ACCOUNTS - Final Accounts preparation

R Z O MUSIC LIMITED - Company Information

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Registered number:03076816

R Z O MUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2021


R Z O MUSIC LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


R Z O MUSIC LIMITED REGISTERED NUMBER:03076816

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

	2021	2020
Note	£	£


Current assets
Stocks		75,000	-
Debtors: amounts falling due within one year	4	76,928	106,282
Cash at bank and in hand		243,399	236,672
		395,327	342,954
Creditors: amounts falling due within one year	5	(346,755)	(308,046)

Net assets		48,572	34,908

Capital and reserves
Called up share capital	6	2	2
Profit and loss account		48,570	34,906
		48,572	34,908

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2022.

W Zysblat

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


R Z O MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

R Z O Music Limited is a limited liability company incorporated in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal place of business is 21 Broadoaks Way, Bromley, Kent, BR2 0UA.

The principal activity of the company continued to be collection of royalties and license fees.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of royalties received and licence fees receivable, exclusive of Value Added Tax.
Royalties are recognised as they are received. Licence fees are recognised once the company has the unconditional right to consideration.

2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from or to related parties.

Page 2


R Z O MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

2.11

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Debtors

					2021	2020
					£	£


Trade debtors	50,010	106,282
Other debtors	4,933	-
Prepayments and accrued income	21,985	-
	76,928	106,282

Page 3


R Z O MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4.Debtors (continued)

Page 4


R Z O MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Other loans	100,000	-
Trade creditors	51,461	-
Other taxation and social security	57,800	61,777
Other creditors	129,094	238,696
Accruals and deferred income	8,400	7,573
	346,755	308,046

6.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

2 (2020 - 2) Ordinary shares of £1 each	2	2

7.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 5 October 2022 by Hazel Young FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

Page 5