ACCOUNTS - Final Accounts preparation

Registered number: 08241905

FLY EYE MUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


FLY EYE MUSIC LIMITED REGISTERED NUMBER:08241905

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		1,001		1,001
			1,001		1,001
Current assets
Debtors: amounts falling due within one year	5	262,304		271,013
Cash at bank and in hand	6	170		53
		262,474		271,066
Creditors: amounts falling due within one year	7	(265,895)		(4,996)
Net current (liabilities)/assets			(3,421)		266,070
Total assets less current liabilities			(2,420)		267,071

Net (liabilities)/assets			(2,420)		267,071

Capital and reserves
Called up share capital	8	1,001	1,001
Profit and loss account		(3,421)	266,070
		(2,420)	267,071

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FLY EYE MUSIC LIMITED REGISTERED NUMBER:08241905

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

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 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:

A Wiles

Director

Date: 31 December 2025

The notes on pages 3 to 6 form part of these financial statements.

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FLY EYE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Fly Eye Music Limited is a private company, limited by shares, registered in England and Wales, registration number 08241905. During the year, the company changed its registered office address from 16 - 19 Eastcastle Street, London, W1W 8DY to Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

The principal activity of the company continued to be that of a holding company.

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 Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

2.2

Going concern

The financial statements have been prepared on the going concern basis as the shareholders have confirmed they will continue to provide necessary funding in order for the company to maintain operations and meet liabilites in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.

2.3

Functional and presentation currency

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

2.4

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in Section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

2.5

Interest income

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

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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.

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.

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FLY EYE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as 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 the director, during the year was 1 (2023 - 1).

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	1,001
	At 31 December 2024	1,001

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Principal activity	Class of shares	Holding

	Fly Eye Recordings Limited	Music publishing activity	Ordinary	100%
	Fly Eye Publishing Ltd	Music recording activity	Ordinary	100%

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FLY EYE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	72,792	81,789
Other debtors	189,224	189,224
Prepayments and accrued income	288	-
	262,304	271,013

6.	Cash
		2024	2023
		£	£

	Cash at bank and in hand	170	53

7.	Creditors: amounts falling due within one year
		2024	2023
		£	£

Trade creditors	-	659
Other creditors	262,295	1,010
Accruals and deferred income	3,600	3,327
	265,895	4,996

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1,000 (2023 - 1,000) Ordinary shares of £1.00 each	1,000	1,000
1 (2023 - 1) Preference share of £1.00	1	1

	1,001	1,001

9.	Dividend paid

During the year, dividends of £360,000 (2023 - £NIL) was paid.

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FLY EYE MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Transactions with the director

During the year, the director advanced £261,285 (2023 - £NIL) to the company. At the year end, the company owed £262,295 (2023 - £1,010) to the director. This loan is unsecured, interest free and repayable on demand.

During the year, dividends of £240,120 (2023 - £NIL) was paid to the director.

11.	Related party transactions
	No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 section 1A paragraph 1AC.35.

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