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REGISTERED NUMBER: 13305973 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

F&M Elite Piano Specialists Ltd

F&M Elite Piano Specialists Ltd (Registered number: 13305973)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


F&M Elite Piano Specialists Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr D J Fisher
Mr T J Murphy
Mrs V L Murphy





SECRETARY:





REGISTERED OFFICE: 23 Arlington Drive
Ruislip
HA4 7RJ





REGISTERED NUMBER: 13305973 (England and Wales)





ACCOUNTANTS: Brookstone Accountancy Limited
3rd Floor
207 Regent Street
London
W1B 3HH

F&M Elite Piano Specialists Ltd (Registered number: 13305973)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,517 10,128

CURRENT ASSETS
Debtors 5 23,365 15,483
Cash at bank and in hand (23,033 ) (7,434 )
332 8,049
CREDITORS
Amounts falling due within one year 6 36,509 33,154
NET CURRENT LIABILITIES (36,177 ) (25,105 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,340

(14,977

)

CREDITORS
Amounts falling due after more than one
year

7

(32,678

)

-

PROVISIONS FOR LIABILITIES (2,893 ) (1,834 )
NET LIABILITIES (22,231 ) (16,811 )

CAPITAL AND RESERVES
Called up share capital 9 100 2
Retained earnings (22,331 ) (16,813 )
SHAREHOLDERS' FUNDS (22,231 ) (16,811 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2023 and were signed on its behalf by:





Mrs V L Murphy - Director


F&M Elite Piano Specialists Ltd (Registered number: 13305973)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

F&M Elite Piano Specialists Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

F&M Elite Piano Specialists Ltd (Registered number: 13305973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 11,333 - 1,729 13,062
Additions 9,103 39,440 - 48,543
At 31 March 2023 20,436 39,440 1,729 61,605
DEPRECIATION
At 1 April 2022 2,502 - 432 2,934
Charge for year 4,778 3,944 432 9,154
At 31 March 2023 7,280 3,944 864 12,088
NET BOOK VALUE
At 31 March 2023 13,156 35,496 865 49,517
At 31 March 2022 8,831 - 1,297 10,128

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
Additions 39,440
At 31 March 2023 39,440
DEPRECIATION
Charge for year 3,944
At 31 March 2023 3,944
NET BOOK VALUE
At 31 March 2023 35,496

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 18,821 14,757
Other debtors 3,486 -
Prepayments and accrued income 1,058 726
23,365 15,483

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 1,561 350
Social security and other taxes 5,993 3,721
VAT 6,614 4,125
Other creditors 20,801 22,617
Accrued expenses 1,540 2,341
36,509 33,154

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Finance leases (see note 8) 32,678 -

F&M Elite Piano Specialists Ltd (Registered number: 13305973)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
31.3.23 31.3.22
£    £   
Net obligations repayable:
Between one and five years 32,678 -

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 5,894 5,894
Between one and five years 5,403 11,297
11,297 17,191

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £ 1 100 2

98 Ordinary shares of £ 1 each were allotted and fully paid for cash at par during the year.

10. RELATED PARTY DISCLOSURES

As at 31 March 2023 a balance of £ 20,801 is due to the company shareholder. The loan is interest free and repayable on demand. It is expected that this amount will be repaid by F&M Elite Piano Specialists Limited in the future but repayment will not be expected within twelve months of the balance sheet date.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs V L Murphy.