Sing King Limited
Sing King Limited
Registered number: 11639270
Unaudited Financial Statements
For The Year Ended
31 December 2020
Sing King Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Sing King Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
11639270
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 31 December 2020 | 31 December 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
|
|
||
| Tangible Assets | 5 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 6 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 7 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 8 |
( |
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
|
|
||
| Share premium account |
|
|
|||
| Other reserves |
|
|
|||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 764,698 | 31,381 | |||
Page 1
Sing King Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
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. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Sing King Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Digital Sound Recordings are measured at cost and amortised on a systematic basis over their useful lives of 10 years.
1.4.
Research and Development
Research and Development costs meeting the relevant recognition criteria are measured at cost and amortised on a systematic basis over their useful lives of 10 years.
1.5.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual Property assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.
Intellectual Property assets are being amortised on a systematic basis over their useful lives of 10 years
1.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
|
| Computer Equipment |
|
1.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.8.
Share Based Payments
The company recognises the goods or services received or acquired in a share-based payment transaction when it obtains the goods or as the services are received. The company recognises a corresponding increase in equity if the goods or services were received in an equity-settled share-based payment transaction, or a liability if the goods or services were acquired in a cash-settled share-based payment transaction.
Page 3
Sing King Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2019: 3)
4.
Intangible Assets
| Digital Sound Recordings | Development Costs | Intellectual property | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at
|
|
|
|
|
| Additions |
|
|
|
|
| As at
|
|
|
|
|
| Amortisation | ||||
| As at
|
|
|
|
|
| Provided during the period |
|
|
|
|
| As at
|
|
|
|
|
| Net Book Value | ||||
| As at
|
|
|
|
|
| As at
|
|
|
|
|
5.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost or Valuation | |||
| As at
|
|
|
|
| Additions |
|
|
|
| As at
|
|
|
|
| Depreciation | |||
| As at
|
|
|
|
| Provided during the period |
|
|
|
| As at
|
|
|
|
| Net Book Value | |||
| As at
|
|
|
|
| As at
|
|
|
|
Page 4
Sing King Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
6.
Debtors
| 31 December 2020 | 31 December 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Directors' loan accounts | - |
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 31 December 2020 | 31 December 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxes and social security |
|
|
|
| VAT |
|
|
|
| Other creditors < 1 year |
|
|
|
| Loans |
|
|
|
| Accruals and deferred income |
|
|
|
| Directors' loan accounts |
|
- | |
|
|
|
||
8.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2020 | 31 December 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Loans (Long term liabilities - creditors > 1 year) |
|
|
|
|
|
|
||
10.
Exceptional Items
Exceptional items composed of £93,247 employment settlement costs and £68,007 Fundraising costs.
Page 5
Sing King Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
11.
General Information
Sing King Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11639270
. The registered office is 87-91 Newman Street, C/O Simons Muirhead & Burton Llp, London, W1T 3EY.
Page 6