Northern Music Group (Holdings) Ltd - Period Ending 2019-03-30

Registration number: 08452695

Northern Music Group (Holdings) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 March 2019

Northern Music Group (Holdings) Ltd

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

Northern Music Group (Holdings) Ltd

(Registration number: 08452695)
Balance Sheet as at 30 March 2019

	Note	2019		2018
		£	£	£	£
Fixed assets
Investments	4		300		300
Current assets
Cash at bank and in hand		6,093		8,173
Creditors: Amounts falling due within one year	5	(6,500)		(8,500)
Net current liabilities			(407)		(327)
Net liabilities			(107)		(27)
Capital and reserves
Called up share capital	6	300		300
Profit and loss account		(407)		(327)
Total equity			(107)		(27)

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

Northern Music Group (Holdings) Ltd

(Registration number: 08452695)
Balance Sheet as at 30 March 2019

For the financial year ending 30 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 December 2019
 

......................................... A M Farrow Director

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

Northern Music Group (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

The principal place of business is:
1st & 2nd Floor
5 Victoria Road
Saltaire
West Yorkshire
BD18 3LA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section1AC.35 Related Party disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Group accounts not prepared

Northern Music Group (Holdings) Ltd is exempt from preparing group accounts as the group is small.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Share capital

Ordinary shares are classified as equity.

Page 3

Northern Music Group (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 0 (2018 - 0).

4	Investments

	2019 £	2018 £
Investments in subsidiaries	300	300

Subsidiaries	£
Cost or valuation
At 31 March 2018	300
Carrying amount
At 30 March 2019	300
At 30 March 2018	300

Page 4

Northern Music Group (Holdings) Ltd

Notes to the Financial Statements for the Year Ended 30 March 2019

5

Creditors

		2019  £	2018  £
Due within one year
Amounts due to related parties		6,500	8,500

6	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

Page 5