Company Registration No. 01863098 (England and Wales)
IQ MUSIC LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
IQ MUSIC LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IQ MUSIC LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
328
514
Investments
2
99
99
427
613
Current assets
Debtors
42,734
17,939
Cash at bank and in hand
1,574,841
1,586,932
1,617,575
1,604,871
Creditors: amounts falling due within one year
(663,844)
(723,836)
Net current assets
953,731
881,035
Total assets less current liabilities
954,158
881,648
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
954,058
881,548
Shareholders' funds
954,158
881,648
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 9 December 2016
S H M Iqbal
Director
Company Registration No. 01863098
IQ MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover comprises publishing royalties and other publishing income excluding Value Added Tax. The primary sources of revenues of the company are public performances of copyrighted works, the mechanical reproduction of copyrighted material on recorded media and the use of copyrighted material in synchronisation with visual images. Consistent with industry practice, music publishing revenues are generally recognised when received. All other revenues and expenses of the company are recorded using the accruals basis of accounting.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
33% Straight line
Fixtures, fittings & equipment
50% Reducing balance
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
IQ MUSIC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 July 2015
28,150
99
28,249
Additions
142
-
142
At 30 June 2016
28,292
99
28,391
Depreciation
At 1 July 2015
27,636
-
27,636
Charge for the year
328
-
328
At 30 June 2016
27,964
-
27,964
Net book value
At 30 June 2016
328
99
427
At 30 June 2015
514
99
613
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Participating interests
Bay Songs Limited
England & Wales
Ordinary
49.75
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Bay Songs Limited
Music publishing
7,065
(1,321)
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
80 'A' ordinary shares of £1 each
80
80
20 'B' ordinary shares of £1 each
20
20
100
100
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