359 Music Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08507525

359 MUSIC LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2019

359 MUSIC LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

359 MUSIC LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Ms K Holmes
	Mr A J McGee
	Mr I R McNay
	Mr A Velasco

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

359 MUSIC LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2019

	2019		2018
Note	£	£	£	£

Current assets

Stocks	5,500		5,500

Creditors: amounts falling due within one year	4	( 47,252)		( 53,286)
		--------		--------
Net current liabilities			( 41,752)		( 47,786)
			--------		--------
Total assets less current liabilities			( 41,752)		( 47,786)
			--------		--------
Net liabilities			( 41,752)		( 47,786)
			--------		--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 41,852)	( 47,886)
	--------	--------
Shareholders deficit	( 41,752)	( 47,786)
	--------	--------

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 31 August 2019 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 financial statements were approved by the board of directors and authorised for issue on 5 May 2020 , and are signed on behalf of the board by:

Mr I R McNay

Director

Company registration number: 08507525

359 MUSIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

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, 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. (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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Creditors: amounts falling due within one year

	2019	2018
	£	£
Other creditors	47,252	53,286
	--------	--------

5. Related party transactions

At the balance sheet date the company owed Cherry Red Records Limited £ 43,252 (2018: £49,286). The loan is short-term, unsecured and interest free.

6. Controlling party

The company was under the control of the directors throughout the current year. By virtue of its dominant influence, Cherry Red Records Limited is considered to be the ultimate controlling party.