Music Glue Limited - Accounts to registrar (filleted) - small 18.2

Music Glue Limited - Accounts to registrar (filleted) - small 18.2

MUSIC GLUE LIMITED - Company Information

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REGISTERED NUMBER: 05946870









MUSIC GLUE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021





UHY Hacker Young (Bham) LLP
9 - 11 Vittoria Street
Birmingham
B1 3ND








MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MUSIC GLUE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2021







DIRECTOR: M Meharry





REGISTERED OFFICE: 86-90 Paul Street
London
EC2A 4NE





REGISTERED NUMBER: 05946870





ACCOUNTANTS: UHY Hacker Young (Bham) LLP
9 - 11 Vittoria Street
Birmingham
B1 3ND
Page 1
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

BALANCE SHEET
30 SEPTEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,262 40,437
Tangible assets 5 7,581 8,919
31,843 49,356

CURRENT ASSETS
Debtors 6 173,036 44,335
Cash at bank 7,980,057 5,619,473
8,153,093 5,663,808
CREDITORS
Amounts falling due within one year 7 13,628,753 10,927,584
NET CURRENT LIABILITIES (5,475,660 ) (5,263,776 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(5,443,817
)
(5,214,420
)

CAPITAL AND RESERVES
Called up share capital 68,000 68,000
Retained earnings (5,511,817 ) (5,282,420 )
(5,443,817 ) (5,214,420 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

BALANCE SHEET - continued
30 SEPTEMBER 2021


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 August 2022 and were signed by:





M Meharry - Director


The notes form part of these financial statements

Page 3
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. STATUTORY INFORMATION

Music Glue Limited is a private company, limited by shares , registered in Not specified/Other. 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.

The presentational and functional currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Measurement convention
The financial statements are prepared on the historical cost basis except in the instance where assets and liabilities are stated at their fair value.

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they have adopted the going concern basis of accounting in preparing these financial statements.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

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

Page 4 continued...
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021

2. ACCOUNTING POLICIES - continued

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.

Patent 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 year 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.

Page 5 continued...
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021

2. ACCOUNTING POLICIES - continued

Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other income, in which case it is recognised directly in equity or other income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2020
and 30 September 2021 40,437
AMORTISATION
Charge for year 16,175
At 30 September 2021 16,175
NET BOOK VALUE
At 30 September 2021 24,262
At 30 September 2020 40,437

Page 6 continued...
MUSIC GLUE LIMITED (REGISTERED NUMBER: 05946870)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2020
and 30 September 2021 25,967
DEPRECIATION
At 1 October 2020 17,048
Charge for year 1,338
At 30 September 2021 18,386
NET BOOK VALUE
At 30 September 2021 7,581
At 30 September 2020 8,919

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 20,403 -
Other debtors 152,633 44,335
173,036 44,335

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 21 -
Trade creditors 13,368,483 10,611,742
Taxation and social security 241,448 296,492
Other creditors 18,801 19,350
13,628,753 10,927,584

Included in Trade Creditors are balances owed to related companies of £5,128,826 and deferred revenues of £959,871.

Page 7