Registered number
08222414
John Fortis Music Ltd
Filleted Accounts
30 September 2023
John Fortis Music Ltd
Registered number: 08222414
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 856 1,268
Current assets
Debtors 6 1,800 2,441
Cash at bank and in hand 25,622 30,919
27,422 33,360
Creditors: amounts falling due within one year 7 (26,720) (40,838)
Net current assets/(liabilities) 702 (7,478)
Total assets less current liabilities 1,558 (6,210)
Provisions for liabilities (241) (241)
Net assets/(liabilities) 1,317 (6,451)
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,316 (6,452)
Shareholder's funds 1,317 (6,451)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John Fortis
Director
Approved by the board on 12 January 2024
John Fortis Music Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Grants
Various grants have been made available to companies due to the Cororavirus pandemic. These are recognised as other operating income to separate them from normal trading income.
2 Other Operating Income 2023 2022
£ £
Haringey Council Grants - 2,534
- 2,534
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
4 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 150,000
At 30 September 2023 150,000
Amortisation
At 1 October 2022 150,000
At 30 September 2023 150,000
Net book value
At 30 September 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 68,556
Additions 1,099
Disposals (31,726)
At 30 September 2023 37,929
Depreciation
At 1 October 2022 67,288
Charge for the year 730
On disposals (30,945)
At 30 September 2023 37,073
Net book value
At 30 September 2023 856
At 30 September 2022 1,268
6 Debtors 2023 2022
£ £
Taxation and social security costs - 641
Other debtors 1,800 1,800
1,800 2,441
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,196 895
Taxation and social security costs 2,076 792
Director's account 22,835 38,657
Other creditors 613 494
26,720 40,838
8 Related party transactions
During the year the director received a salary of £9,096 (2022: £8,966) and was paid dividends of £2,000 (2022: £Nil). At the year end the company owed John Fortis £22,835 (2022: £38,657 ).
9 Controlling party
The company is controlled by John Fortis, sole director and shareholder.
10 Other information
John Fortis Music Ltd is a private company limited by shares and incorporated in England. Its registered office is:
69 Loughborough Road
West Bridgford
Nottingham
NG2 7LA
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