for the Period Ended 31 March 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2023
Principal activities of the company
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
The director shown below has held office during the period of
1 April 2022 to 28 October 2022
The director shown below has held office during the period of
28 October 2022 to 31 March 2023
Secretary
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2023 | 2022 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | ( | |
Profit(or loss) before tax: | ( | |
Profit(or loss) for the financial year: | ( | |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Fixed assets | |||
Investments: | 3 | | |
Total fixed assets: | | | |
Current assets | |||
Cash at bank and in hand: | | | |
Total current assets: | | | |
Creditors: amounts falling due within one year: | 4 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Total net assets (liabilities): | | | |
Members' funds | |||
Profit and loss account: | | | |
Total members' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2023
Basis of measurement and preparation
for the Period Ended 31 March 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2023
Fixed asset investments are measured at fair value, with changes in fair value recognised in profit or loss,
for the Period Ended 31 March 2023
2023 | 2022 | |
---|---|---|
£ | £ | |
Accruals and deferred income | | |
Total | | |