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Registration number: 02568795

Not Quite Music Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Not Quite Music Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Not Quite Music Limited

Company Information

Director

Mrs J Parsons

Registered office

Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

 

Not Quite Music Limited

(Registration number: 02568795)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

522

-

Current assets

 

Debtors

5

-

3

Cash at bank and in hand

 

16,217

14,437

 

16,217

14,440

Creditors: Amounts falling due within one year

6

(15,603)

(14,706)

Net current assets/(liabilities)

 

614

(266)

Net assets/(liabilities)

 

1,136

(266)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,134

(268)

Shareholders' funds/(deficit)

 

1,136

(266)

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 October 2023
 

.........................................
Mrs J Parsons
Director

 

Not Quite Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD
England

The principal place of business is:
3 Alma Cottages
Headingley
Leeds
LS6 3PT

These financial statements were authorised for issue by the director on 6 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a going concern basis.

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, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or 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 countries where the company operates and generates taxable income.

 

Not Quite Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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.

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.

Share capital

Ordinary shares are classified as equity.

Dividends

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Not Quite Music Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

583

583

At 31 July 2023

583

583

Depreciation

Charge for the year

61

61

At 31 July 2023

61

61

Carrying amount

At 31 July 2023

522

522

5

Debtors

Current

2023
£

2022
£

Other debtors

-

3

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

15,603

14,706

 

Not Quite Music Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

Turnover

Sales

3,190

1,449

Cost of sales

Direct costs

891

364

Distribution costs

Depreciation of office equipment

61

-

General administrative expenses

Accountancy fees

619

1,218

Legal and professional fees

35

35

654

1,253

Finance charges

Bank charges

102

92

Operating profit/(loss)

1,482

(260)

Other interest receivable and similar income

Bank interest receivable

(20)

(1)

Profit/(loss) before tax

1,502

(259)