Registered number
SC677254
1266 Music Group Limited
Filleted Accounts
31 October 2023
1266 Music Group Limited
Registered number: SC677254
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,266 3,968
Current assets
Debtors 4 860 1,254
Cash at bank and in hand 13,649 15,179
14,509 16,433
Creditors: amounts falling due within one year 5 (14,839) (11,921)
Net current (liabilities)/assets (330) 4,512
Net assets 6,936 8,480
Capital and reserves
Called up share capital 1 1
Profit and loss account 6,935 8,479
Shareholder's funds 6,936 8,480
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Martin Jarvis
Director
Approved by the board on 20 November 2023
1266 Music Group Limited
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery 15% of cost
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 4,668
Additions 4,704
At 31 October 2023 9,372
Depreciation
At 1 November 2022 700
Charge for the year 1,406
At 31 October 2023 2,106
Net book value
At 31 October 2023 7,266
At 31 October 2022 3,968
4 Debtors 2023 2022
£ £
Trade debtors 860 1,242
Other debtors - 12
860 1,254
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 248 3,102
Other creditors 14,591 8,819
14,839 11,921
6 Other information
1266 Music Group Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
C/o Connolly Accountants
188 Woodhill Road
Bishopbriggs
Glasgow
G64 1DW
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