Abstract Music Productions Limited Company Accounts

COMPANY REGISTRATION NUMBER: 04458139

Abstract Music Productions Limited

Filleted Unaudited Financial Statements

Year Ended

30 June 2017

Abstract Music Productions Limited

Financial Statements

Year Ended 30th June 2017

Contents	Page

Officers and Professional Advisers	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Abstract Music Productions Limited

Officers and Professional Advisers

Director	Mr R D Flowers

Registered Office	4th Floor
	100 Fenchurch Street
	London
	EC3M 5JD

Accountants	Wilson Stevens
	Accountants
	4th Floor
	100 Fenchurch Street
	London
	EC3M 5JD

Abstract Music Productions Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£	£

Fixed Assets

Tangible assets	6		36,160		9,512

Current Assets

Cash at bank and in hand	13,256		4,715

Creditors: Amounts Falling due Within One Year	7	42,566		10,186
		--------		--------
Net Current Liabilities			29,310		5,471
			--------		-------
Total Assets Less Current Liabilities			6,850		4,041

Creditors: Amounts Falling due after More than One Year	8		–		2,480

Provisions

Taxation including deferred tax	4,584	975
	-------	-------
Net Assets	2,266	586
	-------	-------

Capital and Reserves

Called up share capital	100	100
Profit and loss account	2,166	486
	-------	----
Shareholders Funds	2,266	586
	-------	----

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 30th June 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 .

Abstract Music Productions Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 21 March 2018 , and are signed on behalf of the board by:

Mr R D Flowers

Directors

Company registration number: 04458139

Abstract Music Productions Limited

Notes to the Financial Statements

Year Ended 30th June 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 4th Floor, 100 Fenchurch Street, London, EC3M 5JD.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Disclosure Exemptions

The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.

Revenue Recognition

Turnover represents the total value of sales made during the year, excluding Value Added Tax.

Income Tax

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.

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	-	Over 10 years

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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% reducing balance
Equipment	-	25% reducing balance

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 1st July 2016 and 30th June 2017	20,000
	--------
Amortisation
At 1st July 2016 and 30th June 2017	20,000
	--------
Carrying amount
At 30th June 2017	–
	--------
At 30th June 2016	–
	--------

6. Tangible Assets

Fixtures and fittings	Equipment	Total
£	£	£

Cost
At 1st July 2016	70,122	3,079	73,201
Additions	31,000	2,535	33,535
	---------	-------	---------
At 30th June 2017	101,122	5,614	106,736
	---------	-------	---------
Depreciation
At 1st July 2016	62,919	770	63,689
Charge for the year	5,676	1,211	6,887
	---------	-------	---------
At 30th June 2017	68,595	1,981	70,576
	---------	-------	---------
Carrying amount
At 30th June 2017	32,527	3,633	36,160
	---------	-------	---------
At 30th June 2016	7,203	2,309	9,512
	---------	-------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£

Bank loans and overdrafts	–	3,438
Trade creditors	1,240	685
Corporation tax	–	1,569
Social security and other taxes	7,511	6,225
Other creditors	33,815	( 1,731)
	--------	--------
	42,566	10,186
	--------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£

Bank loans and overdrafts	–	2,480
	----	-------

9. Director's Advances, Credits and Guarantees

During the year the director entered into the following advances and credits with the company:

2017
Balance brought forward	Advances/ (credits) to the director	Balance outstanding
£	£	£

Mr R D Flowers	3,500	( 3,500)	–
	-------	-------	----

2016
Balance brought forward	Advances/ (credits) to the director	Balance outstanding
£	£	£

Mr R D Flowers	3,500	–	3,500
	-------	----	-------

10. Transition to FRS 102

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

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