Sandbank Music Limited - Accounts

Sandbank Music Limited - Accounts

SANDBANK MUSIC LIMITED - Company Information

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Registered Number: 07960682
England and Wales

 

 

 

SANDBANK MUSIC LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2021

End date: 28 February 2022

Sandbank Music Limited
Contents Page
For the year ended 28 February 2022
Director Alexander Banks
Registered Number 07960682
Registered Office 7 Bell Yard
London
England
WC2A 2JR
Accountants Worth Knowing Accountants Ltd
S14, 22.25
Portman Close,
London
W1H6BS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 28 February 2022
Principal activities
Principal activity of the company during the financial year was of sound recording and music publishing activities
Director
The director who served the company throughout the year was as follows:
Alexander Banks
Statement of director's responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Alexander Banks
Director

Date approved: 02 November 2022
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 28 February 2022 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Worth Knowing Accountants Ltd
28 February 2022



....................................................
Worth Knowing Accountants Ltd
S14, 22.25
Portman Close,
London
W1H6BS
02 November 2022
3
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 3 7,201    8,921 
Investments 4 7,600    7,600 
14,801    16,521 
Current assets      
Debtors 5 240    3,585 
Cash at bank and in hand 87,096    67,907 
87,336    71,492 
Creditors: amount falling due within one year 6 (30,670)   (36,020)
Net current assets 56,666    35,472 
 
Total assets less current liabilities 71,467    51,993 
Provisions for liabilities 7 (1,368)   (1,695)
Net assets 70,099    50,298 
 

Capital and reserves 		     
Called up share capital 1    1 
Profit and loss account 70,098    50,297 
Shareholder's funds 70,099    50,298 
 


For the year ended 28 February 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 02 November 2022 and were signed by:


--------------------------------
Alexander Banks
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 March 2020 1  47,296  47,297 
Profit for the year 43,001  43,001 
Total comprehensive income for the year -  43,001  43,001 
Dividends (40,000) (40,000)
Total investments by and distributions to owners -  (40,000) (40,000)
At 28 February 2021 1  50,297  50,298 
At 01 March 2021 1  50,297  50,298 
Profit for the year 29,801  29,801 
Total comprehensive income for the year -  29,801  29,801 
Dividends (10,000) (10,000)
Total investments by and distributions to owners -  (10,000) (10,000)
At 28 February 2022 1  70,098  70,099 
5
General Information
Sandbank Music Limited is a private company, limited by shares, registered in England and Wales, registration number 07960682, registration address 7 Bell Yard, London, England, WC2A 2JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33.33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 March 2021 46,989    332    7,693    4,527    59,541 
Additions -    -    1,506    659    2,165 
Disposals -    -    -    -    - 
At 28 February 2022 46,989    332    9,199    5,186    61,706 
Depreciation
At 01 March 2021 44,721    183    2,957    2,759    50,620 
Charge for year 567    30    1,560    1,728    3,885 
On disposals -    -    -    -    - 
At 28 February 2022 45,288    213    4,517    4,487    54,505 
Net book values
Closing balance as at 28 February 2022 1,701    119    4,682    699    7,201 
Opening balance as at 01 March 2021 2,268    149    4,736    1,768    8,921 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 March 2021 7,600    7,600 
Additions -    - 
Transfer to/from Tangible fixed assets 0    0 
Disposals -    - 
At 28 February 2022 7,600    7,600 

5.

Debtors: amounts falling due within one year

2022
£		   2021
£
Trade Debtors 240    2,625 
Director's loan account 0    960 
240    3,585 

6.

Creditors: amount falling due within one year

2022
£		   2021
£
Trade Creditors 1    2,735 
Corporation Tax 7,163    19,593 
Accrued Expenses 750    750 
Directors' Current Accounts 3,992    974 
VAT 18,764    11,968 
30,670    36,020 

7.

Provisions for liabilities

2022
£		   2021
£
Deferred Tax 1,368    1,695 
1,368    1,695 

6