ACCOUNTS - Final Accounts preparation

MACLEN (MUSIC) LIMITED - Company Information

Registered number: 00836655

MACLEN (MUSIC) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020


MACLEN (MUSIC) LIMITED REGISTERED NUMBER:00836655

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Investments	4		296		296
Current assets
Debtors: amounts falling due within one year	5	53,013		53,307
Cash at bank and in hand		395		171
			53,408		53,478

Net assets			53,704		53,774

Capital and reserves
Called up share capital	6	5	5
Profit and loss account		53,699	53,769
		53,704	53,774

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 by:

J L Eastman

Director

Date: 11 September 2021

The notes on pages 2 to 4 form part of these financial statements.

Page 1


MACLEN (MUSIC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Maclen (Music) Limited is a limited liability company incorporated in England and Wales, with its registered office address at 27 Ovington Square, London, SW3 1LJ.
The principal activity of Maclen (Music) Limited is that of a holding company.

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 Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

2.2

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.

2.3

Investments

i) Subsidiary undertakings
Investments in subsidiaries are valued at cost less provision for impairment.
ii) Other Investments
Investments held as fixed assets are shown at cost less provision for impairment.
The carrying values of investments are reviewed for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

2.4

Debtors

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

Page 2


MACLEN (MUSIC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.5

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Employees
	The Company had no employees during the current and preceding year.

4.	Fixed asset investments

	Investments in subsidiary companies	Other fixed asset investments	Total
	£	£	£
Cost
At 1 January 2020	100	196	296
At 31 December 2020	100	196	296

Net book value
At 31 December 2020	100	196	296
At 31 December 2019	100	196	296

The Company holds 100% of the issued ordinary share capital of Maclen Joint Limited, a company registered in England and Wales, whose principal activity is the exploitation of music rights. The registered office of Maclen Joint Limited is at the same address as that of the Company.
The Company holds 98 ordinary non-voting shares of £1 each in both Macsolo Limited and Lensolo Limited, companies registered in England and Wales, representing 98% of the issued share capital of those companies. Their principal activities are the exploitation of music rights. The Companies are not regarded as subsidiary undertakings of Maclen (Music) Limited.
The directors are satisfied that the aggregate value of the investments is not less than the aggregate of the amount at which they are stated in the Company's balance sheet.

Page 3


MACLEN (MUSIC) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	53,013	53,307

6.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

2 'A' shares of £1 each	2	2
2 'B' shares of £1 each	2	2
1 'C' share of £1	1	1

	5	5

The three classes of share capital have similar rights, other than in respect of the payment of dividends arising from specific sources as determined by conditions laid down in the Articles of Association.

7.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on 11 September 2021 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

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