University of York Music Press - Period Ending 2018-06-30

University of York Music Press

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

HPH
Chartered Accountants
54 Bootham
York
YO30 7XZ

University of York Music Press

(Registration number: 03350729)
Balance Sheet as at 30 June 2018

	Note	2018 £	2017 £
Current assets
Stocks	5	250	250
Debtors	6	9,638	9,082
Cash at bank and in hand		7,746	7,646
		17,634	16,978
Creditors: Amounts falling due within one year	7	(25,765)	(23,635)
Total assets less current liabilities		(8,131)	(6,657)
Creditors: Amounts falling due after more than one year	7	(3,000)	(3,000)
Net liabilities		(11,131)	(9,657)
Capital and reserves
Profit and loss account		(11,131)	(9,657)
Total equity		(11,131)	(9,657)

For the financial year ending 30 June 2018 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 February 2019 and signed on its behalf by:

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

A C Rodaway
Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

University of York Music Press

Notes to the Financial Statements for the Year Ended 30 June 2018

1	General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Department of Music
The University of York
Heslington
York
YO1 5DD

These financial statements were authorised for issue by the Board on 18 February 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The accounts have been prepared on a going concern basis due to the continued support of creditors
and on the basis of the directors' cash flow projections.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Music scores	25% straight line

Page 2

University of York Music Press

Notes to the Financial Statements for the Year Ended 30 June 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3	Staff numbers

The company utilises employees of the University of York, for which they were recharged during the year.

Page 3

University of York Music Press

Notes to the Financial Statements for the Year Ended 30 June 2018

4	Intangible assets

Trademarks, patents and licenses
£

Total
£

Cost or valuation

At 1 July 2017

1,020

1,020

At 30 June 2018

1,020

1,020

Amortisation

At 1 July 2017

1,020

1,020

At 30 June 2018

1,020

1,020

Carrying amount

At 30 June 2018

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).

Stocks

	2018 £	2017 £
Other inventories	250	250

Debtors

	2018 £	2017 £
Trade debtors	2,985	3,988
Other debtors	6,653	5,094
	9,638	9,082

Page 4

University of York Music Press

Notes to the Financial Statements for the Year Ended 30 June 2018

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	24,865	22,785
Accruals and deferred income	900	850
	25,765	23,635

Creditors: amounts falling due after more than one year

	2018 £	2017 £
Due after one year
Other non-current financial liabilities	3,000	3,000

Page 5

	Trademarks, patents and licenses £	Total £
Cost or valuation
At 1 July 2017	1,020	1,020
At 30 June 2018	1,020	1,020
Amortisation
At 1 July 2017	1,020	1,020
At 30 June 2018	1,020	1,020
Carrying amount
At 30 June 2018	-	-