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REGISTERED NUMBER: 04750898















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JULY 2023

FOR

RESIDENT MUSIC LIMITED

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RESIDENT MUSIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JULY 2023







DIRECTORS: D J Watkins
Ms N Youngs





SECRETARY: Ms N Youngs





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 04750898





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

BALANCE SHEET
30 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 68,613 75,095
68,613 75,095

CURRENT ASSETS
Stocks 5 167,620 288,449
Debtors 6 75,977 70,163
Cash at bank 19,409 19,218
263,006 377,830
CREDITORS
Amounts falling due within one year 7 252,844 300,715
NET CURRENT ASSETS 10,162 77,115
TOTAL ASSETS LESS CURRENT
LIABILITIES

78,775

152,210

CREDITORS
Amounts falling due after more than one
year

8

(18,334

)

(28,220

)

PROVISIONS FOR LIABILITIES (15,410 ) (9,576 )
NET ASSETS 45,031 114,414

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 45,029 114,412
45,031 114,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 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.

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

BALANCE SHEET - continued
30 JULY 2023


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 19 January 2024 and were signed on its behalf by:





D J Watkins - Director


RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

1. 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 represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Website - 10% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 27 ) .

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 31 July 2022
and 30 July 2023 45,357
AMORTISATION
At 31 July 2022
and 30 July 2023 45,357
NET BOOK VALUE
At 30 July 2023 -
At 30 July 2022 -

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 31 July 2022 20,000 118,694 15,691
Additions 3,171 2,170 652
At 30 July 2023 23,171 120,864 16,343
DEPRECIATION
At 31 July 2022 3,811 98,640 6,255
Charge for year 2,098 5,183 2,372
At 30 July 2023 5,909 103,823 8,627
NET BOOK VALUE
At 30 July 2023 17,262 17,041 7,716
At 30 July 2022 16,189 20,054 9,436

Computer
Website equipment Totals
£    £    £   
COST
At 31 July 2022 37,644 25,052 217,081
Additions - 3,366 9,359
At 30 July 2023 37,644 28,418 226,440
DEPRECIATION
At 31 July 2022 27,041 6,239 141,986
Charge for year 1,060 5,128 15,841
At 30 July 2023 28,101 11,367 157,827
NET BOOK VALUE
At 30 July 2023 9,543 17,051 68,613
At 30 July 2022 10,603 18,813 75,095

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023

5. STOCKS
2023 2022
£    £   
Stocks 167,620 288,449

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,046 9,882
Other debtors 29,001 40,072
Prepayments and accrued income 38,930 20,209
75,977 70,163

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,113
Trade creditors 126,705 152,276
Tax 31,283 24,996
Social security and other taxes 8,580 10,731
VAT 37,454 39,516
Other creditors 38,822 37,174
Accrued expenses - 25,909
252,844 300,715

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,113
Bank loans - 2-5 years 8,334 18,107
18,334 28,220

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 99,000 99,000
Between one and five years 396,000 396,000
In more than five years 247,500 346,500
742,500 841,500

RESIDENT MUSIC LIMITED (REGISTERED NUMBER: 04750898)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 July 2023 and 30 July 2022:

2023 2022
£    £   
D J Watkins
Balance outstanding at start of year - 58,413
Amounts advanced 206,425 204,816
Amounts repaid (206,425 ) (263,229 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N Youngs and D J Watkins.

This was by virtue of their 100% holding of the issued share capital.