Company Registration No. 08837009 (England and Wales)
Squint Music Ltd
Unaudited accounts
for the year ended 31 January 2023
Squint Music Ltd
Unaudited accounts
Contents
Squint Music Ltd
Company Information
for the year ended 31 January 2023
Company Number
08837009 (England and Wales)
Registered Office
C/o Pilsbury Consultants Ltd
4 Jupiter Court,10 -12 Tolworth Rise Sth
Surbiton
Surrey
KT5 9NN
Squint Music Ltd
Statement of financial position
as at 31 January 2023
Cash at bank and in hand
33,447
163,946
Creditors: amounts falling due within one year
(9,923)
(55,766)
Net current assets
150,631
213,355
Total assets less current liabilities
150,631
213,355
Creditors: amounts falling due after more than one year
(33,659)
(36,667)
Net assets
116,972
176,688
Called up share capital
1
1
Profit and loss account
116,971
176,687
Shareholders' funds
116,972
176,688
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 2 October 2023 and were signed on its behalf by
Wesley Clarke
Director
Company Registration No. 08837009
Squint Music Ltd
Notes to the Accounts
for the year ended 31 January 2023
Squint Music Ltd is a private company, limited by shares, registered in England and Wales, registration number 08837009. The registered office is C/o Pilsbury Consultants Ltd, 4 Jupiter Court,10 -12 Tolworth Rise Sth, Surbiton, Surrey, KT5 9NN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the counties where the company operates and generates taxable income.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
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 insignificant risk of change in value.
Squint Music Ltd
Notes to the Accounts
for the year ended 31 January 2023
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.
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 dated. If there is an unconditional right to defer settlement for at least twelve months after the reporting dated, 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.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Govenment grants are recognised at the fair value of the asset recieved or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifes performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognosed as a liability.
4
Tangible fixed assets
Computer equipment
Squint Music Ltd
Notes to the Accounts
for the year ended 31 January 2023
Amounts falling due within one year
Trade debtors
80,070
73,420
Other debtors
47,037
31,755
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,833
10,000
Taxes and social security
(5,747)
29,971
Loans from directors
2,570
11,989
7
Creditors: amounts falling due after more than one year
2023
2022
A bank loan was entered into by the company with the 1st repayment due June 2021. Payments were deferred for 6 months from October 2021. A 6 month payment holiday commence on the 7th January 2023.
8
Average number of employees
During the year the average number of employees was 2 (2022: 2).