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Registered number: 01363894
NICKY CHINN MUSIC LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2025
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NICKY CHINN MUSIC LIMITED
REGISTERED NUMBER: 01363894
BALANCE SHEET
AS AT 31 MAY 2025
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Provisions for liabilities
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NICKY CHINN MUSIC LIMITED
REGISTERED NUMBER: 01363894
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2025
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 by:
The notes on pages 3 to 9 form part of these financial statements.
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Nicky Chinn Music Limited ('the Company') is a private company limited by shares, is incorporated under the UK Companies Act 1948 to 1967 and domiciled in England. The address of the Company's registered office is 124 Finchley Road, London, NW3 5JS.
2.Accounting policies
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Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all reporting periods presented, unless otherwise stated.
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Basis of preparation of financial statements
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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 (see note 3).
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Functional and presentational currency
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Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the "functional currency").
The functional currency of the Company, and the currency in which the financial statements are presented (the "presentational currency"), is 'Pounds Sterling' (£) rounded to the nearest single unit of currency.
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Foreign currency translation
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Foreign currencies are translated into the functional (and presentational) currency using the exchange rates prevailing at the date of the respective transaction or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial reporting period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
In preparing these financial statements the director, having reviewed the financial performance and position of the Company up to the date these financial statements were approved, is of the opinion that based on current and expected operational performance there is a reasonable expectation that the Company shall have adequate financial resources available at its disposal to continue in operational existence.
While there will always remain inherent uncertainty, the director has no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern and therefore considers it both appropriate to continue to adopt the going concern basis in preparing the Company's financial statements and to not recognise any adjustments in the financial statements that would arise if the going concern basis were to become no longer appropriate.
Turnover comprises revenue receivable by the Company in respect of royalties and advances receivable exclusive of Value Added Tax and is recognised as and when the Company receives notification of amounts due, during the reporting period, with amounts accrued and/or deferred in accordance with the terms of the underlying contract.
The Company operates a defined contribution workplace pension scheme for all eligible employees. Under this scheme, the Company pays fixed contributions to a separate entity which manages the scheme. Once the contributions have been paid the Company has no further payment obligations. Contributions are recognised as an expense in the period in which they fall due. Amounts unpaid are shown as part of other creditors in the balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.
Taxation for the financial reporting period comprises of current (i.e. corporation) and deferred taxation; both of which are recognised in profit or loss.
Current taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date in the UK where taxable income is generated by the Company through its business operations. Positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation are periodically evaluated with provisions recognised, where appropriate, on the basis of amounts expected to be payable.
Deferred taxation is recognised on temporary differences arising between the tax bases of assets and liabilities and their respective carrying amounts in the financial statements. Deferred taxation is calculated using tax rates and on the basis of tax laws enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset/liability is realised/settled.
Deferred tax assets are recognised only to the extent that it is sufficiently probable that future taxable profits will be available against which the temporary differences can be utilised.
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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, on a reducing balance basis.
Depreciation is provided at the following rates:
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.
Fixed asset investments comprise of long term holdings in marketable OEIC investment fund portfolios, a form of financial instrument, and are initially recognised at their transaction cost and subsequently measured at fair value through profit or loss.
Debtors excluding deferred tax assets (see note 2.8) are initially measured at transaction price (i.e fair value) and subsequently held, at transaction price less provision for impairment.
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Cash and cash equivalents
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Cash balances are reported by the Company as being financial instruments classified as short term receivables and are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours and subject to an insignificant risk of changes in value. Cash balances are held at floating interest rates linked to UK bank rates.
Creditors are initially measured and subsequently held at transaction price.
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Ordinary share capital, shown in equity, is initially measured and subsequently held at its nominal value. Where the transaction price for issued shares exceeds their nominal value, the difference is shown under equity in a share premium account with any directly attributable transaction costs associated with the issuing of said shares deducted from said share premium account.
Dividends are recognised in the reporting period in which they become legally payable upon approval by the Company's directors.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the opinion of the sole director, there were no critical judgments nor any critical accounting estimates made in applying the Company's accounting policies towards the preparation of these financial statements in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland.
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The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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Charge for the year on owned assets
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Unlisted OEIC investments
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Trade and other debtors falling due within one year are non-interest bearing and, in the opinion of the director, of a fair value not materially different from their carrying value.
As at 31 May 2024, the provision for impairment against trade and other debtors falling due within one year was £nil.
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Cash and cash equivalents
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The Company held no financial instruments that would require specific disclosure under sections 11 or 12 of Financial Reporting Standard 102 and paragraph 36 of Schedule 1 to the Companies Act 2006.
Financial instruments held at fair value through profit or loss by the Company as at the balance sheet date comprise solely of unlisted OEIC investments, as reported in note 6 to the financial statements, held as part of trading portfolio managed by a third party on the Company's behalf.
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Charged to profit or loss
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The net deferred taxation asset/(liability) carried forward is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Other short term timing differences
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In the opinion of the director, net deferred taxation liabilities carried forward as at the balance sheet date of £1,000 are expected to reverse in the following financial reporting period.
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NICKY CHINN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Employee and employer contributions totalling £31 (2024: £nil) were payable at the balance sheet date and are included in creditors falling due within one year.
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Related party transactions
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During the reporting period, the sole director continued to maintain an unsecured loan account with the Company.
Amounts payable towards the loan account are repayable on demand with no fixed date of repayment and incur interest at the HMRC official rate where amounts are owed by the director to the Company.
At the balance sheet date, the Company owed £240 (2024: £1,798) to the director.
There were no other related party transactions and/or period end balances to report in accordance with the UK Companies Act 2006 and Section 1A of Financial Reporting Standard 102 as part of these financial statements.
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