ACCOUNTS - Final Accounts

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31falsehire and retail of musical instruments2021-01-0111falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09914748 2021-01-01 2021-12-31 09914748 2020-01-01 2020-12-31 09914748 2021-12-31 09914748 2020-12-31 09914748 c:Director1 2021-01-01 2021-12-31 09914748 d:Buildings 2021-01-01 2021-12-31 09914748 d:Buildings 2021-12-31 09914748 d:Buildings 2020-12-31 09914748 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09914748 d:CurrentFinancialInstruments 2021-12-31 09914748 d:CurrentFinancialInstruments 2020-12-31 09914748 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09914748 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09914748 d:ShareCapital 2021-12-31 09914748 d:ShareCapital 2020-12-31 09914748 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 09914748 d:OtherMiscellaneousReserve 2021-12-31 09914748 d:OtherMiscellaneousReserve 2020-12-31 09914748 d:RetainedEarningsAccumulatedLosses 2021-12-31 09914748 d:RetainedEarningsAccumulatedLosses 2020-12-31 09914748 c:FRS102 2021-01-01 2021-12-31 09914748 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09914748 c:FullAccounts 2021-01-01 2021-12-31 09914748 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09914748 d:OtherDeferredTax 2021-12-31 09914748 d:OtherDeferredTax 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 09914748

XYZ MUSIC LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

XYZ MUSIC LIMITED

REGISTERED NUMBER: 09914748

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		-		1,516,449
Current assets
Stocks	5	4,750		26,352
Debtors: amounts falling due within one year	6	-		1,942
		4,750		28,294
Creditors: amounts falling due within one year	7	(74,060)		(1,679,834)
Net current liabilities			(69,310)		(1,651,540)
Total assets less current liabilities			(69,310)		(135,091)
Provisions for liabilities
Deferred tax	8	-		(258,015)
			-		(258,015)
Net liabilities			(69,310)		(393,106)

Capital and reserves
Called up share capital		1	1
Other reserves	9	-	(258,015)
Profit and loss account	9	(69,311)	(135,092)
		(69,310)	(393,106)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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XYZ MUSIC LIMITED

REGISTERED NUMBER: 09914748

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2021

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 income and retained earnings 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 22 December 2022.

................................................

M P Joseph

Director

The notes on pages 3 to 8 form part of these financial statements.

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

XYZ Music Limited ("the Company") is a private company limited by shares and incorporated in England and Wales. The address of its registered office address is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.
The principal activity of the company continues to be that of the hire and retail of musical instruments.

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

Going concern

As part of its going concern review, the director has followed the guidelines published by the Financial Reporting Council entitled "Going Concern and Liquidity Risk Guidance for UK Companies 2009". The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the director considers that the going concern basis of accounting remains appropriate.

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Freehold property

2% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

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

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4.	Tangible fixed assets

		Freehold property
		£

	At 1 January 2021	1,600,000
	Disposals	(1,600,000)
	At 31 December 2021	-

	At 1 January 2021	83,551
	Charge for the year on owned assets	16,000
	Disposals	(99,551)
	At 31 December 2021	-
	Net book value
	At 31 December 2021	-
	At 31 December 2020	1,516,449

5.	Stocks
		2021	2020
		£	£

	Finished goods and goods for resale	4,750	26,352

Debtors

					2021	2020
					£	£


Other debtors	-	1
Prepayments and accrued income	-	1,941
	-	1,942

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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

Trade creditors	2,071	-
Amounts owed to group undertakings	-	1,626,548
Other taxation and social security	1,863	4,885
Other creditors	66,726	40,138
Accruals and deferred income	3,400	8,263
	74,060	1,679,834

8.	Deferred taxation

		2021
		£

	At beginning of year	(258,015)
	Charged to other comprehensive income	258,015
	At end of year	-

The deferred taxation balance is made up as follows:
	2021	2020
	£	£

Deferred capital gain

(258,015)

Reserves

Other reserves

The other reserves balance represents the deferred tax provision on a property transferred from a group company.

10.	Pension commitments

The pension charge represents contributions payable by the company to the defined contribution pension
plan and amounted to £Nil (2020 - £627). An amount of £Nil (2020 - £Nil) was payable at the year end.

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XYZ MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11.	Related party transactions
	At the previous year end, the company owed £1,626,548 to its parent company. The company was sold to a third party during the year.

12.	Controlling party

Kam Loong Investments Limited is regarded by the director as being the company's ultimate parent undertaking.

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