ACCOUNTS - Final Accounts preparation

STARDUST MUSIC WORLDWIDE LIMITED - Company Information

Registered number: 01788200

STARDUST MUSIC WORLDWIDE LIMITED

(FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED) REGISTERED NUMBER:01788200

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		As restated 2020
Note		£		£

Fixed assets
Investments	4		802		802
			802		802
Current assets
Debtors: amounts falling due within one year	5	67,142		95,649
Cash at bank	6	86,793		55,655
		153,935		151,304
Creditors: amounts falling due within one year	7	(137,563)		(73,208)
Net current assets			16,372		78,096
Total assets less current liabilities			17,174		78,898
Provisions for liabilities
Deferred tax		-		(238)
			-		(238)
Net assets			17,174		78,660

Capital and reserves
Called up share capital	8	6	6
Profit and loss account		17,168	78,654
		17,174	78,660


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED) REGISTERED NUMBER:01788200

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

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.

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 profit and loss account 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:

D A Stewart

Director

Date: 23 September 2021

The notes on pages 3 to 7 form part of these financial statements.


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Stardust Music Worldwide Limited is a private company, limited by shares, registered in England and Wales, registration number 01788200. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

On 19 May 2020 the company changed its name from Eligible Music Limited to Stardust Music Worldwide Limited.

The principal activity of the company continued to be that of the production of sound recordings.

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 the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Going concern

The director is assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. The director appreciates there is significant uncertainty surrounding the future economic climate. The company’s primary source of income continues to be royalty income and the director does not anticipate any significant changes to its level of income. The director has reviewed the financial circumstances of the company and confirms that there are sufficient cash reserves to ensure the company’s working capital is adjusted in response to the uncertainty. The director is satisfied that the company will be able to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements, which have been prepared on the going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pound 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 year 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.

Foreign exchange gains and losses that relate to borrowings are presented in the Profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss.


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the rendering of services is recognised when it is probable the company will receive the rights to the consideration due under the contract.

Royalties receivable are recognised at the year end date by the company.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

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.


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

Creditors

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

2.11

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors, and loans with related parties.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

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

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 April 2020	802
	At 31 March 2021	802


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Debtors

					2021	2020
					£	£


Trade debtors	61	-
Amounts owed by connected companies	49,387	46,236
Other debtors	15,484	46,454
Prepayments	1,877	2,959
Deferred taxation	333	-
	67,142	95,649

6.	Cash
		2021	2020
		£	£

	Cash at bank	86,793	55,655

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

Trade creditors	72,607	1,800
Amounts owed to connected companies	65	2,454
Other taxation and social security	-	1,083
Other creditors	45,640	-
Accruals	19,251	67,871
	137,563	73,208

8.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

1 (2020 - 1) Ordinary share of £6.00 each	6	6

9.	Prior year adjustment

The investments in the subsidiary companies were omitted in the prior years accounts.


STARDUST MUSIC WORLDWIDE LIMITED (FORMERLY KNOWN AS ELIGIBLE MUSIC LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

10.	Transactions with the director

As at the year end, the company owed the director £45,640 (2020 - the director owed £44,357 to the company). The loan is interest free, unsecured and repayable on demand.