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REGISTERED NUMBER: SC029001 (Scotland)















KERR'S MUSIC CORPORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


KERR'S MUSIC CORPORATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: Margaret Mcrae Dunn
Andrew Nichols Dunn





SECRETARY: Andrew Nichols Dunn





REGISTERED OFFICE: 79 Berkeley Street
Glasgow
G3 7DX





REGISTERED NUMBER: SC029001 (Scotland)






KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

BALANCE SHEET
30 JUNE 2023

30/6/23 30/6/22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 250,000 200,000

CURRENT ASSETS
Debtors 5 142,251 131,931
Cash at bank 371,084 329,616
513,335 461,547
CREDITORS
Amounts falling due within one year 6 216,036 218,363
NET CURRENT ASSETS 297,299 243,184
TOTAL ASSETS LESS CURRENT
LIABILITIES

547,299

443,184

PROVISIONS FOR LIABILITIES 7 33,837 16,216
NET ASSETS 513,462 426,968

CAPITAL AND RESERVES
Called up share capital 10 10
Fair value reserve 8 245,293 195,293
Retained earnings 268,159 231,665
513,462 426,968

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

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

KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

BALANCE SHEET - continued
30 JUNE 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 Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





Andrew Nichols Dunn - Director


KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

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

1. STATUTORY INFORMATION

Kerr's Music Corporation Limited is a private company, limited by shares, registered in Scotland. The Company’s registered number is SC029001 and registered office address is 79 Berkeley Street, Glasgow, G3 7DX.

The nature of the Company's operations and its principal activities are as music publishers under the trading styles of "James S Kerr", "Mozart Allan" and "Bayley and Ferguson".

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

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

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition
i. investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise; and

ii. no depreciation is provided in respect of investment properties applying the fair value model.

If a reliable measure is not available without undue cost or effort for an item of investment property, this item is thereafter accounted for as tangible fixed assets in accordance with section 17 until a reliable measure of fair value becomes available.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

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

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 200,000
Revaluations 50,000
At 30 June 2023 250,000
NET BOOK VALUE
At 30 June 2023 250,000
At 30 June 2022 200,000

KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

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

4. INVESTMENT PROPERTY - continued

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 50,000
Valuation in 2017 195,293
Cost 4,707
250,000

If investment property had not been revalued it would have been included at the following historical cost:

30/6/23 30/6/22
£    £   
Cost 4,707 4,707

Investment property was valued on an open market basis on 30 June 2023 by the directors. .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade debtors 117 156
Other debtors 133,154 124,519
Prepayments 8,980 7,256
142,251 131,931

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/23 30/6/22
£    £   
Trade creditors 6,326 -
Tax 13,952 7,979
Other creditors 186,642 186,642
Accrued expenses 9,116 23,742
216,036 218,363

7. PROVISIONS FOR LIABILITIES
30/6/23 30/6/22
£    £   
Deferred tax 33,837 16,216

Deferred
tax
£   
Balance at 1 July 2022 16,216
Charge to Profit and loss during year 17,621
Tax losses utilised to offset
current liability
Balance at 30 June 2023 33,837

KERR'S MUSIC CORPORATION LIMITED (REGISTERED NUMBER: SC029001)

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

8. RESERVES
Fair
value
reserve
£   
At 1 July 2022 195,293
Revaluation of investment property 50,000

At 30 June 2023 245,293

9. RELATED PARTY DISCLOSURES

(a) Loans by the company (included in other debtors) 2023 2022
£ £

Glasgow Travel Centre Limited 124,519 128,519
The loan is interest free and is repayable on demand. Glasgow Travel Centre Limited is controlled by the directors of Kerr's Music Corporation Limited.


(b) Loans to the company (included in creditors due within one year) 2023 2022
£ £
Caledonian Holiday Managers Limited 87,192 87,192
Glasgow Music Centre Limited 99,450 99,450
186,642 186,642
The loans are interest free and repayable on demand. Both the companies are controlled by the directors of Kerr's Music Corporation Limited.

(c) Material interests of the Directors
During the whole of the year, the Company enjoyed the rent free use of the premises it occupies, the beneficial interest of which is vested in Mr Andrew Dunn. Included in the income of the Company for the year under review are gross rents of £47,676 (2022 - £46,386) relating to property owned by Mr Andrew Dunn.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors who own 100% of the issued share capital.