ACCOUNTS - Final Accounts preparation

THE OTHER SONGS STUDIO LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-06-302022-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseThe principal activity of the company is that of NFT sales.2021-07-013falsetrue 13787602 2021-06-30 13787602 2021-07-01 2022-06-30 13787602 2020-07-01 2021-06-30 13787602 2022-06-30 13787602 c:Director1 2021-07-01 2022-06-30 13787602 d:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 13787602 d:CurrentFinancialInstruments 2022-06-30 13787602 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 13787602 d:ShareCapital 2021-07-01 2022-06-30 13787602 d:ShareCapital 2022-06-30 13787602 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 13787602 d:RetainedEarningsAccumulatedLosses 2022-06-30 13787602 c:OrdinaryShareClass1 2021-07-01 2022-06-30 13787602 c:OrdinaryShareClass1 2022-06-30 13787602 c:FRS102 2021-07-01 2022-06-30 13787602 c:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 13787602 c:FullAccounts 2021-07-01 2022-06-30 13787602 c:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 13787602 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2021-07-01 2022-06-30 13787602 2 2021-07-01 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13787602

SONGCHAIN LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022


SONGCHAIN LTD REGISTERED NUMBER:13787602

BALANCE SHEET

AS AT 30 JUNE 2022

		2022
Note		£

Fixed assets
Intangible assets	5		14,150
			14,150
Current assets
Debtors: amounts falling due within one year	6	1,175
Cash at bank	7	30,437
		31,612
Creditors: amounts falling due within one year	8	(104,987)
Net current liabilities			(73,375)
Total assets less current liabilities			(59,225)

Net liabilities			(59,225)

Capital and reserves
Called up share capital	9	1
Profit and loss account		(59,226)
		(59,225)

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SONGCHAIN LTD REGISTERED NUMBER:13787602

BALANCE SHEET (CONTINUED)

AS AT 30 JUNE 2022

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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:

S J Humphreys

Director

Date: 30 March 2023

The notes on pages 4 to 7 form part of these financial statements.

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SONGCHAIN LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 2022

	Called up share capital	Profit and loss account	Total equity
	£	£	£
Comprehensive income for the period
Loss for the period	-	(59,226)	(59,226)
Total comprehensive income for the period	-	(59,226)	(59,226)
Contributions by and distributions to owners
Shares issued during the period	1	-	1
Total transactions with owners	1	-	1
At 30 June 2022	1	(59,226)	(59,225)

The notes on pages 4 to 7 form part of these financial statements.

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SONGCHAIN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

1.	General information

Songchain Ltd is a private company, limited by shares, registered in England and Wales, registration number 13787602. The registered office address is 180 The Strand, London, WC2R 1EA.

The company was incorporated on 7 December 2021 and commenced trading on the same date.

The principal activity of the company is that of NFT sales.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

2.2

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 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.

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

2.3

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 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 period end date by the company.

2.4

Interest income

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

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SONGCHAIN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

2.Accounting policies (continued)

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

2.6

Debtors

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

2.7

Cash

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

2.8

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.

2.9

Financial instruments

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

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The cyrptocurrencies have been identified as intangible assets, and not as stock, as they are not being held for sale in the ordinary course of business. The assets are measured at revaluation as there is an active market for these assets.

Employees

The average monthly number of employees, including directors, during the period was 3.

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SONGCHAIN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

5.	Intangible assets

		Crypto currencies
		£
	Cost
	Additions	14,150
	At 30 June 2022	14,150

	Net book value
	At 30 June 2022	14,150

Debtors

					2022
					£


	Other debtors	1,175

7.	Cash
		2022
		£

	Cash at bank	30,437

8.	Creditors: amounts falling due within one year
		2022
		£

	Amounts owed to group undertakings	83,793
	Accruals	21,194
		104,987

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SONGCHAIN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2022

9.	Share capital
		2022
		£

		Allotted, called up and fully paid

		100 ordinary shares of £0.01 each	1

100 ordinary shares of £0.01 each were issued on incorporation.
Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in a distribution arising from a winding up of the company.

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