Company Registration No. 01377311 (England and Wales)
OCEAN MUSIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
OCEAN MUSIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OCEAN MUSIC LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
23,982
24,981
Tangible assets
4
3,079
5,209
Investments
5
2,925
2,925
29,986
33,115
Current assets
Debtors
6
622
-
Cash at bank and in hand
175,869
122,995
176,491
122,995
Creditors: amounts falling due within one year
7
(58,035)
(38,645)
Net current assets
118,456
84,350
Total assets less current liabilities
148,442
117,465
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
148,342
117,365
Total equity
148,442
117,465
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 21 June 2018 and are signed on its behalf by:
J Du Prez
Director
Company Registration No. 01377311
OCEAN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
- 2 -
1
Accounting policies
Company information
Ocean Music Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Harley Place, Harley Street, London, W1G 8QD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT, returns, rebates and discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Intellectual property
4% pa on written down value
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% pa on written down value
Fixtures and fittings
25% pa on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
OCEAN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or 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 reporting end date.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 5).
3
Intangible fixed assets
Intellectual property
£
Cost
At 1 February 2017 and 31 January 2018
50,000
Amortisation and impairment
At 1 February 2017
25,019
Amortisation charged for the year
999
At 31 January 2018
26,018
Carrying amount
At 31 January 2018
23,982
At 31 January 2017
24,981
OCEAN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 4 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2017
84,402
17,917
102,319
Disposals
-
(1,096)
(1,096)
At 31 January 2018
84,402
16,821
101,223
Depreciation and impairment
At 1 February 2017
80,780
16,330
97,110
Depreciation charged in the year
543
491
1,034
At 31 January 2018
81,323
16,821
98,144
Carrying amount
At 31 January 2018
3,079
-
3,079
At 31 January 2017
3,622
1,587
5,209
5
Fixed asset investments
2018
2017
£
£
Investments
2,925
2,925
Investments in subsidiary are recognised at cost. The company owns 100% of the ordinary share capital of Ocean Music LA which is incorporated in United States. The principal activity of the subsidiary company is the provision of the services of entertainers in the USA.
There was no movement during the year.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2017 & 31 January 2018
2,925
Carrying amount
At 31 January 2018
2,925
At 31 January 2017
2,925
There was no movement during the year.
OCEAN MUSIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 5 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
622
-
7
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
28,435
21,028
Other taxation and social security
6,499
13,274
Other creditors
23,101
4,343
58,035
38,645
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100