Balance sheet continued

As at 31 March 2025

For the year ending 31 March 2025 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2025

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  2.3 Turnover
  Turnover comprises revenue recognised by the company in respect of music production and royalty income, exclusive of Value Added Tax and trade discounts.

  Tangible fixed assets depreciation policy

  2.5 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.
  
  2.5 Tangible fixed assets (continued)
  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:
  Leasehold improvements - 25% straight line
  Studio equipment - 15% reducing balance
  Studio fittings, accessories and Cabling - 20% reducing balance
  Computer equipment - 20% reducing balance
  2nd hand instruments and audio gear - 5% 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.
  

  Other accounting policies

  2.2 Going concern The Director is confident the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis. 2.4 Taxation 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. 2.6 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. 2.7 Dividends Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final