Registered number
12586230
EYELINE MUSIC LTD
Filleted Accounts
31 May 2023
EYELINE MUSIC LTD
Registered number: 12586230
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,844 602
Investments 4 1 1
1,845 603
Current assets
Debtors 5 26,658 40,979
Cash at bank and in hand 58,826 104,009
85,484 144,988
Creditors: amounts falling due within one year 6 (8,260) (51,830)
Net current assets 77,224 93,158
Total assets less current liabilities 79,069 93,761
Provisions for liabilities (350) (114)
Net assets 78,719 93,647
Capital and reserves
Called up share capital 100 100
Profit and loss account 78,619 93,547
Shareholders' funds 78,719 93,647
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Grieves
Director
Approved by the board on 23 August 2023
EYELINE MUSIC LTD
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer & Office Equipment 25% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted.
2023 2022
Domestic current year tax
UK Corporation Tax 2,991 31,383
Current tax charge 2,991 31,383
Deferred Tax 236 -38
3,227 31,345
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 1,069
Additions 1,856
At 31 May 2023 2,925
Depreciation
At 1 June 2022 467
Charge for the year 614
At 31 May 2023 1,081
Net book value
At 31 May 2023 1,844
At 31 May 2022 602
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2022 1
At 31 May 2023 1
5 Debtors 2023 2022
£ £
Trade debtors 600 15,900
Amounts owed by group undertakings and undertakings in which the company has a participating interest 25,199 25,079
Other debtors 859 -
26,658 40,979
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 2,851 1,943
Taxation and social security costs 2,991 48,012
Directors Current Ac 812 412
Accruals 1,606 1,463
8,260 51,830
7 Other information
EYELINE MUSIC LTD is a private company limited by shares and incorporated in England. Its registered office is:
Raydean House
15 Western Parade
Barnet
Herts
EN5 1AH
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