Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-312023-06-01falserecord production33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04753334 2023-06-01 2024-05-31 04753334 2022-06-01 2023-05-31 04753334 2024-05-31 04753334 2023-05-31 04753334 c:Director1 2023-06-01 2024-05-31 04753334 d:PlantMachinery 2023-06-01 2024-05-31 04753334 d:PlantMachinery 2024-05-31 04753334 d:PlantMachinery 2023-05-31 04753334 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04753334 d:ComputerEquipment 2023-06-01 2024-05-31 04753334 d:ComputerEquipment 2024-05-31 04753334 d:ComputerEquipment 2023-05-31 04753334 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04753334 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 04753334 d:CurrentFinancialInstruments 2024-05-31 04753334 d:CurrentFinancialInstruments 2023-05-31 04753334 d:Non-currentFinancialInstruments 2024-05-31 04753334 d:Non-currentFinancialInstruments 2023-05-31 04753334 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04753334 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04753334 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 04753334 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04753334 d:ShareCapital 2024-05-31 04753334 d:ShareCapital 2023-05-31 04753334 d:RetainedEarningsAccumulatedLosses 2024-05-31 04753334 d:RetainedEarningsAccumulatedLosses 2023-05-31 04753334 c:FRS102 2023-06-01 2024-05-31 04753334 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04753334 c:FullAccounts 2023-06-01 2024-05-31 04753334 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04753334 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 04753334









SONGPHONIC RECORDS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SONGPHONIC RECORDS LIMITED
REGISTERED NUMBER: 04753334

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
31,157
36,818

  
31,157
36,818

Current assets
  

Debtors: amounts falling due within one year
 5 
29,010
31,753

Cash at bank and in hand
 6 
20,178
2,221

  
49,188
33,974

Creditors: amounts falling due within one year
 7 
(240,915)
(155,421)

Net current liabilities
  
 
 
(191,727)
 
 
(121,447)

Total assets less current liabilities
  
(160,570)
(84,629)

Creditors: amounts falling due after more than one year
 8 
(724,000)
(1,074,000)

  

Net liabilities
  
(884,570)
(1,158,629)

Page 1

 
SONGPHONIC RECORDS LIMITED
REGISTERED NUMBER: 04753334
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(884,572)
(1,158,631)

  
(884,570)
(1,158,629)


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: 


................................................
O Kent
Director

Date: 25 February 2025

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

Page 2

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Songphonic Records Limited (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company llimited by shares and is registered in England and Wales. The address of the Company's registered office is St Ann's Court, St Ann's Hill Road, Chertsey, Surrey,     KT16 9NW.
The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£).
The principal activity of the company in the year under review was that of record production.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, due to the ongoing support of the ultimate parent company Songphonic Limited (Jersey).

 
2.3

Revenue

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. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

The estimated useful lives range as follows:

Plant and machinery
-
2
years
Computer equipment
-
2
years

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.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

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

Page 4

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
182,433
30,154
212,587


Additions
322
114
436



At 31 May 2024

182,755
30,268
213,023



Depreciation


At 1 June 2023
147,747
28,022
175,769


Charge for the year on owned assets
4,116
1,981
6,097



At 31 May 2024

151,863
30,003
181,866



Net book value



At 31 May 2024
30,892
265
31,157



At 31 May 2023
34,686
2,132
36,818

Page 5

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,190
1,190

Other debtors
4,653
7,396

Prepayments and accrued income
23,167
23,167

29,010
31,753



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,178
2,221



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,203
7,720

Other taxation and social security
3,480
10,119

Other creditors
131,282
133,032

Accruals and deferred income
94,950
4,550

240,915
155,421



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
724,000
1,074,000

724,000
1,074,000


Debenture
There is a fixed and floating charge against all present and future assets held by the company, the charge is registered to the parent company Songphonic Limited.

Page 6

 
SONGPHONIC RECORDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Pension commitments

The Company operates a defined contribution pension 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 £1,875 (2023 - £1,816) . Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

Songphonic Limited (incorporated in Jersey) is regarded by the directors as being the company's parent  company and ultimate controlling party.  The company's registered office is Le Quesne Chambers, 9 Burrard Street, St Helier, Jersey JE4 5UE

 
Page 7