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Registration number: 03887448

Esp Music Disco Limited trading as DJ Kit

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Esp Music Disco Limited trading as DJ Kit

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Esp Music Disco Limited trading as DJ Kit

(Registration number: 03887448)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

327,126

319,369

Current assets

 

Stocks

7

1,230,072

1,299,397

Debtors

8

61,234

110,983

Cash at bank and in hand

 

210,073

228,056

 

1,501,379

1,638,436

Creditors: Amounts falling due within one year

9

(1,255,653)

(1,336,289)

Net current assets

 

245,726

302,147

Total assets less current liabilities

 

572,852

621,516

Creditors: Amounts falling due after more than one year

9

(382,245)

(466,005)

Provisions for liabilities

(36,399)

(34,124)

Net assets

 

154,208

121,387

Capital and reserves

 

Called up share capital

4

4

Revaluation reserve

67,124

67,124

Profit and loss account

87,080

54,259

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:

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 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 Board on 11 October 2023 and signed on its behalf by:
 

.........................................

P J Craik
Director

 

Esp Music Disco Limited trading as DJ Kit

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

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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 - '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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Taxation

2023

2022

£

£

Corporation tax

35,397

670

35,397

670

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 12).

 

Esp Music Disco Limited trading as DJ Kit

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

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 February 2022

17,995

17,995

At 31 January 2023

17,995

17,995

Amortisation

At 1 February 2022

17,995

17,995

At 31 January 2023

17,995

17,995

Carrying amount

At 31 January 2023

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2022

250,000

244,287

47,134

541,421

Additions

-

27,567

-

27,567

At 31 January 2023

250,000

271,854

47,134

568,988

Depreciation

At 1 February 2022

-

175,771

46,281

222,052

Charge for the year

-

18,956

854

19,810

At 31 January 2023

-

194,727

47,135

241,862

Carrying amount

At 31 January 2023

250,000

77,127

(1)

327,126

At 31 January 2022

250,000

68,516

853

319,369

 

Esp Music Disco Limited trading as DJ Kit

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

7

Stocks

2023
£

2022
£

Other inventories

1,230,072

1,299,397

8

Debtors

2023
£

2022
£

Trade debtors

55,272

105,304

Prepayments

5,962

5,679

61,234

110,983

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

255,234

75,241

Trade creditors

797,376

1,110,587

Taxation and social security

140,096

95,217

Other creditors

62,947

55,244

1,255,653

1,336,289

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

186,667

280,590

Other non-current financial liabilities

 

195,578

185,415

 

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

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

84,838

75,241

Bank overdrafts

170,396

-

255,234

75,241

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

186,667

280,590

11

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

12,476