Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31No description of principal activity2022-02-01false65truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03893336 2022-02-01 2023-01-31 03893336 2021-02-01 2022-01-31 03893336 2023-01-31 03893336 2022-01-31 03893336 c:Director1 2022-02-01 2023-01-31 03893336 d:ComputerEquipment 2022-02-01 2023-01-31 03893336 d:ComputerEquipment 2023-01-31 03893336 d:ComputerEquipment 2022-01-31 03893336 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03893336 d:CurrentFinancialInstruments 2023-01-31 03893336 d:CurrentFinancialInstruments 2022-01-31 03893336 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03893336 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03893336 d:ShareCapital 2023-01-31 03893336 d:ShareCapital 2022-01-31 03893336 d:RetainedEarningsAccumulatedLosses 2023-01-31 03893336 d:RetainedEarningsAccumulatedLosses 2022-01-31 03893336 c:FRS102 2022-02-01 2023-01-31 03893336 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 03893336 c:FullAccounts 2022-02-01 2023-01-31 03893336 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03893336 2 2022-02-01 2023-01-31 03893336 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03893336 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 03893336









GARY PARKES MUSIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
GARY PARKES MUSIC LIMITED
REGISTERED NUMBER: 03893336

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,782
14,464

  
11,782
14,464

Current assets
  

Debtors: amounts falling due within one year
 5 
622,256
424,758

Cash at bank and in hand
 6 
7,601,761
6,256,670

  
8,224,017
6,681,428

Creditors: amounts falling due within one year
 7 
(939,441)
(554,827)

Net current assets
  
 
 
7,284,576
 
 
6,126,601

Total assets less current liabilities
  
7,296,358
6,141,065

Provisions for liabilities
  

Deferred tax
 8 
(2,946)
(2,748)

  
 
 
(2,946)
 
 
(2,748)

Net assets
  
7,293,412
6,138,317


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
7,293,313
6,138,218

  
7,293,412
6,138,317


Page 1

 
GARY PARKES MUSIC LIMITED
REGISTERED NUMBER: 03893336
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Parkes
Director

Date: 12 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Gary Parkes Music Limited is a private company limited by shares and registered in England and Wales (registered number: 3893336). The registered office of the company is Flat 4, 172 Haverstock Hill, Belsize Park, London, NW3 2AT. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results and the solvency of the company.  The company is not in a net deficit position and the director has given assurances to continue to provide adequate funds to meets its obligations, and not to demand repayment of any funds due to him, until the company is in a financial position to do so.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
25%
Reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).

Page 6

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 February 2022
106,396


Additions
1,248



At 31 January 2023

107,644



Depreciation


At 1 February 2022
91,932


Charge for the year on owned assets
3,928



At 31 January 2023

95,860



Net book value



At 31 January 2023
11,784



At 31 January 2022
14,464

Page 7

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
616,122
392,522

Other debtors
-
1,900

Prepayments and accrued income
6,134
30,336

622,256
424,758



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,601,761
6,256,670

7,601,761
6,256,670



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
407,865
260,582

Corporation tax
271,536
113,179

Other taxation and social security
221,400
146,186

Other creditors
21,047
11,543

Accruals and deferred income
17,593
23,337

939,441
554,827



8.


Deferred taxation




2023


£






At beginning of year
2,748


Charged to profit or loss
198



At end of year
2,946

Page 8

 
GARY PARKES MUSIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
2,946
2,748

2,946
2,748


9.


Pension commitments

The Company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,132 (2022 - £2,478).  Contributions totalling £1,168 (2022 - £1,068) were payable to the fund at the reporting date and are included in creditors.


10.


Controlling party

The company is under the control of its director, G Parkes.

 
Page 9