Musicalia Ltd Company Accounts

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COMPANY REGISTRATION NUMBER: 08207596

Musicalia Ltd

Filleted Unaudited Financial Statements

30 September 2017

Musicalia Ltd

Financial Statements

Year ended 30 September 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	7

Musicalia Ltd

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		3,052	1,716

Current assets

Debtors	5	11,514	4,040
Cash at bank and in hand		327	215
		--------	-------
		11,841	4,255

Creditors: amounts falling due within one year	6	8,542		5,036
		--------		-------
Net current assets/(liabilities)			3,299	( 781)
			-------	-------
Total assets less current liabilities			6,351	935

Provisions

Taxation including deferred tax	580	343
	-------	----
Net assets	5,771	592
	-------	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	5,671	492
	-------	----
Shareholders funds	5,771	592
	-------	----

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 statement of income and retained earnings has not been delivered.

For the year ending 30 September 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 .

Musicalia Ltd

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 22 June 2018 , and are signed on behalf of the board by:

N F Calado Dias Da Fonseca
Director

Company registration number: 08207596

Musicalia Ltd

Notes to the Financial Statements

Year ended 30 September 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 6 Bruce Grove, London, N17 6RA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover comprises sales of Music consultancy and related services to external customers after discounts, excluding Value Added Tax. Sales are recognised on consultancy by reference to the basis of work done over the period of the contract. Sales of related services are recognised upon commencement of the specified work.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

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 & Fittings	-	25% straight line

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 October 2016	4,726	4,726
Additions	2,353	2,353
	-------	-------
At 30 September 2017	7,079	7,079
	-------	-------
Depreciation
At 1 October 2016	3,010	3,010
Charge for the year	1,017	1,017
	-------	-------
At 30 September 2017	4,027	4,027
	-------	-------
Carrying amount
At 30 September 2017	3,052	3,052
	-------	-------
At 30 September 2016	1,716	1,716
	-------	-------

5. Debtors

	2017	2016
	£	£
Trade debtors	10,000	4,000
Other debtors	1,514	40
	--------	-------
	11,514	4,040
	--------	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	29
Trade creditors	1,913	–
Corporation tax	988	313
Other creditors	5,641	4,694
	-------	-------
	8,542	5,036
	-------	-------

7. Director's advances, credits and guarantees

Included in creditors due within one year, is a balance of £54(2016 - £ Nil) owed to the director. No interest is charged in respect of this balance.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Musicalia Ltd

Management Information

Year ended 30 September 2017

The following pages do not form part of the financial statements.

Musicalia Ltd

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Musicalia Ltd

Year ended 30 September 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Musicalia Ltd for the year ended 30 September 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Musicalia Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Musicalia Ltd and state those matters that we have agreed to state to you, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Musicalia Ltd and its director, for our work or for this report.

It is your duty to ensure that Musicalia Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Musicalia Ltd. You consider that Musicalia Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Musicalia Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MMA PARTNERSHIP LLP Chartered Certified Accountants

6 Bruce Grove London N17 6RA

22 June 2018