Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30No description of principal activity2023-07-01false77truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01622637 2023-07-01 2024-06-30 01622637 2022-07-01 2023-06-30 01622637 2024-06-30 01622637 2023-06-30 01622637 c:Director1 2023-07-01 2024-06-30 01622637 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 01622637 d:FurnitureFittings 2023-07-01 2024-06-30 01622637 d:FurnitureFittings 2024-06-30 01622637 d:FurnitureFittings 2023-06-30 01622637 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01622637 d:ComputerEquipment 2023-07-01 2024-06-30 01622637 d:CurrentFinancialInstruments 2024-06-30 01622637 d:CurrentFinancialInstruments 2023-06-30 01622637 d:Non-currentFinancialInstruments 2024-06-30 01622637 d:Non-currentFinancialInstruments 2023-06-30 01622637 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01622637 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01622637 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01622637 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01622637 d:ShareCapital 2024-06-30 01622637 d:ShareCapital 2023-06-30 01622637 d:RetainedEarningsAccumulatedLosses 2024-06-30 01622637 d:RetainedEarningsAccumulatedLosses 2023-06-30 01622637 c:FRS102 2023-07-01 2024-06-30 01622637 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01622637 c:FullAccounts 2023-07-01 2024-06-30 01622637 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01622637 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01622637 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01622637 2 2023-07-01 2024-06-30 01622637 6 2023-07-01 2024-06-30 01622637 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 01622637









MUTE SONG LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
MUTE SONG LIMITED
REGISTERED NUMBER: 01622637

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,751
9,585

Investments
 5 
2
2

  
8,753
9,587

Current assets
  

Debtors: amounts falling due within one year
 6 
3,273,437
3,223,819

  
3,273,437
3,223,819

Creditors: amounts falling due within one year
 7 
(2,971,701)
(3,314,115)

Net current assets/(liabilities)
  
 
 
301,736
 
 
(90,296)

Total assets less current liabilities
  
310,489
(80,709)

Creditors: amounts falling due after more than one year
 8 
(250,000)
-

Provisions for liabilities
  

Deferred tax
 9 
(1,779)
-

  
 
 
(1,779)
 
 
-

Net assets/(liabilities)
  
58,710
(80,709)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
57,710
(81,709)

  
58,710
(80,709)


Page 1

 
MUTE SONG LIMITED
REGISTERED NUMBER: 01622637
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 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 on 28 March 2025.


D. O. Miller
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Mute Song Limited is a private company limited by shares and registered in England & Wales. The address of its principal place of business is Studio 6, 162-164 Abbey Street, London, SE1 2AN.

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 company's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 30 June 2024 the company had net current assets of £301,696 (2023: £90,296 - liabilities) and net assets of £58,710 (2023: £80,709 - liabilities) and is dependent on the continued financial support of its bankers and its shareholder.
Existing funding facilities, forecasts and projections indicate that the company has adequate resources to continue at the current activity levels. 
After reviewing the company's forecasts and projections, the director is of the opinion that the bank will renew its overdraft and loan facilities and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director and the shareholder has confirmed his intention to continue to financially support the company. The company therefore continues to adopt the going concern basis in preparing its financial statements, but with the proviso that some uncertainly exists over the company’s future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable during the year, excluding value added tax.

Turnover represents publishing income receivable during the year.
Any unrecouped advances received are carried forward as deferred income until the earlier of recoupment against contractual royalties due, subpublishing agreement expiry date or recognition that recoupment is unlikely to take place.

 
2.4

Interest income

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

Page 3

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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:

Land and buildings
-
10%
on cost
Fixtures and fittings
-
20%
on cost
Computer equipment
-
33%
on cost

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.10

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.

  
2.11

Royalties payable

Royalties payable are charged against the relevant income of the same period. Royalty advances paid are carried forward at a recoverable value based on estimated future recoupment of royalty earnings.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).


4.


Tangible fixed assets





Fixtures fittings and equipment

£



Cost


At 1 July 2023
44,782


Additions
4,435



At 30 June 2024

49,217



Depreciation


At 1 July 2023
35,197


Charge for the year on owned assets
5,269



At 30 June 2024

40,466



Net book value



At 30 June 2024
8,751



At 30 June 2023
9,585




5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 July 2023
2



At 30 June 2024
2




Page 6

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£


Trade debtors
2,823,530
2,479,418

Other debtors
142,721
456,702

Prepayments and accrued income
307,186
287,699

3,273,437
3,223,819



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,055,116
1,247,570

Trade creditors
1,787,342
1,869,084

Amounts owed to group undertakings
10,880
24,596

Corporation tax
61,699
60,185

Other taxation and social security
2,957
3,183

Accruals and deferred income
53,707
109,497

2,971,701
3,314,115


The following liabilities were secured:

2024
2023
£
£



Bank Overdrafts
1,055,116
1,247,570

1,055,116
1,247,570

Details of security provided:

The bank overdrafts and loans are secured by a mortgage debenture over the company's assets.

Page 7

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
250,000
-

250,000
-


The bank loan is secured by a mortgage debenture over the company's assets.


9.


Deferred taxation




2024


£






Charged to profit or loss
(1,779)



At end of year
(1,779)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,779)
-

(1,779)
-


10.


Transactions with directors

At the balance sheet date the company was owed £23,310 by D.O. Miller in respect of a loan (2023: £456,524) interest has been charged at the official rate. This was repaid in full within nine months after the year end.
D.O Miller has provided personal guarantees in respect of the company's bank loan and overdraft facilities amounting to £1,250,000.

Page 8

 
MUTE SONG LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Related party transactions

The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with its wholly owned subsidiary Mute Song International Limited.
The company office occupied a property owned by the director D.O. Miller. The company paid rent to the director of £60,000 (2023: £60,000).
During the year the company charged a service fee of £74,701 (2023: £108,502) and was charged a service fee of £171,165 (2023: £174,982) by Mute Artists Limited a company controlled by the director D.O. Miller. At the balance sheet date an amount of £1,586,082 (2023: £1,461,623) was owed to the company by Mute Artists Limited.
At the balance sheet date the company owed £2,287 (2023: £2,115) to Mute Management Limited a company controlled by the director D.O. Miller

 
Page 9