ACCOUNTS - Final Accounts preparation

Registered number: 07749750

SAFETY NET MUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025


SAFETY NET MUSIC LIMITED REGISTERED NUMBER:07749750

BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		1,107		525
			1,107		525
Current assets
Debtors: amounts falling due within one year	5	10,655		44,603
Cash at bank and in hand	6	1,027,086		999,307
		1,037,741		1,043,910
Creditors: amounts falling due within one year	7	(17,826)		(12,416)
Net current assets			1,019,915		1,031,494
Total assets less current liabilities			1,021,022		1,032,019
Provisions for liabilities
Deferred tax	8	-		(131)
			-		(131)
Net assets			1,021,022		1,031,888

Capital and reserves
Called up share capital	9	2	2
Profit and loss account		1,021,020	1,031,886
		1,021,022	1,031,888

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SAFETY NET MUSIC LIMITED REGISTERED NUMBER:07749750

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

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:

R Swire-Thompson

Director

Date: 30 November 2025

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

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SAFETY NET MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

Safety Net Music Limited is a private company, limited by shares, registered in England and Wales, registration number 07749750. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company continued to be that of music recording and live performance activities.

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.

2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound sterling.

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 year 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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'. All other foreign exchange gains and losses are presented in the profit and loss account.

2.3

Turnover

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.

Turnover from music recording and live performance activities is recognised when it is probable the company will receive the rights to the consideration due under the contract.

Recharged income is recognised when the corresponding expenses have been incurred on behalf of another entity.

2.4

Interest income

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

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SAFETY NET MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.5

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.6

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:

				Plant and machinery	-	25%	straight-line
				Other fixed assets	-	25%	straight-line

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.

2.7

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.

2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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SAFETY NET MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Creditors

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

2.10

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2024 - 2).

4.	Tangible fixed assets

	Plant and machinery	Other fixed assets	Total
	£	£	£
Cost
At 1 April 2024	4,044	2,097	6,141
Additions	1,476	-	1,476
At 31 March 2025	5,520	2,097	7,617
Depreciation
At 1 April 2024	4,044	1,572	5,616
Charge for the year	369	525	894
At 31 March 2025	4,413	2,097	6,510
Net book value
At 31 March 2025	1,107	-	1,107
At 31 March 2024	-	525	525

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SAFETY NET MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Debtors

					2025	2024
					£	£


Trade debtors	242	2,590
Amounts owed by connected entities	3,968	10,875
Other debtors	1,755	30,207
Prepayments and accrued income	4,690	931
	10,655	44,603

6.	Cash
		2025	2024
		£	£

	Cash at bank and in hand	1,027,086	999,307

7.	Creditors: amounts falling due within one year
		2025	2024
		£	£

Trade creditors	789	98
Other taxation and social security	2,345	937
Other creditors	5,358	1,709
Accruals	9,334	9,672
	17,826	12,416

8.	Deferred taxation

		2025
		£

	At beginning of year	131
	Charged to profit or loss	131
	At end of year	-

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SAFETY NET MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.Deferred taxation (continued)

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

Fixed asset timing difference	277	131
Losses and other deductions	(277)	-
	-	131

9.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2 (2024 - 2) ordinary shares of £1.00 each	2	2

10.	Transactions with directors

As at the year end, the company owed £2,645 to the directors (2024 - £20,537 was owed by the directors to the company). The loan is unsecured, repayable on demand and interest at an official rate has been charged.

During the year, dividends of £4,000 (2024 - £NIL) were paid to the directors.

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