EMUSIC.COM, LTD.

EMUSIC.COM, LTD.

EMUSIC.COM, LTD. - Company Information

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EMUSIC.COM, LTD.

Company Registration Number:
05702595 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2017

Period of accounts

Start date: 01 July 2016

End date: 31 December 2017

EMUSIC.COM, LTD.

Contents of the Financial Statements

for the Period Ended 31 December 2017

Balance sheet
Notes

EMUSIC.COM, LTD.

Balance sheet

As at 31 December 2017


Notes
18 months to 31 December 2017
2016


£
£
Current assets
Debtors:   552,613 10,902
Cash at bank and in hand: 4,693 32,192
Total current assets: 557,306 43,094
Creditors: amounts falling due within one year:   (3,739,928) (3,828,132)
Net current assets (liabilities): (3,182,622) (3,785,038)
Total assets less current liabilities: (3,182,622) (3,785,038)
Total net assets (liabilities): (3,182,622) (3,785,038)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (3,182,623) (3,785,039)
Shareholders funds: (3,182,622) (3,785,038)

The notes form part of these financial statements

EMUSIC.COM, LTD.

Balance sheet statements

For the year ending 31 December 2017 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 May 2019
and signed on behalf of the board by:

Name: Tamir Koch
Status: Director

The notes form part of these financial statements

EMUSIC.COM, LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2017

1. Accounting policies

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

Turnover policy

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue 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. The following criteria must also be met before revenue is recognised:Turnover represents amounts chargeable in respect of the sale of goods and services to customers and is recognised in the period in which the goods and services are provided.

Other accounting policies

GOING CONCERNThe financial statements have been prepared on a going concern basis. The parent company has provided notice that it will continue to support the operational needs of the company in order to allow the company to meet its liabilities as they fall due.FOREIGN CURRENCY TRANSLATIONFunctional and presentation currencyThe Company's functional and presentation currency is GBP.Transactions and balancesForeign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.At each period 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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account.FIRST TIME ADOPTION OF FRS 102This is the first year that the company has presented its results under FRS 102 Section 1A - small entities. The last financial statements presented under UK GAAP were for the year ended 30 June 2016. The date of transition to FRS 102 Section 1A - small entities was 1 July 2016. There were no transitional adjustments arising from the first time adoption of FRS 102 Section 1A - small entities.

EMUSIC.COM, LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2017

2. Employees

18 months to 31 December 2017 2016
Average number of employees during the period 0 0

EMUSIC.COM, LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2017

3. Related party transactions

Name of the related party: eMusic.com Inc
Relationship:
immediate parent company
Description of the Transaction: Payments made on behalf of the company.
£
Balance at 01 July 2016 1,190,593
Balance at 31 December 2017 2,357,234
Name of the related party: TriPlay Inc
Relationship:
ultimate parent company
Description of the Transaction: Payments made on behalf of the company.
£
Balance at 01 July 2016 0
Balance at 31 December 2017 530,642