Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30No description of principal activity222023-07-01falsefalsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06507002 2023-07-01 2024-06-30 06507002 2022-07-01 2023-06-30 06507002 2024-06-30 06507002 2023-06-30 06507002 c:Director1 2023-07-01 2024-06-30 06507002 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 06507002 d:Buildings d:ShortLeaseholdAssets 2024-06-30 06507002 d:Buildings d:ShortLeaseholdAssets 2023-06-30 06507002 d:OfficeEquipment 2023-07-01 2024-06-30 06507002 d:OfficeEquipment 2024-06-30 06507002 d:OfficeEquipment 2023-06-30 06507002 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06507002 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 06507002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 06507002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 06507002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 06507002 d:CurrentFinancialInstruments 2024-06-30 06507002 d:CurrentFinancialInstruments 2023-06-30 06507002 d:Non-currentFinancialInstruments 2024-06-30 06507002 d:Non-currentFinancialInstruments 2023-06-30 06507002 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 06507002 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 06507002 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 06507002 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 06507002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-06-30 06507002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 06507002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-06-30 06507002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 06507002 d:ShareCapital 2024-06-30 06507002 d:ShareCapital 2023-06-30 06507002 d:SharePremium 2024-06-30 06507002 d:SharePremium 2023-06-30 06507002 d:RetainedEarningsAccumulatedLosses 2024-06-30 06507002 d:RetainedEarningsAccumulatedLosses 2023-06-30 06507002 c:FRS102 2023-07-01 2024-06-30 06507002 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 06507002 c:FullAccounts 2023-07-01 2024-06-30 06507002 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06507002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-07-01 2024-06-30 06507002 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number:  06507002














LIVERPOOL SOUND CITY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


 
LIVERPOOL SOUND CITY LIMITED
REGISTERED NUMBER: 06507002

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
9,436
18,874

Tangible assets
 5 
38,928
46,396

  
48,364
65,270

Current assets
  

Debtors: amounts falling due after more than one year
 6 
7,325
-

Debtors: amounts falling due within one year
 6 
333,572
472,921

Cash at bank and in hand
 7 
118,275
57,997

  
459,172
530,918

Creditors: amounts falling due within one year
 8 
(198,287)
(188,283)

Net current assets
  
 
 
260,885
 
 
342,635

Total assets less current liabilities
  
309,249
407,905

Creditors: amounts falling due after more than one year
 9 
(19,379)
(55,238)

Provisions for liabilities
  

Deferred tax
  
-
(4,453)

  
 
 
-
 
 
(4,453)

Net assets
  
289,870
348,214


Capital and reserves
  

Called up share capital 
  
2,500
2,500

Share premium account
  
359,250
359,250

Profit and loss account
  
(71,880)
(13,536)

  
289,870
348,214


Page 1

 
LIVERPOOL SOUND CITY LIMITED
REGISTERED NUMBER: 06507002
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 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: 




................................................
D Pichilingi
Director

Date: 18 June 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The Company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 06507002). The address of the registered office is Studio F, 16 Jordan Street, Liverpool, L1 0BP.
These financial statements present information about the Company as an individual undertaking; it is not a member of a group of companies. The principal activity of the Company is that of a music and arts festival.
The presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £.

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 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.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 period 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.

Page 3

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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 balance sheet 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 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 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 balance sheet date.


 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

Page 5

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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 on the following basis:

Short-term leasehold property
-
10%
Reducing balance
Office equipment
-
25%
Reducing balance

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.

 
2.12

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.

 
2.13

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.

 
2.14

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 6

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

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.


3.


Employees

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


4.


Intangible assets




Develop-ment expenditure

£



Cost


At 1 July 2023
37,750



At 30 June 2024

37,750



Amortisation


At 1 July 2023
18,876


Charge for the year on owned assets
9,438



At 30 June 2024

28,314



Net book value



At 30 June 2024
9,436



At 30 June 2023
18,874



Page 7

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Tangible fixed assets





Leasehold improve-ments
Office equipment
Total

£
£
£



Cost or valuation


At 1 July 2023
45,550
36,975
82,525



At 30 June 2024

45,550
36,975
82,525



Depreciation


At 1 July 2023
10,610
25,520
36,130


Charge for the year on owned assets
4,555
2,912
7,467



At 30 June 2024

15,165
28,432
43,597



Net book value



At 30 June 2024
30,385
8,543
38,928



At 30 June 2023
34,940
11,456
46,396

Page 8

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
7,325
-

7,325
-


2024
2023
£
£

Due within one year

Trade debtors
43,710
85,621

Other debtors
174,504
309,501

Prepayments and accrued income
115,358
77,799

333,572
472,921



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
118,275
57,997

118,275
57,997



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
35,859
32,265

Other loans
-
3,000

Trade creditors
50,206
67,789

Corporation tax
-
7,777

Other taxation and social security
13,186
24,779

Other creditors
14,833
37,188

Accruals and deferred income
84,203
15,485

198,287
188,283


Page 9

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
19,379
55,238

19,379
55,238



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
35,859
32,265

Other loans
-
3,000


35,859
35,265

Amounts falling due 1-2 years

Bank loans
19,379
35,859


19,379
35,859

Amounts falling due 2-5 years

Bank loans
-
19,379


-
19,379


55,238
90,503



11.


Pension commitments

The Company operates a defined contributions 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 £2,115 (2023 - £3,781). Contributions totalling £3,715 (2023 - £3,459) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
LIVERPOOL SOUND CITY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Related party transactions

Included in other debtors and creditors is the following balances owed (to) / from related parties:


2024
2023
£
£

D Pichilingi
39,906
22,345
39,906
22,345

D Pichilingi is a director.
Sound City (Liverpool) Ltd and Modern Sky Entertainment (UK) Limited are companies under common control.


13.


Controlling party

The controlling party of this entity is Dave Pichilingi.

 
Page 11