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Craig's Music Ltd
Registered Number:05203766
For the year ended 28 February 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 28 February 2023
Craig's Music Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
05203766
As at 28 February 2023
Craig's Music Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Intangible assets
22,500
25,000
2
Property, plant and equipment
435
580
3
22,935
25,580
Current assets
Inventories
37,675
32,600
4
Trade and other receivables
12,051
1,463
5
4,119
Cash and cash equivalents
188
34,251
53,845
Trade and other payables: amounts falling due within one
year
(134,292)
(115,852)
6
(80,447)
(81,601)
Net current liabilities
Total assets less current liabilities
(58,666)
(54,867)
Trade and other payables: amounts falling due after more
than one year
-
(11,692)
7
(70,358)
Net liabilities
(54,867)
Capital and reserves
Called up share capital
100
100
Retained earnings
(70,458)
(54,967)
(70,358)
(54,867)
Shareholders' funds
For the year ended 28 February 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Nigel Victor Savage Director
These financial statements were approved and authorised for issue by the Board on 25 November 2023 and were signed by:
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4
Registered Number :
05203766
For the year ended 28 February 2023
Craig's Music Ltd
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 28 February 2023
Craig's Music Ltd
Notes to the Financial Statements
Statutory Information
Craig's Music Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number
05203766.
Registered address:
3 Bell Yard
Bodmin
Cornwall
PL31 2JL
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Going Concern
The financial statements have been prepared on a going concern basis.
The company has incurred losses in current and previous years resulting in negative retained earnings. The total
liabilities exceed total assets by £70,358 as at 28th February 2023, however the director considers that the going
concern basis is appropriate. The company is supported in meeting its day to day working capital requirements by its
shareholder, Mr Nigel Savage. Mr Savage has confirmed that he shall not draw down balances due to him such that
there will be an insufficiency of working capital in the company. In addition, should there remain an excess of net
liabilities, Mr Savage will enable the company to continue to meet its obligations to third parties ahead of himself.
The director has considered the cash flow and profit forecasts in excess of one year forward and the strategies for
restoring the company to profitability. On the basis of this and continued support from its shareholders, the director is
of the opinion that the company will be able to continue to operate as a going concern, and therefore that this basis
of preparation of the financial statements is appropriate.
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 March 2022
50,000
At 28 February 2023
50,000
Amortisation
At 01 March 2022
25,000
2,500
Charge for year
At 28 February 2023
27,500
Net book value
At 28 February 2023
22,500
At 28 February 2022
25,000
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6
For the year ended 28 February 2023
Craig's Music Ltd
Notes to the Financial Statements Continued
3. Property, plant and equipment
Plant and
Machinery
£
Cost or
valuation
At 01 March 2022
3,938
At 28 February 2023
3,938
Provision for depreciation and impairment
At 01 March 2022
3,358
Charge for year
145
At 28 February 2023
3,503
At 28 February 2023
Net book value
435
At 28 February 2022
580
4. Inventories
2022
2023
£
£
Stocks
32,600
37,675
5. Trade and other receivables
2022
2023
£
£
Other debtors
1,463
12,051
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
8,365
8,485
Trade creditors
15,208
14,234
Other creditors
92,279
111,573
115,852
134,292
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7
For the year ended 28 February 2023
Craig's Music Ltd
Notes to the Financial Statements Continued
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
11,692
-
8. Average number of persons employed
During the year the average number of employees was 1 (2022 : 1)
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