Registered number
09234137
Music Vine Limited
Filleted Accounts
30 September 2024
Music Vine Limited
Registered number: 09234137
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 258,826 135,617
Current assets
Debtors 4 80,774 60,032
Cash at bank and in hand 1,643,417 2,593,357
1,724,191 2,653,389
Creditors: amounts falling due within one year 5 (876,802) (697,154)
Net current assets 847,389 1,956,235
Total assets less current liabilities 1,106,215 2,091,852
Creditors: amounts falling due after more than one year 6 (10,106) (20,098)
Provisions for liabilities (11,747) (11,747)
Net assets 1,084,362 2,060,007
Capital and reserves
Called up share capital 219 219
Share premium 3,484,601 3,484,601
Profit and loss account (2,400,458) (1,424,813)
Shareholders' funds 1,084,362 2,060,007
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Matthew Russell
Director
Approved by the board on 24 June 2025
Music Vine Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
General information and basis of preparation
Music Vine Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £000.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 14
3 Tangible fixed assets
Property improvements Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 64,316 145,658 209,974
Additions 80,542 56,131 136,673
At 30 September 2024 144,858 201,789 346,647
Depreciation
At 1 October 2023 - 74,357 74,357
Charge for the year 7,243 6,221 13,464
At 30 September 2024 7,243 80,578 87,821
Net book value
At 30 September 2024 137,615 121,211 258,826
At 30 September 2023 64,316 71,301 135,617
4 Debtors 2024 2023
£ £
Trade debtors 8,912 2,322
Other debtors 71,862 57,710
80,774 60,032
5 Creditors: amounts falling due within one year 2024 2023
£ £
Income in Advance 404,481 323,471
Bank loans and overdrafts 10,648 10,648
Trade creditors 3,467 23,736
Artist Commission Accrual 379,195 262,231
Taxation and social security costs 53,340 59,995
Other creditors 25,671 17,073
876,802 697,154
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,106 20,098
7 Other information
Music Vine Limited is a private company limited by shares and incorporated in England. Its registered office is:
Tailors Corner
1 Thirsk Row
LEEDS
LS1 4DP
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