CENTRAL MUSIC LIBRARY LIMITED(THE)

Company limited by guarantee

Company Registration Number:
00436280 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

CENTRAL MUSIC LIBRARY LIMITED(THE)

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

CENTRAL MUSIC LIBRARY LIMITED(THE)

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

The Company was established in 1947 under the Companies Act 1929 and The Companies Act 1948 with the main objective to encourage, promote and improve the study of music. The principal activity of the company is to achieve its objective by maintaining and adding to its music library and making the music library available to the Music Library of the Westminster City Library in London.

Additional information

Performance and future developmentsThe Central Music Library Ltd made a loss for the financial year of £20,688 (2022: gain £25,970). The loss primarily results from the decrease in market value of the investment portfolio.The Company has reserves of £506,447 and cash and short-term investment balances of £508,372. The company wishes to continue to accumulate reserves and cash balances in order to increase the funds available for purchasing additions to the music library and to have sufficient reserves for unforeseen contingencies.The Company is fully reliant on its investment income to fund the library and its running costs. Investment income excluding capital gains at the end of the year amounted to £14,925 (£17,459 in year ended 31 March 2022).Statement of directors’ responsibilitiesThe directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:- select suitable accounting policies and then apply them consistently;- make judgements and accounting estimates that are reasonable and prudent;- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Directors’ report for the year ended 31 March 2023 (continued)Small company exemptionsThis report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with FRS 102.Independent Accountant and disclosure of information to AccountantAll directors, at the time of approving this report, confirm the following:- So far as each director is aware, there is no relevant information of which the company’s accountant is unaware;- Each director has taken all the steps that he ought to have taken as a director, and to establish that the company’s accountant is aware of that information.



Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

Ross Alley
Isla Baring
Ronald Foreman
Henry Lawrence
Peter Linnitt
Pamela Thompson
Jane Disborough


The director shown below has held office during the period of
1 April 2022 to 28 October 2022

Anthony Burton


The director shown below has held office during the period of
28 October 2022 to 31 March 2023

George Hall


Secretary Jane Disborough

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
3 November 2023

And signed on behalf of the board by:
Name: Ross Alley
Status: Director

CENTRAL MUSIC LIBRARY LIMITED(THE)

Profit And Loss Account

for the Period Ended 31 March 2023

2023 2022


£

£
Turnover: 14,925 17,459
Cost of sales: ( 7,389 ) ( 13,664 )
Gross profit(or loss): 7,536 3,795
Administrative expenses: ( 28,223 ) ( 3,180 )
Other operating income: 25,355
Operating profit(or loss): (20,687) 25,970
Profit(or loss) before tax: (20,687) 25,970
Profit(or loss) for the financial year: (20,687) 25,970

CENTRAL MUSIC LIBRARY LIMITED(THE)

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Fixed assets
Investments: 3 491,134 509,151
Total fixed assets: 491,134 509,151
Current assets
Cash at bank and in hand: 17,238 19,596
Total current assets: 17,238 19,596
Creditors: amounts falling due within one year: 4 ( 1,925 ) ( 1,612 )
Net current assets (liabilities): 15,313 17,984
Total assets less current liabilities: 506,447 527,135
Total net assets (liabilities): 506,447 527,135
Members' funds
Profit and loss account: 506,447 527,135
Total members' funds: 506,447 527,135

The notes form part of these financial statements

CENTRAL MUSIC LIBRARY LIMITED(THE)

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 3 November 2023
and signed on behalf of the board by:

Name: Ross Alley
Status: Director

The notes form part of these financial statements

CENTRAL MUSIC LIBRARY LIMITED(THE)

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

CENTRAL MUSIC LIBRARY LIMITED(THE)

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

CENTRAL MUSIC LIBRARY LIMITED(THE)

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Fixed assets investments note

Fixed asset investments are measured at fair value, with changes in fair value recognised in profit or loss,

CENTRAL MUSIC LIBRARY LIMITED(THE)

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Accruals and deferred income 1,925 1,612
Total 1,925 1,612