2 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 9,208 9,208 xbrli:pure xbrli:shares iso4217:GBP 05390535 2022-05-01 2023-04-30 05390535 2023-04-30 05390535 2021-05-01 2022-04-30 05390535 2022-04-30 05390535 bus:Director1 2022-05-01 2023-04-30 05390535 bus:Director2 2022-05-01 2023-04-30 05390535 core:WithinOneYear 2023-04-30 05390535 core:WithinOneYear 2022-04-30 05390535 core:ShareCapital 2023-04-30 05390535 core:ShareCapital 2022-04-30 05390535 core:RetainedEarningsAccumulatedLosses 2023-04-30 05390535 core:RetainedEarningsAccumulatedLosses 2022-04-30 05390535 bus:SmallEntities 2022-05-01 2023-04-30 05390535 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 05390535 bus:FullAccounts 2022-05-01 2023-04-30 05390535 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 05390535 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05390535 core:OfficeEquipment 2022-05-01 2023-04-30 05390535 core:OfficeEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 05390535
LAB Music Limited
Filleted Unaudited Financial Statements
30 April 2023
LAB Music Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Current assets
Stocks
87,254
86,427
Cash at bank and in hand
20,484
17,326
---------
---------
107,738
103,753
Creditors: amounts falling due within one year
6
70,454
69,163
---------
---------
Net current assets
37,284
34,590
--------
--------
Total assets less current liabilities
37,284
34,590
--------
--------
Net assets
37,284
34,590
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
37,282
34,588
--------
--------
Shareholders funds
37,284
34,590
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2023 , and are signed on behalf of the board by:
Mr D Prendergast
Mr A Burroughs
Director
Director
Company registration number: 05390535
LAB Music Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2022 and 30 April 2023
9,208
9,208
-------
-------
Depreciation
At 1 May 2022 and 30 April 2023
9,208
9,208
-------
-------
Carrying amount
At 30 April 2023
-------
-------
At 30 April 2022
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,839
4,423
Corporation tax
3,916
4,986
Social security and other taxes
3,461
3,977
Other creditors
58,238
55,777
--------
--------
70,454
69,163
--------
--------