Company registration number 08551939 (England and Wales)
MASTER CHORD STUDIO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
MASTER CHORD STUDIO LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
120,315
143,111
Current assets
Debtors
5
7,969
7,969
Cash at bank and in hand
12,259
14,397
20,228
22,366
Creditors: amounts falling due within one year
6
(12,622)
(8,629)
Net current assets
7,606
13,737
Total assets less current liabilities
127,921
156,848
Creditors: amounts falling due after more than one year
7
(230,000)
(270,000)
Net liabilities
(102,079)
(113,152)
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
(102,089)
(113,162)
Total equity
(102,079)
(113,152)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 February 2024
Dr M G Catri
Director
Company Registration No. 08551939
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Master Chord Studio Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 64 Southover, Woodside Park, London, N12 7ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% of written down value
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
477,070
Additions
18,659
Disposals
(1,350)
At 31 May 2023
494,379
Depreciation and impairment
At 1 June 2022
333,959
Depreciation charged in the year
40,105
At 31 May 2023
374,064
Carrying amount
At 31 May 2023
120,315
At 31 May 2022
143,111
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
7,969
7,969
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
360
Taxation and social security
1,352
1,348
Other creditors
10,910
7,281
12,622
8,629
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
230,000
270,000
MASTER CHORD STUDIO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
9
Related party transactions
Included within long term and short term creditors are the amount of £238,810 (2022 - £275,181) owed to the director.