2024


£






At beginning of year
19,893


Charged to profit or loss
(16,259)



At end of year
3,634

The net deferred taxation asset/(liability) carried forward is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,615)
(615)

Tax losses carried forward
7,249
20,508

3,634
19,893


In the opinion of the director, net deferred taxation assets carried forward as at the balance sheet date of £5,000 are expected to reverse in the following financial reporting period.

Page 9

 
NICKY CHINN MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Pension commitments

Employee and employer contributions totalling £nil (2023: £120) were payable at the balance sheet date and are included in creditors falling due within one year.


13.


Related party transactions

During the reporting period, the sole director continued to maintain an unsecured loan account with the Company. 
Amounts payable towards the loan account are repayable on demand with no fixed date of repayment and incur interest at the HMRC official rate where amounts are owed by the director to the Company.
At the balance sheet date, the Company owed £1,798 (2023: £30,745) to the director.
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.

 
Page 10