Company Registration No. 11210261 (England and Wales)
MUSE CORPORATION LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
MUSE CORPORATION LIMITED
COMPANY INFORMATION
Director
Ms A M Juliano
(Appointed 16 February 2018)
Company number
11210261
Registered office
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
Accountants
LB Group (Stratford)
Number One
Vicarage Lane
Stratford
London
England
E15 4HF
MUSE CORPORATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MUSE CORPORATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
Notes
£
£
Current assets
Debtors
3
59,253
Cash at bank and in hand
180,056
239,309
Creditors: amounts falling due within one year
4
(5,379)
Net current assets
233,930
Creditors: amounts falling due after more than one year
5
(906,614)
Net liabilities
(672,684)
Capital and reserves
Called up share capital
6
11
Share premium account
7
10,000
Profit and loss reserves
8
(682,695)
Total equity
(672,684)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period 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 and signed by the director and authorised for issue on 30 September 2019
Ms A M Juliano
Director
Company Registration No. 11210261
MUSE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information
Muse Corporation Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Number One, Vicarage Lane, Stratford, London, England, E15 4HF.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During the period to 31 December 2018, the company made losses arising on the start up costs expected of a venture of this nature. The director, however, considers the company to be a going concern due to the continued funding and support of both the shareholders and director of the business.
1.3
Reporting period
These financial statements have been prepared for the 11 month period from the date the entity was incorporated, 16 February 2018. For this the reason, figures presented in the the following year will not be entirely comparable.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
MUSE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 3.
MUSE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2018
- 4 -
3
Debtors
2018
Amounts falling due within one year:
£
Other debtors
59,253
4
Creditors: amounts falling due within one year
2018
£
Other creditors
5,379
5
Creditors: amounts falling due after more than one year
2018
£
Other creditors
906,614
6
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
1,004 Ordinary of 1p each
10
100 Growth of 1p each
1
11
6
Called up share capital
(Continued)
- 5 -
Reconciliation of movements during the Period:
Ordinary
Growth
Number
Number
At 16 February 2018
-
-
Issue of fully paid shares
1,004
1
At 31 December 2018
1,004
1
During the
period
the following share issues and transactions were undertaken:
On 1
6
February
201
8
1,000
Ordinary shares were issued at a par value of £0.01
on incorporation.
On
22 May 2018 a further 4
Ordinary shares were issued at a par value of £0.01
and 100 Growth shares were
issued at a premium of £
2,500
per share.
7
Share premium account
2018
£
At the beginning of the Period
-
Issue of new shares
10,000
At the end of the Period
10,000
8
Profit and loss reserves
2018
£
At the beginning of the Period
-
Loss for the Period
(682,695)
At the end of the Period
(682,695)
9
Related party transactions
Transactions with related parties
Included within other creditors falling due after more than one year is an amount of £408,245 owed to a company who is a shareholder of the company. No interest has been charged on the balance.
10
Directors' transactions
MUSE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2018
10
Directors' transactions
(Continued)
- 6 -
Included in other creditors falling due after more than one year is an amount of £562,680 owed to the director of the company. No interest has been charged on the balance.