Mearl Music Limited Company Accounts

MEARL MUSIC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07313444

Mearl Music Limited

Filleted Unaudited Financial Statements

31 July 2017

Mearl Music Limited

Financial Statements

Year ended 31 July 2017

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

Mearl Music Limited

Officers and Professional Advisers

Director	Mr M Phipps

Registered office	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	England
	SG19 1LB

Accountants	The Blue Skies Partnership
	Chartered Management Accountants
	Skyview House
	10 St Neots Road
	Sandy
	Bedfordshire
	SG19 1LB

Bankers	Lloyds TSB
	1 Legg Street
	Chelmsford
	Essex
	CM1 1JS

Mearl Music Limited

Balance Sheet

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	120,750	161,000
Tangible assets	6	12,113	9,349
		---------	---------
		132,863	170,349

Current assets

Debtors	7	33,819	63,205
Cash at bank and in hand		59,849	96,005
		--------	---------
		93,668	159,210

Creditors: amounts falling due within one year	8	59,539		143,785
		--------		---------
Net current assets			34,129	15,425
			---------	---------
Total assets less current liabilities			166,992	185,774

Provisions

Taxation including deferred tax	2,024	1,564
	---------	---------
Net assets	164,968	184,210
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	164,967	184,209
	---------	---------
Members funds	164,968	184,210
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Mearl Music Limited

Balance Sheet (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 31 January 2018 , and are signed on behalf of the board by:

Mr M Phipps
Director

Company registration number: 07313444

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Mearl Music Limited

Notes to the Financial Statements

Year ended 31 July 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview House, 10 St Neots Road, Sandy, Bedfordshire, England, SG19 1LB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 and as such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents fees received for work done during the year, excluding value added tax. Fee income represents revenue earned from music composition and production within the television and media industry. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors. Payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. No assets have been revalued during this period, or previous periods.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2016 and 31 July 2017	402,500
	---------
Amortisation
At 1 August 2016	241,500
Charge for the year	40,250
	---------
At 31 July 2017	281,750
	---------
Carrying amount
At 31 July 2017	120,750
	---------
At 31 July 2016	161,000
	---------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 August 2016	59,958	59,958
Additions	9,515	9,515
	--------	--------
At 31 July 2017	69,473	69,473
	--------	--------
Depreciation
At 1 August 2016	50,609	50,609
Charge for the year	6,751	6,751
	--------	--------
At 31 July 2017	57,360	57,360
	--------	--------
Carrying amount
At 31 July 2017	12,113	12,113
	--------	--------
At 31 July 2016	9,349	9,349
	--------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	–	3,600
Other debtors	33,819	59,605
	--------	--------
	33,819	63,205
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,914	1,851
Corporation tax	46,191	60,582
Social security and other taxes	8,713	5,561
Other creditors	2,721	75,791
	--------	---------
	59,539	143,785
	--------	---------

9. Director's advances, credits and guarantees

Amounts of £82,632 (2016: £5,928) were advanced interest free, and repayable on demand, by the directors during the year. At the year end, £23 was owed to the company by the director. (2016: £73,332 was owed to the director by the company).

10. Related party transactions

During the year, total dividends of £209,944 (2016: £208,000) were paid to the director.