IRIS Accounts Production v18.3.0.592 01405070 Board of Directors 1.4.17 31.3.18 31.3.18 false true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure014050702017-03-31014050702018-03-31014050702017-04-012018-03-31014050702016-03-31014050702016-04-012017-03-31014050702017-03-3101405070ns15:EnglandWales2017-04-012018-03-3101405070ns14:PoundSterling2017-04-012018-03-3101405070ns10:Director12017-04-012018-03-3101405070ns10:PrivateLimitedCompanyLtd2017-04-012018-03-3101405070ns10:SmallEntities2017-04-012018-03-3101405070ns10:AuditExempt-NoAccountantsReport2017-04-012018-03-3101405070ns10:SmallCompaniesRegimeForDirectorsReport2017-04-012018-03-3101405070ns10:SmallCompaniesRegimeForAccounts2017-04-012018-03-3101405070ns10:FullAccounts2017-04-012018-03-310140507012017-04-012018-03-3101405070ns10:OrdinaryShareClass12017-04-012018-03-3101405070ns10:Director22017-04-012018-03-3101405070ns10:Director32017-04-012018-03-3101405070ns10:CompanySecretary12017-04-012018-03-3101405070ns10:RegisteredOffice2017-04-012018-03-3101405070ns5:CurrentFinancialInstruments2018-03-3101405070ns5:CurrentFinancialInstruments2017-03-3101405070ns5:Non-currentFinancialInstruments2018-03-3101405070ns5:Non-currentFinancialInstruments2017-03-3101405070ns5:ShareCapital2018-03-3101405070ns5:ShareCapital2017-03-3101405070ns5:FurtherSpecificReserve3ComponentTotalEquity2018-03-3101405070ns5:FurtherSpecificReserve3ComponentTotalEquity2017-03-3101405070ns5:RetainedEarningsAccumulatedLosses2018-03-3101405070ns5:RetainedEarningsAccumulatedLosses2017-03-3101405070ns5:NetGoodwill2017-04-012018-03-3101405070ns5:IntangibleAssetsOtherThanGoodwill2017-04-012018-03-3101405070ns5:LandBuildingsns5:OwnedOrFreeholdAssets2017-04-012018-03-3101405070ns5:LeaseholdImprovements2017-04-012018-03-3101405070ns5:FurnitureFittings2017-04-012018-03-3101405070ns5:MotorVehicles2017-04-012018-03-3101405070ns5:ComputerEquipment2017-04-012018-03-3101405070ns5:NetGoodwill2017-03-3101405070ns5:NetGoodwill2018-03-3101405070ns5:NetGoodwill2017-03-3101405070ns5:LandBuildings2017-03-3101405070ns5:LeaseholdImprovements2017-03-3101405070ns5:FurnitureFittings2017-03-3101405070ns5:LandBuildings2017-04-012018-03-3101405070ns5:LandBuildings2018-03-3101405070ns5:LeaseholdImprovements2018-03-3101405070ns5:FurnitureFittings2018-03-3101405070ns5:LandBuildings2017-03-3101405070ns5:LeaseholdImprovements2017-03-3101405070ns5:FurnitureFittings2017-03-3101405070ns5:MotorVehicles2017-03-3101405070ns5:ComputerEquipment2017-03-3101405070ns5:MotorVehicles2018-03-3101405070ns5:ComputerEquipment2018-03-3101405070ns5:MotorVehicles2017-03-3101405070ns5:ComputerEquipment2017-03-3101405070ns5:CurrentFinancialInstrumentsns5:WithinOneYear2018-03-3101405070ns5:CurrentFinancialInstrumentsns5:WithinOneYear2017-03-3101405070ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2018-03-3101405070ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2017-03-3101405070ns5:BetweenTwoFiveYearsns5:Non-currentFinancialInstruments2018-03-3101405070ns5:BetweenTwoFiveYearsns5:Non-currentFinancialInstruments2017-03-3101405070ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2018-03-3101405070ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2017-03-3101405070ns5:WithinOneYear2018-03-3101405070ns5:WithinOneYear2017-03-3101405070ns5:BetweenOneFiveYears2018-03-3101405070ns5:BetweenOneFiveYears2017-03-3101405070ns5:MoreThanFiveYears2018-03-3101405070ns5:MoreThanFiveYears2017-03-3101405070ns5:AllPeriods2018-03-3101405070ns5:AllPeriods2017-03-3101405070ns5:Secured2018-03-3101405070ns5:Secured2017-03-3101405070ns10:OrdinaryShareClass12018-03-3101405070ns10:Director112017-03-3101405070ns10:Director112016-03-3101405070ns10:Director112017-04-012018-03-3101405070ns10:Director112016-04-012017-03-3101405070ns10:Director112018-03-3101405070ns10:Director112017-03-31


REGISTERED NUMBER: 01405070 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2018

for

RIMMERS MUSIC LTD.

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)






Contents of the Financial Statements
for the Year Ended 31st March 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RIMMERS MUSIC LTD.

Company Information
for the Year Ended 31st March 2018







DIRECTORS: Mr G Tate
Mr H S W Jones
Mr M G Blackledge





SECRETARY: Mrs C Tate





REGISTERED OFFICE: Unit 18
Centurion Industrial Estate
Farington
Leyland
Lancashire
PR25 4GU





REGISTERED NUMBER: 01405070 (England and Wales)





ACCOUNTANTS: Abrams Ashton
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Balance Sheet
31st March 2018

31.3.18 31.3.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,440,754 1,543,422
Investment property 6 225,000 225,000
1,665,754 1,768,422

CURRENT ASSETS
Stocks 1,771,296 1,497,703
Debtors 7 179,067 310,526
Cash at bank and in hand 1,169 1,097
1,951,532 1,809,326
CREDITORS
Amounts falling due within one year 8 1,022,566 1,017,407
NET CURRENT ASSETS 928,966 791,919
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,594,720

2,560,341

CREDITORS
Amounts falling due after more than one
year

9

(372,268

)

(438,363

)

PROVISIONS FOR LIABILITIES (14,884 ) (37,081 )
NET ASSETS 2,207,568 2,084,897

CAPITAL AND RESERVES
Called up share capital 12 10,000 10,000
Fair value reserve 181,507 164,296
Retained earnings 2,016,061 1,910,601
SHAREHOLDERS' FUNDS 2,207,568 2,084,897

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Balance Sheet - continued
31st March 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8th October 2018 and were signed on its behalf
by:





Mr G Tate - Director


RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements
for the Year Ended 31st March 2018

1. STATUTORY INFORMATION

Rimmers Music Ltd. is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Rent received is the amount of rent received during the year.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2004, 2009 and 2010, is
being amortised over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment properties are properties held to earn rentals, they are initially measured at cost, including transaction
costs. Subsequently they are then measured at fair value on an open market basis. Deferred tax is provided on
these movements. Gains and losses arising from changes in fair value are included in the Statement of Income
and Retained Earnings in the period in which they arise.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments' of FRS 102 to all 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.


RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2018

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling
at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company makes payments to the director's and employees own private pension plans. Contributions into the
pension plans are charged to the profit and loss account in the period to which they relate.

Cash at bank and in hand
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank
overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2017 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2017
and 31st March 2018 136,000
AMORTISATION
At 1st April 2017
and 31st March 2018 136,000
NET BOOK VALUE
At 31st March 2018 -
At 31st March 2017 -

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2018

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and
property property fittings
£    £    £   
COST
At 1st April 2017 1,776,173 297,466 459,706
Additions - - 8,603
At 31st March 2018 1,776,173 297,466 468,309
DEPRECIATION
At 1st April 2017 477,357 201,600 348,746
Charge for year 35,523 21,093 20,795
Eliminated on disposal - - -
At 31st March 2018 512,880 222,693 369,541
NET BOOK VALUE
At 31st March 2018 1,263,293 74,773 98,768
At 31st March 2017 1,298,816 95,866 110,960

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2017 58,207 72,286 2,663,838
Additions - - 8,603
Disposals (32,972 ) - (32,972 )
At 31st March 2018 25,235 72,286 2,639,469
DEPRECIATION
At 1st April 2017 29,248 63,465 1,120,416
Charge for year 440 6,219 84,070
Eliminated on disposal (5,771 ) - (5,771 )
At 31st March 2018 23,917 69,684 1,198,715
NET BOOK VALUE
At 31st March 2018 1,318 2,602 1,440,754
At 31st March 2017 28,959 8,821 1,543,422

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2018

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2017
and 31st March 2018 225,000
NET BOOK VALUE
At 31st March 2018 225,000
At 31st March 2017 225,000

Fair value at 31st March 2018 is represented by:

£   
Valuation in 2017 181,507
Cost 43,493
225,000

If investment property had not been revalued it would have been included at the following historical cost:

31.3.18 31.3.17
£    £   
Cost 87,057 87,057
Aggregate depreciation (43,564 ) (43,564 )

Investment property was valued on an open market basis on 18th July 2017 by HDAK valuers .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Trade debtors 33,840 42,080
Other debtors 123,375 161,375
Directors' loan accounts - 83,813
Prepayments and accrued income 21,852 23,258
179,067 310,526

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Bank loans and overdrafts 123,346 374,073
Trade creditors 584,566 359,808
Tax 64,070 50,132
Social security and other taxes 180,676 171,709
Directors' loan accounts 3,166 -
Accruals and deferred income 66,742 61,685
1,022,566 1,017,407

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2018

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.18 31.3.17
£    £   
Bank loans - 1-2 years 65,123 64,345
Bank loans - 2-5 years 195,369 193,034
Bank loans more 5 yr by instal 111,776 180,984
372,268 438,363

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 111,776 180,984

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.18 31.3.17
£    £   
Within one year 82,125 54,125
Between one and five years 286,667 200,875
In more than five years 602,531 386,865
971,323 641,865

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.18 31.3.17
£    £   
Bank overdrafts 58,223 309,728
Bank loans 437,391 502,708
495,614 812,436

The bank holds a legal charge over the assets of the company.

12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.18 31.3.17
value: £    £   
10,000 Ordinary £1 10,000 10,000

RIMMERS MUSIC LTD. (REGISTERED NUMBER: 01405070)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2018

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2018 and
31st March 2017:

31.3.18 31.3.17
£    £   
Mr G Tate
Balance outstanding at start of year 83,813 (728 )
Amounts advanced 252,310 201,937
Amounts repaid (339,289 ) (117,396 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,166 ) 83,813

Interest has been charged on the loan at 2.5%.

14. RELATED PARTY DISCLOSURES

Mr G Tate SIPP

The pension scheme owes the company £123,375 (2017 £158,625) at the year end this is included in other
debtors.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr G Tate.

Throughout the year, Mr G Tate, a director controlled the company by virtue of holding the majority of the
issued share capital.