Registered number
09048946
Symphony Retail Ltd
Unaudited Filleted Accounts
31 March 2023
Symphony Retail Ltd
Registered number: 09048946
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,965 38,542
Current assets
Stocks 188,545 235,547
Debtors 4 146,446 123,160
Cash at bank and in hand 14,226 42,521
349,217 401,228
Creditors: amounts falling due within one year 5 (759,347) (670,662)
Net current liabilities (410,130) (269,434)
Total assets less current liabilities (376,165) (230,892)
Creditors: amounts falling due after more than one year 6 (22,435) (32,387)
Net liabilities (398,600) (263,279)
Capital and reserves
Called up share capital 100 100
Profit and loss account (398,700) (263,379)
Shareholders' funds (398,600) (263,279)
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 members have 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.
Timothy John Lowry
Director
Approved by the board on 22 December 2023
Symphony Retail Ltd
Notes to the Accounts
for the year ended 31 March 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Going concern
The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The shareholders have confirmed that they will support the company to enable it to meet its liabilities.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings over 10 years
Motor vehicles over 4 years
Plant and machinery over 4 years and over 5 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 16,977 34,347 9,600 60,924
Additions - 8,333 - 8,333
At 31 March 2023 16,977 42,680 9,600 69,257
Depreciation
At 1 April 2022 283 19,099 3,000 22,382
Charge for the year 1,698 8,812 2,400 12,910
At 31 March 2023 1,981 27,911 5,400 35,292
Net book value
At 31 March 2023 14,996 14,769 4,200 33,965
At 31 March 2022 16,694 15,248 6,600 38,542
4 Debtors 2023 2022
£ £
Trade debtors 4,213 2,027
Other debtors 142,233 121,133
146,446 123,160
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 44,254 50,759
Obligations under finance lease and hire purchase contracts - 4,266
Trade creditors 169,174 157,209
Taxation and social security costs 236,915 81,164
Other creditors 309,004 377,264
759,347 670,662
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,435 32,387
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 15,000 15,000
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Timothy John Lowry
Unsecured borrowing 16,679 57,217 (36,574) 37,322
16,679 57,217 (36,574) 37,322
9 Related party transactions
Unsecured loans were advanced to and repaid by Timothy John Lowry during the period. £37.322 (2022: £16,679) was due to the company at the period end. Interest is charged at the official rate. Loans are repayable on demand.

Unsecured loans were advanced to a participating shareholder during the period. No repayments were received during the period. £23,837 (2022: £14,302) was due to the company at the period end. Interest is charged at the official rate. Loans are repayable on demand.
10 Controlling party
There is no overall controlling party.
11 Other information
Symphony Retail Ltd is a private company limited by shares and incorporated in England. Its registered office is:
44 New St
Matlock
Derbyshire
DE4 3FE
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