AMF Music Limited - Period Ending 2020-03-30

AMF Music Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 4

AMF Music Limited

(Registration number: 07248642)
Balance Sheet as at 30 March 2020

	Note	2020		2019
		£	£	£	£
Current assets
Debtors	4		4,994		140
Cash at bank and in hand			180,822		97,808
			185,816		97,948
Creditors: Amounts falling due within one year	5		(68,726)		(33,913)
Net assets			117,090		64,035
Capital and reserves
Called up share capital	6	100		100
Profit and loss account		116,990		63,935
Total equity			117,090		64,035

For the financial year ending 30 March 2020 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 2020
 

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

AMF Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2020

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
Shipley
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' including the disclosure and presentation requirements of 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 Section 1AC.35 Related Party disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

Turnover represents royalties, which are taken to revenue on a received basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

AMF Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2020

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 (2019 - 0).

4

Debtors

	2020 £	2019 £
Other debtors	4,854	-
Prepayments	140	140
	4,994	140

AMF Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2020

5

Creditors

	2020  £	2019  £
Due within one year
Trade creditors	14,091	-
Amounts owed to group undertakings	21,601	21,601
Other creditors	13,819	-
Social security and other taxes	5,852	4,790
Corporation tax liability	12,500	6,284
Accruals and deferred income	863	1,238
	68,726	33,913

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100