Sing King Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11639270 (England and Wales)

Unaudited Financial Statements

for the Period 24 October 2018 to 31 December 2019

for

Sing King Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J G Gross

C Michael

Ms S Lakhani

G S Saunders

SECRETARY:

W D Milne

REGISTERED OFFICE:

87-91 Newman Street

C/O Simons Muirhead & Burton Llp

London

W1T 3EY

REGISTERED NUMBER:

11639270 (England and Wales)

ACCOUNTANTS:

Cameron Cunningham Limited

1st Floor, Buckhurst House

42/44 Buckhurst Avenue

Sevenoaks

Kent

TN13 1LZ

FIXED ASSETS

Intangible assets

4

595,891

Tangible assets

5

2,105

597,996

CURRENT ASSETS

Debtors

6

102,892

Prepayments and accrued income

126,226

Cash at bank

4,470

233,588

CREDITORS

Amounts falling due within one year

7

(527,951

)

NET CURRENT LIABILITIES

(294,363

)

TOTAL ASSETS LESS CURRENT LIABILITIES

303,633

CREDITORS

Amounts falling due after more than one year

8

(272,253

)

NET ASSETS

31,380

CAPITAL AND RESERVES

Called up share capital

9

1

Retained earnings

10

31,379

SHAREHOLDERS' FUNDS

31,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2020 and were signed on its behalf by:

C Michael - Director

1.	STATUTORY INFORMATION

Sing King Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Videos for Viewing are being amortised evenly over their estimated useful life of ten years.

Brand Acquisition are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 .

4.	INTANGIBLE FIXED ASSETS

Videos

for

Brand

Viewing

Acquisition

Totals

£

£

£

COST OR VALUATION

Additions

239,536

109,658

349,194

Revaluations

186,008

123,301

309,309

At 31 December 2019

425,544

232,959

658,503

AMORTISATION

Amortisation for period

40,316

22,296

62,612

At 31 December 2019

40,316

22,296

62,612

NET BOOK VALUE

At 31 December 2019

385,228

210,663

595,891

Cost or valuation at 31 December 2019 is represented by:

Videos

for

Brand

Viewing

Acquisition

Totals

£

£

£

Valuation in 2019

425,544

232,959

658,503

If the intangible assets had not been revalued it would have been included at the following historical cost:

£

Cost

349,194

Aggregate amortisation

(31,210

)

The intangible assets were valued on an open market basis on 9 January 2018 by a bid made by a competitor company .

Revaluations will be carried out on an annual basis.

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

173

1,999

2,172

At 31 December 2019

173

1,999

2,172

DEPRECIATION

Charge for period

25

42

67

At 31 December 2019

25

42

67

NET BOOK VALUE

At 31 December 2019

148

1,957

2,105

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

101,747

Other debtors

1,145

102,892

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

124,772

Taxation and social security

29,931

Other creditors

373,248

527,951

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

272,253

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

9,000

A Ordinary

0.000

1

1

9,000 A Ordinary shares of 0.0001 each were allotted and fully paid for cash at par during the period.

10.

RESERVES

Retained

earnings

£

Profit for the period

31,379

At 31 December 2019

31,379

The revaluation was based on a valuation of potential sale of the asset made by another party

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2019:

£

J G Gross

Balance outstanding at start of period

-

Amounts advanced

904

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

904

12.	RELATED PARTY DISCLOSURES

During the period the company was loaned monies in order to purchase the brand and historical subscribers from a company owned by a member of key management personnel. Loans received amounted to £250,000 with further interest accrued of £15,069 during the year.

13.	POST BALANCE SHEET EVENTS

On 31 March 2020, the company performed a share division where each share of £0.0001 was exchanged for 10 shares of £0.00001. Subsequent to this the Company issued a further 14,805 shareswith avalueof £613,612. Within this £598,878 of shares were paid for in cash and the remainderin services.