KEY MUSIC LIMITED
KEY MUSIC LIMITED
KEY MUSIC LIMITED
Company Registration Number:
00658380 (England and Wales)
Unaudited statutory accounts for the year ended 30 June 2019
Period of accounts
Start date: 1 July 2018
End date: 30 June 2019
KEY MUSIC LIMITED
Contents of the Financial Statements
for the Period Ended 30 June 2019
Balance sheet | |
Additional notes | |
Balance sheet notes |
KEY MUSIC LIMITED
Balance sheet
As at
Notes | 2019 | 2018 | |
---|---|---|---|
| £ | £ | |
Current assets | |||
Debtors: | 3 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 4 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
KEY MUSIC LIMITED
Balance sheet statements
The directors have chosen not to file a copy of the company's profit and loss account.
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
KEY MUSIC LIMITED
Notes to the Financial Statements
for the Period Ended 30 June 2019
-
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
Turnover and other revenue is recognised at fair value of the consideration received or receivable. Furthermore, revenue is recognised when it is probable that economic benefits will flow to the company and the amount of the revenue can be reliably measured. Royalty income is recognised on a notified earnings basis. Credit is taken for royalty income, arising from the music publishing, record production and related activities, which has been received or declared by users by the period end. Amounts received in advance are carried forward in creditors until notified as earnings by the licensee. Other accounting policies
Interest income: Interest income is recognised using the effective interest method.Royalties payable: Royalties payable are charged to the profit and loss account to the extent that amounts are contractually paid or are payable in respect of the year under review. If any royalties payable are considered to be recoverable from future income, these are carried forward in debtors.Financial instruments: Basic financial instruments, whether financial assets or financial liabilities, are recognised at amortised cost using the effective interest method. Debtors and creditors falling due within one year: Debtors and creditors falling due within one year are recognised at undiscounted transaction price. Debtors are reviewed for impairment at the end of the financial year and any impairments are recognised in the profit and loss account. Foreign currencies: The financial statements are presented in sterling and this is also the functional currency of the company. Transactions in currencies (other than the functional currency) are recorded at the rate of exchange ruling at the date of the transaction. Monetary items denominated in other currencies are translated into sterling at the rates of exchange prevailing at the balance sheet date. All exchange differences arising are dealt with in the profit and loss account.Taxation: Taxation comprises current taxation and deferred tax. Current tax represents the amount of tax payable in respect of taxable profit for the current or past financial years. The company’s liability to current tax is measured using tax rates that have been enacted by the balance sheet date. Deferred tax represents future tax consequences of transactions recognised in the current or past financial years. Deferred tax is recognised in respect of all timing differences except that deferred tax assets are only recognised to the extent that it is probable that they will be recoverable against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
KEY MUSIC LIMITED
Notes to the Financial Statements
for the Period Ended 30 June 2019
-
2. Employees
2019 2018 Average number of employees during the period 3 3
KEY MUSIC LIMITED
Notes to the Financial Statements
for the Period Ended 30 June 2019
3. Debtors
2019 | 2018 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Total | | |
KEY MUSIC LIMITED
Notes to the Financial Statements
for the Period Ended 30 June 2019
4. Creditors: amounts falling due within one year note
2019 | 2018 | |
---|---|---|
£ | £ | |
Trade creditors | | |
Taxation and social security | | |
Other creditors | | |
Total | | |