ACCOUNTS - Final Accounts

INVISIBLE HANDS MUSIC LIMITED - Company Information

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Registered number: 04476554

INVISIBLE HANDS MUSIC LIMITED

UNAUDITED

STATUTORY ACCOUNTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2019

INVISIBLE HANDS MUSIC LIMITED

REGISTERED NUMBER: 04476554

BALANCE SHEET

AS AT 31 JULY 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		804		1,073
Current assets
Stocks		77,855		57,936
Debtors: amounts falling due within one year	5	53,836		66,117
Cash at bank and in hand		2,289		1,209
		133,980		125,262
Creditors: amounts falling due within one year	6	(2,860,121)		(2,759,055)
Net current liabilities			(2,726,141)		(2,633,793)
Total assets less current liabilities			(2,725,337)		(2,632,720)
Net liabilities			(2,725,337)		(2,632,720)

Capital and reserves
Called up share capital	100,001	100,001
Profit and loss account	(2,825,338)	(2,732,721)
	(2,725,337)	(2,632,720)

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 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 statutory accounts.

The statutory accounts 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 statutory accounts 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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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INVISIBLE HANDS MUSIC LIMITED

REGISTERED NUMBER: 04476554

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2019

The statutory accounts were approved and authorised for issue by the board and were signed on its behalf by:

................................................

C Kennedy

Director

Date: 15 April 2020

The notes on pages 3 to 6 form part of these statutory accounts.

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INVISIBLE HANDS MUSIC LIMITED

NOTES TO THE STATUTORY ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2019

1.	General information

Invisible Hands Music Limited is a private limited company, limited by shares, incorporated in England and Wales with registration number 04476554. The address of the registered office is Old Library Chambers, 21 Chipper Lane, Salisbury, Wiltshire, SP1 1BG.

2.Accounting policies

2.1

Basis of preparation of statutory accounts

The statutory accounts have been prepared under the historical cost convention and in accordance with Section 1A of 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 company meets its day to day working capital requirements through the continued support of its director. The balance on the director's current account as at 31 July 2019 is £2,827,896 (2018: £2,729,565). The director has indicated that he will not seek repayment of this balance in preference to any other creditors and therefore considers it appropriate to prepare the statutory accounts on the going concern basis.

2.3

Turnover

Turnover represents amounts receivable relating to the year from sales of music. Turnover is recognised at the point of sale.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

				Fixtures, fittings and equipment	-	25%	reducing balance
				Computer equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value.

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INVISIBLE HANDS MUSIC LIMITED

NOTES TO THE STATUTORY ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2019

2.Accounting policies (continued)

2.6

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.

2.7

Taxation

Tax represents the sum of the tax currently payable and any deferred tax.

Current tax is based on the taxable loss for the year. Taxable loss differs from net loss as reported in the statement of income and retained earnings because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the statement of income and retained earnings.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

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INVISIBLE HANDS MUSIC LIMITED

NOTES TO THE STATUTORY ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2019

4.	Tangible fixed assets

		Plant and machinery etc
		£
	Cost
	At 1 August 2018	22,472
	At 31 July 2019	22,472
	Depreciation
	At 1 August 2018	21,399
	Charge for the year on owned assets	269
	At 31 July 2019	21,668
	Net book value
	At 31 July 2019	804
	At 31 July 2018	1,073

Debtors

					2019	2018
					£	£


Trade debtors	43,812	52,554
Other debtors	10,024	13,563
	53,836	66,117

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INVISIBLE HANDS MUSIC LIMITED

NOTES TO THE STATUTORY ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2019

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	25,675	23,590
Other creditors	2,827,896	2,729,565
Accruals and deferred income	6,550	5,900
	2,860,121	2,759,055

7.	Related party transactions
	Included within creditors is £2,827,896 (2018: £2,729,565) due to the director .

8.	Controlling party

The ultimate controlling party is the director, C Kennedy.

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