Registration number:
for the Year Ended
Esp Music Disco Limited trading as DJ Kit
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Esp Music Disco Limited trading as DJ Kit
(Registration number: 03887448)
Balance Sheet as at 31 January 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Revaluation reserve |
67,124 |
67,124 |
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Profit and loss account |
87,080 |
54,259 |
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Shareholders' funds |
154,208 |
121,387 |
Esp Music Disco Limited trading as DJ Kit
(Registration number: 03887448)
Balance Sheet as at 31 January 2023
For the financial 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.
Directors' responsibilities:
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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
.........................................
Director
Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
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 |
Plant and machinery |
10% straight line basis |
Office equipment |
25% straight line basis |
Motor vehicles |
25% straight line basis |
Fixtures and fittings |
Over the lease term / 20% straight line basis |
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 |
Website |
33% straight line basis |
Debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
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 the 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.
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.
Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Taxation |
2023 |
2022 |
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£ |
£ |
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Corporation tax |
35,397 |
670 |
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35,397 |
670 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 February 2022 |
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At 31 January 2023 |
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Amortisation |
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At 1 February 2022 |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
- |
- |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2022 |
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Additions |
- |
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- |
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At 31 January 2023 |
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Depreciation |
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At 1 February 2022 |
- |
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Charge for the year |
- |
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At 31 January 2023 |
- |
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Carrying amount |
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At 31 January 2023 |
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( |
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At 31 January 2022 |
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Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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382,245 |
466,005 |
Esp Music Disco Limited trading as DJ Kit
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Summary of transactions with other related parties
The directors are directors of A.C.S Media Limited:
At the balance sheet date the amount due to A.C.S Media Ltd was £166,454 (2022: £147,511).
Income and receivables from related parties
2022 |
Entities with joint control or significant influence |
Management charges |
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